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AINS 103 EXAM
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AINS 103 EXAM AINS 103 EXAM AINS 103 EXAM
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AINS 103 EXAMWhich one of the following best describes real property?
Select one:
A. Property being shipped to or from others.
B. Business personal property that includes furniture, machinery and equipment, and stock/inventory.
C. Tangible property that includes land, structures permanently attached to the land, and whatever is
growing on the land.
D. Vehicles, merchandise, furniture, tools, and similar items. - ANS C. Tangible property that includes
land, structures permanently attached to the land, and whatever is growing on the land.
Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to mitigate
the effects of a business interruption. Which one of the following is an example of an extra expense?
Select one:
A. Cost to rent temporary office space
B. Insurance premiums
C. Debt repayments
D. Payroll of key employees - ANS A. Cost to rent temporary office space
Upon entering a restaurant, a customer grasped a handrail that broke off, causing the customer to fall
and break his wrist. This is an example of which one of the following types of commercial general
liability loss?
Select one:
A. Premises and operations liability
B. Personal and advertising injury liability
C. Absolute liability
D. Products and completed operations liability - ANS A. Premises and operations liability
,The liability loss exposure that exists when an organization is legally responsible for bodily injury or
property damage caused by an accident that occurs on an organization's owned, leased, or rented
property is
Select one:
A. Professional liability.
B. Property liability.
C. Operations liability.
D. Premises and operations liability. - ANS D. Premises and operations liability.
Automobile liability exposures can result from
Select one:
A. Damage to or destruction of an owned vehicle.
B. Loss of use of an owned automobile.
C. Workers compensation laws.
D. Hiring or borrowing an automobile. - ANS D. Hiring or borrowing an automobile.
To be covered under a workers compensation statute, an injury or disease (in most states) must meet
which one of the following requirements?
Select one:
A. Result from the employer's negligence
B. Occur away from the regular work premises
C. Arise out of employees' job-related injuries and diseases
D. Result in total disability - ANS C. Arise out of employees' job-related injuries and diseases
Cyber risk intellectual property loss exposures include
Select one:
,A. Cyber extortion of trade secrets.
B. Personal and advertising injury liability.
C. Loss to tangible property.
D. Property damage liability. - ANS A. Cyber extortion of trade secrets.
As part of its assessment of its cyber risk, an organization should consider whether there are any
intangible property exposures. Which one of the following would best be classified as an intangible
property loss?
Select one:
A. Two disgruntled employees use the computer system to transfer office funds into their own personal
bank accounts.
B. The computer system is hacked and data including credit card numbers are stolen.
C. Thieves break into the main office and steal several desktop computers.
D. There is a fire in the storage area which destroys the backup copy of the office computer system. -
ANS B. The computer system is hacked and data including credit card numbers are stolen.
A commercial building may contain furniture, machinery and equipment and finished products. Which
one of the following is the term generally used in property insurance policies to refer to all these types
of property?
Select one:
A. Business personal property
B. Stock
C. Inventory
D. Commercial property - ANS A. Business personal property
A family recently purchased a new home constructed by a residential home builder. Two months after
taking possession, several of the family members were injured when the roof suddenly collapsed. The
family sued the construction company and was awarded monetary damages for their injuries. This is an
, example of which one of the following types of commercial liability loss exposure for the construction
company?
Select one:
A. Products liability
B. Premises and operations liability
C. Completed operations liability
D. Employers liability - ANS C. Completed operations liability
Which one of the following is an example of injury or damage arising from an occurrence that would be
covered by the products and completed operations liability portion of the Commercial General Liability
(CGL) Coverage Form?
Select one:
A. A defective gas range manufactured by the insured explodes causing injury.
B. A customer's house is set on fire while the insured is doing plumbing work.
C. A dissatisfied customer sues an insured for slander.
D. A customer is injured when she slips on a wet floor in a store. - ANS A. A defective gas range
manufactured by the insured explodes causing injury
Joe Motors, which services automobiles, wants to maintain the goodwill of its customers. This is best
accomplished by
Select one:
A. Purchasing garage liability insurance.
B. Purchasing garagekeepers insurance.
C. Lowering the physical damage deductible under its business auto insurance.
D. Raising liability limits under its business auto insurance. - ANS B. Purchasing garagekeepers insurance.
Workers compensation benefits include which one of the following?
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