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AINS 101 | Associate in Insurance | 150+ Questions and 100% Correct Answers | Latest 2024/2025 $10.99   Add to cart

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AINS 101 | Associate in Insurance | 150+ Questions and 100% Correct Answers | Latest 2024/2025

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AINS 101 | Associate in Insurance | 150+ Questions and 100% Correct Answers | Latest 2024/2025 AINS 101 | Associate in Insurance | 150+ Questions and 100% Correct Answers | Latest 2024/2025 AINS 101 | Associate in Insurance | 150+ Questions and 100% Correct Answers | Latest 2024/2025

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  • November 5, 2024
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nursehailey
AINS 101 | Associate in Insurance |
150+ Questions and 100% Correct
Answers | Latest 2024/2025

Insurance policies are written in such a way that the parties have to
perform only under certain conditions, because an insurance contract is
a - Correct Answer - Conditional Contract


An insurer will make a loss payment if an insured loss occurs and if the
insured performs certain duties. This illustrates that an insurance policy
is a - Correct Answer - Conditional Contract


The Insurance Services Office, Inc. (ISO) commercial package policy is
an example of a
- Correct Answer - Modular Policy


A liability adjuster must be concerned with specific, out-of-pocket
expenses when evaluating the damages being claimed. The technical
term for such expenses is
- Correct Answer - Special Damages


What falls under personal property-casualty insurance?
- Correct Answer - Homeowners
Personal Auto
Personal Umbrella

,Commercial Package Policy and BOP provides business owner's with
what coverages?
- Correct Answer - Property, Crime and Liability coverages


t/f
Common examples of federal government insurance plans include the
National Flood Insurance Program and the Terrorism Risk Insurance
Program.
Common examples of state government insurance plans include Fair
Access to Insurance Requirements plans (for consumers who can't buy
insurance in the private market) and beach and windstorm plans.
- Correct Answer - true


Private insurers are classified by what two basic forms of ownership?
- Correct Answer - Proprietary - earn a profit for their owners
Cooperative - provide insurance at a minimum cost to their owners who
are the policy holders


Private Insurers - Correct Answer - Stock Insurers: to earn a profit
Mutual Insurers: pay dividends to policyholders
Surplus Lines insurers: provide coverages not in the standard market.
Re-insurance: allows a insurer to transfer some loss exposures to
another insurer
Reciprocal Insurance Exchanges: each member is an insured and an
insurer
Lloyds: an insurance and reinsurance market place
Captive: formed to cover the loss exposures of specific organizations


Government Insurance

,- Correct Answer - 1. to fill unmet insurance needs
2. To facilitate required insurance purchases
3. to provide efficiency and convenience to the mkt
4. to achieve social goals


Property and Casualty can only be obtained through..
- Correct Answer - Government Insurance Programs


Common types of commercial property-casualty insurance?
- Correct Answer - Commercial Property
Commercial Crime
Commercial General Liability
Commercial Auto
Workers compensation
Commercial Umbrella




The big differences between property and liability policies are found in
their - Correct Answer - Insuring agreements


which of the following most accurately describes one of the policy
provisions in an insurance policy?
- Correct Answer - The exclusions are in place to reduce duplicate
coverage.


Which one of these is most directly associated with a satisfied
customer? - Correct Answer - Leads and referrals that can be used to
generate new business

, Because insurance contracts impose an obligation for ethical practices
and behaviors on the parties while dealing with one another, an
insurance contract is called a
- Correct Answer - Contract of utmost good faith


Margaret was severely injured and scarred due to a recent accident.
Which one of the following is an example of general damages Margaret
received? - Correct Answer - Compensation for disfigurement


Jennie recently purchased a personal auto policy from Westcox Insurers.
Three weeks later, Jennie reported her car was stolen from her driveway
during the middle of the day. Upon further investigation, claims
representative Harry finds out the home address he has on file for
Jennie does not match the location where the theft occurred. In light of
this scenario, which one of the following would be particularly helpful for
Harry to pursue concerning Jenny's claim?
- Correct Answer - Harry can verify Jennie's address and other possible
helpful information by reviewing her policy which has her original
application information attached.


Joel is the underwriter for Stanton Industries. He received a notice from
the premium auditor on the account. After a recent visit to the insured's
location, the auditor wanted to make Joel aware of a decline in the
business and some questionable business practices. Which one of the
following types of hazards is the auditor identifying?
- Correct Answer - Moral Hazards


Earned premiums are the portion of written premiums that

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