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AINS 101 EXAM | INSURANCE EXAM CORRECTLY ANSWERED AND RATED A+ | 2024/2025 GUIDE
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AINS 101 EXAM | INSURANCE EXAM CORRECTLY ANSWERED AND RATED A+ | 2024/2025 GUIDE AINS 101 EXAM | INSURANCE EXAM CORRECTLY ANSWERED AND RATED A+ | 2024/2025 GUIDE AINS 101 EXAM | INSURANCE EXAM CORRECTLY ANSWERED AND RATED A+ | 2024/2025 GUIDE

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  • November 5, 2024
  • 29
  • 2024/2025
  • Exam (elaborations)
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AINS 101 EXAM | INSURANCE EXAM
CORRECTLY ANSWERED AND RATED
A+ | 2024/2025 GUIDE
A person or entity that would suffer a financial loss if property were
damaged has
A. A contractual interest.
B. A renewable interest.
C. A discretionary interest.
D. An insurable interest. - Correct Answer - D. An insurable interest.


Compensatory damages represent
A. Non-economic loss.
B. Damages to deter others from committing wrongful acts.
C. Actual harm suffered.
D. Out-of-pocket expenses. - Correct Answer - C. Actual harm suffered.


Damages for pain and suffering are a form of
A. Special damages.
B. Out-of-pocket damages.
C. Punitive damages.
D. General damages. - Correct Answer - D. General damages.


Insurance Producer - Correct Answer - Any of several kinds of insurance
personnel who place insurance business with insurers and who
represent either insurers or insureds, or both.

,Tony is a producer working with several different insurers. Which one of
the following most accurately describes Tony's activities for reaching and
serving customers?
A. A loss run will be most helpful to Tony in helping his personal
customers with their risk management concerns.
B. Tony will generally need to spend less time insuring a family's
activities than a business' services and liabilities.
C. Tony's job of selling is usually confined to the one type of insurance
coverage the customer initially requests from him.
D. Policy issuance is a more important function of Tony's work than
making sales or claims handling. - Correct Answer - B. Tony will
generally need to spend less time insuring a family's activities than a
business' services and liabilities.


Leadon Transportation is using the expertise of its producer Carmen to
help the organization understand how to correct substandard
performance as well as evaluate exceeded standards. One
measurement she will use is the cost of risk which is best described as
A. The allocation of risk management costs.
B. Substandard performance and/or risk management standards.
C. The terms of insurance or other risk-financing mechanisms.
D. The total cost of all aspects of the organization that relate to
managing risk. - Correct Answer - D. The total cost of all aspects of the
organization that relate to managing risk.


Robin, a producer from Grantley Insurance, is always alert to changes in
her clients' loss exposures. Why is this so important?
A. Implemented risk management techniques may prove to be
ineffective or become obsolete.

, B. Knowledge of such changes will inform their efforts to create a list of
experts that can be called to assist.
C. Producers have expertise about risk financing through insurance.
D. Producers can aid clients in developing risk management cost
allocation plans. - Correct Answer - A. Implemented risk management
techniques may prove to be ineffective or become obsolete.


Which one of the following lists provides the optimum order of
responsibilities that a producer may engage with any customer on a
continual basis?
A. Meeting a prospective customer, doing a needs and activities
analysis, preparing a coverage proposal, closing the sale
B. Meeting a prospective customer, reviewing a loss run, issuing a
policy, receiving a commission
C. Meeting a prospective customer, issuing the policy, collecting
premiums, adjusting a claim
D. Meeting a prospective customer, giving advice, issuing the policy,
adjusting a claim - Correct Answer - A. Meeting a prospective customer,
doing a needs and activities analysis, preparing a coverage proposal,
closing the sale


Waycroft Industries is working with their insurance producer Graydon
Murphy. Graydon and the risk managers at Waycroft have already
completed the first step of the risk consultation process. The second
step of the process is
Select one:
A. Determining the standards of acceptable performance to be used.
B. Doing an evaluation of any substantially exceeded standards.
C. Revising the standards or correcting any substandard performance.

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