AINS 102 Questions And Answers1. All of the following items are examples of personal property, EXCEPT:
Select one:
A. Sports equipment
B. Silverware
C. A fishing boat
D. Underground pipes: Underground pipes
2. Which one of the following statements regarding assets exposed to loss is...
1. All of the following items are examples of personal property, EXCEPT:
Select one:
A. Sports equipment
B. Silverware
C. A fishing boat
D. Underground pipes: Underground pipes
2. Which one of the following statements regarding assets exposed to loss is
true?
Select one:
A. Real property includes only tangible property.Correct. All real property is
tangible property having a physical form that can be seen or touched. Personal
property can include intangible property such as patents or copyrights.
B. Earthquake damage to a swimming pool is an example of a personal
property loss exposure.
C. Personal property includes only tangible property.
D. Hail damage to a motor vehicle is an example of a real property loss
exposure.: A. Real property includes only tangible property.
3. Sophie was involved in an auto accident with another vehicle. The driver
of the other vehicle was seriously injured. The individual spent 10 days in
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the hospital, missed 2 months of work, and continues to experience mental
,distress. The other vehicle was also damaged, with repair costs of $5,000. It
was determined that Sophie was liable for the damages because she ran a red
light and caused the accident. Which one of the following damages would be
considered general damages?
Select one:
A. Damages to the vehicle
B. Hospital and medical bills
C. Two months of lost wages
D. Mental distress compensation: D. Mental distress compensation
4. SF Poultry learned that a number of individuals had become ill and hospi-
talized after eating chicken from one of its processing plants. The company
did not advise the public or its distributors of the problem, and made no effort
to recall the spoiled product. Over 50 individuals ended-up becoming ill from
the spoiled chicken. SF Poultry was found liable in court. In addition to having
to pay the medical and hospital bills for the injured individuals, damages were
levied against SF Poultry to punish the company for its reckless and deceitful
actions. These damages that were levied against SF Poultry are known as
Select one:
A. General damages.
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,B. Punitive damages.
C. Special damages.
D. Necessary damages.: B. Punitive damages.
5. Which one of the following statements is true regarding automobile insur-
ance rating?
Select one:
A. State regulators require that all insurers offer discounts on auto rates for
passive restraints.
B. Most insurers base automobile rates on primary rating factors and do not
consider any other factors in establishing rates.
C. State regulators require that rates be adequate, reasonable, and not unfairly
discriminatory.
D. Drivers with lower-than-average loss exposure are charged higher rates.-
: C. State regulators require that rates be adequate, reasonable, and not unfairly
discriminatory.
6. nsurers and other organizations that make insurance available to those who
are unable to obtain coverage from the standard market are collectively called
Select one:
A. A reinsurance facility.
B. The residual market.
C. The secondary market.
D. An automobile insurance plan.: B. The residual market.
7. Estelle and Richie are very conservative and want to purchase insurance
to "cover everything" in order to lessen the worries of home ownership.
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Which one of the following ISO forms will provide them dwelling and personal
, property insurance with the broadest possible coverage?
Select one:
A. HO-2 Broad Form
B. HO-3 Special Form
C. HO-5 Comprehensive Form
D. HO-8 Modified Form: C. HO-5 Comprehensive Form
8. Rick and Jamie have chosen their first home and now are asking their
insurance agent Franklin to help advise them as to appropriate and affordable
insurance coverage. Which one of the following will most accurately reflect
the best coverage choice for Rick and Jamie?
Select one:
A. As Rick and Jamie are buying and remodeling an older home, Franklin
suggests an HO-8 modified coverage form to provide appropriate coverage
for a building with a comparatively high replacement cost.
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