AINS 23 Full Practice Exam questions and verified correct answers
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Course
Ains
Institution
Ains
1) Clarence entered into a contract bond that guarantees his insulation work will be free from defects in materials and workmanship for a specified period of five years after completion of the work. The type of bond used by Clarence is a - correct answer Maintenance bond.
2) Which one of the fol...
1) Clarence entered into a contract bond that guarantees his insulation work will be free from defects in
materials and workmanship for a specified period of five years after completion of the work. The type of
bond used by Clarence is a - correct answer Maintenance bond.
2) Which one of the following statements is correct with respect to ocean marine loss exposures? -
correct answer For cargo owners, the posibility of loss to the cargo exists either on board a vessel or on
land between the vessel and the cargo's point of origin or destination.
3) Many of the provisions in professional liability policies resemble those found in commercial general
liability policies. However, some of the provisions differ in key ways such as the - correct answer Use of a
claims made trigger.
4) Which one of the following best describes the purpose served by transit insurance? - correct answer
Shippers use it because their property may be damaged in circumstances under which a carrier has no
legal obligation to pay the shipper's loss.
5) If the Replacement Cost optional coverage of the Building and Personal Property Coverage Form (BPP)
is selected, tenants' improvements and betterments - correct answer areValued at replacement cost if
the tenant actually repairs or replaces them, at its own cost, as soon as reasonably possible after the
loss.
6) Smith Electricians has a Commercial General Liability (CGL) Coverage Form with the following limits:
While installing new wiring at a building under construction, Smith Electricians accidentally starts a fire
that causes $400,000 damage to the building, but not to the wiring it was installing. How much will
Smith's CGL insurer pay? - correct answer $250,000
, AINS 23 Full Practice Exam
7) An environmental insurance policy that covers the loss exposures of a contractor performing
environmental remediation services on contaminated sites is a(n) - correct answer Contractors pollution
liability policy
8) The Causes of Loss-Special Form provides coverage for which one of the following scenarios? - correct
answer The melting of ice, sleet, or snow on the building or structure.
9) Which one of the following is the coinsurance basis under a Business Income Coverage Form (BIC)? -
correct answer The projected net income and all operating expenses except for certain deductible items.
10) The condition of the Building and Person Property Coverage Form (BPP) that establishes a method
for the insurer and the insured to resolve disputes about the insured property's value or amount of loss
is referred to as the - correct answer Appraisal condition.
11) Which one of the following Commercial Crime Coverage Form insuring agreements provides
coverage on a full worldwide basis? - correct answer Forgery or alteration
12) Pedestrian Wilma was injured as a result of a contractor's negligence when the contractor failed to
adequately warn the public of a hazard when paving a road. Any resulting liability claim by Wilma against
the contractor would be considered to have arisen from the contractor's - correct answer Premises and
operations liability exposure.
13) Which one of the following statements is correct with respect to Coverage G-Barns, Outbuildings and
Other Farm Structures of the ISO farm program? - correct answer Coverage G is used to insure all types
of farm buildings and structures other than the dwelling and private garages.
14) Which one of the following statements is correct with respect to the Causes of Loss-Basic Form? -
correct answer It excludes loss caused by earth movement, other than by sinkhole collapse.
15) Three exclusions apply only to the Computer Fraud insuring agreement. These include credit card
transactions, inventory shortages and - correct answer Funds transfer fraud.
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