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AINS 101 Practice Exam Review Questions and Answers 100% Tested

1. One distinguishing feature between independent agency systems and other marketing sys
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tems is the...: agency expiration list
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2. Foreign Insurer: An insurer licensed to operate in a state but incorporated in another stat
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e
3. Domestic Insurer: An insurer doing business in the jurisdiction in which it was incorporate
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d
4. Alien Insurer: An insurer domiciled in a country other than the US
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5. Direct Response Marketing System: Greatly reduces compensation costs but has higher a
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dvertising costs f

6. Agency Expiration List: An agency's most valuable asset (does not belong to insurer)
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7. Important consideration when selecting distribution channels: Does the channel cap f f f f f f f f f

italize on its core capabilities?
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8. Knowledge acquired by the agent is presumed to be..: knowledge acquired by the insurer f f f f f f f f f f f f f

9. Premium collection method used for personal insurance and small commer- f f f f f f f f f

cial accounts: Direct Bill
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10. What specifies scope of authority of an agent?: Agency contract
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11. Agency Bill: Payment procedure in which a producer sends premium bills to the insured,
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collects the premium, and sends the premium to the insurer, less any commission
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12. Item Basis: Premium (less commission) is forwarded to the insurer when the producer co
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llects it or when it comes due. Least complex method
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13. Statement Basis: Insurer sends statement to the producer showing the premi- f f f f f f f f f f

ums due. Producer is obligated to pay the premiums as due.
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14. Account Current Basis: Producer periodically prepares a statement showing the premium
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s due to the insurer, after deducting appropriate commissions, and transmits the amount to the
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insurer.The agency contract will indicate how often the producer must submit the account curr
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ent statement (usually monthly). Producer must pay when premium is due, even if policyholder
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hasn't paid. f

15. Purposes of underwriting: Develop and maintain a book of business, guard against adver f f f f f f f f f f f f

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, se selection, ensure adequate policyholder's surplus and enforce underwriting guidelines
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16. Experience Rating: A rating plan that adjusts the premium for the current policy period to reco
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gnize the loss experience of the insured organization during past policy periods
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17. Schedule Rating: A rating plan that awards debits and credits based specific categories, s
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uch as the care and condition of premises of the training and selection of employees, to reflect a
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modified premium that the class rate does not include
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2f/f9

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