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AINS 103 PRACTICE QUESTIONS WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
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For most businesses, which peril poses the greatest risk of a large or total property loss? - ACCURATE ANSWERS For most businesses, fire poses the greatest risk of a large or total property loss. Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to mitiga...

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  • August 24, 2024
  • 27
  • 2024/2025
  • Exam (elaborations)
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  • ains 103 practice questions
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AINS 103 PRACTICE QUESTIONS
AINS 103 PRACTICE QUESTIONS WITH GUARANTEED ACCURATE ANSWERS |
VERIFIED




For most businesses, which peril poses the greatest risk of a large or total property
loss? - ACCURATE ANSWERS✔✔ For most businesses, fire poses the greatest
risk of a large or total property loss.


Extra expenses are expenses, in addition to ordinary expenses, that an organization
incurs to mitigate the effects of a business interruption. Which one of the following
is an example of an extra expense? - ACCURATE ANSWERS✔✔ Cost to rent
temporary office space.


An electrical contractor was hired to install a new 100-amp fuse box in the Smith's
home. During installation, the contractor inadvertently left a small screwdriver in a
duct space behind the panel. Three weeks later, the screwdriver caused an electrical
short which led to a fire. Which one of the following loss exposures best
categorizes the electrical contractor's legal liability exposure for the fire damages?
- ACCURATE ANSWERS✔✔ Completed operations liability.

,Upon entering a restaurant, a customer grasped a handrail that broke off, causing
the customer to fall and break his wrist. This is an example of which one of the
following types of commercial general liability loss? - ACCURATE
ANSWERS✔✔ Premises and operations liability.


Inland marine insurance is insurance that covers: - ACCURATE ANSWERS✔✔
Many different classes of property that typically involve an element of
transportation on land.


Workers compensation benefits include which one of the following? - ACCURATE
ANSWERS✔✔ Rehabilitation benefits.


Bio-Pharma was a highly-regarded pharmaceutical company. That changed last
year when it was revealed that Bio-Pharma researchers had fabricated test results
of the company's new hypertension drug, and a company official bribed a key
regulator to get the drug approved. These revelations led to a sharp decline in sales
of all of Bio-Pharma's drugs, a sharp decline in net income, and a decline in Bio-
Pharma's stock price. This scenario clearly indicates the value of a corporation's...?
- ACCURATE ANSWERS✔✔ Reputation.


When a clothing manufacturer decides to expand the sale of its clothing line by
offering internet purchases, it creates new exposures not otherwise covered, or not
fully covered, by a traditional policy. These include: - ACCURATE
ANSWERS✔✔ Loss or damage caused by computer viruses.


Sally is a commercial property claims adjuster. When she is first assigned a claim,
she reviews the commercial property part of the policy to make sure that the
property that suffered the loss matches the description of the property insured. She
also reviews the kinds and amount of coverage provided. Which one of the
following components of the commercial property part will provide Sally with this
information? - ACCURATE ANSWERS✔✔ The commercial property declarations
page contains information such as a description of the property insured, the kinds

, and amounts of coverage provided, and any optional coverages, among other
information.


Billy owns a baseball souvenir store in Cooperstown, NY. He insured his store
under a Building and Personal Property Coverage Form (BPP) with a $275,000
limit and a $1,500 deductible. A large fire in the store caused significant damage
amounting to $310,000 in covered damages. How much would Billy's insurer pay
under his BPP? - ACCURATE ANSWERS✔✔ $275,000. $310,000 - $1,500 =
$308,500, which exceeds the BPP limit. The insurer will pay $275,000. The
deductible is subtracted from the loss, not the limit.


Which one of the following is one of the covered causes of loss in the commercial
property policy Causes of Loss—Basic form? - ACCURATE ANSWERS✔✔
Explosion is a covered cause of loss under the basic form. All the others are
additional causes of loss covered by the broad form (and they are also covered
under the special form).


Which one of the following is correct with respect to the Increased Cost of
Construction additional coverage of the Building and Personal Property Coverage
Form (BPP)? - ACCURATE ANSWERS✔✔ It provides a small amount of
insurance to cover the increased cost to comply with ordinances or laws regulating
the repair, rebuilding, or replacement of covered buildings.


Which one of the following would be considered an extra expense under the
Business Income (and Extra Expense) Coverage Form of the commercial package
policy? - ACCURATE ANSWERS✔✔ The increased cost of rent at a temporary
location.


Dooley's Restaurant is insured under a commercial package policy (CPP) with the
Business Income (with Extra Expense) Coverage Form. The business suffered a
$400,000 loss of business income when it was forced to suspend operations after
flood waters damaged the basement and first floor of the restaurant. Which one of

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