Exam (elaborations)
AINS 103 EXAM/84 COMPLETE QUESTIONS AND ANSWERS
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- AINS 103 EXA/84 COMPLETE QUESTIONS AND ANSWERS
AINS 103 EXAM/84 COMPLETE QUESTIONS AND ANSWERS
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AINS 103 EXAM/84 COMPLETEQUESTIONS AND ANSWERS
Loss exposure - -Any condition or situation that presents a possibility of loss,
whether or not an actual loss occurs.
-Property loss exposure - -A condition that presents the possibility that a
person or an organization will sustain a loss resulting from damage (including
destruction, taking, or loss of use) to property in which that person or
organization has a financial interest.
-Real property (realty) - -Tangible property consisting of land, all structures
permanently attached to the land, and whatever is growing on the land.
-Personal property - -All tangible or intangible property that is not real
property
-Business personal property - -Stock, furniture, fixtures, equipment and
machinery, tenant's improvements and betterments, and other personal
property owned by the insured
-Fixture - -Any personal property affixed to real property in such a way as to
become part of the real property
-Money - -Currency, coins, bank notes, and sometimes traveler's checks,
credit card slips, and money orders held for sale to the public
-Securities - -Written instruments representing either money or other
property, such as stocks and bonds
-Peril - -The cause of a loss
-Business income insurance - -Insurance that covers the reduction in an
organization's income when operations are interrupted by damage to
property caused by a covered peril
-Business interruption - -Loss of revenue that a business or another
organization sustains because its operations are suspended as a result of
physical injury to its property
-Profit - -Net income that results when revenues exceed expenses
-Continuing expenses - -Expenses that continue to be incurred during a
business interruption
, -Extra expenses - -Expenses, in addition to ordinary expenses, that an
organization incurs to mitigate the effects of a business interruption
-Liability - -A legal responsibility for the consequences of an act or omission
-Liability loss exposure - -Any condition or situation that presents the
possibility of a claim alleging legal responsibility of a person or business for
injury or damage suffered by another party
-Personal loss exposure - -Any condition or situation that presents the
possibility of a financial loss to an individual or a family by such causes as
death, sickness, injury, or unemployment
-Bailee - -The party temporarily possessing the personal property in a
bailment
-Marine insurance - -Insurance that, in the U.S., includes both ocean and
inland marine coverage and, in the rest of the world, is limited to insurance
for vessels and cargo
-Inland marine insurance - -Insurance that covers many different classes of
property that typically involve an element of transportation on land
-Ocean marine insurance - -Insurance that covers vessels and their cargoes,
including various vessel-related liability exposures
-Workers compensation - -A system that pays lost wages, medical and
vocational rehabilitation expenses, and death benefits to injured workers or
their dependents for employment-related injuries and diseases
-Workers compensation statute - -A statute that obligates employers,
regardless of fault, to pay specified medical, disability, rehabilitation, and
death benefits for their employees' job-related injuries and diseases
-Occupational disease - -Disease thought to be caused by work or the work
environment
-Employee - -A person who is (1) currently employed by the insured or an
ex-employee terminated within the past 30 days; (2) compensated by the
insured by salary, wages, or commissions; and (3) subject to the control and
direction of the insured.
-Independent contractor - -A person (or organization) hired to perform
services without being subject to the hirer's direction and control regarding
work details
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