Exam (elaborations)
AINS 102 EXAM/17 QUESTIONS WITH ANSWERS
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- AINS 102 EXAM/17 QUESTIONS WITH ANSWERS
AINS 102 EXAM/17 QUESTIONS WITH ANSWERS
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AINS 102 EXAM/17 QUESTIONS WITHANSWERS
HO-2 - -Broad Form- Provides named perils coverage for dwellings and
personal property and provides liability coverage
-H0-3 - -Special Form- Provides open peril coverage for dwellings, named
perils for personal property and liability coverage
-HO-4 - -Contents Broad Form- Often called renters insurance, it's designed
for tenants and other occupants of dwelling or apartments. It provides no
dwelling coverage, but it covers personal property on a named perils basis
and provides legal liability coverage
-HO-5 - -Comprehensive Form- Provides the broadest coverage of all HO
forms. It covers dwellings and personal property on an open perils basis, and
it provides liability coverage
-HO-6 - -Unit Owners Form- Designed for owners of a residential condo units
and provides limited dwelling coverage (typically walls in). Named perils
personal property is covered as, and it also comes with liability coverage
-HO-8 - -Modified Coverage Form- Designed for older buildings with high
replacement cost compared to market value. Dwelling and personal property
is covered under the limited named perils, and is only ACV. There is also
liability coverage
-What are the 6 most frequently used risk control techniques? - -Avoidance,
loss prevention, loss reduction, seperation, duplication, diversification
-Risk financing techniques fall into what two categories? - -Retention,
transfer
-What are the two financial consequences that occur when a liability claim
occurs? - -1. Cost to pay damages
2. Legal defense costs
-At-fault state law - -Tort liability system to determine who is responsible for
the financial consequences after an accident. Victims must prove the other
party was at fault in order to collect damages
-No-fault state law - -Automotive insurance covers accident victims on a
first party basis. Most of these laws apply only to bodily injury and not
property damage
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