AINS 102 (Latest 2024 / 2025 Update) Understanding Personal Insurance Exam | Questions and Verified Answers | 100% Correct | Grade A
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Module
AINS 102
Institution
AINS 102
AINS 102 (Latest 2024 / 2025 Update) Understanding Personal Insurance Exam | Questions and Verified Answers | 100% Correct | Grade A
Question:
For an agent, all of the following are advantages of cross-selling, EXCEPT:
Select one:
A. Ease of additional growth
B. Increased profitability
...
AINS 102 (Latest
Update) Understanding Personal
Insurance Exam | Questions and
Verified Answers | 100% Correct |
Grade A
Question:
For an agent, all of the following are advantages of cross-selling, EXCEPT:
Select one:
A. Ease of additional growth
B. Increased profitability
C. Improved customer retention
D. Enhanced ability to compete strictly on price
Answer:
D
Question:
An insurance policy is an agreement between the insured and the insurer.
Insureds purchase insurance so that
Select one:
,A. They can retain and budget for losses below the policy limits.
B. They can improve their financial situation in the event of a covered loss.
C. Covered claims will be paid and their financial situation will be restored.
D. All claims will be paid and defended regardless of legal merit.
Answer:
C
Question:
Property insurers are subject to the possibility of many claims occurring from
a single event and straining their resources. This type of event is called
Select one:
A. An occurrence.
B. A catastrophe.
C. An accident.
D. A simulation.
Answer:
B
Question:
Because they interview the applicant first, see the property or operations to be
insured, and evaluate the loss exposures, the most important primary source
of information for the underwriters is the
,Select one:
A. Producers.
B. Risk control representative.
C. Property-valuation guide supplier.
D. Financial and credit-reporting service.
Answer:
A
Question:
In an agency or brokerage, cross-selling has which one of the following effects
on long-term profitability?
Select one:
A. It increases acquisition costs, which reduces profitability.
B. It has no direct impact on profitability.
C. It increases customer retention, which increases profitability.
D. It increases loss exposures, which reduces profitability.
Answer:
C
Question:
Which one of the following is a way in which cross-selling benefits
customers?
Select one:
, A. Increased profitability
B. Reduction of coverage gaps
C. Lower costs
D. Improved retention
Answer:
B
Question:
Insurers handling catastrophe claims should be prepared for
Select one:
A. Claimants who are aggressive in their pursuit of settlement.
B. Mortgagees that are eager to abbreviate their procedures.
C. Claimants who are not eager to assert their rights.
D. News media eager to promote aggressive behavior.
Answer:
A
Question:
Adjuster Ed has just been notified of a suspicious theft loss to an insured's
home in a secluded area. Ed has contacted the insured to acknowledge that he
has received the loss report. Ed's next course of action should be to
Select one:
A. Verify coverage.
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