AINS 23 Exam Questions with 100% Correct Answers Updated
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Module
AINS 23
Institution
AINS 23
AINS 23 Exam Questions with 100% Correct Answers Updated
Types of Coverage classified as marine - Answer- 1) Imports and Exports
2) Domestic Shipments
3) Bridges, tunnels, and instrumentality of communication like piers, wharves, docks, pipelines, power lines and loading equipment
4) Types...
AINS 23 Exam Questions with 100%
Correct Answers Updated 2024-2025
Types of Coverage classified as marine - Answer- 1) Imports and Exports
2) Domestic Shipments
3) Bridges, tunnels, and instrumentality of communication like piers, wharves, docks,
pipelines, power lines and loading equipment
4) Types of property owned by individuals such as: furs, jewelry, coins and stamps
5) Various types of property pertaining to a business, profession or occupation
Filed Classes of Business - Answer- Must have rates which are filed with the state
department, characterized by a large number of potential insureds and reasonable
homogeneous loss exposures. Examples include musical instruments and photographic
equipment.
Judgment Rating - Answer- Rating method used by underwriters to rate one-of-a-kind
risks. Requires a thorough knowledge of the class of business being written.
Nonfiled inland marine insurance - Answer- 1) Contractor's equipment
2) Builders risk
3) Transit
4) Motor truck cargo liability
5) Difference in conditions
6) EDP equipment
7) Bailees
8) Instrumentalities of communication and transportation
Contractors Equipment Floater - Answer- A policy which covers the mobile equipment
or tools while located anywhere in the coverage territory. Frequently include rental
reimbursement coverage which covers the cost of renting substitute equipment.
Builders Risk Policy (can be a part of commercial property policy or nonfiled inland
marine) - Answer- Policy that covers a building in the course of construction, including
building materials and supplies while on or away from the building site.
Installation Floater - Answer- Covers a contractor's interest in building supplies or
fixtures that the contractor has been hired to install.
Transit insurance - Answer- Also called transportation insurance, covers owners of
property against damage to their property while in the course of transit by land, air or
, water carriers. Shippers use this coverage because their property may be damaged in
ways that the carrier will not cover. Excluded are: contraband, jewelry, high-risk
commodities. Most items are covered on an open peril basis, so no exclusion for flood
or earthquake.
Motor Truck Cargo Liability - Answer- Covers a trucker's liability for damage to cargo of
others being transported by the trucker. IT IS NOT FOR THE CARGO OWNER.
DIC Policy - Answer- Fills in gaps where needed and on an all-risks basis for the
commercial property policy. Especially fills in gaps in flood and earthquake coverage.
Provides coverage for overseas locations.
Filed Classes of Inland Marine - Answer- 1) Commercial Articles - photographic
equipment and musical instruments used by professionals.
2) Camera and Musical Instrument Dealers - covers similar property under the care,
custody or control of the insured
3) Physicians and surgeons equipment - covers equipment, materials and supplies, and
endorsed to include extra expenses, money, personal effects, valuable records
4) Signs - covers all kinds of signs under schedule of limits, used because commercial
property coverage forms provide little coverage.
5) Film - covers exposed motion pictures, magnetic tapes, soundtracks and sound
records
6) Floor Plan - Covers merchandise that is held for sale and financed through a floor
plan. Written on a reporting form basis.
7) Jewelers Block
8) Mail
9) Accounts Receivable
10) Valuable Papers and Records - irreplaceable and rare ones are based on agreed
value
Ocean Marine Insurance types - Answer- 1) Cargo - covers what is being shipped
2) Hull - covers ship
3) Protection and Indemnity - covers liability arising from operating a vessel (including
collision liability clause)
Cargo Insurance - Answer- 1) Warehouse to Warehouse Clause - covers transit from
the time the cargo leaves port until it is deliver to its final destination
2) Covered causes of loss - most ocean cargo policies are written on an all risks basis
3) Valuation of Property = Amount of invoice + freight + 10%
General average - Answer- Partial loss that must, according to maritime law, be shared
by all parties to a voyage (cargo owners and vessel owners)
Hull Insurance - Answer- Typical covered causes of loss include: perils of the seas, fire,
lightning, earthquake, barratry (misconduct by vessel's master or crew - criminal act that
causes damage), all other like perils
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