AINS Bundled Exams with complete solution

One distinguishing feature between independent agency systems and other marketing systems is the... - agency expiration list Foreign Insurer - An insurer licensed to operate in a state but incorporated in another state Domestic Insurer - An insurer doing business in the jurisdiction in which it w...

when selecting a distribution channel, which one of the following is important consideration with regard to customer needs and characteristics - Which of the following statements is correct regarding characteristics of ideally insurable loss exposures - ideally, loss exposures should be spread a...

What is insurance? - It's a transfer system, business, and contract. What is a transfer system in insurance? - One party (the insured), transfers the risk of financial loss to another party (the insurer). [Essentially, I'm giving the risk of financial loss to someone else so that I can keep my ...

loss exposure - any condition or situation that presents the possibility of a loss law of large numbers - a mathematical principle stating that as the number of similar but independent exposure units increases, the relative accuracy of predictions about future outcomes (losses) based on these exp...

Bill is an insurance producer for and employed by ABC Insurance Company (ABC). He represents only ABC when marketing insurance products, and uses an administrative staff also employed by ABC. Bill is a producer in the - Direct writer marketing system Because the insurance company usually determin...

From a risk management viewpoint, insurance is used to A. Prevent the cost of losses B. Reduce the cost of losses C. Transfer the cost of losses D. Isolate the cost of losses. - C. Transfer the cost of losses. A loss exposure is: A. Any condition that presents the possibility of a loss. B. Any...

In property insurance, the term "property in transit" refers to which one of the following? - C. Property while being transported by trucks, cars, buses, trains, airplanes, and ships Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to mitigate the effec...

Major roles of insurance - Risk management to deal with loss exposures; transfer system of financial loss from insured to insurer; business sufficient to pay claims and provide profit; contract between insured and insurer What are risk management techniques? - Loss prevention; loss reduction; ris...

Loss exposure - Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Risk management - The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss prevention - A risk control ...