AINS 101 - Increasing Your Insurance IQ questions and accurate answers
3 views 0 purchase
Course
AINS 101
Institution
AINS 101
A. Propose the general liability coverage at a lower premium level, but apply a small deductible.
B. Offer a proposal with all lines of coverage except the general liability coverage.
AINS 101 - Increasing Your Insurance IQ questions and accurate answers
What best explains why regulators do not permit insurers to include nonadmitted assets
on their balance sheets? - correct answer-They cannot be readily converted to cash.
What is the best measure of the amount of insurance provided for a given period? - correct
answer-Earned premium.
What is shown on the balance sheet of an insurer? - correct answer-Cash and short-term
investments
Jill works in the field for Goshen Mutual as a line underwriter. What is the primary
responsibility of line underwriters? - correct answer-To select insureds.
Anna was reviewing an all-lines submission for SP Markets. SP Markets own and operates 5
small grocery stores. They are all well maintained and clean. The overall loss experience
on the account is good relative to the premium, the loss runs show a frequency of small
general liability claims from customer slips and falls. Rather than reject the application for
SP Markets, Anna would like to suggest a coverage modification to the producer that could
make the application acceptable and possible add value for the insured. Which of the
following modification should Anna suggest?
A. Propose the general liability coverage at a lower premium level, but apply a small
deductible.
B. Offer a proposal with all lines of coverage except the general liability coverage.
C. Propose the general liability coverage, excluding the 2 locations that have most of the
small claims.
D. Offer a proposal for all lines of coverage but price the - correct answer-A. Propose the
general liability coverage at a lower premium level, but apply a small deductible.
Actual Cash Value (ACV) is - correct answer-Replacement cost minus depreciation.
Alicia works for the Drewman Agency, Sandi at insurer Greenway Insurance, and Rosa at
Grossman Brokers, all as customer service representatives. Which of the following is true
regarding their work?
A. Sandi is the only one who can replicate the activities of a producer.
B. Sandi, Alicia, and Rosa are not involved in the generation of new business.
, C. Alicia can process policy endorsements and explain coverage to her customers.
D. Rosa can provide superior service but is not generally involved in attracting new
customers. - correct answer-C. Alicia can process policy endorsements and explain
coverage to her customers.
Which of the following most accurately describes one of the policy provisions in an
insurance policy.
A. The declarations state the insurer's promise to the insured.
B. The definitions contain a list of forms included in the policy.
C. The conditions state what the insurer specifically will not cover.
D. The exclusions are in place to reduce duplicate coverage. - correct answer-D. The
exclusions are in place to reduce duplicate coverage.
The insurance agent suggested that Sally's Snack Shop buy a policy that combines
property, crime, and liability coverages into one policy. This is an... - correct answer-
Commercial package policy (CPP)
Shelton Industries experienced a fire in its manufacturing plant. Several employees
suffered burns and smoke inhalation injuries as they tried to escape the building. Which
one of Shelton Industries' commercial property-casualty policies would pay for the
employees' injuries and illnesses? - correct answer-Workers Compensation insurance
Autonomous Vehicle Applications (AVA) is a start-up that develops safety technologies
that can be sold to companies that are producing autonomous vehicles. One technology
allows an autonomous vehicle to detect, extract, and analyze images; and then respond.
Ex: technology would detect a presence in a crosswalk, extract the image, a computer
would analyze the image. If the computer determines it is a human, it would slow down or
stop the vehicle. What technology (designed to capture and analyze images and act) is
called...
A. Computer vision
B. Accelerometer technology
C. Visual acuity
D. Transducer technology. - correct answer-A. computer vision
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BrianBubba. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
