Exam (elaborations)
AINS 103: PRACTICE QUIZ-ALL CHAPTERS WITH QUESTIONS AND CORRECT ANSWERS
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AINS 103: PRACTICE QUIZ-ALL CHAPTERS WITH QUESTIONS AND CORRECT ANSWERS
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AINS 103: PRACTICE QUIZ-ALLCHAPTERS WITH QUESTIONS AND
CORRECT ANSWERS
For cmost cbusinesses, cwhich cperil cposes cthe cgreatest crisk cof ca clarge cor ctotal cproperty
closs? c- ccorrect canswers✔✔For cmost cbusinesses, cfire cposes cthe cgreatest crisk cof ca clarge
cor ctotal cproperty closs.
Extra cexpenses care cexpenses, cin caddition cto cordinary cexpenses, cthat can corganization
cincurs cto cmitigate cthe ceffects cof ca cbusiness cinterruption. cWhich cone cof cthe cfollowing cis
can cexample cof can cextra cexpense? c- ccorrect canswers✔✔Cost cto crent ctemporary coffice
cspace.
An celectrical ccontractor cwas chired cto cinstall ca cnew c100-amp cfuse cbox cin cthe cSmith's
chome. cDuring cinstallation, cthe ccontractor cinadvertently cleft ca csmall cscrewdriver cin ca cduct
cspace cbehind cthe cpanel. cThree cweeks clater, cthe cscrewdriver ccaused can celectrical cshort
cwhich cled cto ca cfire. cWhich cone cof cthe cfollowing closs cexposures cbest ccategorizes cthe
celectrical ccontractor's clegal cliability cexposure cfor cthe cfire cdamages? c- ccorrect
canswers✔✔Completed coperations cliability.
Upon centering ca crestaurant, ca ccustomer cgrasped ca chandrail cthat cbroke coff, ccausing cthe
ccustomer cto cfall cand cbreak chis cwrist. cThis cis can cexample cof cwhich cone cof cthe cfollowing
ctypes cof ccommercial cgeneral cliability closs? c- ccorrect canswers✔✔Premises cand
coperations cliability.
Inland cmarine cinsurance cis cinsurance cthat ccovers: c- ccorrect canswers✔✔Many cdifferent
cclasses cof cproperty cthat ctypically cinvolve can celement cof ctransportation con cland.
Workers ccompensation cbenefits cinclude cwhich cone cof cthe cfollowing? c- ccorrect
canswers✔✔Rehabilitation cbenefits.
Bio-Pharma cwas ca chighly-regarded cpharmaceutical ccompany. cThat cchanged clast cyear
cwhen cit cwas crevealed cthat cBio-Pharma cresearchers chad cfabricated ctest cresults cof cthe
ccompany's cnew chypertension cdrug, cand ca ccompany cofficial cbribed ca ckey cregulator cto
cget cthe cdrug capproved. cThese crevelations cled cto ca csharp cdecline cin csales cof call cof cBio-
Pharma's cdrugs, ca csharp cdecline cin cnet cincome, cand ca cdecline cin cBio-Pharma's cstock
cprice. cThis cscenario cclearly cindicates cthe cvalue cof ca ccorporation's...? c- ccorrect
canswers✔✔Reputation.
When ca cclothing cmanufacturer cdecides cto cexpand cthe csale cof cits cclothing cline cby
coffering cinternet cpurchases, cit ccreates cnew cexposures cnot cotherwise ccovered, cor cnot
,cfully ccovered, cby ca ctraditional cpolicy. cThese cinclude: c- ccorrect canswers✔✔Loss cor
cdamage ccaused cby ccomputer cviruses.
Sally cis ca ccommercial cproperty cclaims cadjuster. cWhen cshe cis cfirst cassigned ca cclaim, cshe
creviews cthe ccommercial cproperty cpart cof cthe cpolicy cto cmake csure cthat cthe cproperty cthat
csuffered cthe closs cmatches cthe cdescription cof cthe cproperty cinsured. cShe calso creviews
cthe ckinds cand camount cof ccoverage cprovided. cWhich cone cof cthe cfollowing ccomponents
cof cthe ccommercial cproperty cpart cwill cprovide cSally cwith cthis cinformation? c- ccorrect
canswers✔✔The ccommercial cproperty cdeclarations cpage ccontains cinformation csuch cas
ca cdescription cof cthe cproperty cinsured, cthe ckinds cand camounts cof ccoverage cprovided,
cand cany coptional ccoverages, camong cother cinformation.
Billy cowns ca cbaseball csouvenir cstore cin cCooperstown, cNY. cHe cinsured chis cstore cunder ca
cBuilding cand cPersonal cProperty cCoverage cForm c(BPP) cwith ca c$275,000 climit cand ca
c$1,500 cdeductible. cA clarge cfire cin cthe cstore ccaused csignificant cdamage camounting cto
c$310,000 cin ccovered cdamages. cHow cmuch cwould cBilly's cinsurer cpay cunder chis cBPP? c-
ccorrect canswers✔✔$275,000. c$310,000 c- c$1,500 c= c$308,500, cwhich cexceeds cthe cBPP
climit. cThe cinsurer cwill cpay c$275,000. cThe cdeductible cis csubtracted cfrom cthe closs, cnot cthe
climit.
Which cone cof cthe cfollowing cis cone cof cthe ccovered ccauses cof closs cin cthe ccommercial
cproperty cpolicy cCauses cof cLoss—Basic cform? c- ccorrect canswers✔✔Explosion cis ca
ccovered ccause cof closs cunder cthe cbasic cform. cAll cthe cothers care cadditional ccauses cof
closs ccovered cby cthe cbroad cform c(and cthey care calso ccovered cunder cthe cspecial cform).
Which cone cof cthe cfollowing cis ccorrect cwith crespect cto cthe cIncreased cCost cof
cConstruction cadditional ccoverage cof cthe cBuilding cand cPersonal cProperty cCoverage
cForm c(BPP)? c- ccorrect canswers✔✔It cprovides ca csmall camount cof cinsurance cto ccover
cthe cincreased ccost cto ccomply cwith cordinances cor claws cregulating cthe crepair, crebuilding,
cor creplacement cof ccovered cbuildings.
Which cone cof cthe cfollowing cwould cbe cconsidered can cextra cexpense cunder cthe cBusiness
cIncome c(and cExtra cExpense) cCoverage cForm cof cthe ccommercial cpackage cpolicy? c-
ccorrect canswers✔✔The cincreased ccost cof crent cat ca ctemporary clocation.
Dooley's cRestaurant cis cinsured cunder ca ccommercial cpackage cpolicy c(CPP) cwith cthe
cBusiness cIncome c(with cExtra cExpense) cCoverage cForm. cThe cbusiness csuffered ca
c$400,000 closs cof cbusiness cincome cwhen cit cwas cforced cto csuspend coperations cafter
cflood cwaters cdamaged cthe cbasement cand cfirst cfloor cof cthe crestaurant. cWhich cone cof cthe
cfollowing cis can cacceptable creason cfor cthe cCPP cinsurer cto cdeny cthe cbusiness cincome
cclaim? c- ccorrect canswers✔✔The cpolicy's ccovered ccauses cof closs cdid cnot cinclude cflood.
Which cone cof cthe cfollowing cwould cbe ccovered cunder cthe cExtra cExpense cinsuring
cagreement cof cthe cBusiness cIncome c(and cExtra cExpense) cCoverage cForm? c- ccorrect
canswers✔✔Costs cto cmove cto ca ctemporary clocation.
, Richard's cClothing cStore chas ca c$500,000 cBusiness cIncome c(and cExtra cExpense)
cCoverage cForm con cwhich cthere cis can c80 cpercent ccoinsurance cclause. cA cfire cswept
cthrough cthe cstore. cRichard's cClothing cStore cestimates cthat cits cnet cincome cplus call
coperating cexpenses cfor cthe cpolicy cperiod cwould chave cbeen c$1,875,000. cThe cestimated
cbusiness cincome closs cis c$300,000. cHow cmuch cwill cthe cinsurer cpay? c- ccorrect
canswers✔✔$100,000. cThe ccoinsurance cfactor cwould cbe cthe camount cof cinsurance
ccarried c($500,000) cdivided cby cthe camount cof cinsurance crequired c(80 cpercent cof
c$1,875,000). cThe cfactor cis c1/3. cThis, cmultiplied cby cthe closs, cyields c$100,000 cthat cthe
cinsurer cwill cpay.
Joe's cCleaning cService cis chaving ca cvery cgood cyear, cwith cclose cto ca c30 cpercent cincrease
cin csales. cJoe cis cwondering cif cthis cgrowth cwill caffect chis cgeneral cliability cpremium cat cthe
cend cof cthe cpolicy cperiod. cWhich cone cof cthe cfollowing csections cof cthe cgeneral cliability
ccoverage cform cwill cprovide cthis cinformation? c- ccorrect canswers✔✔The cCGL
cdeclarations cform cwill cinclude crating cand cpremium cauditing cinformation.
A ccustomer cfiled ca csuit cagainst cPatsy's cMarket, cclaiming cthat cshe cwas cinjured cwhen cshe
cslipped cand cfell cin cthe cproduce csection. cThe ccustomer cclaimed cthat cshe cbroke cher
celbow, chad cto chave csurgery, cand cmissed ca cweek cof cwork. cThe cowner cof cPatsy's cMarket
ctold cits ccommercial cgeneral cliability c(CGL) cinsurer cthat cthe cproduce carea cwas calways
cclean cand cthat cthe cclaim cwas csuspicious. cAfter creviewing cthe cmedical cbills cand cvideo
cfootage cfrom cthe cmarket, cthe cinsurer cconcluded cthat cPatsy's cMarket cwas cprobably
cliable cfor cthe ccustomer's cinjury. cThe cCGL cinsurer cwill cmost clikely cattempt cto cdo cwhich
cone cof cthe cfollowing? c- ccorrect canswers✔✔If cthe cinsurer's cinvestigation crevealed cthat
cPatsy's cMarket cwas cliable cand cthat cthe cdamages cwere ccovered cby cthe cpolicy, cit cwould
clikely ctry cto cnegotiate can cout cof ccourt csettlement.
The cCommercial cGeneral cLiability c(CGL) cCoverage cForm cdefines cthe cterm c"occurrence"
cas: c- ccorrect canswers✔✔An caccident, cincluding ccontinuous cor crepeated cexposure cto
csubstantially cthe csame cgeneral charmful cconditions.
The cCommercial cGeneral cLiability c(CGL) cCoverage cB—Personal cand cAdvertising cInjury
cLiability cprovides ccoverage cfor cwhich cone cof cthe cfollowing? c- ccorrect canswers✔✔The
cdefinition cof cpersonal cand cadvertising cinjury cin cthe cCGL cpolicy cincludes cliability carising
cfrom cfalse carrest.
Injury carising cout cof cwhich cone cof cthe cfollowing coffenses ccould cbe ccovered cunder
cCoverage cB cof cthe cCommercial cGeneral cLiability cpolicy? c- ccorrect canswers✔✔Injury
carising cout cof cfalse carrest ccould cbe ccovered cunder cCoverage cB cof cthe cCommercial
cGeneral cLiability cpolicy.
Shady cStories, ca ctabloid cnewspaper, cprints ca cfalse cstory cabout ca clocal cpolitician. cShady
cknows cthe cstory cis cfalse cbut cthinks cit cwill csell ca clot cof cpapers. cThe cpolitician cclaims
cdamages cfrom cShady. cShady's cCommercial cGeneral cLiability c(CGL) cCoverage cForm
cexcludes ccoverage cfor cthis closs cbecause cthe cclaim carose cout cof cwhich cone cof cthe
cfollowing? c- ccorrect canswers✔✔Written cmaterial cthat cwas cknown cto cbe cfalse.
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