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AINS 103 questions with answers
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AINS 103 questions with answers
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AINS 103 questions with answersLoss exposure - .......🔷ANSWERS🔶......✔✔ Any condition or situation that presents a
possibility of loss, whether or not an actual loss occurs.
Property loss exposure - .......🔷ANSWERS🔶......✔✔ A condition that presents the
possibility that a person or an organization will sustain a loss resulting from damage
(including destruction, taking, or loss of use) to property in which that person or
organization has a financial interest.
Real property (realty) - .......🔷ANSWERS🔶......✔✔ Tangible property consisting of land, all
structures permanently attached to the land, and whatever is growing on the land.
Personal property - .......🔷ANSWERS🔶......✔✔ All tangible or intangible property that is
not real property
Business personal property - .......🔷ANSWERS🔶......✔✔ Stock, furniture, fixtures,
equipment and machinery, tenant's improvements and betterments, and other personal
property owned by the insured
Fixture - .......🔷ANSWERS🔶......✔✔ Any personal property affixed to real property in such
a way as to become part of the real property
Money - .......🔷ANSWERS🔶......✔✔ Currency, coins, bank notes, and sometimes traveler's
checks, credit card slips, and money orders held for sale to the public
Securities - .......🔷ANSWERS🔶......✔✔ Written instruments representing either money or
other property, such as stocks and bonds
, Peril - .......🔷ANSWERS🔶......✔✔ The cause of a loss
Business income insurance - .......🔷ANSWERS🔶......✔✔ Insurance that covers the
reduction in an organization's income when operations are interrupted by damage to
property caused by a covered peril
Business interruption - .......🔷ANSWERS🔶......✔✔ Loss of revenue that a business or
another organization sustains because its operations are suspended as a result of physical
injury to its property
Profit - .......🔷ANSWERS🔶......✔✔ Net income that results when revenues exceed expenses
Continuing expenses - .......🔷ANSWERS🔶......✔✔ Expenses that continue to be incurred
during a business interruption
Extra expenses - .......🔷ANSWERS🔶......✔✔ Expenses, in addition to ordinary expenses,
that an organization incurs to mitigate the effects of a business interruption
Liability - .......🔷ANSWERS🔶......✔✔ A legal responsibility for the consequences of an act
or omission
Liability loss exposure - .......🔷ANSWERS🔶......✔✔ Any condition or situation that
presents the possibility of a claim alleging legal responsibility of a person or business for
injury or damage suffered by another party
Personal loss exposure - .......🔷ANSWERS🔶......✔✔ Any condition or situation that
presents the possibility of a financial loss to an individual or a family by such causes as
death, sickness, injury, or unemployment
Bailee - .......🔷ANSWERS🔶......✔✔ The party temporarily possessing the personal property
in a bailment
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