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AINS 103 QUESTIONS WITH COMPLETE SOLUTIONS

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AINS 103 QUESTIONS WITH COMPLETE SOLUTIONS

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  • August 23, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • AINS 103
  • AINS 103
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biggdreamer
AINS 103 QUESTIONS WITH COMPLETE
SOLUTIONS
Commercial property loss exposures - answer-any condition that presents the possibility
that an organization will sustain a loss resulting from damage or theft of its prop

What is the most important elements of commerical property loss exposures that matter
the most to insurance prof - answer-causes of loss, property exposed to loss, financial
consequences of loss

What is real property - answer-tangible property consisting of land, all structures
permanently attached to the land and whatever is growing on the land

What is personal property - answer-movable items owned by a bsuiness such as
suplies, furniture, computers, machinery, tools, and some vehicles

Buildings - answer-walls and roofs but also have plumbing, wiring, heating, and air
conditioning equip and other built in equip. This equip is all considered part of a building
because it is permanently attached to it

Personal prop contained in buildings - answer-a typical business has furniture,
machinery, computers, equip, and inventory

Money and securities - answer-money (such as cash) and securities (such as stocks
and bonds) are highly susceptible to loss by theft and fire

Vehicles and watercraft - answer-often put prop in temp possession of others for
processing, cleaning, repairing, exhibiting and so on

Prop in transit - answer-most businesses own prop that moves (floats) from work site to
work site

For example: a photographers cameras or building contractors eqiup

Most common potential causes of loss (peril) - answer-fire, theft, windstorm, flood,
earthquake, terrorism

What peril has the greatest risk of a large or total property loss for most businesses -
answer-fire

Reduced value - answer-when a loss occurs, the property value can be reduced or
eliminated

Lost income - answer-a business may not be able to use the prop in question until it has
been repaired, restored, or replaced

, Extra expenses - answer-businesses sometimes have to pay additional costs to keep
operating after a loss.

Personal prop loss - answer-equip display, computers, tools, money, prop in transit

Continuing expense - answer-expenses that continued to be incurred during a biz
interruption (paytoll, utilities, leases or rentals, taxes, insurance)

Extra exp - answer-in addition to ordinary exp that are incurred to mitigate the effects of
a biz interruption (relocation, utilities, payroll equip)

Commerical liab loss exposure - answer-a condition or situation that presents the
possibility of an organization being legally or financially resp for inj, harm, or damage to
another party

Damages - answer-the court may require the liab organization to pay damages to the
inj/harmed party

Defense costs - answer-the liable organziation may have to pay legal defense costs of
the investigating claim

Reputational harm - answer-organization may suffer harm to its rep as a result of any
accusations made against it, whether or not it is found to be liable

Premises and operations liability - answer-is the possibility that an organization will be
held liable bc of bodily inj or prop damages that either occurs on the organizations
premises or results from the organizations ongoing operations

Products and completed operations liability - answer-the products and completed
operations liab exposures is the possibility that an organziation will be held liable bc of
bodily inj or party damages caused by the manu, distribution, or sale of an unsafe or
defective product or of the entity completed work

(cale) property loss exposures: - answer-an organization that has financial interest in
auto such as a car, truck, van, trailer can suffer property loss if that auto is damaged or
destroy. The financial consequences of loss may be a decrease in the autos value and
or loss of use of the auto until it is replaced

(cale) personal loss exposures - answer-a personal loss exposure is any possibility of
financial loss resulting from inj, sickness,or death. Anyone who could suffer inj in an
auto accident such as a delivery driver has potential loss exposures. In some cases
organizations can be financially resp for these exposures

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