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AINS Midterm Exam Questions With Verified Solutions.

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

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  • August 23, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • independent agency systems

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  • AINS 103
  • AINS 103

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AINS Midterm Exam Questions With
Verified Solutions.
One distinguishing feature between independent agency systems and other marketing systems is the... -
Answer agency expiration list



Foreign Insurer - Answer An insurer licensed to operate in a state but incorporated in another state



Domestic Insurer - Answer An insurer doing business in the jurisdiction in which it was incorporated



Alien Insurer - Answer An insurer domiciled in a country other than the US



Direct Response Marketing System - Answer Greatly reduces compensation costs but has higher
advertising costs



Agency Expiration List - Answer An agency's most valuable asset (does not belong to insurer)



Important consideration when selecting distribution channels - Answer Does the channel capitalize on
its core capabilities?



Knowledge acquired by the agent is presumed to be.. - Answer knowledge acquired by the insurer



Premium collection method used for personal insurance and small commercial accounts - Answer
Direct Bill



What specifies scope of authority of an agent? - Answer Agency contract



Agency Bill - Answer Payment procedure in which a producer sends premium bills to the insured,
collects the premium, and sends the premium to the insurer, less any commission

, Item Basis - Answer Premium (less commission) is forwarded to the insurer when the producer collects
it or when it comes due. Least complex method



Statement Basis - Answer Insurer sends statement to the producer showing the premiums due.
Producer is obligated to pay the premiums as due.



Account Current Basis - Answer Producer periodically prepares a statement showing the premiums due
to the insurer, after deducting appropriate commissions, and transmits the amount to the insurer. The
agency contract will indicate how often the producer must submit the account current statement
(usually monthly). Producer must pay when premium is due, even if policyholder hasn't paid.



Purposes of underwriting - Answer Develop and maintain a book of business, guard against adverse
selection, ensure adequate policyholder's surplus and enforce underwriting guidelines



Experience Rating - Answer A rating plan that adjusts the premium for the current policy period to
recognize the loss experience of the insured organization during past policy periods



Schedule Rating - Answer A rating plan that awards debits and credits based specific categories, such as
the care and condition of premises of the training and selection of employees, to reflect a modified
premium that the class rate does not include



Retrospective Rating - Answer A ratemaking technique that adjusts the insured's premium for the
current policy period based on the insured's loss experience during the current period; paid losses or
incurred losses may be used to determine loss experience



Class Rating - Answer A rating approach that uses rates reflecting the average probability of loss for
businesses within large groups of similar risks; the predominant method for determining rate for
commercial properties



Law of large numbers - Answer A mathematical principal that state that as the number of similar but
independent exposure units increases, the relative accuracy about the future outcomes (losses) also
increases

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