Exam (elaborations)
Ains 103 test questions and answers.
- Course
- Institution
Ains 103 test questions and answers. 2024
[Show more]
Content preview
AINS 103 Exam Review1. In property insurance, the term "property in transit" refers to which one
of the following?: C. Property while being transported by trucks, cars, buses,
trains, airplanes, and ships
2. Extra expenses are expenses, in addition to ordinary expenses, that an
organization incurs to mitigate the effects of a business interruption. Which
one of the following is an example of an extra expense?: B. Cost to rent
temporary office space
3. Radley Contracting Company is installing new signage on the front of a
building. George, a passerby walking near the building is injured when a
Radley employee accidentally drops a tool from a crane. George likely has the
ability to assert which one the following types of claim?: B. Premises and
operations liability
4. Which one of the following entities would likely have the greatest
completed operations loss exposure?: A. Paul the plumber
5. A carrier that is prevented by an accident from delivering the cargo
aboard its ship may face an exposure called loss of freight, which is: B. The
compensation the carrier receives for transporting cargo.
6. To be covered under a workers compensation statute, an injury or
disease (in most states) must meet which one of the following requirements?:
A. Arise out of employees' job-related injuries and diseases
7. The unauthorized intrusion into a company's computer network resulting
in damage to intellectual property is best classified as which one of the
following types of cyber liability exposures?: D. Intangible property
8. An email was sent to a company's employees containing a harmful
attachment. Several employees opened the attachment which allowed
hackers to obtain customer contact information. This cyber risk loss is: D.
Damage to intangible property.
9. NH Manufacturing insures its building and personal property under the
commercial property coverage part of a commercial package policy (CPP).
During a blizzard, a portion of the building's roof collapsed from the weight
of snow. The risk manager pulled out the CPP to make sure that the building
was covered for this type of loss. Which one of the following components of
the commercial property coverage part would provide the risk manager with
information on the covered perils?: A. Causes of loss form
10. Which one of the following is one of the covered causes of loss in the
commercial property policy Causes of Loss—Basic form?: Vandalism
, AINS 103 Exam Review
11. Billy owns a baseball souvenir store in Cooperstown, NY. He insured his
store under a Building and Personal Property Coverage Form (BPP) with a
$275,000 limit and a $1,500 deductible. A large fire in the store caused
significant damage amounting to $310,000 in covered damages. How much
would Billy's insurer pay under his BPP?: $275K
12. Which one of the following statements about Inflation Guard optional
coverage of the Building and Personal Property Coverage Form (BPP) is
true?: C. It is automatically increases the limit of insurance by the percentage of
annual increase shown in the declarations.
13. Which one of the following would be covered under the Extra Expense
insuring agreement of the Business Income (and Extra Expense) Coverage
Form?: D. Costs to move to a temporary location
14. Which one of the following would be considered an extra expense under
the Business Income (and Extra Expense) Coverage Form of the commercial
package policy?: C. The increased cost of rent at a temporary location
15. When Sylvester Properties suffered a $500,000 loss of business income,
it filed a claim under the Business Income (and Extra Expense) Coverage
Form (BIC) of its commercial package policy. In order for the loss to be
covered, the loss of business income must be due to a necessary suspension
in operations caused by a direct physical loss or damage to property at the
premises for which BIC is shown in the policy declarations. Which one of the
following is also part of the criteria for the loss to be covered?: C. The loss or
damage must be caused by a covered cause of loss.
16. Karma Tea Shop (KTS) has three locations in Boston. The business is
insured by a commercial package policy with the Business Income (and Extra
Expense) Coverage Form (BIC). The BIC has a $300,000 limit of insurance
which applies to all three locations and a 70 percent coinsurance provision.
The business income insurance for KTS is written on a: B. Blanket basis.
17. Michael is a general liability claims adjuster for Goshen Mutual. He wants
to see if an insured has any endorsements that apply to its general liability
policy. Which one of the following sections of the coverage form would
provide this information for Michael?: D. Declarations
18. Under Coverage A of the commercial general liability coverage form
(CGL), property damage would include all of the following, EXCEPT:: A.
Infringement of copyright
19. Chuckie's chicken distributor researches the benefits of consuming
chicken versus consuming beef. In November 2011, Chuckie's publishes a
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 KINGNOTES1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now