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AINS 103 Test Exam Questions And Answers A+ Graded
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AINS 103 Test Exam Questions And Answers A+ Graded
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AINS 103 Test Exam Questions AndAnswers A+ Graded
Loss exposure CORRECT ANSWERS Any condition or situation that presents a
possibility of loss, whether or not an actual loss occurs.
Property loss exposure CORRECT 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) CORRECT ANSWERS Tangible property consisting of land, all
structures permanently attached to the land, and whatever is growing on the land.
Personal property CORRECT ANSWERS All tangible or intangible property that is not
real property
Business personal property CORRECT ANSWERS Stock, furniture, fixtures, equipment
and machinery, tenant's improvements and betterments, and other personal property
owned by the insured
Fixture CORRECT ANSWERS Any personal property affixed to real property in such a
way as to become part of the real property
Money CORRECT ANSWERS Currency, coins, bank notes, and sometimes traveler's
checks, credit card slips, and money orders held for sale to the public
Securities CORRECT ANSWERS Written instruments representing either money or
other property, such as stocks and bonds
Peril CORRECT ANSWERS The cause of a loss
Business income insurance CORRECT 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 CORRECT 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 CORRECT ANSWERS Net income that results when revenues exceed expenses
Continuing expenses CORRECT ANSWERS Expenses that continue to be incurred
during a business interruption
, Extra expenses CORRECT ANSWERS Expenses, in addition to ordinary expenses,
that an organization incurs to mitigate the effects of a business interruption
Liability CORRECT ANSWERS A legal responsibility for the consequences of an act or
omission
Liability loss exposure CORRECT 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 CORRECT 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 CORRECT ANSWERS The party temporarily possessing the personal property
in a bailment
Marine insurance CORRECT ANSWERS Insurance that, in the U.S., includes both
ocean and inland marine coverage and, in the rest of the world, is limited to insurance
for vessels and cargo
Inland marine insurance CORRECT ANSWERS Insurance that covers many different
classes of property that typically involve an element of transportation on land
Ocean marine insurance CORRECT ANSWERS Insurance that covers vessels and
their cargoes, including various vessel-related liability exposures
Workers compensation CORRECT ANSWERS A system that pays lost wages, medical
and vocational rehabilitation expenses, and death benefits to injured workers or their
dependents for employment-related injuries and diseases
Workers compensation statute CORRECT ANSWERS A statute that obligates
employers, regardless of fault, to pay specified medical, disability, rehabilitation, and
death benefits for their employees' job-related injuries and diseases
Occupational disease CORRECT ANSWERS Disease thought to be caused by work or
the work environment
Employee CORRECT ANSWERS A person who is (1) currently employed by the
insured or an ex-employee terminated within the past 30 days; (2) compensated by the
insured by salary, wages, or commissions; and (3) subject to the control and direction of
the insured.
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