A home owners policy is a type of - Personal property-casualty insurance policy.
Adhering to the characteristics of an ideally insurable loss exposure in selling insurance help assure that
- The insurer is able to charge a premium that the insured can afford to pay
Adjuster Toni is evaluating da...
AINS 101 - Course Quiz
A home owners policy is a type of - ✔✔Personal property-casualty insurance policy.
Adhering to the characteristics of an ideally insurable loss exposure in selling insurance help assure that
- ✔✔The insurer is able to charge a premium that the insured can afford to pay
Adjuster Toni is evaluating damages in a bodily injury liability claim where she has determined that the
insured is completely at fault for the accident. The claimant suffered a sprain and strain injury to his
neck. His special damages total $1,500. He was out of work for a week, was disabled and prevented
from performing some regular activities for a month, and attended physical therapy for six weeks. In
assessing general damages, Toni should - ✔✔Use past cases which are similar as a guide
Admitted assets are types of property that regulators allow insurers to show as assets on their financial
statements because they are - ✔✔Easily converted to cash
After Marvin's car was stolen, and he was reimbursed for the loss by Greatson Insurance, the police
found and returned the vehicle, which was dented and spray-painted, but still had parts that could be
usable. Greatson's rights to recover and sell or otherwise dispose of insured property on which it has
paid a total loss are called - ✔✔Salvage rights
Aimee recently accepted a job in the Underwriting department at Noble Insurance Company. Her
responsibilities will include developing coverage forms, arranging reinsurance agreements, and
conducting underwriting audits. Which one of the following is the title of Aimee's new job? -
✔✔Corporate Underwriter
Alicia works for the Drewman Agency, Sandi at insurer Greenway Insurance, and Rosa at Grossman
Brokers, all as customer service representatives. Which one of the following is true regarding their
work? - ✔✔Alicia can process policy endorsements and explain coverage to her customers
An insurance policy is considered a contract of adhesion when it is drafted by the - ✔✔Insurer
An insurer that was formed for the purpose of earning a profit for its stockholders is a - ✔✔Stock insurer
, An insurer's financial statement shows a loss reserve and an unearned premium reserve. These reserves
are part of the insurer's - ✔✔Total liabilities.
As a single mother on a very tight budget, Ciara is tempted to skimp on her insurance. However, her
friend Mehmet tells her not to skimp on insurance, because it will help manage her cash flows. Which
one of the following examples best illustrates Mehmet's point? - ✔✔When her car's windshield breaks,
Ciara has to pay only $100 of the $600 cost of replacing it.
As an experienced underwriter, Rick has learned to make every effort to avoid a mistake that can
produce insufficient premium to cover losses, or pricing that isn't competitive. Which one of the
following underwriting mistakes can often cause these issues? - ✔✔Misclassifying exposures
As it continues to grow, Anchoy Insurance is examining other distribution channels to more effectively
market its products. Through this experience, which of one the following will Anchoy most likely learn? -
✔✔Anchoy can use group marketing to target large numbers of recent local college graduates
Autonomous Vehicle Applications (AVA) is a start-up company that develops safety technologies that
can be sold to companies that are producing autonomous vehicles. One technology AVA is developing
allows an autonomous vehicle to detect, extract, and analyze images; and then to respond to the
images. For example, the technology would detect a presence in a crosswalk, extract the image, and a
computer would analyze the image. When the image was determined to be a human being, the vehicle
would slow down or stop until the crosswalk was clear. This technology, which is designed to capture
and analyze images, and to act on the recognition of the image; is called - ✔✔Computer vision
Bob is shopping for auto insurance. Insurance Company A's rating system determines that Bob should be
charged $800 per auto. If Bob is looking to insure four autos, what premium will he be charged by
Insurance Company A? - ✔✔$3,200
Carlos is new to the insurance business and is learning about insurance regulation and what he, now
working with Grady Insurance, will need to be aware of regarding the subject of compliance. Which one
of the following will Carlos find is accurate as he better understands why insurance is regulated? -
✔✔Insurance regulation protects customers by guaranteeing insurance is available and accessible to
everyone who needs it
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