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AINS 103 EXAM || ACTUAL EXAM ALL QUESTIONS AND CORRECT ANSWERS WITH CLEAR EXPLANATIONS ALREADY GRADED A+|| RECENT UPDATE WITH VERIFIED SOLUTIONS|| BRAND NEW!!!$27.69
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AINS 103 EXAM || ACTUAL EXAM ALL QUESTIONS AND CORRECT ANSWERS WITH CLEAR EXPLANATIONS ALREADY GRADED A+|| RECENT UPDATE WITH VERIFIED SOLUTIONS|| BRAND NEW!!!
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AINS 103
Institution
AINS 103
AINS 103 EXAM || ACTUAL EXAM ALL
QUESTIONS AND CORRECT ANSWERS WITH
CLEAR EXPLANATIONS ALREADY GRADED A+||
RECENT UPDATE WITH VERIFIED SOLUTIONS||
BRAND NEW!!!
AINS 103 EXAM 1 2024-2025|| ACTUAL EXAM ALL
QUESTIONS AND CORRECT ANSWERS WITH
CLEAR EXPLANATIONS ALREADY GRADED A+||
RECENT UPDATE WITH VERIFIED SOLUTIONS||
BRAND NEW!!!
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?
Select one:
A. The loss or damage must be caused by a covered cause of loss.
B. The suspension of operations must be less than a year.
C. The insured must continue operations at a new location.
D. The suspension of operations must be greater than 60 days. - ANSWER: A.
The loss or damage must be caused by a covered cause of loss.
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?
Select one:
A. The increased cost of construction to meet new building codes or ordinances
B. The salary of key employees who will continue to work at a temporary location
C. The cost to remove damaged equipment and machinery
D. The increased cost of rent at a temporary location - ANSWER: D. The
increased cost of rent at a temporary location
,2|Pag e
The coinsurance basis for business income coverage is
Select one:
A. Net income plus continuing operating expenses.
B. Net income plus all operating expenses that would have been incurred in the
absence of a loss.
C. Gross income plus payroll and utilities.
D. Gross income less continuing operating expenses. - ANSWER: B. Net income
plus all operating expenses that would have been incurred in the absence of a loss.
Which one of the following supply chain exposures can a business mitigate by
carefully wording contracts and diversifying suppliers?
Select one:
A. Strikes or other employment issues
B. Changes in demand
C. Production bottlenecks
D. Loss of supply due to external events - ANSWER: D. Loss of supply due to
external events
The extent of an organization's product of human intelligence that has economic
value refers to which one of the following?
Select one:
A. Business income
B. Intellectual property
C. Personal property
D. Real property - ANSWER: B. Intellectual property
,3|Pag e
Renata owns a valuable antique sculpture by a famous artist. One day she
accidentally dropped the sculpture and a piece of it broke off. Renata took the
sculpture to an art restorer, who reattached the broken piece and repaired the
surface. From a distance, the statue looks the same as it did before Renata dropped
it, but a close inspection reveals the repair. Which one of the following best
describes the financial consequences of the accident?
Select one:
A. There are no financial consequences because the piece looks the same as it did
before the accident.
B. The financial consequences include the cost of the repair and the reduction in
value resulting from the repaired damage.
C. Renata has incurred a total loss because original artwork is impossible to
replace.
D. The only financial consequence of the accident is the money Renata paid the art
restorer for the repair. - ANSWER: B. The financial consequences include the
cost of the repair and the reduction in value resulting from the repaired damage.
Telephone Company installs fiber-optic cable using a trenching machine that digs a
trench, buries the cable, fills in the trench, and reseeds, all in one pass. The
trenching machine can install cable in a fifty-home neighborhood in one day. A
day after the trenching machine passes by, a member of the community steps on
the trenched area, sinks in, and breaks his leg. This is an example of a liability loss
exposure arising out of
Select one:
A. Premises.
B. Completed operations.
C. Professional.
D. Products. - ANSWER: B. Completed operations.
, 4|Pag e
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?
Select one:
A. Premises and products liability
B. Premises and operations liability
C. Completed operations liability
D. Incompleted operations liability - ANSWER: B. Premises and operations
liability
Joe signs a contract with Home Builders to install the electrical wiring for a new
home. He uses his own tools and follows the specifications in the contract. Joe is
burned while installing the wiring. Does Home Builders' workers compensation
policy cover Joe's injury?
Select one:
A. Yes, because the injury arose out of and in the course of employment
B. No, because Joe probably contributed to the injury
C. Yes, because Home Builders must provide no-fault protection for employees
D. No, because Joe is not an employee of Home Builders - ANSWER: D. No,
because Joe is not an employee of Home Builders
Bio-Pharma was a highly-regarded pharmaceutical company. That changed last
year when it was revealed that Bio-Pharma researchers had fabricated test results
of the company's new hypertension drug, and a company official bribed a key
regulator to get the drug approved. These revelations led to a sharp decline in sales
of all of Bio-Pharma's drugs, a sharp decline in net income, and a decline in Bio-
Pharma's stock price. This scenario clearly indicates the value of a corporation's
Select one:
A. Patents.
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