AINS 10 Course Quiz Practice Questions and Answers
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Course
AINS 10
Institution
AINS 10
AINS 10 Course Quiz Practice Questions and Answers
1: What does AINS stand for in the context of the AINS 10 course? - correct answer - Associate in General Insurance.
2: What is the primary focus of the AINS 10 course? - correct answer -
The primary focus is on the fundamentals of insur...
AINS 10 Course Quiz Practice Questions
and Answers
1: What does AINS stand for in the context of the AINS 10 course? - correct
answer - Associate in General Insurance.
2: What is the primary focus of the AINS 10 course? - correct answer -
The primary focus is on the fundamentals of insurance, including principles,
policies, and practices.
3: What is an insurance policy? - correct answer -
An insurance policy is a contract between an insurer and an insured,
outlining the terms and conditions of the insurance coverage.
4: What is a premium in insurance terms? - correct answer -
A premium is the amount of money an insured pays to an insurer for
coverage under an insurance policy.
5: Define risk in the context of insurance.
Risk is the uncertainty regarding financial loss.
6: What is underwriting in insurance? - correct answer -
, Underwriting is the process of evaluating and selecting risks to determine
the terms and conditions of insurance coverage.
7: What does the term loss ratio refer to? - correct answer -
Loss ratio is the ratio of losses paid to premiums earned.
8: What is a deductible in an insurance policy? - correct answer -
A deductible is the amount the insured must pay out-of-pocket before the
insurer pays a claim.
9: Explain the principle of indemnity.
The principle of indemnity states that insurance should restore the insured
to the financial position they were in before the loss occurred.
10: What is reinsurance? - correct answer -
Reinsurance is insurance for insurers, where part of the risk is transferred
to another insurance company.
11: What is moral hazard? - correct answer -
Moral hazard is the tendency of individuals to take more risks because they
do not bear the full consequences of their actions.
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