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AINS 101 Practice Questions Latest Update Actual Exam with 100 Questions and 100% Verified Correct Answers Guaranteed A+ At First Attempt Verified By Professor$20.49
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AINS 101 Practice Questions Latest Update Actual Exam with 100 Questions and 100% Verified Correct Answers Guaranteed A+ At First Attempt Verified By Professor
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AINS 101 Practice
Institution
AINS 101 Practice
AINS 101 Practice Questions Latest Update Actual Exam with 100 Questions and 100% Verified Correct Answers Guaranteed A+ At First Attempt Verified By Professor
AINS 101 Practice Questions Latest Update 2024-
2025 Actual Exam with 100 Questions and 100%
Verified Correct Answers Guaranteed A+ At First
Attempt Verified By Professor
A liability loss has the following damages:
Medical expenses:$10,000Damages for disfigurement:$50,000Damages for pain and
suffering:$100,000
What is the amount of special damages? - CORRECT ANSWER: The amount of special
damages is $10,000. Special damages are for specific, identifiable expenses.
A stock insurer differs from a reciprocal insurance exchange in which one of the
following ways? - CORRECT ANSWER: Stockholders own a stock insurer. Members
own a reciprocal insurance exchange.
ABC Company experienced a dramatic ideological shift in corporate policies after a
national election. This is an example of which one of the following quadrants of risk? -
CORRECT ANSWER: Strategic risk
Actual cash value (ACV) is - CORRECT ANSWER: replacement cost minus
depreciation
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 - CORRECT ANSWER: Use past cases which are similar as a
guide
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 -
CORRECT ANSWER: Salvage rights
Salvage rights allow the insurer to recover and sell or otherwise dispose of insured
property on which the insurer has paid a total loss.
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? - CORRECT ANSWER: Corporate
underwriters, sometimes referred to as staff underwriters, perform duties including:
developing coverage forms, arranging reinsurance, conducting underwriting audits,
researching the market, and revising underwriting guidelines.
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? - CORRECT ANSWER: Alicia can process policy
endorsements and explain coverage to her customers.
All of the following are categories of liabilities found on an insurer's balance sheet,
EXCEPT: - CORRECT ANSWER: Policyholders' surplus
All of the following are sources of underwriting information to evaluate an insurance
submission, EXCEPT: - CORRECT ANSWER: Underwriting authority reports
All of the following are types of private insurers, EXCEPT: - CORRECT ANSWER: State
workers compensation funds
Allian Insurance Company is a growing regional insurer selling policies in three states,
specializing in personal auto and homeowners policies. Which one of the following is
most likely true regarding Allian and the policies it sells? - CORRECT ANSWER: Allian
issues more preprinted policies than manuscript forms.
An insurer will make a loss payment if an insured loss occurs and if the insured
performs certain duties. This illustrates that an insurance policy is a - CORRECT
ANSWER: Conditional contract.
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