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AINS 102: Understanding Personal Insurance Exam Questions and Answers
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AINS 102: Understanding PersonalInsurance Exam Questions and Answers
Arbitration - -An alternative dispute resolution (ADR) method by which
disputing parties use a neutral outside party to examine the issues and
develop a settlement, which can be final and binding.
-Attachment - -The act of seizing property to secure a judgment.
-Catastrophe - -A single event that causes widespread losses.
-Civil law - -A classification of law that applies to legal matters not governed
by criminal law and that protects rights and provides remedies for breaches
of duties owed to others.
-Compensatory damages - -A payment awarded by a court to reimburse a
victim for actual harm.
-Compulsory auto insurance law - -Law that requires the owners or
operators of automobiles to carry automobile liability insurance at least
equal to certain minimum limits before the vehicle can be licensed or
registered.
-Criminal law - -The branch of the law that imposes penalties for wrongs
against society.
-Cross-selling - -Selling new types of insurance products to existing clients.
-Damages - -Money claimed by, or a monetary award to, a party who has
suffered loss or injury for which another party is legally responsible.
-Deductible - -A portion of a covered loss that is not paid by the insurer.
-Financial responsibility laws - -Law enacted to ensure that motorists have
the financial ability to pay for any property damage or bodily injury they
might cause as a result of driving or owning an auto.
-First party - -The insured in an insurance contract.
-Floater - -A policy designed to cover property that floats, or moves, from
location to location.
, -Flood Insurance Rate Map (FIRM) - -A map that shows exact boundaries for
special flood hazard areas, the various flood zones, and base flood
elevations.
-General damages - -A monetary award to compensate a victim for losses,
such as pain and suffering, that do not involve specific, measurable
expenses.
-HO-3 Special Form - -Coverage for owner-occupants, providing open perils
coverage on buildings and specified perils coverage on personal property.
-Hull insurance - -Insurance that covers physical damage to vessels,
including their machinery and fuel but not their cargo.
-Inland marine floater - -Coverage for property limited or excluded by
homeowners policies, property with valuation problems, high-value items,
and property susceptible to loss by other than the usual named perils.
-Inland marine insurance - -Insurance that covers many different classes of
property that typically involve an element of transportation on land.
-Intentional tort - -A tort committed by a person who foresees (or should be
able to foresee) that his or her act will harm another person.
-Internet of Things (IoT) - -A network of objects that transmit data to each
other and to central hubs through the internet.
-Liability - -A legal responsibility for the consequences of an act or omission.
-Liability loss exposure - -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.
-Loss history - -A listing of past claims, including the date of occurrence, the
line of business, the type or description of the claim, the date of the claim,
the amount paid, the amount reserved, and the claim's current status.
-Named insured - -A person, corporation, partnership, or other entity
identified as an insured party in an insurance policy's declarations page.
-Named peril - -A specific cause of loss listed and described in an insurance
policy. Also used to describe policies containing named perils.
-Named perils coverage - -An insurance policy in which the covered causes
of loss are listed or "named" in the policy.
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