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AINS 102 - Assignment 1 - Part 1 Exam with Accurate answers
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AINS 102 - Assignment 1 - Part 1 Exam with Accurate answers
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AINS 102 - Assignment 1 - Part 1 Exam withAccurate answers
What are the two main categories of property? - -Real and Personal.
-Why is it important for insurance professionals to understand the
differences between real and personal property? - -Insurance coverage
forms provide different coverages and premiums for each category.
-What is real property? - -Land, buildings, other structures attached to land,
anything growing on the land, and anything embedded in the land
-What are some examples of other structures attached to land? - -
Swimming pools, storage shed, flagpole
-What are some examples of anything growing on the land? - -Crops &
Trees
-What are some examples of anything embedded in the land? - -
foundations, underground pipes, minerals
-What is personal property? - -Dwelling contents, high-value property, rare
or unique property, business personal property, motor vehicles, trailers,
watercraft, and aircraft.
-What is dwelling contents personal property? - -furniture, electronics
-What is high-value personal property? - -jewelry, silverware, firearms
-What is rare & unique personal property? - -antiques, artwork
-What is business personal property? - -supplies, machinery
-What is intangible personal property? - -patents, copyrights
-How do individuals and families face loss exposures? - -by owning or
having a legal interest in these types of property
-Damaged or destroyed property can result in which three outcomes? - -
Reduction in property value, increased expenses, and lost income
-What is reduction in property value? - -The difference between the value of
the property before the loss (pre-loss value) and after the loss (post-loss
value)
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