Exam (elaborations)
AINS 102 Ch 6
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Exam of 5 pages for the course AINS 102 Ch 6 at AINS 102 Ch 6 (AINS 102 Ch 6)
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AINS 102 Ch 6Increasingly, insurers are able to assess drivers' skill and ability through
Select one:
A. Telematics.
B. Occupation.
C. Area of operation.
D. Restraints. - -A. Telematics.
-Because they interview the applicant first, see the property or operations to
be insured, and evaluate the loss exposures, the most important primary
source of information for the underwriters is the
Select one:
A. Financial and credit-reporting service.
B. Producers.
C. Risk control representative.
D. Property-valuation guide supplier. - -B. Producers.
-A customer service representative (CSR) receives a visit from Jack a
customer who is purchasing a building with a restaurant on the ground floor
and two second-floor apartments. Jack has never owned a commercial
venture before and wants to arrange for insurance coverage before he closes
the sale. Which one of the following would be the CSR's best approach to
efficiently and competently help this customer?
Select one:
A. Go to the property with the customer for a "walk through" and note any
concerns
B. Refer the customer to an insurance agency that specializes in commercial
property
C. Help the customer determine what property and liability exposures he will
assume in the purchase and refer him to a qualified producer
D. Submit an application and photos of the property to an underwriter for a
quote - -C. Help the customer determine what property and liability
exposures he will assume in the purchase and refer him to a qualified
producer
-Which one of the following statements is correct with respect to an
agency's or brokerage's cost of writing new business?
Select one:
A. The cost of writing new business has no direct impact on an organization's
bottom line.
B. Acquisition costs in the insurance industry are low compared to other
industries.
, C. There are no expenses involved in writing new business aside from the
cost of employees' time.
D. It is less cost-effective to write a new piece of business than to renew an
existing policy. - -D. It is less cost-effective to write a new piece of business
than to renew an existing policy.
-William was conducting a training session for new claims representatives at
Stanton Insurance. He reminded the claims representatives that in the
aftermath of a loss, an insured is often shaken, upset, or possibly injured. He
told them that it is the claims representative's responsibility to help Stanton
Insurance fulfill its contractual promise by handling claims in a way that
promotes peace of mind for the insured and
Select one:
A. Minimizes complaints to the state insurance department.
B. Improves the claimant's financial position.
C. Maximizes profits for the insurer.
D. Quickly restores claimants to their pre-loss condition. - -D. Quickly
restores claimants to their pre-loss condition.
-Joey, while driving, was involved in a two-car accident. Joey sustained a
severe injury from the accident. The other party, who was at fault, did not
maintain an auto insurance policy for the vehicle. Which one of the following
would provide coverage for Joey when the other driver does not have an
automobile liability policy?
Select one:
A. Collision
B. Underinsured motorist coverage (UIM)
C. Personal injury protection (PIP)
D. Uninsured motorist (UM) - -D. Uninsured motorist (UM)
-Applications and questionnaires for personal liability insurance should be
carefully evaluated to look for issues that can increase potential loss
frequency and severity, such as
Select one:
A. Stairways in good repair and free of obstructions.
B. The removal of dead trees and bicycles stored in a garage.
C. Poor housekeeping and maintenance of premises or an unfenced pool.
D. Swimming pools surrounded by fences and well-lit porches. - -C. Poor
housekeeping and maintenance of premises or an unfenced pool.
-Alice works in the personal lines market for Hill Top Insurance (HTI). Her
main responsibility is to develop a profitable book of business and help the
insurer fulfill its promises to policyholders. Alice must determine which
applicants to accept, whether the coverage is appropriate, and how much to
charge in premium. Which one of the following positions does Alice hold at
HTI?
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