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AINS 102 Exam-Questions with Correct Answers/ Verified/ Latest Update (2024/2025)
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AINS 102 Exam-Questions with Correct Answers/ Verified/ Latest Update (2024/2025)
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AINS 102 Exam-Questions with Correct Answers/ Verified/ LatestUpdate (2024/2025)
HO-2 - ✔✔Broad Form- Provides named perils coverage for dwellings and personal property
and provides liability coverage
H0-3 - ✔✔Special Form- Provides open peril coverage for dwellings, named perils for
personal property and liability coverage
HO-4 - ✔✔Contents Broad Form- Often called renters insurance, it's designed for tenants
and other occupants of dwelling or apartments. It provides no dwelling coverage, but it
covers personal property on a named perils basis and provides legal liability coverage
HO-5 - ✔✔Comprehensive Form- Provides the broadest coverage of all HO forms. It covers
dwellings and personal property on an open perils basis, and it provides liability coverage
HO-6 - ✔✔Unit Owners Form- Designed for owners of a residential condo units and provides
limited dwelling coverage (typically walls in). Named perils personal property is covered as,
and it also comes with liability coverage
HO-8 - ✔✔Modified Coverage Form- Designed for older buildings with high replacement
cost compared to market value. Dwelling and personal property is covered under the limited
named perils, and is only ACV. There is also liability coverage
What are the 6 most frequently used risk control techniques? - ✔✔Avoidance, loss
prevention, loss reduction, seperation, duplication, diversification
Risk financing techniques fall into what two categories? - ✔✔Retention, transfer
What are the two financial consequences that occur when a liability claim occurs? - ✔✔1.
Cost to pay damages
2. Legal defense costs
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