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AINS 102 Practice Exam Questions with 100% Correct Answers |Latest 2024/2025.
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AINS 102 Practice Exam Questions with 100% CorrectAnswers |Latest 2024/2025.
The HO-5 policy is designed to meet the risk management needs of
- ANS -A. Owner-occupants of dwellings who would like the broadest coverage
available among ISO's forms for their property.
Coverage A—Dwelling of an HO-3 policy applies to which one of the following?
- ANS -A. Deck attached to the insured dwelling
Which one of the following is considered real property? - ANS -B. A brick storage
shed
Joe keeps a tiger cub as a pet in his fenced-in backyard. The tiger escapes and
bites a neighbor's child who requires stitches. Joe argues that keeping the tiger
violated no law and that he took every precaution to restrain the tiger. Even if Joe
is correct, he might face a claim for damages based upon which one of the
following?
- ANS -A. Absolute liability
A claim for money damages because of injury to another party or damage to
another party's property best describes - ANS -C. A liability loss.
Which one of the following statements is true regarding no-fault automobile
insurance?
- ANS -B. Most no-fault laws apply only to bodily injury and not to property
damage.
Sally has an unendorsed HO-3 policy. Sally's swimming pool was drained by
vandals who opened a drain valve. The water was replaced at a cost of $2,500 to
Sally, including labor to deliver and pump the water. The HO-3 policy - ANS -A.
Does not cover the cost of the replaced water.
If a claim is paid under Coverage F—Medical Payments to Others of a
homeowners policy, a policy condition makes it clear that
- ANS -C. The payment is not an admission of liability by the insured or the
insurer.
, Collision coverage under the Personal Auto Policy (PAP)
- ANS -A. Applies to damage to a parked insured vehicle resulting from a
passenger in another parked vehicle opening its door.
A retail chain sometimes requires its clerks to use their own cars to transfer
special order merchandise from one store to another. Tamika, one of its
employees, was moving items from one location to another in her station wagon
which is insured with a Personal Auto Policy (PAP). Tamika was injured in an auto
accident along the way, and her medical bills can be paid by her employer's
workers compensation insurance. Her medical payments coverage under her PAP
- ANS -C. Will pay nothing.
Inland marine floaters are flexible and can be used to cover both common and
unusual exposures. Inland marine floaters provide the producer with the
opportunity to address and sell coverage for:
- ANS -B. Property not adequately covered by the homeowners policy.
Jack and Linda are meeting with their insurance agent to review their
homeowners and auto policies. The agent has suggested that they add an
umbrella policy. Which one of the following is the best reason the agent will likely
provide for purchasing this coverage? - ANS -A. To provide increased limits for
large jury awards
Defense costs coverage is included under Section II—Liability Coverages in the
HO-3 policy. This coverage - ANS -B. Is supplemental to the liability limit.
In which one of the following ways do Fair Access to Insurance Requirements
(FAIR) plans provide needed support for credit? - ANS -A. Provide adequate
property insurance coverage.
Small boat policies are designed to cover boats up to a certain size. Most of these
policies - ANS -B. Are written on an actual cash value basis.
A customer service representative (CSR) receives a visit from an 18-year-old who
is a new car owner. The customer owns a condominium and is living on structured
payments established from his deceased parents' estate. His income is modest, so
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