AINS103 Practice Questions, AINS 103 Questions and Correct Answers | Latest Update
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Course
AINS 103
Institution
AINS 103
n property insurance, the term "Property in Transit" refers to which one of the following?
Property while being transported by trucks, cars, buses, trains, airplanes,
and ships.
Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to
mitigate the effe...
Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
AINS103 Practice Questions, AINS 103
Questions and Correct Answers | Latest
Update
In property insurance, the term "Property in Transit" refers to which one of the following?
Property while being transported by trucks, cars, buses, trains, airplanes,
and ships.
Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to
mitigate the effects of a business interruption. Which one of the following is an example of an
extra expense?
Cost to rent temporary office space.
Upon entering a restaurant, a customer grasped a handrail the broke off, causing the
customer to fall and break his wrist. This is an example of which one of the following types of
commercial general liability loss?
Premises and operations liability.
A contractor is hired to install a new concrete sidewalk in front of a store. Several weeks after
the sidewalk was installed, the concrete buckles and a passerby trips and falls on the buckled
sidewalk. The passerby sues the contractor to recover medical expenses incurred due to the
fall. This commercial liability is categorized as
Completed operations liability.
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
A carrier that is prevented by an accident from delivering the cargo aboard its ship may face
an exposure called loss of freight, which is
The compensation the carrier receives for transporting cargo.
The management of Maryland Marine Co. (MMC) must ensure that proper coverage is
obtained for work- related injuries. The employee population of MMC is a mixture of full-time
and part-time employees as well as some casual employees for one-time tasks. Much of
MMC's work is done by independent contractors and temporary employees during peak
seasons. Which one of the following statements about these persons is true?
Many states workers compensation statutes exclude casual labor
(temporary employees).
When a clothing manufacturer decides to expand the sale of its clothing line by offering
internet purchases, it creates new exposures not otherwise covered, or not fully covered, by a
traditional policy. These include
Loss or damage caused by computer virsus es.
Meat Products Company (MPC) runs packing plants in three Midwest states. The company was
in the news recently because of its labor practices. The Department of Labor (DOL)
investigated complaints from five female employees that MPC discriminated against them. The
DOL found the claim was true. The Immigration and Naturalization Service (INS) found that the
company employed illegal immigrants and paid them less than the minimum wage. When this
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
news became public, MPC's reputation was severely harmed. This scenario illustrates which
source of reputation risk
Regulatory and legal compliance.
Perils are an important aspect of property insurance. Which one of the following statements is
correct with respect to perils?
A peril is the actual means by which property is damaged or destroyed
such as fire, lightning, windstorm, hail or theft.
During a business interruption, some of the organizations expenses, called continuing expenses,
will continue, and other expenses, called non-continuing expenses, will not continue. Which one
of the following is an example of a continuing expense?
Payroll of key employees.
Which one of the following loss exposure exist when a business can be held legally liable for
bodily injury or property damaged caused by their repair or contracting work?
Completed operations liability.
Which one of the following entities would likely have the greatest completed operations loss
exposure?
Paul the plumber.
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
Inland marine insurance is insurance that covers
Many different classes of property that typically involve an element of
transportation on land.
Joe signs a contract with Home Builders to install the electrical wiring for a new home. He uses
his own tools and follows the specifications in the contract. Joe is burned while installing the
wiring. Does Home Builders' workers compensation policy cover Joe's injury?
No, because Joe is not an employee of Home Builders.
Cyber risk intellectual property loss exposures include
Cyber extortion of trade secrets.
As part of its assessment of its cyber risk, an organization should consider whether there are
any intangible property exposures. Which one of the following would best be classified as an
intangible property loss?
The computer system is hacked and data including credit card numbers are
stolen.
Property insurance policies use the term "personal property" to refer to the
Contents in and around a building.
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