100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
AINS 102 EXAM TEST BANK QUESTIONS WITH 100% CORRECT ANSWERS $12.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. AINS 102
  4.  
  5. AINS 102

Exam (elaborations)

AINS 102 EXAM TEST BANK QUESTIONS WITH 100% CORRECT ANSWERS

 0 purchase
  • Course
  • AINS 102
  • Institution
  • AINS 102

AINS 102 EXAM TEST BANK QUESTIONS WITH 100% CORRECT ANSWERS What does PAP stand for? - Answer- personal auto policy What Initial Contact With a Claimant Should Look Like - Answer- listen to the claimants full story show empathy verify coverage explain how details of the policy relate to t...

[Show more]

Preview 3 out of 18  pages

Document information

  • October 2, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • AINS 102
  • AINS 102

Seller

avatar-seller
Scholarsstudyguide

Reviews received

Content preview

AINS 102 EXAM TEST BANK QUESTIONS
WITH 100% CORRECT ANSWERS

What does PAP stand for? - Answer- personal auto policy

What Initial Contact With a Claimant Should Look Like - Answer- listen to the claimants
full story
show empathy
verify coverage
explain how details of the policy relate to the loss, including any exclusions or limitations
that could affect coverage
outline what will happen next in the investigation, what forms must be completed, and
how long the claims process will take
tell them what is required to protect property from further damage
supply the insured with any necessary paperwork, such as forms for recording personal
property losses
when necessary, make emergency advance payments to the insured for clothing, living
expenses, or food
what happens if a situation doesn't seem to fit anything covered under PAP - Answer-
one or more endorsements could customize the PAP to bridge the gap

If the policy and the endorsement contains conflicting terms, which one takes
precedence over the other? - Answer- the endorsement

PAP endorsements 2 main categories - Answer- 1. endorsements that provide coverage
additions or modifications for customers who own vehicles other than cars, cans or
pickup trucks
2. endorsements that can be added to an insureds personal auto policy (PAP) to
address specific loss exposures that wouldn't be covered by an unendorsed PAP

miscellaneous type vehicle endorsement - Answer- covers motor homes, motorcycles,
all-terrain vehicles, dune buggies, golf carts, and other vehicles with fewer than 4
wheels as well as other vehicles designed for use off public roads

snowmobile endorsement - Answer- can be added to the PAP
maximum liability

trailer/camper body coverage endorsement - Answer- another type of auto coverage
maximum liability

coverage for damage to your auto endorsement - Answer- allows owners of high value
antique cars or restored show cars to insert a stated amount of insurance in the policy

,the stated amount may be less than the appraised value of the vehicle allowing the
driver to insure it for a lower premium than would be paid based on its appraised value

Endorsements That Address Coverage Gaps - Answer- excess electronic equipment
coverage
named non-owner coverage
auto loan/lease coverage
towing and labor costs

individuals and families property loss exposures stem from ownership of 2 main
categories of property - Answer- real property (realty) and personal property

real property - Answer- land, buildings, other structures attached to the land, and
anything embedded in the land

personal property - Answer- dwelling contents (furniture), high-value property, rare or
unique property, business personal property, intangible property, motor vehicles,
trailers, watercraft, and aircraft

damaged or destroyed property can result in... - Answer- 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)
Increased expenses—Expenses in addition to normal living expenses that are
necessary because of the loss, such as the cost of renting a hotel room following a
house fire
Lost income—Loss of income that results when property is damaged or destroyed, such
as the loss of rent that can be collected on a property that is damaged by a hurricane

all risk management techniques fall into two categories - Answer- risk control
techniques and risk financing techniques

risk control techniquies - Answer- reduce the frequency and severity of a loss or make
losses more predictable

risk financing techniques - Answer- generate the funds to pay for losses and risk control
measures

risk control technique 6 categories - Answer- avoidance: stopping or not engaging in an
activity (not purchase boat)
loss prevention: reduces frequency of a particular loss (put a fence around the building)
loss reduction: reduces the severity of a loss (install burglar alarm)
separation: isolate to minimize effects of a single loss (keep some valuable items at
home, others off site in a safe)
duplication: creating backups, spares, or copies of property or information (make
copies)

, diversification: spreads loss exposures over numerous areas or projects (purchase
properties in different areas)

risk financing techniques 2 categories - Answer- retention: funds are generated or set
aside for losses that are retained by the individual or family (budget for replacement)
transfer: shifting the financial responsibility for losses onto another party (purchase an
insurance policy that transfers the risk to an insurer)

financial consequences are limited to... - Answer- the total wealth of the responsible
party

2 forms of damages awarded in a liability lawsuit - Answer- special damages
general damages

special damages - Answer- also called particular damages or out of pocket losses
can include amount spent to restore lost property, hospital and doctor bills and related
expenses for bodily injury, and loss of wages and earnings

general damages - Answer- also called direct damages or necessary damages
often presumed when special damages are proven
can include compensation for pain and suffering; future effect of disfigurement, loss of a
limb, sight, or hearing; as well as emotional distress

punitive or exemplary damages - Answer- can also be imposed, but its more common
for them to be levied against companies
these damages are meant to punish a defendant for reckless, malicious, or deceitful
acts and need not bear any relation to a party's actual damages

civil law - Answer- classification of law that protects rights and provides remedies for
breaches of duties owed to others
separate from criminal law, which deals with conduct that endangers the public welfare,
such as the crimes of murder, rape, and fraud
provides the legal foundation of insurance

tort - Answer- wrongful act or omission other than a crime or breach of contract that
invades a legally protected right

tort of negligence - Answer- when someone fails to act in a sensible manner

intentional tort - Answer- deliberate act of causing harm to someone

strict liability - Answer- inherently dangerous activities

compulsory auto insurance laws - Answer- to insure that at fault victims have a way to
compensate other victims

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Scholarsstudyguide. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

68175 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$12.99
  • (0)
Add to cart
Added