EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024
AINS 23 Exam Study Guide with
Complete Solutions
Crime - Employee Theft covers: - Answer✔✔-1) Theft committed by any employee
2) Money, securities and "other property" with intrinsic value and it is tangible
3) Coverage extends in US territory, Canada, Puerto Rico or anywhere that an employee is
temporarily outside for less than 90 consecutive days
Crime - Forgery/Alteration covers: - Answer✔✔-1) Forgery and/or alteration
2) Checks, drafts, promissory notes or similar instruments
3) Worldwide
Crime - Inside the Premises, Theft of Money and Securities covers: - Answer✔✔-1) Theft,
disappearance or destruction, as well as actual or attempted theft of money or securities, and
actual or attempted theft or unlawful entry
2) Money and securities, applicable to the premises or the premises exterior, including locked
safes, vaults, registers, cash boxes, cash drawers
3) Applies only inside the premises
Crime - Inside the Premises, Robbery or Safe Burglary of Other Property covers: - Answer✔✔-1)
Actual or attempted robbery of a custodian or safe burglary
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2) Covers "other property", including when locked in a safe or a vault
3) Applies only inside the premises
Crime - Outside the Premises covers: - Answer✔✔-1) Theft, disappearance or destruction of
money or securities, or actual or attempted robbery of other property
2) Coverage applies outside the premises in the care or custody of a messenger or armored car
company in US, Puerto Rico or Canada
Crime - Computer and Funds Transfer Fraud covers: - Answer✔✔-1) Use of a computer to
fraudulently cause a transfer or cause the NI's account to be debited or deleted; or fraudulent
instruction directing the financial institution to debit or delete the NI's account
2) Applies to money, securities and other property for computer fraud (actual use of computer);
or money or securities for funds transfer fraud (fraudulent instruction)
3) Worldwide
Crime - Money Orders and Counterfeit Money covers: - Answer✔✔-1) Good-faith acceptance of
money orders that are not paid upon presentation or counterfeit money
2) Covers money orders issued by any post office, express company or financial institution, or
counterfeit money acquired during regular course of business
3) Applies to US, Puerto Rico, Canada
Real Property (Realty) - Answer✔✔-Tangible property consisting of land, all structures
permanently attached to the land, and whatever is growing on the land
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Personal Property - Answer✔✔-All tangible or intangible property that is not real property
Commercial Property Coverage Part - Answer✔✔-Commercial package policy (CPP) coverage
component that provides a broad range of coverages to "middle-market" or larger firms to
insure buildings and business personal property
Commercial Package Policy (CPP) - Answer✔✔-Policy that covers two or more lines of business
by combining ISO's commercial lines coverage parts
Monoline Policy - Answer✔✔-Policy that covers only one line of business
Package Modification Factors - Answer✔✔-Factors that are applied to the regular policy
premiums for certain coverage parts of a CPP that includes both property and liability
coverages, resulting in premium discounts for those coverage parts
Commercial Property Declarations Page - Answer✔✔-A required commercial property coverage
part component that provides basic information about the policyholder and the insurance
provided
Commercial Property Coverage Form - Answer✔✔-A commercial property coverage part
component that can be any of several commercial property forms containing an insuring
agreement and related provisions
Causes of Loss Form - Answer✔✔-A required component of the commercial property coverage
part that specifies the perils covered
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Commercial Property Conditions - Answer✔✔-A required component of the commercial
property coverage part that contains conditions applicable to all commercial property coverage
forms
"Building" Includes the following - Answer✔✔-(1) Completed additions to the covered buildings
(2) Fixtures (including outdoor fixtures)
(3) Permanently installed machinery & equipment
(4) Personal property owned by the insured used to maintain or service the building or premises
(ie. fire extinguishers, outdoor furniture, equipment for refrigeration, HVAC, cooking,
dishwashing, laundry)
(5) If not otherwise insured, will cover additions, alterations or repairs in progress as well as
equipment & materials, if located within 100' of the premises
Extensions to the Building & Personal Property form - Answer✔✔-(1) Debris Removal
(2) Preservation of Property
(3) Fire Department Service Charge
(4) Pollutant Cleanup and Removal
(5) Increased Cost of Construction
(6) Electronic Data
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