Exam (elaborations)

AINS103 Practice Questions, AINS 103 Exam Questions and Answers

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AINS103 Practice Questions, AINS 103 Exam Questions and Answers In property insurance, the term "Property in Transit" refers to which one of the following? - Answer-Property while being transported by trucks, cars, buses, trains, airplanes, and ships. Extra expenses are expenses, in addition to...

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EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024

AINS103 Practice Questions, AINS 103
Exam Questions and Answers

In property insurance, the term "Property in Transit" refers to which one of the following? -

Answer✔✔-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? - Answer✔✔-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? - Answer✔✔-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 - Answer✔✔-Completed operations liability.

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 - Answer✔✔-The compensation the carrier receives for

transporting cargo.

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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? - Answer✔✔-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 - Answer✔✔-Loss or damage caused by computer virsuses.

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 news

became public, MPC's reputation was severely harmed. This scenario illustrates which source of

reputation risk - Answer✔✔-Regulatory and legal compliance.

Perils are an important aspect of property insurance. Which one of the following statements is

correct with respect to perils? - Answer✔✔-A peril is the actual means by which property is

damaged or destroyed such as fire, lightning, windstorm, hail or theft.

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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? - Answer✔✔-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? - Answer✔✔-

Completed operations liability.

Which one of the following entities would likely have the greatest completed operations loss

exposure? - Answer✔✔-Paul the plumber.

Inland marine insurance is insurance that covers - Answer✔✔-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? - Answer✔✔-No,

because Joe is not an employee of Home Builders.

Cyber risk intellectual property loss exposures include - Answer✔✔-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? - Answer✔✔-The computer system is hacked and data including credit

card numbers are stolen.

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, EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024

Property insurance policies use the term "personal property" to refer to the - Answer✔✔-

Contents in and around a building.

In business income insurance, the expenses that an organization would not have incurred if the

business interruption have not occurred are called - Answer✔✔-Extra expenses.

Radley Contracting Company is installing new signage on the front of a building. George, a

passerby walking near the building is injured when a Radley employee accidentally drops a tool

from a crane. George likely has the ability to assert which one the following types of claim? -

Answer✔✔-Premises and operations liability.

John purchased a new lawnmower two years ago. After significant use, the lawnmower needed

servicing. A repairman sharpened the blade but he failed to reattach it properly to the

lawnmower. When John was using the lawnmower, the blade flew off and seriously injured

John's daughter. From the standpoint of a commercial liability loss for the repair shop, this is an

example of - Answer✔✔-Completed operations liability.

Automobile liability exposures can result from - Answer✔✔-Hiring or borrowing an automobile.

Workers compensation benefits include which one of the following? - Answer✔✔-Rehabilitation

Benefits.

The unauthorized intrusion into a company's computer network resulting in damage to

intellectual property is best classified as which one of the following types of cyber liability

exposures? - Answer✔✔-Intangible property.

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