Exam (elaborations)

AINS 101 Simulated Exam Questions With Verified Answers

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AINS 101

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ains 101 simulated exam questions with verified an

Institution AINS 101
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AINS 101 Simulated Exam Questions With
Verified Answers

The difference between an independent agency and an exclusive agency is that an -
Answers✔Exclusive agency is contracted to sell insurance for one insurer or group of insurers

Destructive competition in the insurance industry could result in - Answers✔Insurance shortages
Maria is a new producer who wears many hats when forming relationships and then serving her
established customers. In this capacity, which one of the following scenarios most accurately
describes her ongoing work wearing the hat of "claims handler"? - Answers✔Veronica directly
contacts Maria for guidance on how to report a stolen car, Maria provides that, and claims rep
Sean takes over after an introduction from Maria
John's two-year-old bicycle was stolen. The bicycle's purchase price was $700, its current
replacement cost is $800, and depreciation was estimated at $450. What was the bicycle's actual
cash value? - Answers✔$350 Replacement cost - Depreciation
All of the following are sources of underwriting information to evaluate an insurance
submission, EXCEPT: - Answers✔Underwriting authority reports
Which one of the following best explains why producers should be alert to changes in clients'
loss exposures? - Answers✔Implemented risk management techniques may prove to be
ineffective or become obsolete
James works very closely with producers on a daily basis. In addition to evaluating the applicants
that the producers submit, James is involved in presenting policy quotations, processing policy
endorsements, helping to explain coverages, and making coverage recommendations. James
works as a - Answers✔Field Underwriter
Rachel is considering investing in the stock of an insurance company. Which one of the
following is likely to provide the best indication of the insurer's financial position at this point in
time? - Answers✔Balance sheet
At Greenfield Insurance Company, Bernadette and Rachel are corporate underwriters, and
Tomas and Jose are field underwriters. All of the following are underwriting activities typically

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ALL RIGHTS RESERVED.
performed by corporate (or staff) underwriters like Bernadette and Rachel, EXCEPT: -
Answers✔Support producers and insureds
Oscar's custom-built vehicle looks like a sausage sandwich on wheels. He plans to drive it to
special events at schools around the country where it will serve as a mobile billboard to promote
his product. Oscar is surprised to learn that insurers are reluctant to insure his vehicle because it
fails to meet one of the ideal characteristics of an insurable risk. Which characteristic is Oscar's
vehicle least likely to meet? - Answers✔Large number of similar exposure units
Which one of the following is the amount of business an insurer can write based on regulatory
guidelines, usually a comparsion of the insurer's written premiums to the policyholders' surplus?
- Answers✔Capacity
Joe is the owner of JG Auto Repair. He is always frustrated with the amount of commercial
insurance premium he pays every year, even though he has not had a single claim in over 10
years. Joe is looking to partner with an insurance company that will share its profits and maybe
return a portion of his premium if the results are good. Which one of the following types of
insurer is the right fit for Joe? - Answers✔Mutual insurer
When the Smiths purchased their first home, they were required to purchase a homeowners
insurance policy in order to get a mortgage. Because they did not have a lot of extra money in
their budget, they wanted to buy as little insurance coverage as possible. The Smiths' insurance
agent advised them that if they purchase an insurance policy that adequately covers damage to
their home and personal property, they only have to budget for the insurance premium, rather
than the full cost of rebuilding the house and replacing its contents. Which one of the following
key components of insurance is the insurance agent explaining to the Smiths? -
Answers✔Transfer

Risk control can assist the claims department by - Answers✔Providing laboratory analyses
Which one of the following is the correct formula for calculating an insurer's combined ratio? -
Answers✔Loss ratio + expense ratio
The two main sectors of the insurance industry are - Answers✔Property-casualty insurance and
life-health insurance
Joel is the underwriter for Stanton Industries. He received a notice from the premium auditor on
the account. After a recent visit to the insured's location, the auditor wanted to make Joel aware
of a decline in the business and some questionable business practices. Which one of the
following types of hazards is the auditor identifying? - Answers✔Moral hazards
Donna is an insurance producer. She makes an appointment with potential policyholder Sandie to
review her loss exposures. She asks Sandie to complete a questionnaire to assist her in this effort.
Donna is conducting a - Answers✔Risk management review
Martina, a premium auditor for Cintriell Insurance Company is conducting a premium audit for
Carolina's Cookies. Carolina mentioned to Martina that she is opening a coffee shop at another

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