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AINS 101 simulated exam Questions and Answers 100% Correct
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  • February 18, 2025
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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AINS 101 simulated exam Questions and Answers 100% Correct

1. Exclusive agency is contracted to sell insurance for one insurer or group of insurers: The
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difference between an independent agency and an exclusive agency is that an
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2. Insurance shortages: Destructive competition in the insurance industry could result in
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3. Veronica directly contacts Maria for guidance on how to report a stolen car, Maria provid
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es that, and claims rep Sean takes over after an introduction from Maria: Maria is a new prod
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ucer who wears many hats when forming relationships and then serving her established cust
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omers. In this capacity, which one of the following scenarios most accurately describes her o
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ngoing work wearing the hat of "claims handler"?
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4. $350 Replacement cost - Depreciation: John's two-year-
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old bicycle was stolen. The bicycle's purchase price was $700, its current replacement cost is
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$800, and depreciation was estimated at $450. What was the bicycle's actual cash value?
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5. Underwriting authority reports: All of the following are sources of underwriting informatio
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n to evaluate an insurance submission, EXCEPT:
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6. Implemented risk management techniques may prove to be ineffective or become obs v v v v v v v v v v v


olete: Which one of the following best explains why producers should be alert to changes in cli
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ents' loss exposures?v v


7. Field Underwriter: James works very closely with producers on a daily basis. In addition to
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evaluating the applicants that the producers submit, James is involved in presenting policy qu
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otations, processing policy endorsements, helping to explain coverages, and making coverag
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e recommendations. James works as a
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8. Balance sheet: Rachel is considering investing in the stock of an insurance company. W
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hich one of the following is likely to provide the best indication of the insurer's financial posi
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tion at this point in time?
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9. Support producers and insureds: At Greenfield Insurance Company, Bernadette and Ra
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chel are corporate underwriters, and Tomas and Jose are field underwriters. All of the followi
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ng are underwriting activities typically performed by corporate (or staff) underwriters like Be
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rnadette and Rachel, EXCEPT: v v v


10. Large number of similar exposure units: Oscar's custom-
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, built vehicle looks like a sausage sandwich on wheels. He plans to drive it to special events at s
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chools around the country where it will serve as a mobile billboard to promote his product. Os
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car is surprised to learn that insurers are reluctant to insure his vehicle because it fails to meet o
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ne of the ideal characteristics of an insurable risk.Which characteristic is Oscar's vehicle least l
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ikely to meet? v v


11. Capacity: Which one of the following is the amount of business an insurer can write base
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d on regulatory guidelines, usually a comparsion of the insurer's written premiums to the poli
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cyholders' surplus? v




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