Ains 21 a Study guides, Class notes & Summaries
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AINS 21 - Segment A | 137 Questions and Answers with complete solution
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AINS 21 - Segment A 
AINS 21 - Segment A | 137 Questions and Answers with complete solution
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AINS 21 - Segment A | 137 Questions with 100 % correct answers | Verified& Updated 2024 | Already Passed
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AINS 21 - Segment A | 137 Questions with 100 % correct answers | Verified& Updated 2024 | Already Passed 
From a risk management viewpoint, insurance is used to A. Prevent the cost of losses 
B. Reduce the cost of losses 
C. Transfer the cost of losses 
D. Isolate the cost of losses. - C. Transfer the cost of losses. 
A loss exposure is: 
A. Any condition that presents the possibility of a loss. 
B. Any condition that precludes the chance of loss. 
C. The same thing as a peril. 
D. The same thin...
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AINS 21 Segment A | 124 Questions with 100 % correct answers | Verified& Updated 2024 Graded A+
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AINS 21 Segment A | 124 Questions with 100 % correct answers | Verified& Updated 2024 Graded A+ 
4 roles of insurance - 1. risk management technique 
2. transfer system 
3. business 
4. contract 
loss exposure - any condition or situation that presents a possibility of loss, whether or not actual loss occurs 
risk management - making and implementing decisions that will minimize the adverse effects of accidental losses on an organization 
-avoid, prevent, reduce 
-from RM standpoint, insurance i...
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AINS 21 Segment A | 124 Questions with 100 % correct answers | Verified& Updated 2024 Graded A+
- Exam (elaborations) • 21 pages • 2024
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AINS 21 Segment A | 124 Questions with 100 % 
correct answers | Verified& Updated 2024 Graded A+ 
4 roles of insurance - 1. risk management technique 
2. transfer system 
3. business 
4. contract 
loss exposure - any condition or situation that presents a possibility of loss, whether or not 
actual loss occurs 
risk management - making and implementing decisions that will minimize the adverse 
effects of accidental losses on an organization 
-avoid, prevent, reduce 
-from RM standpoint, insuranc...
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AINS 21 Chapter 1 Latest Update Graded A+
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AINS 21 Chapter 1 Latest Update 
 
Graded A+ 
 
As a single mother on a very tight budget, Ciara is tempted to skimp on her insurance. However, 
her friend Mehmet tells her not to skimp on insurance, because it will help manage her cash 
flows. Which one of the following examples best illustrates Mehmet's point? 
 
Select one: 
 
A. When her car's transmission goes out a month after the warranty expires, Ciara is faced with a 
$1,100 repair bill. 
 
B. Ciara needs her car to get to her job, an...
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AINS 21 - Segment A 137 Questions and Answers 100% Solved
- Exam (elaborations) • 42 pages • 2024
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AINS 21 - Segment A 137 Questions and 
Answers 100% Solved 
From a risk management viewpoint, insurance is used to A. Prevent the cost of losses 
Reduce the cost of losses 
Transfer the cost of losses 
Isolate the cost of losses. - C. Transfer the cost of losses. 
A loss exposure is: 
Any condition that presents the possibility of a loss. 
Any condition that precludes the chance of loss. 
The same thing as a peril. 
The same thing as a hazard. - A. Any condition that present the possibi...
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AINS 21 Practice Exam | 502 Complete Questions and Answers Verified by Expert | Update 2024
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AINS 21 Practice Exam | 502 Complete Questions and Answers Verified by Expert | Update 2024 
From an insured's point of view, relative to the concept of agency, little distinction exists between the 
Select one: 
A. Insurance agent and the insurance department. 
B. Broker and the claimant 
C. Insurer and the insurance department. 
D. Insurance agent and the insurer 
 From an insured's point of view, relative to the concept of agency, little distinction exists between the insurance agent and t...
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AINS 21 - Segment A Questions and Answers Graded A+
- Exam (elaborations) • 55 pages • 2024
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AINS 21 - Segment A Questions and 
 
Answers Graded A+ 
 
From a risk management viewpoint, insurance is used to A. Prevent the cost of losses 
B. Reduce the cost of losses 
C. Transfer the cost of losses 
 
D. Isolate the cost of losses. C. Transfer the cost of losses. 
 
A loss exposure is: 
A. Any condition that presents the possibility of a loss. 
B. Any condition that precludes the chance of loss. 
C. The same thing as a peril. 
D. The same thing as a hazard. A. Any condition that present t...
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AINS 21 Questions and Answers Rated A+
- Exam (elaborations) • 30 pages • 2024
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AINS 21 Questions and Answers 
 
Rated A+ 
 
What is insurance? It's a transfer system, business, and contract. 
 
What is a transfer system in insurance? One party (the insured), transfers the risk of financial 
loss to another party (the insurer). [Essentially, I'm giving the risk of financial loss to someone 
else so that I can keep my financial standing.] 
 
What are covered losses? These are costs that insurers pay for and are in the contract that 
both parties agree to in the beginning (...
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AINS 21 Segment B (Chapters 4-6) Rated A+
- Exam (elaborations) • 50 pages • 2024
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AINS 21 Segment B (Chapters 4-6) 
 
Rated A+ 
 
claim a demand by a person or business seeking to recover from an insurer for a loss that 
may be covered by an insurance policy 
 
claimant anyone who submits a claim to an insurer 
 
first party the insured in an insurance contract 
 
third party a person or business who is not a party to the insurance contract bu who asserts a 
claim against the insured 
 
claim representative (or adjuster) a person responsible for verifying coverage, determinin...
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