Ains 23 2024 - Study guides, Class notes & Summaries

AINS 101 EXAM / 80+ QUESTIONS AND VERIFIED ANSWERS 2023/2024 / GRADED A+. AINS 101 1. The two main sectors of the insurance industry are: Property-casualty insurance and life-health insurance. 2. Because insurance contracts impose an obligation for ethical practices and behaviors on the parties while dealing with one another, an insurance contract is called a: Contract of utmost good faith. 3. Earned premiums are shown on an insurer's income statement because they are: Revenues 4. De...

AINS 23 Full Practice Exam Questions and Answers 1) Clarence entered into a contract bond that guarantees his insulation work will be free from defects in materials and workmanship for a specified period of five years after completion of the work. The type of bond used by Clarence is a - ANSWER-Maintenance bond. 2) Which one of the following statements is correct with respect to ocean marine loss exposures? - ANSWER-For cargo owners, the posibility of loss to the cargo exists either on boa...

AINS 23 Exam Study Guide with Complete Solutions Financial consequences of property losses - Answer-Reduction in property value, lost income, and extra expenses. Package modification factors - Answer-Factors that are applied to the regular policy premiums for certain coverage parts of a commercial package policy that includes both property and liability coverages, resulting in premium discounts. Commercial property declarations page - Answer-Contains description of property, kinds and am...

AINS 23 Chapter Four Practice Questions with Correct Answers James is in the process of forming his own brokerage company which will include several employees. James will be best protected by purchasing which one of the following to cover the crime loss exposures of his company? A. Financial Institution Bond. B. Commercial Crime Insurance. C. Surety Bond. D. Fidelity Bond. - Answer-A. Financial Institution Bond The most widely used financial institution bond is A. Standard Form No. 24....

AINS 23 Full Practice Exam Questions and Answers – Updated 2024 1) Clarence entered into a contract bond that guarantees his insulation work will be free from defects in materials and workmanship for a specified period of five years after completion of the work. The type of bond used by Clarence is a - Answer-Maintenance bond. 2) Which one of the following statements is correct with respect to ocean marine loss exposures? - Answer-For cargo owners, the posibility of loss to the cargo exi...

AINS 23 Practice Test Questions and Answers BPP - Insuring Agreement is an element contained in the - Answer-commercial property coverage form BPP - Covered Cause of Loss is an element contained in the - Answer-commercial property declarations page BPP - Newly Acquired or Constructed Property extension states a ________ amount of coverage that applies to each building - Answer-maximum BPP - Storage units coverage extension provides - Answer-temporary protection for BPP wile stored in a ...

ains 23 Exam Practice Questions and Answers Which one of the statements is correct with respect to the Building and Personal Property Coverage Form (BPP)? - Answer-Some property, such as building foundations below the lowest basement floor, is excluded because it may not be subject to loss by the perils insured against. Which one of the following Additional Coverages is covered under the Causes of Loss—Special Form but not under the Causes of Loss—Broad Form? - Answer-Property in Tran...

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) Wo...