Ains 21 Study guides, Class notes & Summaries

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...

AINS 21 First Exam | 164 Complete Questions and Answers 100% Correct | New Update 2024

when selecting a distribution channel, which one of the following is important consideration with regard to customer needs and characteristics Which of the following statements is correct regarding characteristics of ideally insurable loss exposures - ideally, loss exposures should be spread across a large number of similar exposure units within the same period The type of insurance that provides periodic income payments to an insured who is unable to work because of sickness or injury is ...

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...

AINS 21 practice exam Questions and Answers 2024

AINS 21 | 276 Questions and Answers 100% Solved Loss Exposure - Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Risk Management - The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss Prevention - A risk control technique that reduces the frequency of a particular loss Loss Reduction - A risk control technique that reduces the severity of a particular ...

AINS 21 Glossary | 286 Questions and Answers 100% Solved loss exposure - any condition or situation that presents the possibility of a loss law of large numbers - a mathematical principle stating that as the number of similar but independent exposure units increases, the relative accuracy of predictions about future outcomes (losses) based on these exposure units also increases exposure unit - a measure of the loss exposure assumed by the insurer, used in pricing insurance propert...

AINS 21 A Practice Exam | 114 Actual Questions and Answers 100% Correct | Updated 2024

AINS 21 | 164 Questions and Answers 100% Solved 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 th...

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...