Ains 101 stuvia Study guides, Class notes & Summaries

AINS 101 | 112 Question with 100 % correct answers | Verified Bill is an insurance producer for and employed by ABC Insurance Company (ABC). He represents only ABC when marketing insurance products, and uses an administrative staff also employed by ABC. Bill is a producer in the - ANSWER-Direct writer marketing system Because the insurance company usually determines policy wording and the insured has little choice but to "take it or leave it," an insurance contract is a - ANSWER-Contract o...

AINS 101/56 QUESTIONS WITH 100% CORRECT ANSWERS Actual cash value (ACV) - ANSWER-The cost to replace property with new property of like kind and quality less depreciation. Adverse selection - ANSWER-Insuring individuals with a high probability of loss at a cost lower than the insurer would normally charge for that risk because it wasn't aware of the actual risk involved. Binder - ANSWER-A temporary written or oral agreement to provide insurance coverage until a formal written policy...