Ains 101 test - Study guides, Class notes & Summaries

Which of the following represents uncertainty about outcomes that can be negative or positive? ️ Risk The primary role of insurance is to ️ Indemnify individuals and organizations for covered losses. The insurance agent suggested that Sally's Snack Shop buy a policy that combines property, crime, and liability coverage into one policy. This is referred to as as a(n) ️ Commercial package policy (CPP) Coverage for money and other business property from various causes of loss such as ...

AINS 101 Test Questions And Verified Correct Answers | Passed!! 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 - ...

AINS 101 TEST QUESTIONS WITH ALL CORRECT ANSWERS Which one of the following is a temporary agreement providing insurance coverage until the formal policy is issued? - Answer- Binder As an experienced underwriter, Rick has learned to make every effort to avoid a mistake that can produce insufficient premium to cover losses, or pricing that isn't competitive. Which one of the following underwriting mistakes can often cause these issues? - Answer- Misclassifying exposures Bob is shopping f...

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AINS 101 EXAM NEWEST 2024 ACTUAL EXAM TEST BANK COMPLETE QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ Which one of the following statements is correct regarding the interaction between risk control and other insurer functions? Select one: A. Risk control personnel can assist underwriters in modifying a new applicant's loss exposures to meet eligibility requirements. B. Risk control personnel are responsible for answering any complex questions that insureds have about p...

AINS 101 Exam Prep Questions and Answers 1: What does AINS stand for in the context of insurance? - correct answer - AINS stands for Associate in General Insurance. 2: What is the primary focus of the AINS 101 exam? - correct answer - The primary focus of the AINS 101 exam is to test knowledge on insurance principles, practices, and policies. 3: What is risk management in insurance? - correct answer - Risk management is the process of identifying, assessing, and controlling threat...

Which of the following is an example of a legal requirement for individuals that could be met through insurance? a. contributing to the growth of the organization b. paying for losses c. obtaining personal auto insurance d. providing a source of investment funds - c. obtaining personal auto insurance A fire destroys the kitchen in Rob and Laurie's home. Which insurance policy would provide coverage for the damage? a. Homeowners Policy (Personal Liability) b. Homeowners Policy (Proper...

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? A. Ciara needs her car to get to her job, and she needs her job to make car payments and pay for her car insurance. B. When her car's windshield breaks, Ciara has to pay only $100 of the $600 cost of replacing it. C. When her ...

Loss exposure - any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Premium - the price of the insurance coverage provided for a specified period Indemnify - to restore a party who has sustained a loss to the same financial position that party held before the loss occurred