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AINS 101 Exam Prep Question with 100 % correct answers | Verified 2024/2025 Loss exposure - answerany condition or situation that presents a possibility of loss, whether or not an actual loss occurs Premium - answerthe price of the insurance coverage provided for a specified period Indemnify - ...

AINS 101 Exam Question with 100 % correct answers | Verified 2024/2025 What is loss exposure? Any condition or situation that presents a possibility of loss, regardless of whether that loss actually occurs. What is risk? Uncertainty of outcomes, which can be positive or negative. What is pool...

AINS 101 Exam Question with 100 % correct answers | Verified 2024/2025 Risk - answerUncertainty about an outcome, positive or negative Pooling - answerAll insureds share costs of each others losses. All put money into a fund that is used to pay losses as they occur. Helps keep the premium affor...

AINS 101 Exam Question with 100 % correct answers | Verified 2024/2025 Which one of the following statements is correct regarding the benefits provided by insurance? A. Insurance reduces the financial consequences of loss exposures but not the related uncertainty. B. The reduction in losses pai...

AINS 101 Exam Question with 100 % correct answers 2024 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 so...

AINS 101 Exam Question with 100 % correct answers | Verified Which one of the following best explains why producers should be alert to changes in clients' loss exposures? A. Implemented risk management techniques may prove to be ineffective or become obsolete. B. Knowledge of such changes will...

AINS 101 Exam Question with 100 % correct answers | Verified Actual cash value (ACV) - answerThe cost to replace property with new property of like kind and quality less depreciation. Adverse selection - answerInsuring individuals with a high probability of loss at a cost lower than the insurer...

AINS 101 Exam Questions With 100% Correct Answers 2024 The two main sectors of the insurance industry are Property-casualty insurance and life-health insurance. Because insurance contracts impose an obligation for ethical practices and behaviors on the parties while dealing with one another, an...