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AINS 101 | 112 Question with 100 % correct answers | Verified A liability loss has the following damages: Medical expenses:$10,000Damages for disfigurement:$50,000Damages for pain and suffering:$100,000 What is the amount of special damages? - ANSWER-$ 10,000 .A stock insurer differs from...

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  • 9 de marzo de 2025
  • 19
  • 2024/2025
  • Examen
  • Preguntas y respuestas

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  • ains 101

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  • AINS 101
  • AINS 101

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AINS 101 | 112 Question with 100 % correct answers |
Verified



A liability loss has the following damages:

Medical expenses:$10,000Damages for disfigurement:$50,000Damages for pain and
suffering:$100,000

What is the amount of special damages? - ANSWER-$ 10,000



.A stock insurer differs from a reciprocal insurance exchange in which one of the
following ways? - ANSWER-Stockholders own a stock insurer. Members own a
reciprocal insurance exchange.



.Actual cash value (ACV) is - ANSWER-Replacement cost minus depreciation



.Adhering to the characteristics of an ideally insurable loss exposure in selling
insurance help assure that - ANSWER-The insurer is able to charge a premium that
the insured can afford to pay



.After Marvin's car was stolen, and he was reimbursed for the loss by Greatson
Insurance, the police found and returned the vehicle, which was dented and spray-
painted, but still had parts that could be usable. Greatson's rights to recover and sell
or otherwise dispose of insured property on which it has paid a total loss are called -
ANSWER-Salvage rights

,.Alicia works for the Drewman Agency, Sandi at insurer Greenway Insurance, and
Rosa at Grossman Brokers, all as customer service representatives. Which one of the
following is true regarding their work? - ANSWER-Alicia can process policy
endorsements and explain coverage to her customers



.All of the following are categories of liabilities found on an insurer's balance sheet,
EXCEPT: - ANSWER-Policyholders' surplus



.All of the following are sources of underwriting information to evaluate an insurance
submission, EXCEPT: - ANSWER-Underwriting authority reports



.Allian Insurance Company is a growing regional insurer selling policies in three
states, specializing in personal auto and homeowners policies. Which one of the
following is most likely true regarding Allian and the policies it sells? - ANSWER-Allian
issues more preprinted policies than manuscript forms.



.An insurance policy is considered a contract of adhesion when it is drafted by the -
ANSWER-Insurer



.An insurer has decided to take an extremely narrow interpretation of a property
insurance policy provision to limit the number of loss payments it will need to make.
It realizes that its interpretation is probably wrong, but it knows that individual
insured's loss amounts will be small, such that most insureds will not take the trouble
to file lawsuits against it. The insurer may be violating the principle that an insurance
policy is - ANSWER-A contract of utmost good faith



.An insurer that was formed for the purpose of earning a profit for its stockholders is

, a - ANSWER-Stock insurer



.An insurer's financial statement shows a loss reserve and an unearned premium
reserve. These reserves are part of the insurer's - ANSWER-Total liabilities



.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? - ANSWER-When her car's windshield breaks, Ciara has to
pay only $100 of the $600 cost of replacing it.



.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



.As it continues to grow, Anchoy Insurance is examining other distribution channels
to more effectively market its products. Through this experience, which of one the
following will Anchoy most likely learn? - ANSWER-Anchoy can use group marketing
to target large numbers of recent local college graduates



.At Greenfield Insurance Company, Bernadette and Rachel are corporate
underwriters, and Tomas and Jose are field underwriters. All of the following are
underwriting activities typically performed by corporate (or staff) underwriters like
Bernadette and Rachel, EXCEPT: - ANSWER-Support producers and insureds



.Balance Sheet - ANSWER-provides the best indication of its financial position
because it shows admitted assets, liabilities, and policyholders' surplus at a particular

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