AINS 101 PRACTICE EXAM | 100%
CORRECTLY ANSWERED AND GRADED
A+| 2024/2025 GUIDE
Willis, a claims representative, is collaborating with his colleague
Suzanna from his insurance company's risk control department. How will
Suzanna help Willis?
- Correct Answer - Provide laboratory analysis when Willis is
investigating a claim.
Understanding the steps in the claims handling process is important to
new claims reps. Which one of the following steps generally comes after
investigating and documenting the claim and before concluding the claim
- Correct Answer - Determining cause of loss and loss amount
Work on a new claim begins for claim representative Anita upon receipt
of a claim notice. Anita gathers initial information and verifies coverage.
From the list of activities below, the next step Anita would take in the
process is
- Correct Answer - Set a loss reserve
Subrogation is the insurers right to
- Correct Answer - Recover its claim payment from the responsible party
Bill's three-year-old stereo was completely destroyed in a covered loss.
Its expected useful life was ten years. Its replacement cost is $600. Its
actual cash value (ACV) is
,- Correct Answer - $420. (The stereo's Depreciation is 3/10 x $600 =
$180. The ACV is $600 - $180 = $420.)
Adjuster Toni is evaluating damages in a bodily injury liability claim
where she has determined that the insured is completely at fault for the
accident. The claimant suffered a sprain and strain injury to his neck. His
special damages total $1,500. He was out of work for a week, was
disabled and prevented from performing some regular activities for a
month, and attended physical therapy for six weeks. In assessing
general damages, Toni should
- Correct Answer - Use past cases which are similar as a guide
Compensatory damages represent
- Correct Answer - Actual harm suffered
Actual Cash Value (ACV)
- Correct Answer - replacement cost minus depreciation
Wayne submits a claim for a seven year old refrigerator that was
damaged due to lightening. Claims representative guile will probably
factor in an allowance for wear and tear. This is called
- Correct Answer - Depreciation
Damages for disfigurement are a form of
- Correct Answer - general damages
Which one of the following lists provides the optimum order of
responsibilities that a producer may engage with any customer on a
continual basis
, - Correct Answer - Meeting a prospective customer, doing a needs and
activities analysis, preparing a coverage proposal, closing the sale
Tony is a producer working with several different insurers. Which one of
the following most accurately describes Tony's activities for reaching and
serving customers?
- Correct Answer - Tony will generally need to spend less time insuring a
family's activities than a business' services and liabilities
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?
- Correct Answer - Alicia can process policy endorsements and explain
coverage to her customers.
Which one of the following accurately describes activities related to
customer service representatives
- Correct Answer - Profitability in the insurance business is directly
linked to customer retention
Producer Josh never tires in encouraging insureds to adopt and sustain
a robust and measurable risk management program. As part of this
effort, which one of the following will Josh find is true?
Select one:
A. The second step occurs when the producer and the business agree
on what success looks like for the risk management program.
B. Risk management goals should be attainable to the organization, but
they should also pose a challenge.
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