AINS 101 Qs&As 2023

AINS 101 Qs&As 2023 Actual cash value (ACV) - ANS-The cost to replace property with new property of like kind and quality less depreciation. Adverse selection - ANS-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 - ANS-A temporary written or oral agreement to provide insurance coverage until a formal written policy is issued. Book of business - ANS-A group of policies with a common characteristic, such as territory or type of coverage, or all policies written by a particular insurer or agency. Broker - ANS-An independent producer who represents insurance customers. Brokerage - ANS- CONTINUES...