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AINS 101 EXAM 2024 Latest Update Actual Exam with 100 Questions and 100% Verified Correct Answers Guaranteed A+ At First Attempt Verified By Professor€20,13
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AINS 101 EXAM 2024 Latest Update 2024-2025
Actual Exam with 100 Questions and 100%
Verified Correct Answers Guaranteed A+ At First
Attempt Verified By Professor
A liability loss has the following damages:
Medical expenses: $10,000
Damages for disfigurement: $50,000
Damages for pain and suffering: $100,000
What is the amount of general damages?
A. $ 60,000
B. $110,000
C. $150,000
D. $160,000 - CORRECT ANSWER: C. $150,000 - General damages are for losses that
do not have a specific economic value.
A person or entity that would suffer a financial loss if property were damaged has
A. A contractual interest.
B. A renewable interest.
C. A discretionary interest.
D. An insurable interest. - CORRECT ANSWER: D. An insurable interest.
A stock insurer differs from a reciprocal insurance exchange in which one of the
following ways?
Select one:
A. Stockholders own a stock insurer. Members own a reciprocal insurance exchange.
B. Both are formed to provide profit to investors. However, the stock insurer is managed
through a board of directors.
,C. Both are owned by stockholders. However, the reciprocal insurance exchange
provides coverage to investors.
D. A stock insurer provides insurance to its policyholder-owners. A reciprocal insurance
exchange provides insurance to investors. - CORRECT ANSWER: A. Stockholders own
a stock insurer. Members own a reciprocal insurance exchange.
A type of insurer that is owned by policyholders and may pay dividends to policyholders
as a return of a portion of premiums paid is a
A. Captive insurer.
B. Mutual insurer.
C. Reciprocal insurance exchange.
D. Stock insurer. - CORRECT ANSWER: B. Mutual insurer.
Actual cash value (ACV) is
A. Replacement cost minus agreed value.
B. Replacement cost minus depreciation.
C. Replacement cost plus depreciation.
D. Agreed value minus depreciation. - CORRECT ANSWER: B. Replacement cost
minus depreciation.
Adverse Selection - CORRECT ANSWER: the problem of incomplete information - of
choosing alternatives without fully knowing the details of available options
All of the following are categories of liabilities found on an insurer's balance sheet,
EXCEPT:
Select one:
A. Other liabilities
B. Loss and loss expense reserves
C. Policyholders' surplus
D. Unearned premium reserves - CORRECT ANSWER: C. Policyholders' surplus
, All of the following are sources of underwriting information to evaluate an insurance
submission, EXCEPT:
A. Underwriting authority reports
B. Telematic
C. Applications
D. Inspection reports - CORRECT ANSWER: A. 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?
Select one:
A. The manuscript forms that Allian issues are developed by ISO.
B. Customized coverages are usually issued through a self-contained policy.
C. Allian issues more preprinted policies than manuscript forms.
D. Allian offers modular policies for coverages common to a large number of its
insureds. - CORRECT ANSWER: C. Allian issues more preprinted policies than
manuscript forms.
An insurer that was formed for the purpose of earning a profit for its stockholders is a
A. Mutual insurer.
B. Reciprocal insurance exchange.
C. Stock insurer.
D. Captive insurer. - CORRECT ANSWER: C. Stock insurer.
An insurer will make a loss payment if an insured loss occurs and if the insured
performs certain duties. This illustrates that an insurance policy is a
A. Contract of adhesion.
B. Personal contract.
C. Conditional contract.
D. Contract of indemnity. - CORRECT ANSWER: C. Conditional contract.
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