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AINS 21 - SEGMENT A | QUESTIONS & ANSWERS | SOLVED 100% CORRECT!!
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AINS 21 - SEGMENT A | QUESTIONS & ANSWERS | SOLVED 100% CORRECT!!
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AINS 21 - SEGMENT A | QUESTIONS &ANSWERS | SOLVED 100% CORRECT!!
From a risk management viewpoint, insurance is used to A. Prevent the cost of
losses
B. Reduce the cost of losses
C. Transfer the cost of losses
D. Isolate the cost of losses. Answer - C. Transfer the cost of losses.
A loss exposure is:
A. Any condition that presents the possibility of a loss.
B. Any condition that precludes the chance of loss.
C. The same thing as a peril.
D. The same thing as a hazard. Answer - A. Any condition that present the
possibility of a loss.
Some loss exposures are not easy to retain, avoid, or control. What risk
management technique is frequently used to treat such exposures?
A. Reinsurance
B. Prevention
C. Transfer
D. Reunderwriting Answer - C. Transfer
Insurance is not the only risk management transfer technique. When
circumstances are appropriate, transfer can be accomplished through
A. Retention
,B. Noninsurance transfer techniques
C. Avoidance
D. Loss prevention Answer - B. Noninsurance transfer techniques
Another name for liability insurance is
A. First-party insurance
B. Second-party insurance
C. Third-party insurance
D. Multiple-party insurance Answer - C. Third party insurance
Sally is a recent college graduate who lives in the suburbs and drives to work
daily in the city. She recognizes that owning a car creates both property
damage and liability exposures for her and at the same time she has the
burden of student loans. For someone in Sally's circumstances the most
practical risk management technique for dealing with her auto-related loss
exposures is
A. Risk transfer
B. Retention
C. Loss control
D. Avoidance Answer - A. Risk transfer
Retention is often used in combination with insurance as a way of treating loss
exposures. One of the major downsides of individuals using retention alone is
A. The record keeping associated with the retained losses.
B. Availability of insurer loss settlement services.
C. The potential for financial ruin.
D. The unavailability of insurer loss control services. Answer - C. The potential
for financial ruin.
,Life insurance that provides coverage for a specified period with no cash value
is called
A. Universal life
B. Long-term care insurance
C. Term life insurance
D. Whole life Answer - C. Term life insurance
A small business owner concerned about something happening and not being
able to work or earn a living for an extended period of time due to an accident
should purchase
A. Disability insurance
B. Personal liability of insurance
C. Universal life insurance
D. Medical insurance Answer - A. Disability insurance
A policy that combines property, crime and liability coverage into one policy is
referred to as:
A. Commercial umbrella policy
B. Commercial package policy
C. Workers compensation policy
D. Employee dishonesty policy Answer - B. Commercial package policy
Coverage for money, securities, and other property from various causes of loss
such as burglary, robbery, theft, and employee dishonesty typically is provided
by
A. Professional liability insurance.
B. Inland marine insurance.
, C. Commercial crime insurance.
D. Ocean marine insurance. Answer - C. Commercial crime insurance.
Term life insurance
A. Allows the policyholder to borrow against policy savings.
B. Provides protection for a specified period with no cash value.
C. Accrues a cash value.
D. Provides lifetime protection Answer - B. Provides protection for a specified
period with no cash value.
The process of restoring an individual or organization to a pre-loss financial
condition is the process of
A. Subrogation.
B. Indemnification.
C. Loss mitigation.
D. Premium rebating. Answer - B. Indemnification.
Which one of the following statements is correct with respect to characteristics
of insurable loss exposures?
A. Private insurance is suitable for risks where the probability and timing of loss
is known.
B. If losses are not fortuitous, premiums could increase for all policyholders.
C. If a loss is fortuitous, the chance of loss could increase as soon as a policy is
issued.
D. If the insured has control over whether or when a loss will occur, the risk is
attractive to insure. Answer - B. If losses are not fortuitous, premiums could
increase for all policyholders.
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