Ains 101 exam questions - Study guides, Class notes & Summaries

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AINS 101 EXAM QUESTIONS AND ANSWERS

AINS 101 EXAM QUESTIONS WITH 100% CORRECT ANSWERS UPDATED Why are insurance regulators concerned about the effects of large catastrophes? - Answer- Insurers may become insolvent 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. Sota's Superstore has recently become an insured of Keithly Insurance Company. Kaito, Keithly's premium auditor, is bein...

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©BRAINBARTER 2024/2025 AINS 101 Exam Questions With Verified Answers Loss Exposure - answerLoss exposure is any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Key Components of Insurance - answerRisk, Transfer, Pooling Risk - answerUncertainty about outcomes; can be positive or negative; insurance alleviates the uncertainty with negative consequences Transfer - answerIf someone has an insurance policy on their property they will have to ...

AINS 101 EXAM QUESTIONS AND ANSWERS

AINS 101 Exam Questions with 100% Correct Answers AINS 101 Exam Questions with 100% Correct Answers 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 insuranc...

The two main sectors of the insurance industry are Property-casualty insurance and life-health insurance. Because insurance contracts impose an obligation for ethical practices and behaviors on the parties while dealing with one another, an insurance contract is called a Contract of utmost good faith. Earned premiums are shown on an insurer's income statement because they are Revenues Destructive competition in the insurance industry could result in Insurance Shortages 3 multiple choic...