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

AINS 101 Exam Question with 100 % correct answers | Verified 2024/2025 Which one of the following statements is correct regarding the benefits provided by insurance? A. Insurance reduces the financial consequences of loss exposures but not the related uncertainty. B. The reduction in losses paid by insurers due to risk control measures benefits individual insureds but not society as a whole. C. Insurance helps reduce the financial burden to society by compensating accident victims. D. Th...

AINS 101 Exam Question with 100 % correct answers | Verified Actual cash value (ACV) - answerThe cost to replace property with new property of like kind and quality less depreciation. Adverse selection - answerInsuring 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 - answerA temporary written or oral agreement to provide insurance coverage until a formal written ...

AINS 101 Exam Questions With 100% Correct Answers Bill is an insurance producer for and employed by ABC Insurance Company (ABC). He represents only ABC when marketing insurance products, and uses an administrative staff also employed by ABC. Bill is a producer in the - answerDirect writer marketing system Because the insurance company usually determines policy wording and the insured has little choice but to "take it or leave it," an insurance contract is a - answerContract of adhesion ...

AINS 101 Exam Questions With 100% Correct Answers Bill is an insurance producer for and employed by ABC Insurance Company (ABC). He represents only ABC when marketing insurance products, and uses an administrative staff also employed by ABC. Bill is a producer in the - answerDirect writer marketing system Because the insurance company usually determines policy wording and the insured has little choice but to "take it or leave it," an insurance contract is a - answerContract of adhesion ...

AINS 101 Exam Question with 100 % correct answers | Verified Actual cash value (ACV) - answerThe cost to replace property with new property of like kind and quality less depreciation. Adverse selection - answerInsuring 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 - answerA temporary written or oral agreement to provide insurance coverage until a formal written ...

AINS 101 EXAM / 80+ QUESTIONS AND VERIFIED ANSWERS 2023/2024 / GRADED A+. AINS 101 1. The two main sectors of the insurance industry are: Property-casualty insurance and life-health insurance. 2. 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. 3. Earned premiums are shown on an insurer's income statement because they are: Revenues 4. De...

AINS 101 Exam Questions With 100% Correct Answers 2024 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 indust...

AINS 101 Exam Questions With 100% Correct Answers 2024 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 indust...

AINS 101 Exam Questions With 100% Correct Answers 2024 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 indust...

AINS 101 Exam Questions with 100% Correct Answers | Verified Actual cash value (ACV) - answerThe cost to replace property with new property of like kind and quality less depreciation. Adverse selection - answerInsuring 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 - answerA temporary written or oral agreement to provide insurance coverage until a formal written ...