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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...

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AINS 101 (New 2023/ 2024 Update) Increasing Your Insurance IQ Exam Prep_ Questions and Verified Answers_ 100% Correct QUESTION Agent Answer: in the agency relationship, the party that is authorized by the principal to act on the principal's behalf QUESTION Agency Answer: a legal, consensual relationship that exists when one party, the agent, acts on behalf of another party, the principal QUESTION Principal Answer: the party in an agency re...

AINS 101 (New 2023/ 2024 Update) Increasing Your Insurance IQ Exam Review_ Questions and Verified Answers_ 100% Correct_ Grade A QUESTION What is insurer solvency? Answer: The ability to meet the obligations when it comes to making payments on claims for insurance policies. QUESTION What is a stock insurer? Answer: a corporation owned by stockholders with the objec- tive of making a profit for them QUESTION What is a mutual insurance company? Answer: ...

AINS 101 (Latest 2023/ 2024 Update) Increasing Your Insurance IQ Exam| Questions and Verified Answers| 100% Correct| Grade A Q: Rachel is a new employee of Westley Insurance, and has been asked to review some existing policies to become familiar with the types of policies she will be working with. Which one of the following will Rachel find is true as she conducts her review? Answer: Rachel finds the policy begins with a coverage overview and then goes into more coverage details. ...

AINS 101 Exam; Questions and Answers 100% Solved Actual cash value (ACV) Correct answer The cost to replace property with new property of like kind and quality less depreciation. Adverse selection Correct answer 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 Correct answer A temporary written or oral agreement to provide insurance coverage until a f...

Exclusive agency is contracted to sell insurance for one insurer or group of insurers ️ The difference between an independent agency and an exclusive agency is that an Insurance shortages ️ Destructive competition in the insurance industry could result in Veronica directly contacts Maria for guidance on how to report a stolen car, Maria provides that, and claims rep Sean takes over after an introduction from Maria ️ Maria is a new producer who wears many hats when forming relations...