Ains 21 terms - Study guides, Class notes & Summaries

AINS 21 Terms EXAM WITH ANSWERS

AINS 21 Terms AINS 21 Glossary | 286 Question with 100 % correct answers | Verified and latest

AINS 21 Practice Quiz Test Exam Questions with Verified Answers 1: What does AINS stand for in the context of insurance education? - correct answer - Associate in General Insurance. 2: What is the primary purpose of insurance? - correct answer - To transfer risk from an individual or business to an insurance company. 3: What is a premium in insurance terms? - correct answer - The amount of money an insured pays to an insurer for coverage.

AINS 21 Chapter 4 Terms

AINS 21 Exam Chapter 4 Terms With 100% Correct And Verified Answers

AINS 21 Glossary Terms and Definitons loss exposure - ANSWER-any condition or situation that presents the possibility of a loss law of large numbers - ANSWER-a mathematical principle stating that as the number of similar but independent exposure units increases, the relative accuracy of predictions about future outcomes (losses) based on these exposure units also increases exposure unit - ANSWER-a measure of the loss exposure assumed by the insurer, used in pricing insurance property loss...

AINS 21 questions with answers 2024 Loss ratio - ANSWERS A ratio that measures losses and loss adjustment expenses against earned premiums and that reflects the percentage of premiums being consumed by losses. Expense ratio - ANSWERS An insurer's incurred underwriting expenses for a given period divided by its written premiums for the same period. Combined ratio - ANSWERS A profitability ratio that indicates whether an insurer has made an underwriting loss or gain Investment income ra...