Increasing your insu - Study guides, Class notes & Summaries

Which of the following represents uncertainty about outcomes that can be negative or positive? ️ Risk The primary role of insurance is to ️ Indemnify individuals and organizations for covered losses. The insurance agent suggested that Sally's Snack Shop buy a policy that combines property, crime, and liability coverage into one policy. This is referred to as as a(n) ️ Commercial package policy (CPP) Coverage for money and other business property from various causes of loss such as ...

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 1) - Increasing your Insurance IQ | 141 Questions and Answers 100% Correct | Updated 2024

AINS 101 (Latest 2023/ 2024 Update) Increasing Your Insurance IQ Exam Prep| Questions and Verified Answers| 100% Correct Q: Pure risk Answer: a chance of loss or no loss, but no chance of gain Q: Speculative risk Answer: a chance of loss, no loss, or gain Q: Solvency Answer: the ability of an insurer to meet its financial obligations as they become due, even those resulting from insured losses that may be claimed several years in the future Q: Income...

AINS 101 Increasing Your Insurance IQ 108 Questions and Answers.

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_ Questions and Verified Answers_ 100% Correct_ Graded A QUESTION Which two of the four quadrants of risk are classified as pure risks? Answer: Hazard risks and operational risks QUESTION Pravalt Construction Company pays less than its competitors for workers compensation insurance because Pravalt has had substantially fewer employee injuries than other firms in its class. This illustrates which one...

Key Components of Insurance correct answers 1. Risk 2. Transfers 3. Pooling Risk correct answers Uncertainty about outcomes, that can be negative OR positive Transfers correct answers Risk of loss in the form of a policy that is given to another party Pooling correct answers Insurers combined all of premiums collected from customers into a fund that is used to pay losses as they occur Benefits of Insurance correct answers 1. Pay for Losses 2. Manage Cash Flow Uncertainty 3. Comp...

AINS 101 - Increasing Your Insurance Exam Questions and Answers Which of the following represents uncertainty about outcomes that can be negative or positive? - ANS ️️ Risk The primary role of insurance is to - ANS ️️ Indemnify individuals and organizations for covered losses. The insurance agent suggested that Sally's Snack Shop buy a policy that combines property, crime, and liability coverage into one policy. This is referred to as as a(n) - ANS ️️ Commercial package poli...