AINS Bundled Exams Full Solution Pack with solved 100%

All of the following items are examples of personal property, EXCEPT: Select one: A. Sports equipment B. Silverware C. A fishing boat D. Underground pipes - Answer-Underground pipes Which one of the following statements regarding assets exposed to loss is true? Select one: A. Real property i...

Risk - Answer-Uncertainty about outcomes, can be positive or negative - Risk management is concerned with both positive and negative, insurance alleviates the uncertainty associated with negative financial consequences Transferring - Answer-The act of moving the financial consequences of unantici...

Which one of the following statements is correct regarding the benefits that insurance provides? Select one: A. Insurers are prohibited from investing in such things as research or technological advancements. B. The premiums collected by insurers must be held in cash to be available to pay claims...

Insuring agreement - Answer-A statement in an insurance policy that the insurer will, under described circumstances, make a loss payment or provide a service. Temporary total disability (TTD) - Answer-A disability caused by a work-related injury or disease that temporarily renders an injured work...

Loss exposure - Answer-Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Risk management - Answer-The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss prevention - A...

Which one of the following lists the covered causes of loss (basic, broad, or special); the deductible amount; and any optional coverages? a. Commercial property conditions b. Commercial property declarations c. Causes of loss forms d. Commercial property coverage forms - Answer-b. Commercial p...

In property insurance, the term "property in transit" refers to which one of the following? - AnswerC. Property while being transported by trucks, cars, buses, trains, airplanes, and ships Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to mitigate the ...

Actual cash value (ACV) - Answer-The cost to replace property with new property of like kind and quality less depreciation. Adverse selection - 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...

when selecting a distribution channel, which one of the following is important consideration with regard to customer needs and characteristics Which of the following statements is correct regarding characteristics of ideally insurable loss exposures - Answer-ideally, loss exposures should be spre...

One distinguishing feature between independent agency systems and other marketing systems is the... - Answer-agency expiration list Foreign Insurer - Answer-An insurer licensed to operate in a state but incorporated in another state Domestic Insurer - Answer-An insurer doing business in the juris...

risk management - Answer-the process of managing exposures to accidental losses risk management steps - Answer-identifying loss exposures; analyzing loss exposures; examining the feasibility of risk management techniques; selecting the appropriate risk management techniques; implementing the sele...

Pure Risk - Answer-A chance of loss or no loss, but no chance of gain. Speculative Risk - Answer-A chance of loss, no loss, or gain. Risk Management - Answer-Any effort to economically deal with uncertainty of outcomes(risk). Traditional Risk Management - Answer-Organizational risk management foc...