AINS 103 Test Questions and Answers
Rated A+
Workers compensation benefits include which one of the following?
Rehabilitation benefits
3 multiple choice options
When a clothing manufacturer decides to expand the sale of its clothing line by offering internet
purchases, it creates new expo...
AINS 103 Test Questions and Answers Rated A+ Workers compensation benefits include which one of the following? Rehabilitation benefits 3 multiple choice options When a clothing manufacturer decides to expand the sale of its clothing line by offering internet purchases, it creates new exposures not otherwise covered, or not fully covered, by a traditional policy. These include Loss or damage caused by computer viru ses. 3 multiple choice options Which one of the following supply chain exposures can a business mitigate by carefully wording contracts and diversifying suppliers? Loss of supply due to external events 3 multiple choice options The commercial property coverage part of a commercial package policy contains one or more commercial property coverage forms. Each coverage form typically includes all of the following, EXCEPT: A range of covered peril 3 multiple choice options Which one o f the following statements best describes the Causes of Loss —Special Form? The Special Form provides coverage for direct physical losses other than those that are specifically excluded. 3 multiple choice options Which one of the following best describes re al property? Tangible property that includes land, structures permanently attached to the land, and whatever is growing on the land. 3 multiple choice options During a business interruption, some of the organization's expenses, called continuing expenses, will continue, and other expenses, called noncontinuing expenses, will not continue. Which one of the following is an example of a continuing expense? Payroll of key employees 3 multiple choice options A vehicle owner had a tire store install four new whee ls and tires on the vehicle. On the way home from the store, one of the wheels came off, causing the vehicle to accidentally run off the road and strike a tree. The vehicle owner sued the tire store for failing to properly tighten the lug nuts on the vehic le. The loss exposure faced by the tire store in this case is known as Completed operations liability. 3 multiple choice options Which one of the following entities would likely have the greatest completed operations loss exposure? Paul the plumber 3 multiple choice options A carrier that is prevented by an accident from delivering the cargo aboard its ship may face an exposure called loss of freight, which is The compensation the carrier receives for transporting cargo. 3 multiple choice options Which one of the following statements is correct with respect to the Building and Personal Property Coverage Form (BPP) deductible? If an occurrence involves a loss that affects more than one category of covered property and a separate limit of insurance appl ies to each category, losses to all categories are totaled and the deductible applied to that total amount. 3 multiple choice options Which one of the following statements is correct with respect to the Building and Personal Property Coverage Form (BPP)? Due to coverage extensions, it is possible for the total payment for one loss to exceed the policy limit. 3 multiple choice options Which one of the following would be considered an extra expense under the Business Income (and Extra Expense) Coverage Form o f the commercial package policy? The increased cost of rent at a temporary location 3 multiple choice options Dooley's Restaurant is insured under a commercial package policy (CPP) with the Business Income (with Extra Expense) Coverage Form. The business suffered a $400,000 loss of business income when it was forced to suspend operations after flood waters damaged the basement and first floor of the restaurant. Which one of the following is an acceptable reason for the CPP insurer to deny the business income claim? The policy's covered causes of loss did not include flood. 3 multiple choice options Lucy's Bakery is insured under a commercial package policy with the Business Income (and Extra Expense) Coverage Form. A fire loss caused significant damage to the building. When Lucy learned that it would take 9 months to repair the building, she decided to temporarily relocate to a nearby rental location. All of the following would be considered covered extra expenses under the Business Income (and Extra Expense) Coverage Form, EXCEPT: The salary of the assistant baker and cake decorator 3 multiple choice options Richard 's Clothing Store has a $500,000 Business Income (and Extra Expense) Coverage Form on which there is an 80 percent coinsurance clause. A fire swept through the store. Richard's Clothing Store estimates that its net income plus all operating expenses for th e policy period
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