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AINS 103 Exam Review With Correct Answers.
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AINS 103 Exam Review With Correct Answers.
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AINS 103 ExamReview With Correct
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In property insurance, the term "property in transit" refers to which one of the following?
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- (CORRECT ANSWER)-C. Property while being transported by trucks, cars, buses, trains,
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airplanes, and ships
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Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs
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to mitigate the effects of a business interruption. Which one of the following is an example
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of an extra expense? - (CORRECT ANSWER)-B. Cost to rent temporary office space
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Radley Contracting Company is installing new signage on the front of a building. George, a
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passerby walking near the building is injured when a Radley employee accidentally drops
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a tool from a crane. George likely has the ability to assert which one the following types of
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claim? - (CORRECT ANSWER)-B. Premises and operations liability
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,Which one of the following entities would likely have the greatest completed operations
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loss exposure? - (CORRECT ANSWER)-A. Paul the plumber
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A carrier that is prevented by an accident from delivering the cargo aboard its ship may
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face an exposure called loss of freight, which is - (CORRECT ANSWER)-B. The
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compensation the carrier receives for transporting cargo.
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To be covered under a workers compensation statute, an injury or disease (in most states)
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must meet which one of the following requirements? - (CORRECT ANSWER)-A. Arise out
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of employees' job-related injuries and diseases
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The unauthorized intrusion into a company's computer network resulting in damage to
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intellectual property is best classified as which one of the following types of cyber liability
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exposures? - (CORRECT ANSWER)-D. Intangible property
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An email was sent to a company's employees containing a harmful attachment. Several
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employees opened the attachment which allowed hackers to obtain customer contact
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information. This cyber risk loss is - (CORRECT ANSWER)-D. Damage to intangible
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property.
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NH Manufacturing insures its building and personal property under the commercial
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property coverage part of a commercial package policy (CPP). During a blizzard, a portion
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of the building's roof collapsed from the weight of snow. The risk manager pulled out the
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, CPP to make sure that the building was covered for this type of loss. Which one of the
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following components of the commercial property coverage part would provide the risk
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manager with information on the covered perils? - (CORRECT ANSWER)-A. Causes of loss
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form
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Which one of the following is one of the covered causes of loss in the commercial property
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policy Causes of Loss—Basic form? - (CORRECT ANSWER)-Vandalism
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Billy owns a baseball souvenir store in Cooperstown, NY. He insured his store under a
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Building and Personal Property Coverage Form (BPP) with a $275,000 limit and a $1,500
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deductible. A large fire in the store caused significant damage amounting to $310,000 in
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covered damages. How much would Billy's insurer pay under his BPP? - (CORRECT
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ANSWER)-$275K
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Which one of the following statements about Inflation Guard optional coverage of the
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Building and Personal Property Coverage Form (BPP) is true? - (CORRECT ANSWER)-C. It
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is automatically increases the limit of insurance by the percentage of annual increase
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shown in the declarations.
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Which one of the following would be covered under the Extra Expense insuring agreement
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of the Business Income (and Extra Expense) Coverage Form? - (CORRECT ANSWER)-D.
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Costs to move to a temporary location
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