Exam (elaborations)
AINS 102 ACTUAL EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS LATEST UPDATE
- Course
- Institution
AINS 102 ACTUAL EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS LATEST UPDATE
[Show more]
Content preview
Page 1 of 48AINS 102 ACTUAL EXAM QUESTIONS WITH
CORRECT DETAILED ANSWERS LATEST UPDATE
2024-2025
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 - CORRECT ANSWER✔✔Underground pipes
Which one of the following statements regarding assets exposed to loss is true?
Select one:
A. Real property includes only tangible property.Correct. All real property is tangible property
having a physical form that can be seen or touched. Personal property can include intangible
property such as patents or copyrights.
B. Earthquake damage to a swimming pool is an example of a personal property loss exposure.
C. Personal property includes only tangible property.
D. Hail damage to a motor vehicle is an example of a real property loss exposure. - CORRECT
ANSWER✔✔A. Real property includes only tangible property.
1
SUCCESS!
,Page 2 of 48
Sophie was involved in an auto accident with another vehicle. The driver of the other vehicle
was seriously injured. The individual spent 10 days in the hospital, missed 2 months of work,
and continues to experience mental distress. The other vehicle was also damaged, with repair
costs of $5,000. It was determined that Sophie was liable for the damages because she ran a red
light and caused the accident. Which one of the following damages would be considered
general damages?
Select one:
A. Damages to the vehicle
B. Hospital and medical bills
C. Two months of lost wages
D. Mental distress compensation - CORRECT ANSWER✔✔D. Mental distress compensation
SF Poultry learned that a number of individuals had become ill and hospitalized after eating
chicken from one of its processing plants. The company did not advise the public or its
distributors of the problem, and made no effort to recall the spoiled product. Over 50
individuals ended-up becoming ill from the spoiled chicken. SF Poultry was found liable in court.
In addition to having to pay the medical and hospital bills for the injured individuals, damages
were levied against SF Poultry to punish the company for its reckless and deceitful actions.
These damages that were levied against SF Poultry are known as
Select one:
A. General damages.
B. Punitive damages.
2
SUCCESS!
,Page 3 of 48
C. Special damages.
D. Necessary damages. - CORRECT ANSWER✔✔B. Punitive damages.
Which one of the following statements is true regarding automobile insurance rating?
Select one:
A. State regulators require that all insurers offer discounts on auto rates for passive restraints.
B. Most insurers base automobile rates on primary rating factors and do not consider any other
factors in establishing rates.
C. State regulators require that rates be adequate, reasonable, and not unfairly discriminatory.
D. Drivers with lower-than-average loss exposure are charged higher rates. - CORRECT
ANSWER✔✔C. State regulators require that rates be adequate, reasonable, and not unfairly
discriminatory.
nsurers and other organizations that make insurance available to those who are unable to
obtain coverage from the standard market are collectively called
Select one:
A. A reinsurance facility.
B. The residual market.
C. The secondary market.
D. An automobile insurance plan. - CORRECT ANSWER✔✔B. The residual market.
3
SUCCESS!
, Page 4 of 48
Estelle and Richie are very conservative and want to purchase insurance to "cover everything" in
order to lessen the worries of home ownership. Which one of the following ISO forms will
provide them dwelling and personal property insurance with the broadest possible coverage?
Select one:
A. HO-2 Broad Form
B. HO-3 Special Form
C. HO-5 Comprehensive Form
D. HO-8 Modified Form - CORRECT ANSWER✔✔C. HO-5 Comprehensive Form
Rick and Jamie have chosen their first home and now are asking their insurance agent Franklin
to help advise them as to appropriate and affordable insurance coverage. Which one of the
following will most accurately reflect the best coverage choice for Rick and Jamie?
Select one:
A. As Rick and Jamie are buying and remodeling an older home, Franklin suggests an HO-8
modified coverage form to provide appropriate coverage for a building with a comparatively
high replacement cost.
B. As Rick and Jamie will be buying a mansion, Franklin suggests an HO-5 comprehensive form
as it provides the highest dollar amounts of any coverage available.
C. As Rick and Jamie will be renting an apartment for a few years, Franklin suggests an HO-2
broad form as they will not need any dwelling coverage.
4
SUCCESS!
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ressy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67163 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
