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AINS 103 EXAM REVIEW Q&A 2024
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AINS 103 EXAM REVIEW Q&A 2024
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AINS 103 EXAM REVIEWIn property insurance, the term "property in transit" refers to which one of the following?
- Answers -C. 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 effects of a business interruption. Which one of the following is an
example of an extra expense? - Answers -B. Cost to rent temporary office space
Radley Contracting Company is installing new signage on the front of a building.
George, a passerby walking near the building is injured when a Radley employee
accidentally drops a tool from a crane. George likely has the ability to assert which one
the following types of claim? - Answers -B. Premises and operations liability
Which one of the following entities would likely have the greatest completed operations
loss exposure? - Answers -A. Paul the plumber
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 - Answers -B. The compensation the
carrier receives for transporting cargo.
To be covered under a workers compensation statute, an injury or disease (in most
states) must meet which one of the following requirements? - Answers -A. Arise out of
employees' job-related injuries and diseases
The unauthorized intrusion into a company's computer network resulting in damage to
intellectual property is best classified as which one of the following types of cyber
liability exposures? - Answers -D. Intangible property
An email was sent to a company's employees containing a harmful attachment. Several
employees opened the attachment which allowed hackers to obtain customer contact
information. This cyber risk loss is - Answers -D. Damage to intangible property.
The Commercial General Liability (CGL) Coverage B—Personal and Advertising Injury
Liability provides coverage for which one of the following? - Answers -B. False arrest
The Coverage B—Personal and Advertising Injury Liability of the Commercial General
Liability (CGL) Coverage Form parallels the Coverage A insuring agreement, but
personal and advertising injury applies to an - Answers -A. Offense arising out of the
named insured's business.
Austin cut his finger while working at a jobsite for Walsh Builders. He had to go to a
hospital, where he received 5 stitches and a tetanus vaccine. When he received the
hospital bill for $990, Austin made a claim under Coverage C—Medical Payments of
Walsh Builders' CGL policy. Which one of the following reasons would the CGL insurer
, use for denying Austin's claim? - Answers -A. He is entitled to workers compensation
benefits.
Lucy, the owner of Lucy's Flower Shop, was delivering a vase of flowers to a customer,
Mrs. White. When Mrs. White opened her front door, her dog ran outside, knocking the
flowers from Lucy's hands, and causing the vase to shatter and injure Mrs. White.
Although the customer insisted that she would be fine, Lucy received a medical bill for
injuries to Mrs. White two years later. The medical treatment had been received one
week before Lucy received the bill. Lucy explains the situation to her insurer and
requests coverage under her Commercial General Liability Coverage Form (CGL).
Which one of the following is correct regarding whether the medical expenses will be
covered under Coverage C—Medical Payments of the CGL? - Answers -B. No,
because the medical expenses must be incurred and reported to the insurer within one
year after the date of the accident.
An insured keeps his truck in a garage. A deer gets trapped in the garage and, in an
attempt to escape, climbs on top of the truck, breaking the windshield and causing
several dents in the hood. The insured's Business Auto Coverage Form (BACF)
provides physical damage coverage for specified causes of loss with a $100 deductible
and collision with a $250 deductible. It will cost the insured $750 to replace the broken
windshield and $1,200 to repair the dents. How much, if anything, will the business auto
insurer pay for this loss? - Answers -$0
JG Painting is insured under a monoline commercial auto policy. The business is
located in Pennsylvania, but also does work in New Jersey and Delaware. Which one of
the following would be used to add PIP insurance coverage to an auto policy? -
Answers -A. Endorsements
Robert, a single father of two, owns a painting business. While driving his insured van
on the job, Robert is involved in a serious accident and spends several days in the
hospital. Robert incurs the following expenses.
$4,000 Lost wages$6,000 Payment for a nanny to watch his two children$5,000 Cost to
replace the painting equipment he was hauling$30,000 Medical bills
Assuming Robert has adequate limits and a typical personal injury protection (PIP)
endorsement to his Business Auto Coverage Form, how much of the above will be paid
by Robert's auto insurer? - Answers -$40K PIP will pay all the expenses except for the
loss of equipment, which is a property damage claim.
Employers liability insurance covers an employer against which one of the following? -
Answers -B. Its liability for an employee's occupational injury or disease that is not
covered by a workers compensation statute
Umbrella liability insurance - Answers -C. May cover some claims that are not covered
by underlying liability insurance.
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