AINS 103 EXAM GUIDE WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
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Course
AINS 103
Institution
AINS 103
Danforth Grocery Store specializes in fresh produce and is open 24 hours year-round. The store has contracts with suppliers to deliver produce and foods by 5am daily, so the parking area at the rear of the store is congested from 4:30am to 5:30am. Customer traffic is heaviest from 7am to 9am, and a...
AINS 103 EXAM GUIDE
AINS 103 EXAM GUIDE WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
Danforth Grocery Store specializes in fresh produce and is open 24 hours year-
round. The store has contracts with suppliers to deliver produce and foods by 5am
daily, so the parking area at the rear of the store is congested from 4:30am to
5:30am. Customer traffic is heaviest from 7am to 9am, and again from 3pm to
6pm. The store has had six slip and fall claims from customers in the past year.
Danforth Grocery Store is most exposed to which one of the following types of
liability loss?
A. Completed operations liability
B. Premises liability
C. Automobile liability
D. Professional liability - ACCURATE ANSWERS✔✔ B. Premises liability
Entities eligible for financial institution bonds are
A. Not eligible for for the ISO Commercial Crime Program
B. Insured by the Federal Deposit Insurance Corporation (FDIC)
,C. Required to carry the ISO Commercial Crime Form
D. Excluded under the Commercial General Liability Crime Form - ACCURATE
ANSWERS✔✔ A. Not eligible for for the ISO Commercial Crime Program
Smith Stores had net income of $5,000 per month in the 12 months before a
covered business income loss. The store is unable to reopen for three months.
During that time, continuing expenses totaled $6,000. What is the amount of Smith
Stores' business income loss?
A. $6,000
B. $15,000
C. $21,000
D. $66,000 - ACCURATE ANSWERS✔✔ C. $21,000
The business was interrupted for three months, for a business income loss of
$15,000, plus continuing expenses of $6,000.
The Malvern Company is a small business insured under a BOP for both building
and BPP. Which one of the following would be covered under the definition of a
building under the company's BOP?
A. Product manufactured by Malvern Company
B. The land that the building sits on
C. Air conditioning equipment attached to the building
D. The fence that surrounds the building - ACCURATE ANSWERS✔✔ C. Air
conditioning equipment attached to the building
The Workers Compensation and Employers Liability Insurance Policy provides
that the insured is responsible to reimburse the insurer to which one of the
following situations?
A. Any benefits paid by the insurer even though the insured has failed to comply
with policy conditions
, B. Benefits paid to employees with pre-existing injuries
C. Penalties levied under a workers compensation law against the insured for
noncompliance with health and safety laws and regulations
D. A liability suit was filed against the insured for occupational injuries to
employees - ACCURATE ANSWERS✔✔ C. Penalties levied under a workers
compensation law against the insured for noncompliance with health and safety
laws and regulations
With advancements in technology, underwriting data is becoming increasingly
abundant and more reliable. Which one of the following is an example of how
technological advancements are changing underwriting?
A. Olivia has been asked to spend the next week analyzing unique risks presented
by specialized accounts
B. Liam works for ABC Underwriters and scheduled a meeting with a reinsurer to
discuss additional limits for his accounts
C. ABC Underwriters are spending less time cultivating relationships and trust
with insureds
D. Bethany works for ABC Underwriters and dedicates more time each day to
collecting and evaluating her underwriting applications - ACCURATE
ANSWERS✔✔ A. Olivia has been asked to spend the next week analyzing unique
risks presented by specialized accounts
Technology is providing underwriters with opportunities to shift their focus to
performing other functions, such as performing more personalized services,
cultivating customer relationships, evaluating books of business, and analyzing
unique risks presented by specialized accounts
A carrier is prevented from delivering cargo aboard its ship due to an accident that
occurred while at sea. One of the losses the carrier may face is loss of freight. Loss
of freight refers to which of the following?
A. The liability for loss and damage to the cargo entrusted to it
B. The cost of disposing of undeliverable goods
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