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AINS 103 EXAM 2024 | 3 ACCURATE CURRENCTLY TESTING VERSIONS WITH 297 QUESTIONS AND ANSWERS EACH PLUS A STUDY GUIDE | EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE$17.99
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AINS 103 EXAM 2024 | 3 ACCURATE CURRENCTLY TESTING VERSIONS WITH 297 QUESTIONS AND ANSWERS EACH PLUS A STUDY GUIDE | EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE
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Course
AINS 103
Institution
AINS 103
AINS 103 EXAM 2024 | 3 ACCURATE CURRENCTLY
TESTING VERSIONS WITH 297 QUESTIONS AND
ANSWERS EACH PLUS A STUDY GUIDE | EXPERT
VERIFIED FOR GUARANTEED PASS | LATEST
UPDATE
AINS 103 EXAM 2024 | 3 ACCURATE CURRENCTLY
TESTING VERSIONS WITH 297 QUESTIONS AND
ANSWERS EACH PLUS A STUDY GUIDE | EXPERT
VERIFIED FOR GUARANTEED PASS | LATEST
UPDATE
Which one of the following best describes real property?
Select one:
A. Property being shipped to or from others.
B. Business personal property that includes furniture, machinery and equipment, and
stock/inventory.
C. Tangible property that includes land, structures permanently attached to the land,
and whatever is growing on the land.
D. Vehicles, merchandise, furniture, tools, and similar items. - ✔✔ANSW✔✔..C.
Tangible property that includes land, structures permanently attached to the land, and
whatever is growing on the land.
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?
Select one:
A. Cost to rent temporary office space
B. Insurance premiums
C. Debt repayments
D. Payroll of key employees - ✔✔ANSW✔✔..A. Cost to rent temporary office space
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?
Select one:
A. Declarations
B. Endorsements
C. Coverage Forms
D. Classifications - ✔✔ANSW✔✔..B. Endorsements
If the insured expands operations into a new state, which one of the following
statements is true?
Select one:
,A. The insured must notify the insurer within thirty days or else no coverage will apply
for that state.
B. Coverage under the WC&EL Policy is suspended due to nondisclosure of a material
fact.
C. Insurance automatically extends coverage to those operations.
D. The insured must immediately request the insurer to add other states insurance to
the policy by endorsement. - ✔✔ANSW✔✔..A. The insured must notify the insurer
within thirty days or else no coverage will apply for that state.
One distinguishing feature between umbrella liability insurance and excess liability
insurance is that
Select one:
A. Excess liability carries a larger deductible than umbrella liability.
B. Excess liability policies include defense costs while umbrella liability policies do not.
C. Excess liability insurance is a form of reinsurance while umbrella liability insurance is
primary insurance.
D. Umbrella liability coverage may be subject to a self-insured retention. -
✔✔ANSW✔✔..D. Umbrella liability coverage may be subject to a self-insured retention.
Due to the difficulty in determining the maximum possible loss for liability claims,
insureds need
Select one:
A. Extensive loss control to avoid hazardous losses.
B. Separate premises and product liability policies.
C. Excess limits provided by an excess or umbrella liability policy.
D. To implement a liability deductible. - ✔✔ANSW✔✔..C. Excess limits provided by an
excess or umbrella liability policy.
Shelton Industries is insured under a commercial property policy and an equipment
breakdown policy. The company has two claims while both policies are in force. The
first claim is for a furnace explosion and the second claim is for an explosion of unfired
pressure vessels. Which one of the following explains how these losses would be
covered under the policies?
Select one:
A. Each loss would be covered under both the commercial property policy and the
equipment breakdown policy.
B. Each loss would be covered under the commercial property policy only.
C. Each loss would be covered under the equipment breakdown policy only.
D. Neither policy provides coverage for any of the losses. - ✔✔ANSW✔✔..B. Each loss
would be covered under the commercial property policy only.
Policies for the crime loss exposure for financial institutions are called "bonds" because
Select one:
A. Employee dishonesty, a key coverage, was traditionally called a "fidelity bond."
B. Many insurers have developed their own forms.
C. They do not resemble typical insurance policies.
,D. Forgery or alteration, a key coverage, was traditionally called a "fidelity bond." -
✔✔ANSW✔✔..A. Employee dishonesty, a key coverage, was traditionally called a
"fidelity bond."
The insurance agent advised the owners of Perfect Dry Cleaning that bailees'
customers polices cover
Select one:
A. Legal liability exposure but not goodwill exposure.
B. Neither legal liability exposure nor goodwill exposure.
C. Both legal liability exposure and goodwill exposure.
D. Goodwill exposure but not legal liability exposure. - ✔✔ANSW✔✔..C. Both legal
liability exposure and goodwill exposure.
A policy that covers damage to customer's goods while in the possession of the insured,
regardless of liability is
Select one:
A. An installation policy.
B. A bailee liability policy
C. A bailees' customers policy.
D. A dealer's policy. - ✔✔ANSW✔✔..C. A bailees' customers policy.
Which one of the following would qualify as an uninsured motorist pursuant to a
uninsured motorist UM endorsement on a business auto policy?
Select one:
A. A hit-and-run driver
B. The driver of a government-owned vehicle
C. A driver who denies liability for an accident
D. A driver whose liability policy limits are less than the insured's liability policy limits -
✔✔ANSW✔✔..A. A hit-and-run driver
Coverage will apply under the liability insuring agreement of the Business Auto
Coverage Form (BACF) for bodily injury or property damage
Select one:
A. To a fellow employee.
B. Intended by the insured.
C. Caused by an accident.
D. Assumed by the insured. - ✔✔ANSW✔✔..C. Caused by an accident.
Zelda has an automobile accident that is covered by a Business Auto Coverage Form.
The accident results in a pollution expense due to gasoline spilling from the covered
auto, as well as property damage and bodily injury to a third party. The cost for the
bodily injury is $1,000 along with $2,000 property damage. The pollution clean-up cost
is $5,000. Ignoring any deductible that may apply, how much will Zelda's insurer pay for
these losses?
Select one:
A. $0
, B. $1,000
C. $3,000
D. $8,000 - ✔✔ANSW✔✔..D. $8,000
Part 2 of the Workers Compensation and Employers Liability Policy requires which one
of the following with respect to covered injuries?
Select one:
A. The injury must not result from employer negligence.
B. The injury must require medical treatment.
C. The injury must arise out of and in the course of the worker's employment at one of
the insured locations listed in the policy.
D. The injury must arise out of employment necessary or incidental to the insured's work
in a state or territory listed in the policy. - ✔✔ANSW✔✔..D. The injury must arise out of
employment necessary or incidental to the insured's work in a state or territory listed in
the policy.
Which one of the following statements is true about the basic differences between
excess and umbrella liability policies?
Select one:
A. An excess policy often drops down to provide additional coverage for the insured,
subject to a self-insured retention.
B. An umbrella offers not only high limits of liability, but also may provide coverage not
provided by the underlying insurance.
C. The self-insured retention in an excess liability policy becomes effective when the
insured fails to maintain the required underlying liability limits.
D. Umbrella liability policies cannot be written over excess policies, but excess liability
policies can be written over umbrellas. - ✔✔ANSW✔✔..B. An umbrella offers not only
high limits of liability, but also may provide coverage not provided by the underlying
insurance.
There are a number of reasons that organizations find that they need excess or
umbrella liability insurance. Which one of the following statements most accurately
describes how organizations go about establishing their need for excess or umbrella
liability insurance?
Select one:
A. Insureds must first establish an accurate measure of their maximum possible loss for
liability exposures before they can even consider purchasing umbrella or excess liability
insurance.
B. Excess liability insurance is usually purchased as a supplement to an existing
primary insurance layer, while umbrella liability insurance is usually used as a primary
layer.
C. Insureds often purchase excess or liability insurance coverage because their primary
insurers are unwilling to provide adequate limits within the primary insurance layer.
D. For those insureds that wish to increase their retentions, excess liability insurance is
more suitable for - ✔✔ANSW✔✔..C. Insureds often purchase excess or liability
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