AINS 101 Exam Prep Questions and Answers
1: What does AINS stand for in the context of insurance? - correct answer - AINS stands for Associate in General Insurance.
2: What is the primary focus of the AINS 101 exam? - correct answer -
The primary focus of the AINS 101 exam is to test knowl...
1: What does AINS stand for in the context of insurance? - correct answer -
AINS stands for Associate in General Insurance.
2: What is the primary focus of the AINS 101 exam? - correct answer -
The primary focus of the AINS 101 exam is to test knowledge on insurance
principles, practices, and policies.
3: What is risk management in insurance? - correct answer -
Risk management is the process of identifying, assessing, and controlling
threats to an organizations capital and earnings.
4: What is the definition of insurance? - correct answer -
Insurance is a contract in which an individual or entity receives financial
protection or reimbursement against losses from an insurance company.
,5: What is a premium in insurance terms? - correct answer -
A premium is the amount of money an individual or business must pay for
an insurance policy.
6: What is an insurance policy? - correct answer -
An insurance policy is a contract between the insurer and the insured,
outlining the terms and conditions of the insurance coverage.
7: What is underwriting in insurance? - correct answer -
Underwriting is the process by which insurers evaluate the risk of insuring
a particular individual or asset and decide the terms and cost of the
insurance policy.
8: What is a claim in insurance? - correct answer -
A claim is a formal request by the insured to the insurance company for
payment or compensation for a covered loss or policy event.
, 9: What is the principle of indemnity? - correct answer -
The principle of indemnity states that insurance policies should provide a
benefit no greater than the loss suffered by the insured.
10: What is a deductible? - correct answer -
A deductible is the amount that the insured must pay out-of-pocket before
the insurance company pays a claim.
11: What is the difference between a peril and a hazard? - correct answer -
A peril is a specific risk or cause of loss covered by an insurance policy,
while a hazard is a condition that increases the likelihood or severity of a
loss.
12: What is reinsurance? - correct answer -
Reinsurance is insurance that an insurance company purchases from
another insurance company to mitigate risk.
13: What is the law of large numbers in insurance? - correct answer -
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 PASSINGMASTER01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
