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AINS 102 PT 3 EXAM/50 Q’S AND A’S/DISTINCTION GRADED
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AINS 102 PT 3 EXAM/50 Q’S AND A’S/DISTINCTION GRADED
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AINS 102 PT 3 EXAM/50 Q’S AND A’S/DISTINCTIONGRADED
Patrick's car is 12 years-old and has been driven for over 100,000 miles. He
has decided that instead of continuing to pay insurance premium for
coverage for property damage to his car, he will put the money aside to save
for a new car. Which one of the following risk management techniques is
Patrick using?
Select one:
A. Diversification
B. Retention
C. Avoidance
D. Loss reduction - -B
-Which one of the following statements regarding assets exposed to loss is
true?
Select one:
A. Real property includes intangible property.
B. Earthquake damage to a swimming pool is an example of a personal
property exposure.
C. Personal property includes only tangible property.
D. Lightning damage to a tree is an example of a real property loss exposure.
- -D
-Which one of the following is a form of compensatory damages?
Select one:
A. Punitive damages
B. Special damages
C. Exemplary damages
D. Real damages - -B
-All of the following could lead to a liability loss for a family, EXCEPT:
Select one:
A. A guest slips on an icy sidewalk in front of the family's home and breaks
his leg.
B. The son, who is 13 years old, throws a rock at a classmate who requires
stitches for an injury to his head.
C. The father trips on a broom he left lying in the driveway and breaks his
arm.
D. The daughter, who is 16 years old, sideswipes a neighbor's car and dents
its fender while driving her own car. - -C
-States A, B, C, and D have addressed the problem of compensating auto
accident victims differently. Which one of the following most accurately
describes the way that states are handling this issue?
, Select one:
A. State B has enacted a financial responsibility law that requires auto
owners to carry auto liability insurance at least equal to certain minimum
limits.
B. State A, unlike most states, has enacted a compulsory auto insurance law,
requiring motorists to provide proof they have some means to pay for auto
accident damages.
C. State D, a no-fault state, has enacted auto insurance covering accident
victims on a first-party basis, usually applying to bodily injury and not to
property damage.
D. State C, a no-fault state, has enacted auto insurance covering accident
victims on a first-party basis, usually applying both to bodily injury and to
property damage. - -C
-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. -
-C
-Which one of the following is true regarding the use of technology in home
risk management?
Select one:
A. Data gathered from sensors is used by insurers for personalized pricing
and claims handling.
B. Smart devices in the home have reaffirmed the need for existing claims
data to assess risk.
C. Technology is more prevalent, abundant, and useful in homes than in
automotive environments.
D. Sensors are generally regarded as useful in loss prevention, but not in loss
reduction. - -A
-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 will be buying a mansion, Franklin suggests an HO-5
comprehensive form as it provides the highest dollar amounts of any
coverage available.
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