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AINS 102 EXAM/150 Q’S AND A’S /100% SCORES
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AINS 102 EXAM/150 Q’S AND A’S /100%SCORES
General Forms for personal property - -three general forms that are
commonly used to provide coverage on a single form for different types of
personal property:
Personal Articles Standard Loss Settlement Form - provides special form
coverage for several classes of personal property. there's a specific amount
for each class of article
Exclusions: wear and tear, deterioration, inherent vice, insects or vermin
Personal Property Form - provides special form coverage on unscheduled
personal property under used by the insured and normally kept at the
insured residence. the same form provides worldwide coverage when the
same property is temporarily away from the premises. this form can be used
to ensure 13 classes of unscheduled personal property with a separate
amount for each class. can be used to insure the property in his self-storage
unit
Personal Effects form - is designed for frequent travelers. provides coverage
on personal property such as luggage, clothes and cameras. it covers
worldwide, but only when it is away from the insured's residence, not in
storage.
-Damaged or destroyed property can result in these outcomes - -Reduction
in property value—The difference between the value of the property before
the loss (pre-loss value) and after the loss (post-loss value)
Increased expenses—Expenses in addition to normal living expenses that are
necessary because of the loss, such as the cost of renting a hotel room
following a house fire*
Lost income—Loss of income that results when property is damaged or
destroyed, such as the loss of rent that can be collected on a property that is
damaged by a hurricane*
-real property (realty)* - -Land, buildings, other structures attached to the
land (swimming pool, storage shed, flagpole), anything growing on the land
(trees, crops), and anything embedded in the land (foundations,
underground pipes, minerals)
-personal property - -Dwelling contents (furniture, electronics), high-value
property (jewelry, silverware, firearms), rare or unique property (antiques,
artwork), business personal property (supplies, machinery), intangible
property (patents, copyrights), motor vehicles, trailers, watercraft, and
aircraft
, -Risk control techniques - -Avoidance
Loss Prevention
Loss reduction
Separation
Duplication
Diversification
-risk financing techniques - -retention and transfer
-What are two risk management techniques? - -Risk control - reduce the
frequency or severity of a particular loss, make the loss more predictable*
Risk Financing- generate the funds to pay for losses or risk control measures
-Avoidance - -ceasing an activity or deciding not to engage in it so that the
possiblity of future loss is eliminated
-Loss prevention - -reduces the frequency of a particular loss. to break the
sequence of events that lead to a loss
-Loss Reduction - -reduces the severity of a particular loss.
-Separation - -isolates loss of exposure from one another to minimize the
adverse affect of a similar loss
-Duplication - -creating backups, spares, or copies of property or
information
-Diversification - -Spreads loss exposures over numerous areas or projects
-retention - -Funds are generated or set aside to pay for losses that are
retained by the individual or family
-Transfer - -shifting the financial responsibility for losses on to another
party, like an insurer
-When a liability claim occurs, an individual or a family can suffer two major
financial consequences.* - -1. having to pay money damages if the legal
defense isn't successful or if the claim is settled out of court.*
2. having to pay the costs of a legal investigation and defense (even if the
defense is successful).*
-Damages in a liability suit - -Often in the form of special and/or general
damages
, -Special damages - -Particular damages or out-of-pocket losses; can include
the amount spent to restore lost property, hospital, and doctor bills and
related expenses for bodily injury, and loss of wages and earnings
-General damages (compensatory) - -direct damages or necessary
damages; often presumed when special damages are proven; can include
compensation for non-financial losses i.e. pain, suffering, future effect of
disfigurement, loss of limb, sight or hearing, as well as emotional distress
-Punitive Damages - -Money damages that may be awarded to a plaintiff to
punish the defendant and deter future similar conduct i.e. reckless,
malicious, or deceitful acts. Often imposed on companies.
-Civil Law - -the system of law concerned with private relations between
members of a community rather than criminal, military, or religious affairs.
Often liability cases fall under civil law
-Compulsory auto insurance law - -Law that requires the owners or
operators of automobiles to carry automobile liability insurance at least
equal to certain minimum limits before the vehicle can be licensed or
registered.
-financial responsibility law - -Law that requires drivers to prove that they
can pay for damage or injury caused by an automobile accident
-at-fault states - -They use the tort liability system to determine who is
responsible for the financial consequences of an auto accident. Under this
system, auto accident victims must prove that another party was at fault
before they can collect damages from that party. Applies in most states
-tort law - -involves wrongful act or omission, other than crime or breach of
contract, that violates someone's legally protected right
victim must prove that other party was at fault before they can collect. 3
sources of tort liab:
- negligence - failure to excercise due care
- intentional torts - intentional acts, written/printed, oral (untrue statement),
battery (unlawful physical contact, trespassing, nuisance (violating a
person's right to enjoy)
- Strict liab/absolute liab - situation where victim doesn't need to prove
defendant acted negligently, i.e., defendant is automatically liab if
something happens b/c of how inherently dangerous the act is; ex: co that
demolishes bldg is liab if someone gets inj'd, regardless of whether co acted
negligently; ex: having inherently dangerous animal
-no-fault states - -an injured person does not need to establish fault and
prove negligence to collect payment for bodily injuries. Automobile insurance
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