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AINS 102 Understanding Personal Insurance Questions And Answers Latest 2024/ 2025 Graded A+ | 100% Verified!
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AINS 102 Understanding Personal Insurance Questions And Answers Latest 2024/ 2025 Graded A+ | 100% Verified!

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  • September 19, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ains 102 understanding personal insurance

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  • AINS 102
  • AINS 102

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AINS 102 Understanding Personal Insurance


1. Arbitration: An alternative dispute resolution (ADR) method by which

disputing parties use a neutral outside party to examine the issues and

develop a settlement, which can be final and binding.

2. Attachment: The act of seizing property to secure a judgment.

3. Catastrophe: A single event that causes widespread losses.

4. Civil law: A classification of law that applies to legal matters not

governed by criminal law and that protects rights and provides

remedies for breaches of duties owed to others.

5. Compensatory damages: A payment awarded by a court to reimburse

a victim for actual harm.

6. 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

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, registered.

7. Criminal law: The branch of the law that imposes penalties for

wrongs against society.

8. Cross-selling: Selling new types of insurance products to existing

clients.

9. Damages: Money claimed by, or a monetary award to, a party who

has suffered loss or injury for which another party is legally responsible.

10.Deductible: A portion of a covered loss that is not paid by the insurer.

11.Financial responsibility laws: Law enacted to ensure that motorists

have the financial ability to pay for any property damage or bodily

injury they might cause as a result of driving or owning an auto.

12.First party: The insured in an insurance contract.

13.Floater: A policy designed to cover property that floats, or moves,

from location to location.

14.Flood Insurance Rate Map (FIRM): A map that shows exact

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