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AINS 102 Exam-Questions with Correct Answers/ Verified/ Latest Update (2024/2025)
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AINS 102 Exam-Questions with Correct Answers/ Verified/ Latest Update (2024/2025)
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AINS 102 Exam-Questions with Correct Answers/ Verified/ LatestUpdate (2024/2025)
Joe keeps a tiger cub as a pet in his fenced-in backyard. The tiger escapes and bites a
neighbor's child who requires stitches. Joe argues that keeping the tiger violated no law and
that he took every precaution to restrain the tiger. Even if Joe is correct, he might face a
claim for damages based upon which one of the following?
Absolute liability - Joe might face a claim for damages based upon absolute liability, which
does not require that negligence be proven.
A claim for money damages because of injury to another party or damage to another party's
property best describes
A liability loss - A liability loss is a claim for money damages because of injury to another
party or damage to another party's property.
Which one of the following statements is true regarding no-fault automobile insurance?
Most no-fault laws apply only to bodily injury and not to property damage - No-fault laws
generally apply only to injuries and not to damage to property.
Sally has an unendorsed HO-3 policy. Sally's swimming pool was drained by vandals who
opened a drain valve. The water was replaced at a cost of $2,500 to Sally, including labor to
deliver and pump the water. The HO-3 policy
Does not cover the cost of the replaced water.
If a claim is paid under Coverage F—Medical Payments to Others of a homeowners policy, a
policy condition makes it clear that
The payment is not an admission of liability by the insured or the insurer - If a claim is paid
under Coverage F—Medical Payments to Others of a homeowners policy, a policy
condition makes it clear that a policy condition makes it clear that the payment is not an
admission of liability by the insured or the insurer.
Inland marine floaters are flexible and can be used to cover both common and unusual
exposures. Inland marine floaters provide the producer with the opportunity to address and
sell coverage for
Property not adequately covered by the homeowners policy.
Jack and Linda are meeting with their insurance agent to review their homeowners and auto
policies. The agent has suggested that they add an umbrella policy. Which one of the
following is the best reason the agent will likely provide for purchasing this coverage?
To provide increased limits for large jury awards
The HO-5 policy is designed to meet the risk management needs of
, Owner-occupants of dwellings who would like the broadest coverage available among ISO's
forms for their property.
Coverage A—Dwelling of an HO-3 policy applies to which one of the following?
Deck attached to the insured dwelling
Which one of the following is considered real property?
A brick storage shed - Real property includes tangible property consisting of land and all
structures permanently attached to the land, such as storage sheds. Motor vehicles and
household appliances are examples of personal property.
Collision coverage under the Personal Auto Policy (PAP)
Applies to damage to a parked insured vehicle resulting from a passenger in another parked
vehicle opening its door.
A retail chain sometimes requires its clerks to use their own cars to transfer special order
merchandise from one store to another. Tamika, one of its employees, was moving items
from one location to another in her station wagon which is insured with a Personal Auto
Policy (PAP). Tamika was injured in an auto accident along the way, and her medical bills can
be paid by her employer's workers compensation insurance. Her medical payments
coverage under her PAP
Will pay nothing. - Injuries that occur during the course of employment are excluded from
medical payments coverage if workers compensation benefits are required or available.
Defense costs coverage is included under Section II—Liability Coverages in the HO-3 policy.
This coverage
Is supplemental to the liability limit.
In which one of the following ways do Fair Access to Insurance Requirements (FAIR) plans
provide needed support for credit?
Provide adequate property insurance coverage.
Small boat policies are designed to cover boats up to a certain size. Most of these policies
Are written on an actual cash value basis.
A customer service representative (CSR) receives a visit from an 18-year-old who is a new
car owner. The customer owns a condominium and is living on structured payments
established from his deceased parents' estate. His income is modest, so he would like to
purchase minimum coverage limits. The CSR recognizes that minimum limits might be
inadequate for the customer if he is responsible for an accident. Which one of the following
would be the CSR's best option for resolving this potential problem?
Educate the customer about automobile liability exposures, his assets at risk, and coverage
that is appropriate to protect his assets
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