AINS 101 LATEST 2024 EXAM QUESTIONS AND ANSWERS ALL CORRECT (ALREADY GRADED A+)
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AINS 101
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AINS 101
AINS 101 LATEST 2024 EXAM QUESTIONS AND ANSWERS ALL CORRECT (ALREADY GRADED A+)
Which of the following statements is correct regarding the interaction between risk control and other insurer functions - Answer Risk control personnel can assist underwriters in modifying a new applicant's loss e...
AINS 101 LATEST 2024 EXAM QUESTIONS
AND ANSWERS ALL CORRECT (ALREADY
GRADED A+)
Which of the following statements is correct regarding the interaction between risk
control and other insurer functions - Answer ✔ Risk control personnel can assist
underwriters in modifying a new applicant's loss exposures to meet eligibility
requirements.
Insuring individuals with a high probability of loss at a cost lower than the insurer would
normally charge for that risk because it wasn't aware of the actual risk involved is known
as - Answer ✔ adverse selection
Tony now works for a corporate level for Newtown insurance. He is considered a staff
underwriter. Which of the following is primarily a responsibility of staff underwriters -
Answer ✔ Revise underwriting guidelines
Aimee recently accepted a new job in the underwriting department. Her responsibilities
will include developing coverage forms, arranging reinsurance agreements, and
conducting underwriting audits. Which one of the following is the title of Aimee's new
job? - Answer ✔ Corporate underwriter
Anna was reviewing an all-lines submission for SP Markets. SP Markets owns and
operates 5 small grocery stores located in the suburbs of Boston. The stores all seem to
be well maintained and clean. While the overall loss experience on the account is good
relative to the indicated premium, the loss runs show a frequency of small general
liability claims from customer slips and falls. Rather than reject the application for SP
Markets, Anna would like to suggest a coverage modification to the producer that could
make the application acceptable and possibly add value for the insured. Which one of
the following is a good coverage modification for Anna to suggest? - Answer ✔ Propose
the general liability coverage at a lower premium level, but apply a small deductible
As an experienced underwriter, Rick has learned to make every effort to avoid a
mistake that can produce insufficient premium to cover losses, or pricing that isn't
competitive. Which one of the following underwriting mistakes can often cause these
issues? - Answer ✔ Misclassifying exposures
Which one of the following is the fundamental measure of loss exposure used in
insurance rating - Answer ✔ exposure unit
, Bob is shopping for auto insurance. Insurance Company A's rating system determines
that Bob should be charged $800 per auto. If Bob is looking to insure four autos, what
premium will he be charged by Insurance Company A? - Answer ✔ $3,200
Which one of the following statements is correct regarding the interaction between risk
control and other insurer functions - Answer ✔ A risk control evaluation can make the
difference between the applicant's being rejected or accepted by the underwriter.
Inquiring individuals with a high probability of loss at a cost lower than the inverter would
normally charge for that risk because it want aware of the actual risk involved is known
as - Answer ✔ Adverse selection
Jill works in the field as a line underwriter. Which of the following is primarily a
responsibility of line underwriters - Answer ✔ Select insured's
Brian works in the underwriting department. In spring to carefully selecting insured's he
works with producers and premium auditors to ensure accurate classification and
pricing - Answer ✔ Field underwriter
Which one of the following is the first step in the underwriting process - Answer ✔
Evaluate the submission
With one of the following is a temporary agreement providing insurance coverage until
the formal policy is issued - Answer ✔ Binder
Shelton manufacturing has $1 million in annual sales, its liability insurance is priced per
1,000 of sales, and the per-unit rate is $.50. What is Shelton manufacturing's liability
insurance premium? - Answer ✔ $500 (annual sales divided by price per sales) times
the rate
The size of the employer's loss exposure for workers compensation insurance is based
on - Answer ✔ The amount of it's payroll
Produce, such as apples or grapes, may be priced by the unit or by the pound. In
insurance, these measures are similar to - Answer ✔ exposure units
Stephanie works for Waynesgood insurance. She appreciates the help she receives
from Clem in the company's claims department who provides her with recent statistics
and comments on waynesgood customer satisfaction levels. Stephanie works in which
one of the following departments - Answer ✔ Marketing
As a single mother on a very tight budget, Ciara is tempted to skimp on her insurance.
However, her friend Mehmet tells her not to skimp on insurance, because it will help
manage her cash flows. Which one of the following examples best illustrates Mehmet's
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