AINS 103 EXAM QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) ALREADY GRADED A+
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AINS 103
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AINS 103
AINS 103 EXAM QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) ALREADY GRADED A+
Ava is Regional Manager for Goshen Mutual. She is looking over the past auto losses for Disposal Inc. She is tracking the experience of their drivers, the location of accidents, and the severi...
AINS 103 EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS
WITH RATIONALES (VERIFIED
ANSWERS) ALREADY GRADED A+
How much will the BOP insurer pay for this loss?
A. $50,000
B. $65,000
C. $66,500
D. $71,500 - Answer- B. $65,000
The fire is an insured cause of loss. The outdoor sign is covered for up to a maximum of
$1,000 because it is attached to the building. The cash is not covered under a BOP
policy. The deductible IS subtracted from the loss amount
Ava is Regional Manager for Goshen Mutual. She is looking over the past auto losses
for Disposal Inc. She is tracking the experience of their drivers, the location of
accidents, and the severity of the injury to their employees and the public. She is trying
to determine the frequency and severity of the auto exposure for Disposal and to use
the future models to suggest where Disposal allocates their loss prevention resources.
Which one of the following forms of analysis is Ava using to help Disposal address their
auto exposure?
A. Internet of things
B. Predictive modeling
C. Data mining
D. Smart products - Answer- B. Predictive modeling
Predictive modeling blends past data with multiple variable to create models of
anticipated future outcomes
An animal damaged the interior of an insured's automobile while it was parked with the
windows down. Which one of the following types of physical damage coverage under
the Business Auto Coverage Form (BACF) would cover this loss?
A. Towing and labor
B. Comprehensive
C. Collision
D. Specified perils coverage - Answer- B. Comprehensive
Comprehensive coverage applies to any peril except collisions or overturn or a peril
specifically excluded
, The Property Custody Company stores customer property for a fee. PCC is insured
under a bailees' customer policy. One day, due to the negligence of an unrelated party
and not due to any negligence of PCC, property owned by one of PCC's customers is
destroyed while in PCC's custody. Which one of the following describes how PCC's
insurer will handle the claim for the damage to PCC's customer property under PCC's
bailees' customers policy?
A. It will pay the claim because PCC is legally liable for damage to customers' property
whatever the cause
B. It will pay the claim because PCC's policy covers damage to customers' goods in its
possession regardless of negligence
C. It will deny the claim because PCC was not negligent
D. It will deny the claim because damage to the property of PCC's customers is not
covered - Answer- B. It will pay the claim because PCC's policy covers damage to
customers' goods in its possession regardless of negligence
While performing duties for the business, all of the following would be an insured under
the Business Liability Coverage of a partnership's BOP, except:
A. Legal representative of the insured
B. Spouses of the partners
C. All executive officers of an LLC
D. Employees - Answer- C. All executive officers of an LLC
Under the CGL coverage form, medical payments coverage applies to which one of the
following situations?
A. Frank was injured working as a security guard in a security booth located on the
premises of the named insured
B. Sara is a volunteer helping the named insured clean up their grounds
C. Tamara is hired by the named insured to do work for a tenant of the insured
D. Kevin fractured his elbow while playing in a volleyball contest against another local
company - Answer- B. Sara is a volunteer helping the named insured clean up their
grounds
During a business interruption, some of the organization's expenses, called continuing
expenses, will continue, and other expenses, called non continuing expenses, will not
continue. Which one of the following is an example of a continuing expense?
A. Overtire wages to employees
B. Cost to rent temporary office space
C. Cost of overnight air shipment of needed repair parts
D. Insurance premiums - Answer- D. Insurance premiums
Sam is a risk manager and is reviewing his insurance program and coverage options
with his insurance broker. Because of fluctuations in sales due to seasonal marketing
promotions, the insurance broker recommends adding Inflation Guard optional coverage
to Sam's Building and Personal Property Coverage Form (BPP). If Sam adds Inflation
Guard as an optional coverage which of the following is true?
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