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AINS 103 WITH AMSWERS GRADED A+
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AINS 103 WITH AMSWERS GRADED A+
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10/5/24, 8:52 AMEUNICE
AINS 103 WITH 100% SURE ANSWERS
Any condition or situation that presents a possibility of loss, whether or not an actual
Loss exposure
loss occurs.
A condition that presents the possibility that a person or an organization will sustain
Property loss exposure a loss resulting from damage (including destruction, taking, or loss of use) to
property in which that person or organization has a financial interest.
Tangible property consisting of land, all structures permanently attached to the land,
Real property (realty)
and whatever is growing on the land.
Personal property All tangible or intangible property that is not real property
Stock, furniture, fixtures, equipment and machinery, tenant's improvements and
Business personal property
betterments, and other personal property owned by the insured
Any personal property affixed to real property in such a way as to become part of
Fixture
the real property
Currency, coins, bank notes, and sometimes traveler's checks, credit card slips, and
Money
money orders held for sale to the public
Written instruments representing either money or other property, such as stocks and
Securities
bonds
Peril The cause of a loss
Insurance that covers the reduction in an organization's income when operations are
Business income insurance
interrupted by damage to property caused by a covered peril
Loss of revenue that a business or another organization sustains because its
Business interruption
operations are suspended as a result of physical injury to its property
Profit Net income that results when revenues exceed expenses
Continuing expenses Expenses that continue to be incurred during a business interruption
Expenses, in addition to ordinary expenses, that an organization incurs to mitigate
Extra expenses
the effects of a business interruption
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Liability A legal responsibility for the consequences of an act or omission
Any condition or situation that presents the possibility of a claim alleging legal
Liability loss exposure
responsibility of a person or business for injury or damage suffered by another party
Any condition or situation that presents the possibility of a financial loss to an
Personal loss exposure
individual or a family by such causes as death, sickness, injury, or unemployment
Bailee The party temporarily possessing the personal property in a bailment
Insurance that, in the U.S., includes both ocean and inland marine coverage and, in
Marine insurance
the rest of the world, is limited to insurance for vessels and cargo
Insurance that covers many different classes of property that typically involve an
Inland marine insurance
element of transportation on land
Insurance that covers vessels and their cargoes, including various vessel-related
Ocean marine insurance
liability exposures
A system that pays lost wages, medical and vocational rehabilitation expenses, and
Workers compensation death benefits to injured workers or their dependents for employment-related
injuries and diseases
A statute that obligates employers, regardless of fault, to pay specified medical,
Workers compensation statute disability, rehabilitation, and death benefits for their employees' job-related injuries
and diseases
Occupational disease Disease thought to be caused by work or the work environment
A person who is (1) currently employed by the insured or an ex-employee
Employee terminated within the past 30 days; (2) compensated by the insured by salary, wages,
or commissions; and (3) subject to the control and direction of the insured.
A person (or organization) hired to perform services without being subject to the
Independent contractor
hirer's direction and control regarding work details
Employee leasing An arrangement in which a third party provides a firm with employees for a fee
The possibility that data will end up in the possession of a party who is not
authorized to have that data and who can use it in a manner that is harmful to the
Cyber risk
individual or organization that is the subject of the data and/or the party that
collected and stored the data.
An intangible asset, a key determinant of future business prospects, resulting from a
Reputation collection of perceptions and opinions, past and present, about an organization that
resides in the consciousness of its stakeholders
The risk that negative publicity, whether true or not, will damage a company's
Reputational risk
reputation and its ability to operate its business
The network of external stakeholders on which an organization relies for goods and
Supply chain
services
Intellectual property The product of human intelligence that has economic value
Commercial package policy (CPP) coverage component that provides a broad range
Commercial property coverage part of coverages to "middle-market" or larger firms to insure buildings and business
personal property
Policy that covers two or more lines of business by combining ISO's commercial lines
Commercial package policy (CPP)
coverage parts
Monoline policy Policy that covers only one line of business
An insurance-to-value provision in many property insurance policies providing that if
Coinsurance the property is underinsured, the amount that an insurer will pay for a covered loss is
reduced
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