AINS 23 Exam Study Guide with
Complete Solutions
Financial consequences of property losses - Answer-Reduction in property value, lost
income, and extra expenses.
Package modification factors - Answer-Factors that are applied to the regular policy
premiums for certain coverage parts of a commer...
Debris Removal - Answer✔✔-Must be from a covered cause of loss, but it can include property
not covered (ex. windstorm blows debris onto premises). Includes additional coverage to clean
up pollution caused by an insured peril.
Preservation of Property - Answer✔✔-Extends protection to property while it is being moved
and for up to 30 days at the new location. It is broader, and includes any direct physical damage,
so it does not have to be from a covered cause of loss. Subject to the limits of insurance.
Increased Cost of Construction - Answer✔✔-Increased cost to comply with ordinances or laws
regulating the repair, rebuilding, or replacement of covered buildings. Amount of insurance is
equal to 5% of the amount of insurance or $10,000, whichever is less. Paid in addition to the
policy limit. Does not cover loss to undamaged portion of building that or ordinance or law does
not permit to remain in use. Does not cover demolition of undamaged portion of building.
Coverage Extensions - Answer✔✔-Only apply if at least 80% coinsurance or a value reporting
period symbol is shown in the declarations. Paid in addition to the limits.
1) Newly acquired or constructed property
2) Personal effects and property of others
3) Valuable papers and records
4) Property off-premises
5) Outdoor property
6) Non-owned detached trailers
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