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AINS Practice Exam Review | 91 Question with 100 % correct answers | Verified& Updated 2024 Graded A+ $13.24   Add to cart

Exam (elaborations)

AINS Practice Exam Review | 91 Question with 100 % correct answers | Verified& Updated 2024 Graded A+

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AINS Practice Exam Review | 91 Question with 100 % correct answers | Verified& Updated 2024 Graded A+

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  • October 18, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • AINS
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AINS Practice Exam Review | 91 Question with 100 %
correct answers | Verified& Updated 2024 Graded A+



Constructive Total Loss - ✔✔A loss that occurs when the cost to repair the damaged
property plus its remaining salvage value equals or exceeds the pre-loss value



General Damages - ✔✔A monetary award to compensate a victim for losses, such as pain
and suffering, that do not involve specific measurable expenses



Enterprise-wide risk management program (ERM) - ✔✔Implemented at the corporate level
and manages all of an organization's key risks and opportunities with the intent of maximizing
the organization's value.



Elements of a Contract - ✔✔Legal purpose, consideration and agreement




Distinguishing Characteristics of Insurance Policies - ✔✔Contract of Indemnity

Contract of utmost good faith

Contract involving fortuitous events

Contract of adhesion

Conditional Contract

Nontransferable Contract

, Modular Policy - ✔✔Combines many different forms under one policy (ex. commercial
property package)



"Other Structure" - ✔✔Covered by policy but under separate policy limits




Broad statement of insurer's promises in a policy - ✔✔Insuring Agreement




Coinsurance - ✔✔Reduces amount of recovery if a property is underinsured




Medical Payments under Auto Policy - ✔✔Cover only occupants of covered auto




A fair approach to liability claims is to... - ✔✔evaluate claims as though no coverage
limit existed



ACV - Salvage Value - ✔✔Constructive Total Loss or not




Judgment Rating - ✔✔Used when there is no established premium-determination system




Fair Access to Insurance Requirements (FAIR) - ✔✔makes basic property insurance available
to those who can't get it otherwise

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