Exam (elaborations)
AINS 101 Exam Prep Questions and Answers (100% Pass)
- Course
- Institution
AINS 101 Exam Prep Questions and Answers (100% Pass)
[Show more]
Content preview
©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PMAINS 101 Exam Prep Questions and
Answers (100% Pass)
Risk control can assist the claims department by - ✔️✔️Providing laboratory analyses.
Sports, Inc. is looking to obtain a commercial property policy on its building for $400,000. If
their insurer decides to charge them a rate of $0.50 per $100 of building insurance, what
premium must Sports, Inc. pay? - ✔️✔️$2,000
Which one of the following is the correct formula for calculating an insurer's combined ratio? -
✔️✔️Loss ratio + expense ratio
Maria is a new producer who wears many hats when forming relationships and then serving her
established customers. In this capacity, which one of the following scenarios most accurately
describes her ongoing work wearing the hat of "claims handler"? - ✔️✔️Veronica directly contacts
Maria for guidance on how to report a stolen car, Maria provides that, and claims rep Sean takes
over after an introduction from Maria.
Riley Turner is performing a comprehensive evaluation of Hardwick Enterprises to make sure its
insurance and risk management efforts are serving the organization appropriately. Which one of
the following will be true in regard to this effort? - ✔️✔️Besides risk management goals being
attainable, they should also pose a challenge.
Erin has recently graduated from college and relocated to Chicago. She has purchased a car and
rented an apartment and now needs to purchase insurance. Erin is looking for minimum
coverages and the lowest price available. Which one of the following is likely the best
distribution system to meet Erin's needs? - ✔️✔️Direct response
Jennie recently purchased a personal auto policy from Westcox Insurers. Three weeks later,
Jennie reported her car was stolen from her driveway during the middle of the day. Upon further
investigation, claims representative Harry finds out the home address he has on file for Jennie
does not match the location where the theft occurred. In light of this scenario, which one of the
1
, ©PREP4EXAMS@2024 [REAL EXAM DUMPS] Monday, July 22, 2024 1:06 PM
following would be particularly helpful for Harry to pursue concerning Jenny's claim? -
✔️✔️Harry can verify Jennie's address and other possible helpful information by reviewing her
policy which has her original application information attached.
If an insured wants to receive "new for old" in the event of a property loss, he or she would
purchase: - ✔️✔️Replacement cost
James West is a claims rep with Hatters Insurance. As he learns how to handle a claim from start
to finish, which one of the following best describes the correct order for him to follow during this
process? - ✔️✔️Identifying the policy, calculating a loss reserve, determining the cause of loss,
preparing a loss statement
John's two-year-old bicycle was stolen. The bicycle's purchase price was $700, its current
replacement cost is $800, and depreciation was estimated at $450. What was the bicycle's actual
cash value? - ✔️✔️$350 --> $800 - $450 = $350
Joel is the underwriter for Stanton Industries. He received a notice from the premium auditor on
the account. After a recent visit to the insured's location, the auditor wanted to make Joel aware
of a decline in the business and some questionable business practices. Which one of the
following types of hazards is the auditor identifying? - ✔️✔️Moral hazards
A stock insurer differs from a reciprocal insurance exchange in which one of the following ways?
- ✔️✔️Stockholders own a stock insurer. Members own a reciprocal insurance exchange.
Which one of the following best explains why producers should be alert to changes in clients'
loss exposures? - ✔️✔️Implemented risk management techniques may prove to be ineffective or
become obsolete.
Because insurance contracts impose an obligation for ethical practices and behaviors on the
parties while dealing with one another, an insurance contract is called a - ✔️✔️Contract of utmost
good faith
Rachel is considering investing in the stock of an insurance company. Which one of the
following is likely to provide the best indication of the insurer's financial position at this point in
time? - ✔️✔️Balance sheet
Martina, a premium auditor for Cintriell Insurance Company is conducting a premium audit for
Carolina's Cookies. Carolina mentioned to Martina that she is opening a coffee shop at another
2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller OliviaWest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now