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AINS 103 Simulated Exam Questions AND Answers latest update
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AINS 103 Simulated Exam Questions AND Answers latest update
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AINS 103: Simulated Exam Questions AND Answers latestupdate
While .performing .duties .for .the .business, .all .of .the .following .would .be .an .insured .under .Business .Li
ability .Coverage .of .a .partnership's .businessowners .policy .
(BOP), .EXCEPT: .- .Correct .Answer .- .All .executive .officers .of .an .LLC.
Which .one .of .the .following .would .be .covered .under .the .Extra .Expense .insuring .agreement .of .the .B
usiness .Income .
(and .Extra .Expense) .Coverage .Form? .- .Correct .Answer .- .Costs .to .move .office .equipment .to .a .substit
ute .location.
An .intangible .asset .resulting .from .a .collection .of .perceptions .and .opinions, .past .and .present, .about .
an .organization .that .resides .in .the .consciousness .of .its .stakeholders .is .known .as .an .organization's: .-
.Correct .Answer .- .Reputation.
Ivan .is .a .commercial .insurance .producer .looking .to .expand .his .book .of .business. .He .is .researching .l
ocal .businesses .trying .to .determine .which .businesses .might .be .eligible .for .the .businessowners .polic
y.
(BOP) .and .which .would .not .be .eligible. .Which .one .of .the .following .businesses .would .be .ineligible .fo
r .BOP .coverage? .- .Correct .Answer .- .Amusement .parks .are .generally .not .eligible .for .BOP .coverage. .R
etail .stores, .small .restaurants .with .limited .cooking, .and .trade .contractors .are .generally .eligible .for .B
OP .coverage.
Marlene .is .a .producer .for .East .Goshen .Mutual. .She .recently .met .with .the .owners .of .Sugartown .Far
ms .to .try .and .determine .if .they .are .eligible .for .the .ISO .businessowners .policy .
(BOP). .Which .one .of .the .following .facts .about .Sugartown .Farms .would .prevent .it .from .being .eligible
.for .the .BOP? .- .Correct .Answer .- .Sugartown .Farms .has .a .restaurant .with .a .bar .for .local .patrons.
Sugartown .Industries .insures .its .building .and .personal .property .under .the .commercial .property .cove
rage .part .of .a .commercial .package .policy .
(CPP). .Following .a .lightning .storm, .a .portion .of .the .building .was .damaged .from .a .small .fire. .The .ope
rations .manager .pulled .out .the .CPP .to .make .sure .that .the .building .was .covered .for .this .type .of .loss
. .Which .one .of .the .following .components .of .the .commercial .property .coverage .part .would .provide .t
he .operations .manager .with .information .on .the .covered .perils? .- .Correct .Answer .- .The .causes .of .los
, s .form. .The .three .types .of .cause .of .loss .forms .- .Basic, .Broad, .and .Special .- .allow .the .insured .to .sele
ct, .or .the .underwriter .to .offer, .a .range .of .covered .perils.
Under .the .Commercial .General .Liability .
(CGL) .Coverage .Form, .medical .payments .coverage .applies .to .which .one .of .the .following .situations? .
- .Correct .Answer .- .Sara .is .a .volunteer .helping .the .named .insured .clean .up .their .grounds.
Which .one .of .the .following .causes .of .loss .is .covered .by .the .commercial .property .policy .Causes .of .L
oss—Broad .Form .but .not .the .Basic .Form? .- .Correct .Answer .- .Falling .objects.
The .Property .Custody .Company .
(PCC) .stores .customer .property .for .a .fee. .PCC .is .insured .under .a .bailees' .customers .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 .describe
s .how .PCC's .insurer .will .handle .the .claim .for .the .damage .to .PCC's .customer's .property .under .PCC's .
bailees' .customers .policy? .- .Correct .Answer .- .It .will .pay .the .claim .because .PCC's .policy .covers .dama
ge .to .customers' .goods .in .its .possession .regardless .of .negligence.
A .private .company .posted .a .video .on .the .internet .introducing .a .new .product. .The .music .used .in .th
e .video .was .from .a .copyrighted .song. .When .the .company .sought .coverage .under .Part .B .of .their .Co
mmercial .General .Liability .
(CGL) .Coverage .Form .after .a .claim .was .filed .against .them .for .damages, .coverage .will .most .likely .be .
excluded .based .on .which .one .of .the .following .exclusions? .- .Correct .Answer .- .Coverage .for .infringem
ent .of .copyright, .patent, .trademarks, .or .trade .secret .are .excluded .unless .it .occurs .in .an .advertiseme
nt .exclusion.
Devon .Distributing .purchased .smart .watches .for .all .their .long .haul .drivers. .The .devices .were .monito
red .from .the .headquarters .so .the .location .of .the .driver .was .always .known .to .Devon .management. .
The .watches .could .also .send .text .messages .and .accept .phone .calls, .so .there .was .constant .communi
cation. .This .allowed .Devon .management .to .respond .immediately .in .the .event .of .an .emergency .or .f
ailure .of .a .vehicle. .This .network .is .an .example .of: .- .Correct .Answer .- .The .Internet .of .Things.
Business .income .insurance .covers .which .one .of .the .following .types .of .losses .that .could .result .from .
a .fire? .- .Correct .Answer .- .The .extra .expenses .for .renting .a .temporary .office.
Smith .Stores .had .net .income .of .
$5,000 .per .month .in .the .12 .months .before .a .covered .business .income .loss. .The .store .is .unable .to .r
eopen .for .three .months. .During .that .time, .continuing .expenses .totaled .
$6,000. .What .is .the .amount .of .Smith .Stores' .business .income .loss? .- .Correct .Answer .- .
$21,000. .The .business .was .interrupted .for .three .months, .for .a .business .income .loss .of .$15,000, .plus
.continuing .expenses .of .$6,000, .equals .$21,000.
The .Paoli .Power .Shop .has .its .building .and .business .personal .property .insured .under .a .businessowne
rs .policy .
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