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AINS 103: SIMULATED EXAM QUESTIONS WITH VERIFIED CORRECT ANSWERS
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AINS 103: SIMULATED EXAM QUESTIONS WITH VERIFIED CORRECT ANSWERS
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AINS 103: SIMULATED EXAMQUESTIONS WITH VERIFIED CORRECT
ANSWERS
While zperforming zduties zfor zthe zbusiness, zall zof zthe zfollowing zwould zbe zan zinsured
zunder zBusiness zLiability zCoverage zof za zpartnership's zbusinessowners zpolicy z(BOP),
zEXCEPT: z- zcorrect zanswers✔✔All zexecutive zofficers zof zan zLLC.
Which zone zof zthe zfollowing zwould zbe zcovered zunder zthe zExtra zExpense zinsuring
zagreement zof zthe zBusiness zIncome z(and zExtra zExpense) zCoverage zForm? z- zcorrect
zanswers✔✔Costs zto zmove zoffice zequipment zto za zsubstitute zlocation.
An zintangible zasset zresulting zfrom za zcollection zof zperceptions zand zopinions, zpast zand
zpresent, zabout zan zorganization zthat zresides zin zthe zconsciousness zof zits zstakeholders zis
zknown zas zan zorganization's: z- zcorrect zanswers✔✔Reputation.
Ivan zis za zcommercial zinsurance zproducer zlooking zto zexpand zhis zbook zof zbusiness. zHe zis
zresearching zlocal zbusinesses ztrying zto zdetermine zwhich zbusinesses zmight zbe zeligible
zfor zthe zbusinessowners zpolicy z(BOP) zand zwhich zwould znot zbe zeligible. zWhich zone zof
zthe zfollowing zbusinesses zwould zbe zineligible zfor zBOP zcoverage? z- zcorrect
zanswers✔✔Amusement zparks zare zgenerally znot zeligible zfor zBOP zcoverage. zRetail
zstores, zsmall zrestaurants zwith zlimited zcooking, zand ztrade zcontractors zare zgenerally
zeligible zfor zBOP zcoverage.
Marlene zis za zproducer zfor zEast zGoshen zMutual. zShe zrecently zmet zwith zthe zowners zof
zSugartown zFarms zto ztry zand zdetermine zif zthey zare zeligible zfor zthe zISO zbusinessowners
zpolicy z(BOP). zWhich zone zof zthe zfollowing zfacts zabout zSugartown zFarms zwould zprevent
zit zfrom zbeing zeligible zfor zthe zBOP? z- zcorrect zanswers✔✔Sugartown zFarms zhas za
zrestaurant zwith za zbar zfor zlocal zpatrons.
Sugartown zIndustries zinsures zits zbuilding zand zpersonal zproperty zunder zthe zcommercial
zproperty zcoverage zpart zof za zcommercial zpackage zpolicy z(CPP). zFollowing za zlightning
zstorm, za zportion zof zthe zbuilding zwas zdamaged zfrom za zsmall zfire. zThe zoperations
zmanager zpulled zout zthe zCPP zto zmake zsure zthat zthe zbuilding zwas zcovered zfor zthis ztype
zof zloss. zWhich zone zof zthe zfollowing zcomponents zof zthe zcommercial zproperty zcoverage
zpart zwould zprovide zthe zoperations zmanager zwith zinformation zon zthe zcovered zperils? z-
zcorrect zanswers✔✔The zcauses zof zloss zform. zThe zthree ztypes zof zcause zof zloss zforms z-
zBasic, zBroad, zand zSpecial z- zallow zthe zinsured zto zselect, zor zthe zunderwriter zto zoffer, za
zrange zof zcovered zperils.
Under zthe zCommercial zGeneral zLiability z(CGL) zCoverage zForm, zmedical zpayments
zcoverage zapplies zto zwhich zone zof zthe zfollowing zsituations? z- zcorrect zanswers✔✔Sara zis
za zvolunteer zhelping zthe znamed zinsured zclean zup ztheir zgrounds.
, Which zone zof zthe zfollowing zcauses zof zloss zis zcovered zby zthe zcommercial zproperty zpolicy
zCauses zof zLoss—Broad zForm zbut znot zthe zBasic zForm? z- zcorrect zanswers✔✔Falling
zobjects.
The zProperty zCustody zCompany z(PCC) zstores zcustomer zproperty zfor za zfee. zPCC zis
zinsured zunder za zbailees' zcustomers zpolicy. zOne zday, zdue zto zthe znegligence zof zan
zunrelated zparty zand znot zdue zto zany znegligence zof zPCC, zproperty zowned zby zone zof
zPCC's zcustomers zis zdestroyed zwhile zin zPCC's zcustody. zWhich zone zof zthe zfollowing
zdescribes zhow zPCC's zinsurer zwill zhandle zthe zclaim zfor zthe zdamage zto zPCC's
zcustomer's zproperty zunder zPCC's zbailees' zcustomers zpolicy? z- zcorrect zanswers✔✔It
zwill zpay zthe zclaim zbecause zPCC's zpolicy zcovers zdamage zto zcustomers' zgoods zin zits
zpossession zregardless zof znegligence.
A zprivate zcompany zposted za zvideo zon zthe zinternet zintroducing za znew zproduct. zThe
zmusic zused zin zthe zvideo zwas zfrom za zcopyrighted zsong. zWhen zthe zcompany zsought
zcoverage zunder zPart zB zof ztheir zCommercial zGeneral zLiability z(CGL) zCoverage zForm
zafter za zclaim zwas zfiled zagainst zthem zfor zdamages, zcoverage zwill zmost zlikely zbe
zexcluded zbased zon zwhich zone zof zthe zfollowing zexclusions? z- zcorrect
zanswers✔✔Coverage zfor zinfringement zof zcopyright, zpatent, ztrademarks, zor ztrade zsecret
zare zexcluded zunless zit zoccurs zin zan zadvertisement zexclusion.
Devon zDistributing zpurchased zsmart zwatches zfor zall ztheir zlong zhaul zdrivers. zThe zdevices
zwere zmonitored zfrom zthe zheadquarters zso zthe zlocation zof zthe zdriver zwas zalways zknown
zto zDevon zmanagement. zThe zwatches zcould zalso zsend ztext zmessages zand zaccept
zphone zcalls, zso zthere zwas zconstant zcommunication. zThis zallowed zDevon zmanagement
zto zrespond zimmediately zin zthe zevent zof zan zemergency zor zfailure zof za zvehicle. zThis
znetwork zis zan zexample zof: z- zcorrect zanswers✔✔The zInternet zof zThings.
Business zincome zinsurance zcovers zwhich zone zof zthe zfollowing ztypes zof zlosses zthat
zcould zresult zfrom za zfire? z- zcorrect zanswers✔✔The zextra zexpenses zfor zrenting za
ztemporary zoffice.
Smith zStores zhad znet zincome zof z$5,000 zper zmonth zin zthe z12 zmonths zbefore za zcovered
zbusiness zincome zloss. zThe zstore zis zunable zto zreopen zfor zthree zmonths. zDuring zthat
ztime, zcontinuing zexpenses ztotaled z$6,000. zWhat zis zthe zamount zof zSmith zStores'
zbusiness zincome zloss? z- zcorrect zanswers✔✔$21,000. zThe zbusiness zwas zinterrupted
zfor zthree zmonths, zfor za zbusiness zincome zloss zof z$15,000, zplus zcontinuing zexpenses zof
z$6,000, zequals z$21,000.
The zPaoli zPower zShop zhas zits zbuilding zand zbusiness zpersonal zproperty zinsured zunder za
zbusinessowners zpolicy z(BOP). zTorrential zrainstorms zcaused za znearby zriver zto zoverflow
zits zbanks zand zflood zthe zarea. zThe zflood zcaused zsignificant zwater zdamage zto zboth zthe
zbuilding zand zpersonal zproperty. zWhich zone zof zthe zfollowing zwould zbe ztrue zunder zthe
zBOP? z- zcorrect zanswers✔✔The zwater zdamage zwould znot zbe zcovered.
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