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AINS 101 Exam Prep 1 Latest Update Actual Exam with 140 Questions and 100% Verified Correct Answers Guaranteed A+ At First Attempt Verified By Professor$20.99
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AINS 101 Exam Prep 1 Latest Update Actual Exam with 140 Questions and 100% Verified Correct Answers Guaranteed A+ At First Attempt Verified By Professor
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Course
AINS 101
Institution
AINS 101
AINS 101 Exam Prep 1 Latest Update Actual Exam with 140 Questions and 100% Verified Correct Answers Guaranteed A+ At First Attempt Verified By Professor
AINS 101 Exam Prep 1 Latest Update 2024-2025
Actual Exam with 140 Questions and 100%
Verified Correct Answers Guaranteed A+ At First
Attempt Verified By Professor
6 Key Traits of Ideally Insurable Loss Exposures - CORRECT ANSWER: 1. Pure risk
2. Fortuitous
3. Definite and measurable
4. Loss exposure that is one of a large number of similar exposure units
5. Independent and not catastrophic
6. Affordable
Actual cash value - CORRECT ANSWER: replacement cost minus depreciation
Actual cash value - CORRECT ANSWER: the cost to replace property with new
property of like kind and quality less depreciation
Admitted assets - CORRECT ANSWER: items that insurers can easily turn into cash,
such as stocks, bonds, and real estate
Adverse selection - CORRECT ANSWER: insuring individuals with a high probability of
loss at a cost lower than the insurer would normally charge for that risk because it
wasn't aware of the actual risk involved
,Agency - CORRECT ANSWER: a legal, consensual relationship that exists when one
party, the agent, acts on behalf of another party, the principal
Agency expiration list - CORRECT ANSWER: the record of an insurance agency's
present policyholders and the dates their policies expire
Agent - CORRECT ANSWER: in the agency relationship, the party that is authorized by
the principal to act on the principal's behalf
Agreed value method - CORRECT ANSWER: A method of valuing property in which the
insurer and the insured agree, at the time the policy is written, on the maximum amount
that will be paid in the event of a total loss.
An income statement shows: - CORRECT ANSWER: 1. Total revenue
2. Total expenses
3. Net income for a time period
Artificial intelligence - CORRECT ANSWER: enables computers to perform tasks that
require critical thinking, such as making decisions
Assets - CORRECT ANSWER: types of property, both tangible and intangible, owned by
an entity
Balance sheet - CORRECT ANSWER: the financial statement that reports the assets,
liabilities, and owner's equity of an organization as of a specific date
Balance sheet includes - CORRECT ANSWER: Insurers assets such as:
1. Cash
2. Liabilities
3. Surplus
, Binder - CORRECT ANSWER: a temporary written or oral agreement to provide
insurance coverage until a formal written policy is issued
Book of business - CORRECT ANSWER: a group of policies with a common
characteristic, such as territory or type of coverage, or all policies written by a particular
insurer or agency
Broker - CORRECT ANSWER: an independent producer who represents insurance
customers
Brokerage - CORRECT ANSWER: compensation in the form of a flat fee or a
commission that is paid by the reinsurer to the reinsurance intermediary for services
provided
Capacity - CORRECT ANSWER: the amount of business an insurer is able to write,
usually based on a comparison of the insurer's written premiums to its policyholder's
surplus
Captive insurer - CORRECT ANSWER: formed to cover the loss exposures of specific
organizations
Catastrophe model - CORRECT ANSWER: a type of computer program that estimates
losses from future potential catastrophic events
Certificate of insurance - CORRECT ANSWER: a brief descriptions of insurance
coverage prepared by an insurer or its agent and commonly used by policy holders to
provide evidence of insurance
Claim - CORRECT ANSWER: a demand by a person or business seeking to recover
from an insurer for a loss that may be covered by an insurance policy
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