AINS 101 Exam Questions and Answers-
Updated 2024
One of the reasons for insurance regulation is to prevent destructive competition. In which one
of the following scenarios would destructive competition be exhibited? - Answer-East
Insurance comes up with a new rate structure allowing "preferred...
aware of a decline in the business and some questionable business practices. Which one of the
following types of hazards is the auditor identifying? - Answer✔✔-Moral Hazards
Earned premiums are the portion of written premiums that - Answer✔✔-Apply to the part of
the policy period that has already occurred.
Jessie is a new customer service representative (CSR) at the Winfield Agency. Jessie usually
engages in all the following activities, EXCEPT - Answer✔✔-Determining coverage quotes
Which one of the following is the correct formula for calculating an insurer's combined ratio? -
Answer✔✔-Loss ratio + expense ratio
Alicia works for the Drewman Agency, Sandi at insurer Greenway Insurance, and Rosa at
Grossman Brokers, all as customer service representatives. Which one of the following is true
regarding their work? - Answer✔✔-Alicia can process policy endorsements and explain
coverage to her customers
Rachel is a new employee of Westley Insurance, and has been asked to review some existing
policies to become familiar with the types of policies she will be working with. Which one of the
following will Rachel find is true as she conducts her review? - Answer✔✔-Rachel finds the
policy begins with a coverage overview and then goes into more coverage details.
Which two of the four quadrants of risk are classified as pure risks? - Answer✔✔-Hazard risks
and operational risks
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
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