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AINS 21 Segment A | 124 Questions with 100 % correct answers | Verified& Updated 2024 Graded A+
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AINS 21 Segment A | 124 Questions with 100 % correct answers | Verified& Updated 2024 Graded A+
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AINS 21 Segment A | 124 Questions with 100% correct answers | Verified& Updated 2024
Graded A+
annuity - ✔✔periodic payments (income) made to recipient for fixed period or for life
in exchange for specified premium
***individuals cannot outlive an annuity
commercial package policy (CPP) - ✔✔covers 2 or more lines of business by combining
ISO's commercial lines coverage parts
-property, crime, liability
businessowners policy (BOP) - ✔✔combines most property and liability needed by small
and medium sized businesses
-property, crime, liability
commercial auto - ✔✔covers business against loss exposures from owning, using, and
fixing autos
-includes legal liability
,auto physical damage coverage - ✔✔damage to or theft of covered auto
-includes collision and other than collision (comprehensive) coverage, fire, theft, collision
with animal
ocean marine - ✔✔ships and their cargo liability exposures
inland marine - ✔✔different classes of property - mobile/transport of equipment
commercial crime - ✔✔1. money and securities against numerous perils
2. property other than money and securities such as theft, robbery, extortion, etc
CGL - ✔✔liability losses faced by organization, including prem ops, products, BI/PD, slip
and falls
professional liability - ✔✔E&O against persons engaged in various occupations against
liability resulting from their rendering or failing to render professional services
-accountants, attorneys, etc
workers comp - ✔✔med care, lost wages, rehab, death benefit for employees injured on the
job -since it is no fault coverage, employee loses right to sue employer
-based on payroll
ideally insurable loss exposures - ✔✔1. pure risk - loss or no loss (no gain)
, 2. fortuitous - occurring by chance from insured standpoint - no control over it happening
3. definite and measurable - time, cause, location as well as frequency and severity
4. large number of similar exposure units
5. independent and not catastrophic - loss suffered by one insured doesn't affect any
other insured or group of them
6. affordable - able to charge economically feasible premium/one insured can afford to pay
benefits of insurance - ✔✔1. pay for
losses/indemnify -primary role!!
2. manage cash flow uncertainty
-provides financial security/stability
3. comply with legal requirements
-statutory and contractual requirements
4. promote risk control
-incentives to undertake risk control measures/premium saving
incentives 5. efficient use of insured resources
-makes it unnecessary for orgs to set aside large amounts of money to pay for losses so money is
used more efficiently
6. support insured's
credit -facilitates loans
7. source of investment funds
-for both insureds (don't have to set aside large retention funds) and insurers
(premiums collected)
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