Ains 101 exam new - Study guides, Class notes & Summaries

AINS 101 simulated exam questions with 100% correct answers Exclusive agency is contracted to sell insurance for one insurer or group of insurers - Correct Answer The difference between an independent agency and an exclusive agency is that an Insurance shortages - Correct Answer Destructive competition in the insurance industry could result in Veronica directly contacts Maria for guidance on how to report a stolen car, Maria provides that, and claims rep Sean takes over after an intro...

AINS 101 Exam Question with 100 % correct answers | Verified Which one of the following best explains why producers should be alert to changes in clients' loss exposures? A. Implemented risk management techniques may prove to be ineffective or become obsolete. B. Knowledge of such changes will inform their efforts to create a list of experts that can be called to assist. C. Producers can aid clients in developing risk management cost allocation plans. D. Producers have expertise about r...

AINS 101 Exam Question with 100 % correct answers | Verified Which one of the following best explains why producers should be alert to changes in clients' loss exposures? A. Implemented risk management techniques may prove to be ineffective or become obsolete. B. Knowledge of such changes will inform their efforts to create a list of experts that can be called to assist. C. Producers can aid clients in developing risk management cost allocation plans. D. Producers have expertise about r...

AINS 101 Exam Question with 100 % correct answers | Verified Which one of the following best explains why producers should be alert to changes in clients' loss exposures? A. Implemented risk management techniques may prove to be ineffective or become obsolete. B. Knowledge of such changes will inform their efforts to create a list of experts that can be called to assist. C. Producers can aid clients in developing risk management cost allocation plans. D. Producers have expertise about r...

AINS 101 Exam Questions With Verified Answers Risk control can assist the claims department by - answerProviding laboratory analyses. 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 premium must Sports, Inc. pay? - answer$2,000 Which one of the following is the correct formula for calculating an insurer's combined ratio? - answerLoss ratio + expense ra...

AINS 101 Exam Questions & Answers | 100% Correct Answers | Verified | Latest 2024 Version The two main sectors of the insurance industry are Property-casualty insurance and life-health insurance. Because insurance contracts impose an obligation for ethical practices and behaviors on the parties while dealing with one another, an insurance contract is called a Contract of utmost good faith. Earned premiums are shown on an insurer's income statement because they are Revenues D...

AINS 101 Exam Question with 100 % correct answers | Verified 2024/2025 Which one of the following statements is correct regarding the benefits provided by insurance? A. Insurance reduces the financial consequences of loss exposures but not the related uncertainty. B. The reduction in losses paid by insurers due to risk control measures benefits individual insureds but not society as a whole. C. Insurance helps reduce the financial burden to society by compensating accident victims. D. Th...

AINS 101 Exam Question with 100 % correct answers | Verified 2024/2025 Which one of the following statements is correct regarding the benefits provided by insurance? A. Insurance reduces the financial consequences of loss exposures but not the related uncertainty. B. The reduction in losses paid by insurers due to risk control measures benefits individual insureds but not society as a whole. C. Insurance helps reduce the financial burden to society by compensating accident victims. D. Th...

AINS 101 Exam With 100% Correct Answers Which one of the following statements is correct regarding the benefits provided by insurance? A. Insurance reduces the financial consequences of loss exposures but not the related uncertainty. B. The reduction in losses paid by insurers due to risk control measures benefits individual insureds but not society as a whole. C. Insurance helps reduce the financial burden to society by compensating accident victims. D. The primary role of insurance is ...

AINS 101 Exam Questions with 100% Correct Answers | Verified One of the reasons for insurance regulation is to prevent destructive competition. In which one of the following scenarios would destructive competition be exhibited? - answerEast Insurance comes up with a new rate structure allowing "preferred customers" discounted policies when they continually renew year after year; East eventually loses needed revenue but is rewarded by its competitors leaving the market. Ling has noticed ...