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AINS 101 EXAM / 80+ QUESTIONS AND VERIFIED ANSWERS 2023/2024
- Exam (elaborations) • 6 pages • 2023
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AINS 101 EXAM / 80+ 
QUESTIONS AND VERIFIED 
ANSWERS 2023/2024 / 
GRADED A+. 
AINS 101 
1. The two main sectors of the insurance industry are: Property-casualty insurance and life-health insurance. 
2. 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. 
3. Earned premiums are shown on an insurer's income statement because 
they are: Revenues 
4. De...
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AINS Practice Exam Review | with Complete Solution
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One distinguishing feature between independent agency systems and other marketing 
systems is the... - agency expiration list 
Foreign Insurer - An insurer licensed to operate in a state but incorporated in 
another state 
Domestic Insurer - An insurer doing business in the jurisdiction in which it was 
incorporated 
Alien Insurer - An insurer domiciled in a country other than the US 
Direct Response Marketing System - Greatly reduces compensation costs but has 
higher advertising costs 
Agency ...
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AINS Chapter 4 | 79 Questions with 100% Correct Answers
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The authority that the principal specifically grants to the agent is contained in the 
agency contract. This authority is known as 
Select one: 
A. Apparent authority. 
B. Implied authority. 
C. Express authority. 
D. Contractual authority. - C 
In the legal relationship known as agency, which one of the following is the principal? 
Select one: 
A. Agent 
B. Insurer 
C. Insured 
D. Third party - B 
The primary duty of a principal to its agent is to 
Select one: 
A. Pay the agent for services per...
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