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

Actual cash value (ACV) ️ The cost to replace property with new property of like kind and quality less depreciation. Adverse selection ️ 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. Binder ️ A temporary written or oral agreement to provide insurance coverage until a formal written policy is issued. Book of business ️ A group of policies with a common c...

AINS 101 Simulated Exam Questions With Highlighted Answers Exclusive agency is contracted to sell insurance for one insurer or group of insurers - ANS-The difference between an independent agency and an exclusive agency is that an Insurance shortages - ANS-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 introduction from Maria - ANS-Ma...

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. Destructive c...

AINS 101 EXAM 2024 | 50 QUESTION WITH 100 % CORRECT DETAILED ANSWERS | VERIFIED|A+ GRADE Question 1 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 Select one: A. Contract of utmost good faith. B. Conditional contract. C. Contract of adhesion. D. Contract of indemnity. Question 2 Sota’s Superstore has recently become an insured of Keithly Insurance Company. Kaito...

AINS 101 simulated exam with complete solutions Exclusive agency is contracted to sell insurance for one insurer or group of insurers - ANS ️️ The difference between an independent agency and an exclusive agency is that an Insurance shortages - ANS ️️ 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 introduction from Maria - AN...

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 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 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...