Ains ch 3 - Study guides, Class notes & Summaries

AINS Ch. 3 Quiz Questions & Answers 2023 During a business interruption, some of the organization's expenses, called continuing expenses, will continue, and other expenses, called noncontinuing expenses, will not continue. Which one of the following is an example of a continuing expense? - ANS-Payroll of key employees In business income insurance, the expenses that an organization would not have incurred if the business interruption had not occurred are called - ANS-Extra expenses Extr...

Loss exposure - Answer-Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Risk management - Answer-The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss prevention - Answer-A risk control technique that reduces the frequency of a particular loss Loss reduction - Answer-A risk control technique that reduces the severity of a particular loss Exposure unit - Answer-...

Loss exposure - Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Risk management - The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss prevention - A risk control technique that reduces the frequency of a particular loss Loss reduction - A risk control technique that reduces the severity of a particular loss Exposure unit - A fundamental measure of the loss e...

Loss exposure - Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Risk management - The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss prevention - A risk control technique that reduces the frequency of a particular loss Loss reduction - A risk control technique that reduces the severity of a particular loss Exposure unit - A fundamental measure of the loss e...

AINS 102 Ch 4 Questions & Answers Marcus is buying insurance for his recent home purchase that will be covered by a DP-3 policy. In reading his policy, which one of the following will Marcus find is true? Select one: A. The DP-3 excludes coverage for theft of property that isn't part of the covered structure. B. The DP-3 provides named perils coverage for the dwelling and personal property. C. Marcus needs to add an endorsement to the DP-3 to cover personal property damage. D. Marcus wa...

AINS 103 Ch.5 Business owners policies (BOP) - ANS-Designed for small to mid sized businesses Most BOP eligibility rules are based on critera relatred to business size and complexity of loss exposures such as total square footage of the floor area, annual gross sales, building height, business type Apartment buildings critera - ANS-may not be able to exceed a certain number of floors or units. Premitted occupancies may include offices and eligible wholesaler, retail, service, processing, ...

Loss exposure - Answer-Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Risk management - Answer-The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss prevention - Answer-A risk control technique that reduces the frequency of a particular loss Loss reduction - Answer-A risk control technique that reduces the severity of a particular loss Exposure unit - Answer-...

AINS 102 Ch 4 Questions & Answers Marcus is buying insurance for his recent home purchase that will be covered by a DP-3 policy. In reading his policy, which one of the following will Marcus find is true? Select one: A. The DP-3 excludes coverage for theft of property that isn't part of the covered structure. B. The DP-3 provides named perils coverage for the dwelling and personal property. C. Marcus needs to add an endorsement to the DP-3 to cover personal property damage. D. Marcus wa...

Loss exposure - Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Risk management - The process of making and implementing decisions that will minimize the adverse effects of accidental losses on an organization Loss prevention - A risk control technique that reduces the frequency of a particular loss Loss reduction - A risk control technique that reduces the severity of a particular loss Exposure unit - A fundamental measure of the loss e...

Steve and Amy were about to purchase their first home. During the process, they were advised that they needed to purchase a HO-3 insurance policy. The HO-3 policy would provide Steve and Amy with coverage for all of the following, EXCEPT: Select one: A. Their cars B. Personal Liability C. The house D. The contents of the house - Correct Ans-A. Their cars David and Colleen insure their house under a HO-3 policy. One evening, while they were entertaining some friends at their home, the...