Ains101 - Study guides, Class notes & Summaries

AINS 101 Exam Prep| Complete Questions Answered 100% Correctly| Updated As a single mother on a very tight budget, Ciara is tempted to skimp on her insurance. However, her friend Mehmet tells her not to skimp on insurance, because it will help manage her cash flows. Which one of the following examples best illustrates Mehmet's point? A. Ciara needs her car to get to her job, and she needs her job to make car payments and pay for her car insurance. B. When her car's windshield break...

AINS 101 - Increasing Your Insurance IQ Exam Questions And Answers Which of the following represents uncertainty about outcomes that can be negative or positive? - answerRisk The primary role of insurance is to - answerIndemnify individuals and organizations for covered losses. The insurance agent suggested that Sally's Snack Shop buy a policy that combines property, crime, and liability coverage into one policy. This is referred to as as a(n) - answerCommercial package policy (CPP) Co...

AINS 101: Practice Questions and Answers (Graded A+) Latest and Updated Which one of the following best describes the concept of pooling? - answerThe concept of pooling is that insureds share the cost of each other's losses As a single mother on a very tight budget, Ciara is tempted to skimp on her insurance. However, her friend Mehmet tells her not to skimp on insurance, because it will help manage her cash flows. Which one of the following examples best illustrates Mehmet's point? - an...

AINS Practice Exam Review With 100% Correct Answers 2024

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 ...

AINS 101| 78 Questions and Answers, 100% Correct| Latest AINS 101| 78 Questions and Answers, 100% Correct| Latest 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 t...

AINS 101 Exam Prep| Answered 100% Correctly| Latest AINS 101 Exam Prep| Answered 100% Correctly| Latest Loss exposure any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Premium the price of the insurance coverage provided for a specified period Indemnify to restore a party who has sustained a loss to the same financial position that party held before the loss occurred Insured any person or organization who is insured under an insur...

AINS 101 Exam Questions with 100% Correct Answers | Verified Actual cash value (ACV) - answerThe cost to replace property with new property of like kind and quality less depreciation. Adverse selection - answerInsuring 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 - answerA temporary written or oral agreement to provide insurance coverage until a formal written ...