AINS 23 FINAL EXAM STUDY GUIDE
2026/2027 ACCURATE QUESTIONS
WITH CORRECT DETAILED ANSWERS
|| 100% GUARANTEED PASS
<NEWEST VERSION>
1. Passenger Voluntary Settlement Coverage (Admitted Liability Coverage) -
ANSWER ✔ The coverage, available under aircraft insurance policies, that
provides scheduled benefits if a passenger suffers death, dismemberment, or
loss of sight
2. Intangible Property - ANSWER ✔ Property that has no physical form
3. Electronic Data Protection - ANSWER ✔ A type of cyber policy that
provides coverage for costs to recover or restore electronic data that has
been altered, destroyed, deleted or damaged (example would be a virus)
4. Cyber Extortion Policy - ANSWER ✔ Covers expenses related to computer
network and/or ransom events. This could be a hacker threatening to reveal
specific details of a company's closely held secrets unless they give in to
demands
5. Cyber Crime Policy - ANSWER ✔ Covers theft of money and securities
from computer attacks or fraud, and in some cases, also covers intangible
property
,6. Notification or Remediation Policy - ANSWER ✔ Covers the cost for
expenses related to crisis management after a cyber risk loss. Can include
costs of notifying customers of breach, develop and execute a public
relations campaign, etc.
7. Denial-of-Service Attack - ANSWER ✔ An attempt to overwhelm a
computer system or network with excessive communications in order to
deny users access
8. Malware - ANSWER ✔ Malicious software, such as a virus, that is
transmitted from one computer to another to exploit systems vulnerabilities
in the targeted computer
9. Cyber Business Interruption - ANSWER ✔ Covers income in examples
where an online retailer's website is forced offline due to DDOS attack
10.Network Security Liability - ANSWER ✔ Covers liability arising from
security breaches to an insured's computer network.
11.Privacy Liability - ANSWER ✔ Covers liability arising from unauthorized
disclosure or use of private information of others. This can also be used to
help in HIPAA
12.Sarah's Flower Shop (SFS) is insured under a Business Income (and Extra
Expense) Coverage Form with a $1 million Business Income limit of
insurance for the store location, subject to option (2) Business Income Other
Than "Rental Value". None of the optional coverages of the Business
Income (and Extra Expense) are in effect and no endorsements apply to
SFS's Business Income (and Extra Expense) Coverage Form. The one year
policy period shown in the declarations began on February 1, 20X1. On
, February 1, 20X1, SFS suffered a partial physical fire loss and was closed
for four months until the building could be repaired and the personal
property replaced. During the four month interruption, SFS's actual revenue
was reduced to nil and the expenses such as payroll, electricity and overtime
labor totaled $200,000. SFS expected to gain $550,000 in revenue and have
$300,000 in expenses. What is SFS's business income loss?
Select - ANSWER ✔ $450,000
13.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?
Select one:
A. Payroll of key employees
B. Overtime wages to employees
C. Cost of overnight air shipment of needed repair parts
D. Cost to rent temporary office space - ANSWER ✔ Payroll of key
employees
14.In the business income coverage form, the period of restoration
Select one:
A. Includes additional time to assess the effects of pollutants.
B. Ends when the property is or should have been restored.
C. Begins immediately after the physical loss occurs with no waiting
period.
D. Includes additional time to repair the building to comply with building
code or law. - ANSWER ✔ Ends when the property is or should have
been restored.
15.The possibility of the insured incurring an uninsured extra expense loss other
than the reduction in business income loss is greatly reduced by
, Select one:
A. The Expenses To Reduce Loss additional coverage.
B. The Extended Business Income (EBI) additional coverage.
C. The Business Income (and Extra Expense) Coverage Form.
D. The Business Income (Without Extra Expense) Coverage Form. -
ANSWER ✔ The Business Income (and Extra Expense) Coverage
Form.
16.Many businesses need equipment breakdown insurance because
Select one:
A. It covers loss due to the accidental breakdown of almost any type of
equipment that operates under pressure or that controls, transmits, or
uses mechanical or electrical power.
B. It covers insured equipment for the same perils as the causes of loss
forms used with the Building and Personal Property Coverage Form
(BPP).
C. It fills a coverage gap between the Building and Personal Property
Coverage Form (BPP) and the Boiler and Machinery Endorsement.
D. It is the only source of coverage for physical damage to electrically
powered office equipment such as copiers, computers, and telephone
systems. - ANSWER ✔ A. It covers loss due to the accidental
breakdown of almost any type of equipment that operates under
pressure or that controls, transmits, or uses mechanical or electrical
power.
17.Under which one of the following conditions of an insured's ISO Equipment
Breakdown Protection Coverage Form and its commercial property
insurance coverage does each insurer pay half of certain losses to quickly
indemnify the insured, with the insurers then resolving their differences
among themselves?
2026/2027 ACCURATE QUESTIONS
WITH CORRECT DETAILED ANSWERS
|| 100% GUARANTEED PASS
<NEWEST VERSION>
1. Passenger Voluntary Settlement Coverage (Admitted Liability Coverage) -
ANSWER ✔ The coverage, available under aircraft insurance policies, that
provides scheduled benefits if a passenger suffers death, dismemberment, or
loss of sight
2. Intangible Property - ANSWER ✔ Property that has no physical form
3. Electronic Data Protection - ANSWER ✔ A type of cyber policy that
provides coverage for costs to recover or restore electronic data that has
been altered, destroyed, deleted or damaged (example would be a virus)
4. Cyber Extortion Policy - ANSWER ✔ Covers expenses related to computer
network and/or ransom events. This could be a hacker threatening to reveal
specific details of a company's closely held secrets unless they give in to
demands
5. Cyber Crime Policy - ANSWER ✔ Covers theft of money and securities
from computer attacks or fraud, and in some cases, also covers intangible
property
,6. Notification or Remediation Policy - ANSWER ✔ Covers the cost for
expenses related to crisis management after a cyber risk loss. Can include
costs of notifying customers of breach, develop and execute a public
relations campaign, etc.
7. Denial-of-Service Attack - ANSWER ✔ An attempt to overwhelm a
computer system or network with excessive communications in order to
deny users access
8. Malware - ANSWER ✔ Malicious software, such as a virus, that is
transmitted from one computer to another to exploit systems vulnerabilities
in the targeted computer
9. Cyber Business Interruption - ANSWER ✔ Covers income in examples
where an online retailer's website is forced offline due to DDOS attack
10.Network Security Liability - ANSWER ✔ Covers liability arising from
security breaches to an insured's computer network.
11.Privacy Liability - ANSWER ✔ Covers liability arising from unauthorized
disclosure or use of private information of others. This can also be used to
help in HIPAA
12.Sarah's Flower Shop (SFS) is insured under a Business Income (and Extra
Expense) Coverage Form with a $1 million Business Income limit of
insurance for the store location, subject to option (2) Business Income Other
Than "Rental Value". None of the optional coverages of the Business
Income (and Extra Expense) are in effect and no endorsements apply to
SFS's Business Income (and Extra Expense) Coverage Form. The one year
policy period shown in the declarations began on February 1, 20X1. On
, February 1, 20X1, SFS suffered a partial physical fire loss and was closed
for four months until the building could be repaired and the personal
property replaced. During the four month interruption, SFS's actual revenue
was reduced to nil and the expenses such as payroll, electricity and overtime
labor totaled $200,000. SFS expected to gain $550,000 in revenue and have
$300,000 in expenses. What is SFS's business income loss?
Select - ANSWER ✔ $450,000
13.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?
Select one:
A. Payroll of key employees
B. Overtime wages to employees
C. Cost of overnight air shipment of needed repair parts
D. Cost to rent temporary office space - ANSWER ✔ Payroll of key
employees
14.In the business income coverage form, the period of restoration
Select one:
A. Includes additional time to assess the effects of pollutants.
B. Ends when the property is or should have been restored.
C. Begins immediately after the physical loss occurs with no waiting
period.
D. Includes additional time to repair the building to comply with building
code or law. - ANSWER ✔ Ends when the property is or should have
been restored.
15.The possibility of the insured incurring an uninsured extra expense loss other
than the reduction in business income loss is greatly reduced by
, Select one:
A. The Expenses To Reduce Loss additional coverage.
B. The Extended Business Income (EBI) additional coverage.
C. The Business Income (and Extra Expense) Coverage Form.
D. The Business Income (Without Extra Expense) Coverage Form. -
ANSWER ✔ The Business Income (and Extra Expense) Coverage
Form.
16.Many businesses need equipment breakdown insurance because
Select one:
A. It covers loss due to the accidental breakdown of almost any type of
equipment that operates under pressure or that controls, transmits, or
uses mechanical or electrical power.
B. It covers insured equipment for the same perils as the causes of loss
forms used with the Building and Personal Property Coverage Form
(BPP).
C. It fills a coverage gap between the Building and Personal Property
Coverage Form (BPP) and the Boiler and Machinery Endorsement.
D. It is the only source of coverage for physical damage to electrically
powered office equipment such as copiers, computers, and telephone
systems. - ANSWER ✔ A. It covers loss due to the accidental
breakdown of almost any type of equipment that operates under
pressure or that controls, transmits, or uses mechanical or electrical
power.
17.Under which one of the following conditions of an insured's ISO Equipment
Breakdown Protection Coverage Form and its commercial property
insurance coverage does each insurer pay half of certain losses to quickly
indemnify the insured, with the insurers then resolving their differences
among themselves?
