AAMI COMP Comprehensive Review
Questions and Answers Verified Solutions
Latest Update 2026/2027
Question:
Self Insurance.
Answer:
a form of risk management whereby part of the firms earnings is earmarked as a contingency fund
for possible future losses, specifically for individual loss categories, such as property, medical, or
workers comp.
Question:
Workers Compensation.
Answer:
insurance coverage that is required by law in most states and covers medical expenses and loss of
pay to workers injured on the job.
Question:
Advertising.
Answer:
the art of making the public aware of the services or commodities that the business has for sale.
Question:
Age Discrimination in Employment Act.
Answer:
federal legislation that requires employers to treat applicants and employees equally regardless of
age.
,Question:
American with Disabilities Act.
Answer:
legislation that guarantees disabled people equal access to employment, as well as access to public
places.
Question:
Angels.
Answer:
private investors who are willing to supply financing for new/or risky small venture start ups.
Question:
Bona Fide Occupational Qualification.
Answer:
a qualification that is absolutely necessary for the job; it is an allowed and approved reason for
discrimination.
Question:
Business.
Answer:
an organization that combines inputs of raw material, capital, labor, and management skills to
produce useful outputs of goods and services so as to earn a profit.
Question:
Business Plan.
Answer:
a written description of a new idea that projects marketing, operational, and financial aspects of a
proposed business.
, Question:
Business Policies.
Answer:
fundamental statements that serve as guides to management practice.
Question:
Cash Discounts.
Answer:
2/10, n/30 = 2% discount if paid 10 days from date of invoice/net amount must be paid within 30
days of invoice.
Question:
Census of Business.
Answer:
source of market data that explains where certain businesses are located.
Question:
Census of Housing.
Answer:
source of market data that keeps track of new home sales by region and/or the construction of new
houses by region and specific area.
Question:
Census of Manufacturing.
Answer:
source of market data that explains where certain manufacturers are located.
Question:
Census of Population.
Questions and Answers Verified Solutions
Latest Update 2026/2027
Question:
Self Insurance.
Answer:
a form of risk management whereby part of the firms earnings is earmarked as a contingency fund
for possible future losses, specifically for individual loss categories, such as property, medical, or
workers comp.
Question:
Workers Compensation.
Answer:
insurance coverage that is required by law in most states and covers medical expenses and loss of
pay to workers injured on the job.
Question:
Advertising.
Answer:
the art of making the public aware of the services or commodities that the business has for sale.
Question:
Age Discrimination in Employment Act.
Answer:
federal legislation that requires employers to treat applicants and employees equally regardless of
age.
,Question:
American with Disabilities Act.
Answer:
legislation that guarantees disabled people equal access to employment, as well as access to public
places.
Question:
Angels.
Answer:
private investors who are willing to supply financing for new/or risky small venture start ups.
Question:
Bona Fide Occupational Qualification.
Answer:
a qualification that is absolutely necessary for the job; it is an allowed and approved reason for
discrimination.
Question:
Business.
Answer:
an organization that combines inputs of raw material, capital, labor, and management skills to
produce useful outputs of goods and services so as to earn a profit.
Question:
Business Plan.
Answer:
a written description of a new idea that projects marketing, operational, and financial aspects of a
proposed business.
, Question:
Business Policies.
Answer:
fundamental statements that serve as guides to management practice.
Question:
Cash Discounts.
Answer:
2/10, n/30 = 2% discount if paid 10 days from date of invoice/net amount must be paid within 30
days of invoice.
Question:
Census of Business.
Answer:
source of market data that explains where certain businesses are located.
Question:
Census of Housing.
Answer:
source of market data that keeps track of new home sales by region and/or the construction of new
houses by region and specific area.
Question:
Census of Manufacturing.
Answer:
source of market data that explains where certain manufacturers are located.
Question:
Census of Population.
