AINS 102: Understanding Personal Insurance |
Newest Questions and Answers | 2026 Update |
Expert Verified
• Attachment . CORRECT ANSWER: The act of seizing property to secure a
judgment.
• Catastrophe . CORRECT ANSWER: A single event that causes widespread
losses.
• Civil law . CORRECT ANSWER: A classification of law that applies to legal
matters not governed by criminal law and that protects rights and provides
remedies for breaches of duties owed to others.
• Compensatory damages . CORRECT ANSWER: A payment awarded by a court
to reimburse a victim for actual harm.
• Compulsory auto insurance law . CORRECT ANSWER: Law that requires the
owners or operators of automobiles to carry automobile liability insurance at least
equal to certain minimum limits before the vehicle can be licensed or registered.
• Criminal law . CORRECT ANSWER: The branch of the law that imposes
penalties for wrongs against society.
• Cross-selling . CORRECT ANSWER: Selling new types of insurance products
to existing clients.
• Damages . CORRECT ANSWER: Money claimed by, or a monetary award to, a
party who has suffered loss or injury for which another party is legally responsible.
, • Deductible . CORRECT ANSWER: A portion of a covered loss that is not paid
by the insurer.
• Financial responsibility laws . CORRECT ANSWER: Law enacted to ensure that
motorists have the financial ability to pay for any property damage or bodily injury
they might cause as a result of driving or owning an auto.
• First party . CORRECT ANSWER: The insured in an insurance contract.
• Floater . CORRECT ANSWER: A policy designed to cover property that floats,
or moves, from location to location.
• Flood Insurance Rate Map (FIRM) . CORRECT ANSWER: A map that shows
exact boundaries for special flood hazard areas, the various flood zones, and base
flood elevations.
• General damages . CORRECT ANSWER: A monetary award to compensate a
victim for losses, such as pain and suffering, that do not involve specific,
measurable expenses.
• HO-3 Special Form . CORRECT ANSWER: Coverage for owner-occupants,
providing open perils coverage on buildings and specified perils coverage on
personal property.
• Hull insurance . CORRECT ANSWER: Insurance that covers physical damage
to vessels, including their machinery and fuel but not their cargo.
Newest Questions and Answers | 2026 Update |
Expert Verified
• Attachment . CORRECT ANSWER: The act of seizing property to secure a
judgment.
• Catastrophe . CORRECT ANSWER: A single event that causes widespread
losses.
• Civil law . CORRECT ANSWER: A classification of law that applies to legal
matters not governed by criminal law and that protects rights and provides
remedies for breaches of duties owed to others.
• Compensatory damages . CORRECT ANSWER: A payment awarded by a court
to reimburse a victim for actual harm.
• Compulsory auto insurance law . CORRECT ANSWER: Law that requires the
owners or operators of automobiles to carry automobile liability insurance at least
equal to certain minimum limits before the vehicle can be licensed or registered.
• Criminal law . CORRECT ANSWER: The branch of the law that imposes
penalties for wrongs against society.
• Cross-selling . CORRECT ANSWER: Selling new types of insurance products
to existing clients.
• Damages . CORRECT ANSWER: Money claimed by, or a monetary award to, a
party who has suffered loss or injury for which another party is legally responsible.
, • Deductible . CORRECT ANSWER: A portion of a covered loss that is not paid
by the insurer.
• Financial responsibility laws . CORRECT ANSWER: Law enacted to ensure that
motorists have the financial ability to pay for any property damage or bodily injury
they might cause as a result of driving or owning an auto.
• First party . CORRECT ANSWER: The insured in an insurance contract.
• Floater . CORRECT ANSWER: A policy designed to cover property that floats,
or moves, from location to location.
• Flood Insurance Rate Map (FIRM) . CORRECT ANSWER: A map that shows
exact boundaries for special flood hazard areas, the various flood zones, and base
flood elevations.
• General damages . CORRECT ANSWER: A monetary award to compensate a
victim for losses, such as pain and suffering, that do not involve specific,
measurable expenses.
• HO-3 Special Form . CORRECT ANSWER: Coverage for owner-occupants,
providing open perils coverage on buildings and specified perils coverage on
personal property.
• Hull insurance . CORRECT ANSWER: Insurance that covers physical damage
to vessels, including their machinery and fuel but not their cargo.
