AINS Practice Exam Review
"Other Structure" - ANS-Covered via coverage however beneath separate coverage limits
A fair technique to liability claims is to... - ANS-examine claims as though no insurance limit
existed
A overseas insurer's license is renewed - ANS-annually
A chance retention institution can write insurance handiest for its individuals, and it can write... -
ANS-best commercial liability insurance
Account Current Basis - ANS-Producer periodically prepares a announcement showing the
premiums because of the insurer, after deducting appropriate commissions, and transmits the
amount to the insurer. The enterprise settlement will suggest how regularly the producer ought
to submit the account cutting-edge statement (commonly month-to-month). Producer must pay
whilst premium is due, even if policyholder hasn't paid.
Acquisition Expenses = - ANS-Sales salaries (bonuses and commissions) + marketing fees
ACV - Salvage Value - ANS-Constructive Total Loss or now not
Agency Bill - ANS-Payment process wherein a producer sends premium bills to the insured,
collects the top rate, and sends the top rate to the insurer, less any fee
Agency Expiration List - ANS-An enterprise's most precious asset (does now not belong to
insurer)
Alien Insurer - ANS-An insurer domiciled in a rustic other than the United States
Apparent Authority - ANS-whilst an agent acts on behalf of a predominant in way that turned
into not supposed however that the 0.33 celebration believes is enough
Broad announcement of insurer's promises in a policy - ANS-Insuring Agreement
Case Reserve - ANS-Loss reserve assigned to an character claim
CGL policies exclude... - ANS-plane legal responsibility insurance
Class Rating - ANS-A score approach that makes use of charges reflecting the average chance
of loss for groups within big corporations of comparable risks; the most important technique for
determining charge for industrial homes
, Coinsurance - ANS-Reduces amount of recuperation if a property is underinsured
Constructive Total Loss - ANS-A loss that happens whilst the cost to repair the damaged
belongings plus its last salvage cost equals or exceeds the pre-loss price
Contingent Commission - ANS-fee based totally on premium quantity and profitability
Contract Law is a branch of - ANS-Civil Law
Damages for disfigurement are taken into consideration... - ANS-widespread damages
Destructive competition inside the insurance industry may want to cause... - ANS-insurance
shortages
Direct Response Marketing System - ANS-Greatly reduces reimbursement fees but has higher
advertising prices
Distinguishing Characteristics of Insurance Policies - ANS-Contract of Indemnity
Contract of maximum properly faith
Contract related to fortuitous events
Contract of adhesion
Conditional Contract
Nontransferable Contract
Domestic Insurer - ANS-An insurer doing business in the jurisdiction in which it become included
During a disaster, an insurer ought to... - ANS-use abbreviated claims dealing with procedures,
growth agreement authority of producers, and settle all questions of valuation inside the
policyholder's desire
Elements of a Contract - ANS-Legal reason, attention and agreement
Enterprise-wide risk control software (ERM) - ANS-Implemented on the corporate degree and
manages all of an company's key dangers and opportunities with the rationale of maximizing the
agency's cost.
Estimating how huge the losses may be and the way often they'll arise is required underneath
which one of the steps of the chance control process? - ANS-Analyzing loss exposures
Experience Rating - ANS-A rating plan that adjusts the top rate for the cutting-edge policy
duration to understand the loss enjoy of the insured organisation at some stage in beyond
coverage periods
"Other Structure" - ANS-Covered via coverage however beneath separate coverage limits
A fair technique to liability claims is to... - ANS-examine claims as though no insurance limit
existed
A overseas insurer's license is renewed - ANS-annually
A chance retention institution can write insurance handiest for its individuals, and it can write... -
ANS-best commercial liability insurance
Account Current Basis - ANS-Producer periodically prepares a announcement showing the
premiums because of the insurer, after deducting appropriate commissions, and transmits the
amount to the insurer. The enterprise settlement will suggest how regularly the producer ought
to submit the account cutting-edge statement (commonly month-to-month). Producer must pay
whilst premium is due, even if policyholder hasn't paid.
Acquisition Expenses = - ANS-Sales salaries (bonuses and commissions) + marketing fees
ACV - Salvage Value - ANS-Constructive Total Loss or now not
Agency Bill - ANS-Payment process wherein a producer sends premium bills to the insured,
collects the top rate, and sends the top rate to the insurer, less any fee
Agency Expiration List - ANS-An enterprise's most precious asset (does now not belong to
insurer)
Alien Insurer - ANS-An insurer domiciled in a rustic other than the United States
Apparent Authority - ANS-whilst an agent acts on behalf of a predominant in way that turned
into not supposed however that the 0.33 celebration believes is enough
Broad announcement of insurer's promises in a policy - ANS-Insuring Agreement
Case Reserve - ANS-Loss reserve assigned to an character claim
CGL policies exclude... - ANS-plane legal responsibility insurance
Class Rating - ANS-A score approach that makes use of charges reflecting the average chance
of loss for groups within big corporations of comparable risks; the most important technique for
determining charge for industrial homes
, Coinsurance - ANS-Reduces amount of recuperation if a property is underinsured
Constructive Total Loss - ANS-A loss that happens whilst the cost to repair the damaged
belongings plus its last salvage cost equals or exceeds the pre-loss price
Contingent Commission - ANS-fee based totally on premium quantity and profitability
Contract Law is a branch of - ANS-Civil Law
Damages for disfigurement are taken into consideration... - ANS-widespread damages
Destructive competition inside the insurance industry may want to cause... - ANS-insurance
shortages
Direct Response Marketing System - ANS-Greatly reduces reimbursement fees but has higher
advertising prices
Distinguishing Characteristics of Insurance Policies - ANS-Contract of Indemnity
Contract of maximum properly faith
Contract related to fortuitous events
Contract of adhesion
Conditional Contract
Nontransferable Contract
Domestic Insurer - ANS-An insurer doing business in the jurisdiction in which it become included
During a disaster, an insurer ought to... - ANS-use abbreviated claims dealing with procedures,
growth agreement authority of producers, and settle all questions of valuation inside the
policyholder's desire
Elements of a Contract - ANS-Legal reason, attention and agreement
Enterprise-wide risk control software (ERM) - ANS-Implemented on the corporate degree and
manages all of an company's key dangers and opportunities with the rationale of maximizing the
agency's cost.
Estimating how huge the losses may be and the way often they'll arise is required underneath
which one of the steps of the chance control process? - ANS-Analyzing loss exposures
Experience Rating - ANS-A rating plan that adjusts the top rate for the cutting-edge policy
duration to understand the loss enjoy of the insured organisation at some stage in beyond
coverage periods
