AINS Practice Exam Review
Other Structure" - ANS-Covered by using coverage but underneath separate policy limits
A honest approach to liability claims is to... - ANS-examine claims as even though no coverage
restrict existed
A overseas insurer's license is renewed - ANS-annually
A risk retention organization can write coverage most effective for its members, and it is able to
write... - ANS-handiest commercial legal responsibility coverage
Account Current Basis - ANS-Producer periodically prepares a assertion displaying the rates
due to the insurer, after deducting appropriate commissions, and transmits the amount to the
insurer. The business enterprise contract will indicate how frequently the manufacturer need to
publish the account modern statement (usually month-to-month). Producer ought to pay when
top rate is due, even though policyholder hasn't paid.
Acquisition Expenses = - ANS-Sales salaries (bonuses and commissions) + marketing prices
ACV - Salvage Value - ANS-Constructive Total Loss or not
Agency Bill - ANS-Payment system wherein a manufacturer sends premium bills to the insured,
collects the top class, and sends the top rate to the insurer, less any commission
Agency Expiration List - ANS-An organization's maximum precious asset (does no longer
belong to insurer)
Alien Insurer - ANS-An insurer domiciled in a rustic other than the United States
Apparent Authority - ANS-when an agent acts on behalf of a primary in way that become now
not supposed but that the 1/3 birthday party believes is sufficient
Broad assertion of insurer's promises in a policy - ANS-Insuring Agreement
Case Reserve - ANS-Loss reserve assigned to an person claim
CGL guidelines exclude... - ANS-plane liability coverage
, Class Rating - ANS-A score technique that uses rates reflecting the average probability of loss
for agencies within huge groups of similar risks; the major technique for determining price for
industrial properties
Coinsurance - ANS-Reduces amount of restoration if a assets is underinsured
Constructive Total Loss - ANS-A loss that occurs when the price to restore the broken property
plus its final salvage cost equals or exceeds the pre-loss cost
Contingent Commission - ANS-fee based on top rate quantity and profitability
Contract Law is a branch of - ANS-Civil Law
Damages for disfigurement are considered... - ANS-standard damages
Destructive competition inside the insurance enterprise may want to result in... - ANS-coverage
shortages
Direct Response Marketing System - ANS-Greatly reduces repayment costs however has
higher advertising fees
Distinguishing Characteristics of Insurance Policies - ANS-Contract of Indemnity
Contract of maximum precise religion
Contract related to fortuitous activities
Contract of adhesion
Conditional Contract
Nontransferable Contract
Domestic Insurer - ANS-An insurer doing commercial enterprise within the jurisdiction wherein it
turned into incorporated
During a disaster, an insurer ought to... - ANS-use abbreviated claims handling procedures,
increase settlement authority of producers, and settle all questions of valuation inside the
policyholder's prefer
Elements of a Contract - ANS-Legal cause, consideration and settlement
Enterprise-huge hazard management program (ERM) - ANS-Implemented at the company level
and manages all of an organization's key dangers and opportunities with the cause of
maximizing the business enterprise's price.
Estimating how huge the losses can be and the way frequently they may arise is required
underneath which one of the steps of the chance control method? - ANS-Analyzing loss
exposures
Other Structure" - ANS-Covered by using coverage but underneath separate policy limits
A honest approach to liability claims is to... - ANS-examine claims as even though no coverage
restrict existed
A overseas insurer's license is renewed - ANS-annually
A risk retention organization can write coverage most effective for its members, and it is able to
write... - ANS-handiest commercial legal responsibility coverage
Account Current Basis - ANS-Producer periodically prepares a assertion displaying the rates
due to the insurer, after deducting appropriate commissions, and transmits the amount to the
insurer. The business enterprise contract will indicate how frequently the manufacturer need to
publish the account modern statement (usually month-to-month). Producer ought to pay when
top rate is due, even though policyholder hasn't paid.
Acquisition Expenses = - ANS-Sales salaries (bonuses and commissions) + marketing prices
ACV - Salvage Value - ANS-Constructive Total Loss or not
Agency Bill - ANS-Payment system wherein a manufacturer sends premium bills to the insured,
collects the top class, and sends the top rate to the insurer, less any commission
Agency Expiration List - ANS-An organization's maximum precious asset (does no longer
belong to insurer)
Alien Insurer - ANS-An insurer domiciled in a rustic other than the United States
Apparent Authority - ANS-when an agent acts on behalf of a primary in way that become now
not supposed but that the 1/3 birthday party believes is sufficient
Broad assertion of insurer's promises in a policy - ANS-Insuring Agreement
Case Reserve - ANS-Loss reserve assigned to an person claim
CGL guidelines exclude... - ANS-plane liability coverage
, Class Rating - ANS-A score technique that uses rates reflecting the average probability of loss
for agencies within huge groups of similar risks; the major technique for determining price for
industrial properties
Coinsurance - ANS-Reduces amount of restoration if a assets is underinsured
Constructive Total Loss - ANS-A loss that occurs when the price to restore the broken property
plus its final salvage cost equals or exceeds the pre-loss cost
Contingent Commission - ANS-fee based on top rate quantity and profitability
Contract Law is a branch of - ANS-Civil Law
Damages for disfigurement are considered... - ANS-standard damages
Destructive competition inside the insurance enterprise may want to result in... - ANS-coverage
shortages
Direct Response Marketing System - ANS-Greatly reduces repayment costs however has
higher advertising fees
Distinguishing Characteristics of Insurance Policies - ANS-Contract of Indemnity
Contract of maximum precise religion
Contract related to fortuitous activities
Contract of adhesion
Conditional Contract
Nontransferable Contract
Domestic Insurer - ANS-An insurer doing commercial enterprise within the jurisdiction wherein it
turned into incorporated
During a disaster, an insurer ought to... - ANS-use abbreviated claims handling procedures,
increase settlement authority of producers, and settle all questions of valuation inside the
policyholder's prefer
Elements of a Contract - ANS-Legal cause, consideration and settlement
Enterprise-huge hazard management program (ERM) - ANS-Implemented at the company level
and manages all of an organization's key dangers and opportunities with the cause of
maximizing the business enterprise's price.
Estimating how huge the losses can be and the way frequently they may arise is required
underneath which one of the steps of the chance control method? - ANS-Analyzing loss
exposures
