AINS 101 Exam
Questions with
Correct Answers
petel petish [Date] [Course title]
, Loss exposure - correct answer: Any condition or situation that presents a
possibility of loss, whether or not an actual loss occurs.
Premium - correct answer: The price of the insurance provided for a specific
period.
Indemnify - correct answer: To restore a party who has sustained a loss to the
same financial position that party held before the loss occurred.
Insured - correct answer: Any person or organization who is insured under an
insurance policy.
Property-casualty insurance - correct answer: One of the two main sectors of
the insurance industry, encompassing numerous types of insurance, most of
which cover the financial consequences of damage to one's own property or
legal liability to others.
Life-health insurance - correct answer: One of the two main sectors of the
insurance industry, encompassing numerous types of insurance that cover
the financial consequences of death, injury or sickness.
Stock insurer - correct answer: An insurer that is owned by its stockholders
and formed as a corporation for the purpose of earning a profit for the
stockholders.
Mutual insurer - correct answer: An insurer that is owned by its policyholders
and formed as a corporation for the purpose of providing insurance to them.
Surplus lines insurer - correct answer: A nonadmitted insurer that is eligible
to insure risks that have been exported by a surplus lines licensee in
accordance with a surplus lines law.
Questions with
Correct Answers
petel petish [Date] [Course title]
, Loss exposure - correct answer: Any condition or situation that presents a
possibility of loss, whether or not an actual loss occurs.
Premium - correct answer: The price of the insurance provided for a specific
period.
Indemnify - correct answer: To restore a party who has sustained a loss to the
same financial position that party held before the loss occurred.
Insured - correct answer: Any person or organization who is insured under an
insurance policy.
Property-casualty insurance - correct answer: One of the two main sectors of
the insurance industry, encompassing numerous types of insurance, most of
which cover the financial consequences of damage to one's own property or
legal liability to others.
Life-health insurance - correct answer: One of the two main sectors of the
insurance industry, encompassing numerous types of insurance that cover
the financial consequences of death, injury or sickness.
Stock insurer - correct answer: An insurer that is owned by its stockholders
and formed as a corporation for the purpose of earning a profit for the
stockholders.
Mutual insurer - correct answer: An insurer that is owned by its policyholders
and formed as a corporation for the purpose of providing insurance to them.
Surplus lines insurer - correct answer: A nonadmitted insurer that is eligible
to insure risks that have been exported by a surplus lines licensee in
accordance with a surplus lines law.