AINS 101 Simulated Exam With 100% Correct Answers

AINS 101 Simulated Exam With 100% Correct Answers A liability loss has the following damages: Medical expenses:$10,000Damages for disfigurement:$50,000Damages for pain and suffering:$100,000 What is the amount of special damages? - answer$10,000 Which one of the following best explains why producers should be alert to changes in clients' loss exposures? - answerImplemented risk management techniques may prove to be ineffective or become obsolete Because the insurance company usually determines policy wording and the insured has little choice but to "take it or leave it," an insurance contract is a - answerContract of adhesion Which one of the following is the amount of business an insurer can write based on regulatory guidelines, usually a comparison of the insurer's written premiums to the policyholders' surplus? - answerCapacity Jennie recently purchased a personal auto policy from Westcox Insurers. Three weeks later, Jennie reported her car was stolen from her driveway during the middle of the day. Upon further investigation, claims representative Harry finds out the home address he has on file for Jennie does not match the location where the theft occurred. In light of this scenario, which one of the following would be particularly helpful for Harry to pursue concerning Jenny's claim? - answerHarry can verify Jennie's address and other possible helpful information by reviewing her policy which has her original application information attached. Because insurance contracts impose an obligation for ethical practices and behaviors on the parties while dealing with one another, an insurance contract is called a - answerContract of utmost good faith Joe is the owner of JG Auto Repair. He is always frustrated with the amount of commercial insurance premium he pays every year, even though he has not had a single claim in over 10 years. Joe is looking to partner with an insurance company that will share its profits and maybe return a portion of his premium if the results are good. Which one of the following types of insurer is the right fit for Joe? - answerMutual insurer