AINS 101 Simulated Exam With 100% Correct Answers 2024

AINS 101 Simulated Exam With 100% Correct Answers 2024 For a loss exposure to be ideally insurable it must be definite in (3 things) - answertime, cause, location The two main sectors of the insurance industry are - answerP/C and life-health Rachel is a new employee of Westley Insurance, and has been asked to review some existing policies to become familiar with the types of policies she will be working with. Which one of the following will Rachel find is true as she conducts her review? - answerPolicy begins with a coverage overview and then goes into more coverage details. Riley Turner is performing a comprehensive evaluation of Hardwick Enterprises to make sure its insurance and risk management efforts are serving the organization appropriately. Which one of the following will be true in regard to this effort? - answerBesides risk management goals being attainable, they should also pose a challenge. Earned premiums are the portion of written premiums that - answerApply to the part of the policy period that has already occurred. 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. The processing of almost every claim involves which one of the following activities? - answerDetermining the amount of damages or extent of loss Earned premiums are shown on an insurer's income statement because they are - answerRevenues Windsor Insurance has sold more personal auto policies in the recent quarter than ever before in its history, thanks to new commission incentives for ambitious staff members. Even though Windsor is collecting more money upfront, it is actually making less per policy after remitting the higher commissions. Some claim payments are also now being delayed, resulting in many complaints against the company. Which one of the following objectives of insurance regulation is not being realized through this scenario? - answerMaintaining insurer solvency Allian Insurance Company is a growing regional insurer selling policies in three states, specializing in personal auto and homeowners policies. Which one of the following is most likely true regarding Allian and the policies it sells? - answerAllian issues more preprinted policies than manuscript forms. Risk control can assist the claims department by - answerProviding laboratory analyses. Which one of the following is the amount of business an insurer can write based on regulatory guidelines, usually a comparsion of the insurer's written premiums to the policyholders' surplus? - answerCapacity Rachel is considering investing in the stock of an insurance company. Which one of the following is likely to provide the best indication of the insurer's financial position at this point in time? - answerBalance sh