AINS 101 Exam Questions With 100% Correct Answers

AINS 101 Exam Questions With 100% Correct Answers Risk control can assist the claims department byanswerProviding laboratory analyses. Sports, Inc. is looking to obtain a commercial property policy on its building for $400,000. If their insurer decides to charge them a rate of $0.50 per $100 of building insurance, what premium must Sports, Inc. pay?answer$2,000 Which one of the following is the correct formula for calculating an insurer's combined ratio?answerLoss ratio + expense ratio Maria is a new producer who wears many hats when forming relationships and then serving her established customers. In this capacity, which one of the following scenarios most accurately describes her ongoing work wearing the hat of "claims handler"?answerVeronica directly contacts Maria for guidance on how to report a stolen car, Maria provides that, and claims rep Sean takes over after an introduction from Maria. 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. Erin has recently graduated from college and relocated to Chicago. She has purchased a car and rented an apartment and now needs to purchase insurance. Erin is looking for minimum coverages and the lowest price available. Which one of the following is likely the best distribution system to meet Erin's needs?answerDirect response 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. If an insured wants to receive "new for old" in the event of a property loss, he or she would purchase:answerReplacement cost James West is a claims rep with Hatters Insurance. As he learns how to handle a claim from start to finish, which one of the following best describes the correct order for him to follow during this process?answerIdentifying the policy, calculating a loss reserve, determining the cause of loss, preparing a loss statement John's two-year-old bicycle was stolen. The bicycle's purchase price was $700, its current replacement cost is $800, and depreciation was estimated at $450. What was the bicycle's actual cash value?answer$350 -- $800 - $