AINS 103 TEST EXAM | NEWEST ACTUAL
EXAM COMPLETE QUESTIONS AND
VERIFIED ANSWERS GRADED A+ | 100%
PASS | 2025 UPDATE!
Which one of the following is the first step in the enterprise risk
management (ERM) process?
Scan the environment
Which one of the following is a policy that covers the crime loss
exposures of financial institutions such as banks, savings and loan
institutions, and insurance companies?
Financial institution bond
Perils are an important aspect of property insurance. Which one of the
following statements is correct with respect to perils?
A peril is the actual means by which property is damaged or destroyed
such as fire, lightning, windstorm, hail, or theft.
,Raw Goods, an organization that supplies raw materials is evaluating its
options to insure a few shipments of goods per year to its distributor.
Which one of the following types of inland/ocean marine insurance
would likely be most appropriate?
Trip transit insurance
Which one of the following statements regarding process mining is
true?
Process mining differs from typical data mining in that process mining
applies results to an entire process.
Many insurers have embraced the use of data mining in the claims
process because of its ability to help do which one of the following?
Detect fraudulent claims
In business income insurance, the expenses that an organization would
not have incurred if the business interruption had not occurred are
called
Extra expenses.
,A contractor is hired to install a new concrete sidewalk in front of a
store. Several weeks after the sidewalk was installed, the concrete
buckles and a passerby trips and falls on the buckled sidewalk. The
passerby sues the contractor to recover medical expenses incurred due
to the fall. This commercial liability loss is categorized as
Completed operations liability.
Fancy Dress Shop is a small specialty clothing boutique for women.
Liability claims against Fancy Dress Shop would most likely arise from its
Premises and operations exposure.
Joe Motors, which services automobiles, wants to maintain the
goodwill of its customers. This is best accomplished by
Purchasing garagekeepers insurance.
An email was sent to a company's employees containing a harmful
attachment. Several employees opened the attachment which allowed
hackers to obtain customer contact information. This cyber risk loss is
Damage to intangible property.
, An individual owns a web-based business. All sales records and contact
data are maintained on the same network server as the website.
Someone hacks into the server and deletes all of the saved data. Which
one of the following types of loss is this?
Intangible property
Which one of the following components of the commercial property
part of a commercial package policy can be used to tailor the coverage
to meet the specialized needs of a particular insured or eliminate
exposure that the underwriter is unwilling to insure?
Endorsements
Cameron has a Commercial Package Policy (CPP) that has a Building and
Personal Property Coverage Form (BPP) with a Causes of Loss - Broad
Form covering his building with a $750,000 limit. A tropical storm struck
Cameron's building and the strong winds tore most of the shingles from
the building's roof and shattered multiple windows with flying debris.
The total amount of damages was $20,000 for the windows and
$20,000 for the shingles. Ignoring any deductibles that may apply, how
much will Cameron's insurer pay for damage to his windows and
shingles?
$40,000
EXAM COMPLETE QUESTIONS AND
VERIFIED ANSWERS GRADED A+ | 100%
PASS | 2025 UPDATE!
Which one of the following is the first step in the enterprise risk
management (ERM) process?
Scan the environment
Which one of the following is a policy that covers the crime loss
exposures of financial institutions such as banks, savings and loan
institutions, and insurance companies?
Financial institution bond
Perils are an important aspect of property insurance. Which one of the
following statements is correct with respect to perils?
A peril is the actual means by which property is damaged or destroyed
such as fire, lightning, windstorm, hail, or theft.
,Raw Goods, an organization that supplies raw materials is evaluating its
options to insure a few shipments of goods per year to its distributor.
Which one of the following types of inland/ocean marine insurance
would likely be most appropriate?
Trip transit insurance
Which one of the following statements regarding process mining is
true?
Process mining differs from typical data mining in that process mining
applies results to an entire process.
Many insurers have embraced the use of data mining in the claims
process because of its ability to help do which one of the following?
Detect fraudulent claims
In business income insurance, the expenses that an organization would
not have incurred if the business interruption had not occurred are
called
Extra expenses.
,A contractor is hired to install a new concrete sidewalk in front of a
store. Several weeks after the sidewalk was installed, the concrete
buckles and a passerby trips and falls on the buckled sidewalk. The
passerby sues the contractor to recover medical expenses incurred due
to the fall. This commercial liability loss is categorized as
Completed operations liability.
Fancy Dress Shop is a small specialty clothing boutique for women.
Liability claims against Fancy Dress Shop would most likely arise from its
Premises and operations exposure.
Joe Motors, which services automobiles, wants to maintain the
goodwill of its customers. This is best accomplished by
Purchasing garagekeepers insurance.
An email was sent to a company's employees containing a harmful
attachment. Several employees opened the attachment which allowed
hackers to obtain customer contact information. This cyber risk loss is
Damage to intangible property.
, An individual owns a web-based business. All sales records and contact
data are maintained on the same network server as the website.
Someone hacks into the server and deletes all of the saved data. Which
one of the following types of loss is this?
Intangible property
Which one of the following components of the commercial property
part of a commercial package policy can be used to tailor the coverage
to meet the specialized needs of a particular insured or eliminate
exposure that the underwriter is unwilling to insure?
Endorsements
Cameron has a Commercial Package Policy (CPP) that has a Building and
Personal Property Coverage Form (BPP) with a Causes of Loss - Broad
Form covering his building with a $750,000 limit. A tropical storm struck
Cameron's building and the strong winds tore most of the shingles from
the building's roof and shattered multiple windows with flying debris.
The total amount of damages was $20,000 for the windows and
$20,000 for the shingles. Ignoring any deductibles that may apply, how
much will Cameron's insurer pay for damage to his windows and
shingles?
$40,000
