AINS 101 Final Exam Questions and Answers 100% Pass

AINS 101 Final Exam Questions and Answers 100% Pass


1. The two main sectors of the insurance industry are: Property-casualty insur- ance and life-
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health insurance. t


2. Because insurance contracts impose an obligation for ethical practices and behaviors on t
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he parties while dealing with one another, an insurance contract is called a: Contract of utmo
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st good faith.
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3. Earned premiums are shown on an insurer's income statement because they are: Rev
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enues
4. Destructive competition in the insurance industry could result in: Insurance Shortages
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5. Sean was driving and caused an injury to a pedestrian named Wilbur. In the context of
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the resulting claim made to Sean's insurance company and assigned to Andrea in the cla
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ims department, Sean and Wilbur and Andrea are, respectively: Insured and claimant and
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claims representative t


6. Which one of these is most directly associated with a satisfied customer?-
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: Leads and referrals that can be used to generate new business
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7. When conducting an advance audit, which of these tasks are performed to assist underw
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riting?: Classify the various exposures
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8. Because the insurance company usually determines policy wording and the insured has lit
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tle choice but to "take it or leave it," an insurance contract is a: Contract of adhesion
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9. Smart products used to perform repetitive tasks: Robots
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10. What is the correct order for these steps in the claims process? Calculating a loss reserve,
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preparing a loss statement, identifying the policy, determining the cause of loss: Identifying t
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he policy, calculating a loss reserve, determining the cause of loss, preparing a loss statement
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11. What is another name for a field underwriter?: Line Underwriter
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12. Someone has the following duties: evaluate applicants that producers submit,present
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policy quotations, process policy endorsements, help explain coverages, make coverage re
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commendations.What is their role?: Field/Line Underwriter t t t t t t


13. In personal property-casualty insurance, which is more common: manu-
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, script forms or pre-printed policies?: Pre-printed policies
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14. Which statement is true?: A policy begins with a coverage overview, then goes into more cov
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erage details
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15. Which of these is an example of general damages?: Compensation for disfigureme
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nt
16. What are the four quadrants of risk?: Hazard, Operational, Financial, Strate- gic
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