AINS 101 Increasing Your Insurance IQ Exam| Questions and Verified Answers| 100% Correct| Grade A (Latest 2023/ 2024 Update)

AINS 101 Increasing Your Insurance IQ Exam| Questions and Verified Answers| 100% Correct| Grade A (Latest 2023/ 2024 Update) Q: In personal property-casualty insurance, which is more common: manu- script forms or pre-printed policies? Answer: Pre-printed policies Q: Which statement is true? Answer: A policy begins with a coverage overview, then goes into more coverage details Q: Which of these is an example of general damages? Answer: Compensation for disfigurement Q: What are the four quadrants of risk? Answer: Hazard, Operational, Financial, Strate- gic Q: What is a Hazard Risk? Answer: A risk that arises from property, liability, or personnel loss exposures. Q: What is an operational risk? Answer: A risk that arises from people or a failure in processes, systems, or controls, including those involving information technology Q: What is a financial risk? Answer: A risk that arises from the effect of market forces on financial assets or liabilities, including market risk, credit risk, liquidity risk, and price risk. Q: What is strategic risk? Answer: A risk that arises from trends in the economy and society, including changes in the economic, political, and competitive environments Q: What is Pure Risk? Answer: A category of risk that cannot be controlled, and only has 2 outcomes: complete loss or no loss Q: What type of risk has no change for gain or profit? Answer: Pure Risk