AINS 103 Questions with CORRECT Answers

AINS 103 Questions with CORRECT Answers

Question:
Loss exposure
Answer:
Any condition or situation that presents a possibility of loss, whether or not an actual
loss occurs.


Question:
Property loss exposure
Answer:
A condition that presents the possibility that a person or an organization will sustain a
loss resulting from damage (including destruction, taking, or loss of use) to property in
which that person or organization has a financial interest.


Question:
Real property (realty)
Answer:
Tangible property consisting of land, all structures permanently attached to the land,
and whatever is growing on the land.


Question:
Personal property
Answer:
All tangible or intangible property that is not real property


Question:
Business personal property
Answer:
Stock, furniture, fixtures, equipment and machinery, tenant's improvements and
betterments, and other personal property owned by the insured

, Question:
Fixture
Answer:
Any personal property affixed to real property in such a way as to become part of the
real property


Question:
Money
Answer:
Currency, coins, bank notes, and sometimes traveler's checks, credit card slips, and
money orders held for sale to the public


Question:
Securities
Answer:
Written instruments representing either money or other property, such as stocks and
bonds


Question:
Peril
Answer:
The cause of a loss


Question:
Business income insurance
Answer:
Insurance that covers the reduction in an organization's income when operations are
interrupted by damage to property caused by a covered peril


Question:
Business interruption
Answer:
Loss of revenue that a business or another organization sustains because its operations
are suspended as a result of physical injury to its property