ains 103ains 103 questions answers graded A+

Loss exposure - ANS-Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Property loss exposure - ANS-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. Real property (realty) - ANS-Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land. Personal property - ANS-All tangible or intangible property that is not real property Business personal property - ANS-Stock, furniture, fixtures, equipment and machinery, tenant's improvements and betterments, and other personal property owned by the insured Fixture - ANS-Any personal property affixed to real property in such a way as to become part of the real property Money - ANS-Currency, coins, bank notes, and sometimes traveler's checks, credit card slips, and money orders held for sale to the public Securities - ANS-Written instruments representing either money or other property, such as stocks and bonds Peril - ANS-The cause of a loss Business income insurance - ANS-Insurance that covers the reduction in an organization's income when operations are interrupted by damage to property caused by a covered peril Business interruption - ANS-Loss of revenue that a business or another organization sustains because its operations are suspended as a result of physical injury to its property Profit - ANS-Net income that results when revenues exceed expenses Continuing expenses - ANS-Expenses that continue to be incurred during a business interruption Extra expenses - ANS-Expenses, in addition to ordinary expenses, that an organization incurs to mitigate the effects of a business interruption Liability - ANS-A legal responsibility for the consequences of an act or omission Liability loss exposure - ANS-Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for injury or damage suffered by another party