AINS 101 - Course exam Questions with 100% Correct Answers

AINS 101 - Course exam Questions with 100% Correct Answers The primary role of insurance is to - answerIndemnify individuals and organizations for covered losses. As a single mother on a very tight budget, Ciara is tempted to skimp on her insurance. However, her friend Mehmet tells her not to skimp on insurance, because it will help manage her cash flows. Which one of the following examples best illustrates Mehmet's point? - answerWhen her car's windshield breaks, Ciara has to pay only $100 of the $600 cost of replacing it. A homeowners policy is a type of - answerPersonal property-casualty insurance policy. Coverage for money and other business property from various causes of loss such as burglary, robbery, theft, and employee dishonesty typically is provided by - answerCommercial crime insurance. Which one of the following describes the characteristics of a mutual insurance company? - answerA corporation owned by policyholders that provides insurance to its policyholders. An insurer that was formed for the purpose of earning a profit for its stockholders is a - answerStock insurer Autonomous Vehicle Applications (AVA) is a start-up company that develops safety technologies that can be sold to companies that are producing autonomous vehicles. One technology AVA is developing allows an autonomous vehicle to detect, extract, and analyze images; and then to respond to the images. For example, the technology would detect a presence in a crosswalk, extract the image, and a computer would analyze the image. When the image was determined to be a human being, the vehicle would slow down or stop until the crosswalk was clear. This technology, which is designed to capture and analyze images, and to act on the recognition of the image; is called - answerComputer vision In an effort to reduce expenses, increase profitability, and reduce human errors; ABC Insurance Company decided to automate most of its personal lines underwriting function. The company now uses standardized application forms that are submitted electronically to one of the company's regional offices. At each regional office, a computer with a scanner reads the applications. The computer has been programmed with acceptable answers to the questions. If the answers on the application are all acceptable, the policy is automatically issued. Rejected applications are automatically forwarded to a human underwriter who reviews them. The use of this technology has reduced the company's expense ratio by two and a half percent, and reduced the time it takes to issue a policy. ABC Insurance Company's use of computers to evaluate applications electronically is an application of - answerArtificial intelligence Carlos is new to the insurance business and is learning about insurance regulation and what he, now working with Grady Insurance, will need to be aware of regarding the subject of compliance. Which one of the following will Carlos find is accurate as he better understands why insurance is regulated? - answerInsurance regulation protects customers by guaranteeing insurance is available and accessible t