AINS 101 Simulated Exam With 100% Correct Answers

AINS 101 Simulated Exam With 100% Correct Answers A liability loss has the following damages: Medical expenses:$10,000Damages for disfigurement:$50,000Damages for pain and suffering:$100,000 What is the amount of special damages? - answer$10,000 Which one of the following best explains why producers should be alert to changes in clients' loss exposures? - answerImplemented risk management techniques may prove to be ineffective or become obsolete Because the insurance company usually determines policy wording and the insured has little choice but to "take it or leave it," an insurance contract is a - answerContract of adhesion Which one of the following is the amount of business an insurer can write based on regulatory guidelines, usually a comparison of the insurer's written premiums to the policyholders' surplus? - answerCapacity Jennie recently purchased a personal auto policy from Westcox Insurers. Three weeks later, Jennie reported her car was stolen from her driveway during the middle of the day. Upon further investigation, claims representative Harry finds out the home address he has on file for Jennie does not match the location where the theft occurred. In light of this scenario, which one of the following would be particularly helpful for Harry to pursue concerning Jenny's claim? - answerHarry can verify Jennie's address and other possible helpful information by reviewing her policy which has her original application information attached. Because insurance contracts impose an obligation for ethical practices and behaviors on the parties while dealing with one another, an insurance contract is called a - answerContract of utmost good faith Joe is the owner of JG Auto Repair. He is always frustrated with the amount of commercial insurance premium he pays every year, even though he has not had a single claim in over 10 years. Joe is looking to partner with an insurance company that will share its profits and maybe return a portion of his premium if the results are good. Which one of the following types of insurer is the right fit for Joe? - answerMutual insurer Sota's Superstore has recently become an insured of Keithly Insurance Company. Kaito, Keithly's premium auditor, is being sent to conduct an advance audit. Which one of the following tasks will Kaito do to assist underwriting? - answerClassify the various exposures If an insured wants to receive "new for old" in the event of a property loss, he or she would purchase - answerReplacement cost Erin has recently graduated from college and relocated to Chicago. She has purchased a car and rented an apartment and now needs to purchase insurance. She is comfortable buying from social media recommendations and recently was impressed with an insurer sending her coverage details online with a minimum of forms and salesperson interactions. Which one of the following is likely the best distribution channel to meet Eri