AINS 101 Question with Verified 100 % correct answers.

AINS 101 Question with Verified 100 % correct answers. The two main sectors of the insurance industry are:Answer: Propertycasualty insur- ance and life-health insurance. 2. 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:Answer: Contract of utmost good faith. 3. Earned premiums are shown on an insurer's income statement because they are:Answer: Revenues 4. Destructive competition in the insurance industry could result in:Answer: Insurance Shortages 5. Sean was driving and caused an injury to a pedestrian named Wilbur. In the context of the resulting claim made to Sean's insurance company and assigned to Andrea in the claims department, Sean and Wilbur and Andrea are, respectively:Answer: Insured and claimant and claims representative 2 / 5 6. Which one of these is most directly associated with a satisfied customer?- :Answer: Leads and referrals that can be used to generate new business 7. When conducting an advance audit, which of these tasks are performed to assist underwriting?:Answer: Classify the various exposures 8. 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:Answer: Contract of adhesion 9. Smart products used to perform repetitive tasks:Answer: Robots 10. What is the correct order for these steps in the claims process? Calculating a loss reserve, preparing a loss statement, identifying the policy, determining the cause of loss:Answer: Identifying the policy, calculating a loss reserve, determining the cause of loss, preparing a loss statement 11. What is another name for a field underwriter?:Answer: Line Underwriter 12. Someone has the following duties:Answer: evaluate applicants that producers submit, present policy quotations, process policy endorsements, help explain coverages, make coverage recommendations. What is their role?:Answer: Field/Line Underwriter