AINS 101
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1. The two main sectors of the insurance industry Property-casualty in-
are surance and life-health
insurance.
2. Because insurance contracts impose an obliga- Contract of utmost
tion for ethical practices and behaviors on the good faith.
parties while dealing with one another, an insur-
ance contract is called a
3. Earned premiums are shown on an insurer's in- Revenues
come statement because they are
4. Destructive competition in the insurance industry Insurance Shortages
could result in
5. Sean was driving and caused an injury to a pedes- Insured and claimant
trian named Wilbur. In the context of the resulting and claims representa-
claim made to Sean's insurance company and as- tive
signed to Andrea in the claims department, Sean
and Wilbur and Andrea are, respectively
6. Which one of these is most directly associated Leads and referrals
with a satisfied customer? that can be used to
generate new business
7. When conducting an advance audit, which of Classify the various ex-
these tasks are performed to assist underwriting? posures
8. Because the insurance company usually deter- Contract of adhesion
mines policy wording and the insured has little
choice but to "take it or leave it," an insurance
contract is a
9. Smart products used to perform repetitive tasks Robots
10. What is the correct order for these steps in Identifying the policy,
the claims process? Calculating a loss reserve, calculating a loss re-
preparing a loss statement, identifying the policy, serve, determining the
determining the cause of loss cause of loss, prepar-
ing a loss statement
, AINS 101
Study online at https://quizlet.com/_a5mcsq
11. What is another name for a field underwriter? Line Underwriter
12. Someone has the following duties: evaluate ap- Field/Line Underwriter
plicants that producers submit, present policy
quotations, process policy endorsements, help
explain coverages, make coverage recommenda-
tions. What is their role?
13. In personal property-casualty insurance, which is Pre-printed policies
more common: manuscript forms or pre-printed
policies?
14. Which statement is true? A policy begins with
a coverage overview,
then goes into more
coverage details
15. Which of these is an example of general dam- Compensation for dis-
ages? figurement
16. What are the four quadrants of risk? Hazard, Operational,
Financial, Strategic
17. What is a Hazard Risk? A risk that arises from
property, liability, or
personnel loss expo-
sures.
18. What is an operational risk? A risk that arises from
people or a failure
in processes, systems,
or controls, including
those involving infor-
mation technology
19. What is a financial risk? A risk that arises from
the effect of market
forces on financial as-
sets or liabilities, in-
Study online at https://quizlet.com/_a5mcsq
1. The two main sectors of the insurance industry Property-casualty in-
are surance and life-health
insurance.
2. Because insurance contracts impose an obliga- Contract of utmost
tion for ethical practices and behaviors on the good faith.
parties while dealing with one another, an insur-
ance contract is called a
3. Earned premiums are shown on an insurer's in- Revenues
come statement because they are
4. Destructive competition in the insurance industry Insurance Shortages
could result in
5. Sean was driving and caused an injury to a pedes- Insured and claimant
trian named Wilbur. In the context of the resulting and claims representa-
claim made to Sean's insurance company and as- tive
signed to Andrea in the claims department, Sean
and Wilbur and Andrea are, respectively
6. Which one of these is most directly associated Leads and referrals
with a satisfied customer? that can be used to
generate new business
7. When conducting an advance audit, which of Classify the various ex-
these tasks are performed to assist underwriting? posures
8. Because the insurance company usually deter- Contract of adhesion
mines policy wording and the insured has little
choice but to "take it or leave it," an insurance
contract is a
9. Smart products used to perform repetitive tasks Robots
10. What is the correct order for these steps in Identifying the policy,
the claims process? Calculating a loss reserve, calculating a loss re-
preparing a loss statement, identifying the policy, serve, determining the
determining the cause of loss cause of loss, prepar-
ing a loss statement
, AINS 101
Study online at https://quizlet.com/_a5mcsq
11. What is another name for a field underwriter? Line Underwriter
12. Someone has the following duties: evaluate ap- Field/Line Underwriter
plicants that producers submit, present policy
quotations, process policy endorsements, help
explain coverages, make coverage recommenda-
tions. What is their role?
13. In personal property-casualty insurance, which is Pre-printed policies
more common: manuscript forms or pre-printed
policies?
14. Which statement is true? A policy begins with
a coverage overview,
then goes into more
coverage details
15. Which of these is an example of general dam- Compensation for dis-
ages? figurement
16. What are the four quadrants of risk? Hazard, Operational,
Financial, Strategic
17. What is a Hazard Risk? A risk that arises from
property, liability, or
personnel loss expo-
sures.
18. What is an operational risk? A risk that arises from
people or a failure
in processes, systems,
or controls, including
those involving infor-
mation technology
19. What is a financial risk? A risk that arises from
the effect of market
forces on financial as-
sets or liabilities, in-
