1
Social Science Business Insurance
AINS 101 Exam Questions & Answers Latest
Update
Terms in this set (78)
The two main sectors of the insurance Property-casualty insurance and life-health insurance.
industry are
Because insurance contracts impose an Contract of utmost good faith.
obligation for ethical practices and
behaviors on the parties while dealing
with one another, an insurance contract is
called a
Earned premiums are shown on an Revenues
insurer's income statement because they
are
Destructive competition in the insurance Insurance Shortages 3 multiple choice options
industry could result in
Sean was driving and caused an injury to Insured and claimant and claims representative
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
Which one of these is most directly Leads and referrals that can be used to generate new business
associated with a satisfied customer? 3 multiple choice options
When conducting an advance audit, Classify the various exposures 3 multiple choice options
which of these tasks are performed to
assist underwriting?
Because the insurance company usually Contract of adhesion
determines policy wording and the
insured has little choice but to "take it or
leave it," an insurance contract is a
Smart products used to perform Robots 3 multiple choice options
repetitive tasks
1
, 2
What is the correct order for these steps Identifying the policy, calculating a loss reserve, determining the cause of loss,
in the claims process? Calculating a loss preparing a loss statement
reserve, preparing a loss statement,
identifying the policy, determining the
cause of loss
What is another name for a field Line Underwriter
underwriter?
Someone has the following duties: Field/Line Underwriter
evaluate applicants that producers
submit, present policy quotations,
process policy endorsements, help
explain coverages, make coverage
recommendations. What is their role?
In personal property-casualty insurance, Pre-printed policies
which is more common: manuscript forms
or pre-printed policies?
A policy begins with a coverage overview, then goes into more coverage details
Which statement is true?
3 multiple choice options
Which of these is an example of general Compensation for disfigurement 3 multiple choice options
damages?
What are the four quadrants of risk? Hazard, Operational, Financial, Strategic
What is a Hazard Risk? A risk that arises from property, liability, or personnel loss exposures.
A risk that arises from people or a failure in processes, systems, or controls,
What is an operational risk?
including those involving information technology
A risk that arises from the effect of market forces on financial assets or liabilities,
What is a financial risk?
including market risk, credit risk, liquidity risk, and price risk.
A risk that arises from trends in the economy and society, including changes in the
What is strategic risk?
economic, political, and competitive environments
A category of risk that cannot be controlled, and only has 2 outcomes: complete
What is Pure Risk?
loss or no loss
What type of risk has no change for gain Pure Risk
or profit?
Michael is a commercial lines underwriter. Monitor the underwriting decision 3 multiple choice options
He received a risk control report on a
new business that he had recently written
with Laura, one of his producers. After
reviewing the report, Michael contacted
Laura to let her know that they needed to
process a policy change request adding a
new classification and some exposures to
the general liability policy. These activities
are occurring during which one of the
following steps of the underwriting
process?
What is the difference between an An exclusive agency is contracted to sell insurance for one insurer or group of
independent agency and an exclusive insurers.
agency?
2
Social Science Business Insurance
AINS 101 Exam Questions & Answers Latest
Update
Terms in this set (78)
The two main sectors of the insurance Property-casualty insurance and life-health insurance.
industry are
Because insurance contracts impose an Contract of utmost good faith.
obligation for ethical practices and
behaviors on the parties while dealing
with one another, an insurance contract is
called a
Earned premiums are shown on an Revenues
insurer's income statement because they
are
Destructive competition in the insurance Insurance Shortages 3 multiple choice options
industry could result in
Sean was driving and caused an injury to Insured and claimant and claims representative
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
Which one of these is most directly Leads and referrals that can be used to generate new business
associated with a satisfied customer? 3 multiple choice options
When conducting an advance audit, Classify the various exposures 3 multiple choice options
which of these tasks are performed to
assist underwriting?
Because the insurance company usually Contract of adhesion
determines policy wording and the
insured has little choice but to "take it or
leave it," an insurance contract is a
Smart products used to perform Robots 3 multiple choice options
repetitive tasks
1
, 2
What is the correct order for these steps Identifying the policy, calculating a loss reserve, determining the cause of loss,
in the claims process? Calculating a loss preparing a loss statement
reserve, preparing a loss statement,
identifying the policy, determining the
cause of loss
What is another name for a field Line Underwriter
underwriter?
Someone has the following duties: Field/Line Underwriter
evaluate applicants that producers
submit, present policy quotations,
process policy endorsements, help
explain coverages, make coverage
recommendations. What is their role?
In personal property-casualty insurance, Pre-printed policies
which is more common: manuscript forms
or pre-printed policies?
A policy begins with a coverage overview, then goes into more coverage details
Which statement is true?
3 multiple choice options
Which of these is an example of general Compensation for disfigurement 3 multiple choice options
damages?
What are the four quadrants of risk? Hazard, Operational, Financial, Strategic
What is a Hazard Risk? A risk that arises from property, liability, or personnel loss exposures.
A risk that arises from people or a failure in processes, systems, or controls,
What is an operational risk?
including those involving information technology
A risk that arises from the effect of market forces on financial assets or liabilities,
What is a financial risk?
including market risk, credit risk, liquidity risk, and price risk.
A risk that arises from trends in the economy and society, including changes in the
What is strategic risk?
economic, political, and competitive environments
A category of risk that cannot be controlled, and only has 2 outcomes: complete
What is Pure Risk?
loss or no loss
What type of risk has no change for gain Pure Risk
or profit?
Michael is a commercial lines underwriter. Monitor the underwriting decision 3 multiple choice options
He received a risk control report on a
new business that he had recently written
with Laura, one of his producers. After
reviewing the report, Michael contacted
Laura to let her know that they needed to
process a policy change request adding a
new classification and some exposures to
the general liability policy. These activities
are occurring during which one of the
following steps of the underwriting
process?
What is the difference between an An exclusive agency is contracted to sell insurance for one insurer or group of
independent agency and an exclusive insurers.
agency?
2
