AINS 102 (Latest Update) Understanding
Personal Insurance Exam Review | Questions and Verified
Answers | 100% Correct
Intentional tort - ans -A tort committed by a person who foresees (or should be
able to foresee) that his or her act will harm another person.
Internet of Things (IoT) - ans -A network of objects that transmit data to each
other and to central hubs through the internet.
Liability - ans -A legal responsibility for the consequences of an act or omission.
Liability loss exposure - ans -Any condition or situation that presents the
possibility of a claim alleging legal responsibility of a person or business for injury
or damage suffered by another party.
Loss history - ans -A listing of past claims, including the date of occurrence, the
line of business, the type or description of the claim, the date of the claim, the
amount paid, the amount reserved, and the claim's current status.
Named insured - ans -A person, corporation, partnership, or other entity
identified as an insured party in an insurance policy's declarations page.
Named peril - ans -A specific cause of loss listed and described in an insurance
policy. Also used to describe policies containing named perils.
Named perils coverage - ans -An insurance policy in which the covered causes of
loss are listed or "named" in the policy.
Negligence - ans -The failure to exercise the degree of care that a reasonable
person in a similar situation would exercise to avoid harming others.
NFIP emergency program - ans -Initial phase of a community's participation in the
National Flood Insurance Program, in which property owners in flood areas can
purchase limited amounts of insurance at subsidized rates.
, NFIP regular program - ans -Second phase of the National Flood Insurance
Program, in which the community agrees to adopt flood-control and land-use
restrictions and in which property owners purchase higher amounts of flood
insurance than under the emergency program.
Open perils coverage - ans -A type of policy or coverage that insures against risks
of direct physical loss except for those specifically excluded or limited by the
policy.
Open perils - ans -A type of policy or coverage that insures against direct physical
loss unless the loss is excluded or limited by the policy.
Other than collision (OTC) coverage - ans -Coverage for physical damage to a
covered auto resulting from any cause of loss except collision or a cause of loss
specifically excluded.
Peril - ans -The cause of a loss.
Perils of the seas - ans -Accidental causes of loss that are peculiar to the sea and
other bodies of water.
Personal injury protection (PIP) coverage - ans -Coverage that pays benefits,
regardless of fault, for medical expense, income loss, and other benefits, resulting
from bodily injury to occupants of a covered auto.
Personal property - ans -All tangible or intangible property that is not real
property.
Policy period - ans -The time frame, beginning with the inception date, during
which insurance coverage applies.
Postjudgment interest - ans -Interest that may accrue on damages after a
judgment has been entered in a court and before the money is paid.
Property loss exposure - ans -A condition that presents the possibility that a
person or an organization will sustain a loss resulting from damage (including
Personal Insurance Exam Review | Questions and Verified
Answers | 100% Correct
Intentional tort - ans -A tort committed by a person who foresees (or should be
able to foresee) that his or her act will harm another person.
Internet of Things (IoT) - ans -A network of objects that transmit data to each
other and to central hubs through the internet.
Liability - ans -A legal responsibility for the consequences of an act or omission.
Liability loss exposure - ans -Any condition or situation that presents the
possibility of a claim alleging legal responsibility of a person or business for injury
or damage suffered by another party.
Loss history - ans -A listing of past claims, including the date of occurrence, the
line of business, the type or description of the claim, the date of the claim, the
amount paid, the amount reserved, and the claim's current status.
Named insured - ans -A person, corporation, partnership, or other entity
identified as an insured party in an insurance policy's declarations page.
Named peril - ans -A specific cause of loss listed and described in an insurance
policy. Also used to describe policies containing named perils.
Named perils coverage - ans -An insurance policy in which the covered causes of
loss are listed or "named" in the policy.
Negligence - ans -The failure to exercise the degree of care that a reasonable
person in a similar situation would exercise to avoid harming others.
NFIP emergency program - ans -Initial phase of a community's participation in the
National Flood Insurance Program, in which property owners in flood areas can
purchase limited amounts of insurance at subsidized rates.
, NFIP regular program - ans -Second phase of the National Flood Insurance
Program, in which the community agrees to adopt flood-control and land-use
restrictions and in which property owners purchase higher amounts of flood
insurance than under the emergency program.
Open perils coverage - ans -A type of policy or coverage that insures against risks
of direct physical loss except for those specifically excluded or limited by the
policy.
Open perils - ans -A type of policy or coverage that insures against direct physical
loss unless the loss is excluded or limited by the policy.
Other than collision (OTC) coverage - ans -Coverage for physical damage to a
covered auto resulting from any cause of loss except collision or a cause of loss
specifically excluded.
Peril - ans -The cause of a loss.
Perils of the seas - ans -Accidental causes of loss that are peculiar to the sea and
other bodies of water.
Personal injury protection (PIP) coverage - ans -Coverage that pays benefits,
regardless of fault, for medical expense, income loss, and other benefits, resulting
from bodily injury to occupants of a covered auto.
Personal property - ans -All tangible or intangible property that is not real
property.
Policy period - ans -The time frame, beginning with the inception date, during
which insurance coverage applies.
Postjudgment interest - ans -Interest that may accrue on damages after a
judgment has been entered in a court and before the money is paid.
Property loss exposure - ans -A condition that presents the possibility that a
person or an organization will sustain a loss resulting from damage (including
