AINS 103 EXAM
2025/2026 – COMPLETE
EXAM QUESTIONS AND
VERIFIED ANSWERS
, Loss exposure - ANSWERAny condition or situation that presents a possibility of loss,
whether or not an actual loss occurs.
Property loss exposure - ANSWERA condition that presents the possibility that a person
or an organization will sustain a loss resulting from damage (including destruction,
taking, or loss of use) to property in which that person or organization has a financial
interest.
Real property (realty) - ANSWERTangible property consisting of land, all structures
permanently attached to the land, and whatever is growing on the land.
Personal property - ANSWERAll tangible or intangible property that is not real property
Business personal property - ANSWERStock, furniture, fixtures, equipment and
machinery, tenant's improvements and betterments, and other personal property owned
by the insured
Fixture - ANSWERAny personal property affixed to real property in such a way as to
become part of the real property
Money - ANSWERCurrency, coins, bank notes, and sometimes traveler's checks, credit
card slips, and money orders held for sale to the public
Securities - ANSWERWritten instruments representing either money or other property,
such as stocks and bonds
Peril - ANSWERThe cause of a loss
Business income insurance - ANSWERInsurance that covers the reduction in an
organization's income when operations are interrupted by damage to property caused
by a covered peril
Business interruption - ANSWERLoss of revenue that a business or another
organization sustains because its operations are suspended as a result of physical
injury to its property
Profit - ANSWERNet income that results when revenues exceed expenses
Continuing expenses - ANSWERExpenses that continue to be incurred during a
business interruption
2025/2026 – COMPLETE
EXAM QUESTIONS AND
VERIFIED ANSWERS
, Loss exposure - ANSWERAny condition or situation that presents a possibility of loss,
whether or not an actual loss occurs.
Property loss exposure - ANSWERA condition that presents the possibility that a person
or an organization will sustain a loss resulting from damage (including destruction,
taking, or loss of use) to property in which that person or organization has a financial
interest.
Real property (realty) - ANSWERTangible property consisting of land, all structures
permanently attached to the land, and whatever is growing on the land.
Personal property - ANSWERAll tangible or intangible property that is not real property
Business personal property - ANSWERStock, furniture, fixtures, equipment and
machinery, tenant's improvements and betterments, and other personal property owned
by the insured
Fixture - ANSWERAny personal property affixed to real property in such a way as to
become part of the real property
Money - ANSWERCurrency, coins, bank notes, and sometimes traveler's checks, credit
card slips, and money orders held for sale to the public
Securities - ANSWERWritten instruments representing either money or other property,
such as stocks and bonds
Peril - ANSWERThe cause of a loss
Business income insurance - ANSWERInsurance that covers the reduction in an
organization's income when operations are interrupted by damage to property caused
by a covered peril
Business interruption - ANSWERLoss of revenue that a business or another
organization sustains because its operations are suspended as a result of physical
injury to its property
Profit - ANSWERNet income that results when revenues exceed expenses
Continuing expenses - ANSWERExpenses that continue to be incurred during a
business interruption
