8/4/25, 9:33 PM AINS 101 Exam Prep Flashcards | Quizlet
AINS 101 Exam Prep
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Practice questions for this set
Learn 1 /7 Study with Learn
any condition or situation that presents a possibility of loss, whether or not an
actual loss occurs
Choose an answer
1 Loss exposure 2 Premium
3 Principle of indemnity 4 Life-health insurance
Don't know?
Terms in this set (137)
any condition or situation that presents a possibility of
Loss exposure
loss, whether or not an actual loss occurs
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, 8/4/25, 9:33 PM AINS 101 Exam Prep Flashcards | Quizlet
the price of the insurance coverage provided for a
Premium
specified period
to restore a party who has sustained a loss to the
Indemnify same financial position that party held before the loss
occurred
any person or organization who is insured under an
Insured
insurance policy
one of the two main sectors of the insurance industry
Property-casualty encompassing numerous types of insurance, most of
insurance which cover the financial consequences of damage to
one's own property or legal liability to others
one of the two main sectors of the insurance industry
Life-health insurance encompassing numerous types of insurance that
cover the financial
an insurer that is owned by its stockholders and
Stock insurer formed as a corporation for the purpose of earning a
profit for the stockholders
an insurer that is owned by its policyholders and
Mutual insurer formed as a corporation for the purpose of providing
insurance to them
a non-admitted insurer that is eligible to insure risks
Surplus-lines insurer that have been exported by a surplus lines licensee in
accordance with a surplus lines law
the transfer of insurance risk from one insurer to
another through a contractual agreement under which
one insurer (the reinsurer) agrees, in return for a
Reinsurance reinsurance premium, to indemnify another insurer
(the primary insurer) for some or all of the financial
consequences of certain loss exposures covered by
the primary's insurance policies
Pure risk a chance of loss or no loss, but no chance of gain
Speculative risk a chance of loss, no loss, or gain
https://quizlet.com/1063891163/ains-101-exam-prep-flash-cards/?new 2/10
AINS 101 Exam Prep
Save
Practice questions for this set
Learn 1 /7 Study with Learn
any condition or situation that presents a possibility of loss, whether or not an
actual loss occurs
Choose an answer
1 Loss exposure 2 Premium
3 Principle of indemnity 4 Life-health insurance
Don't know?
Terms in this set (137)
any condition or situation that presents a possibility of
Loss exposure
loss, whether or not an actual loss occurs
https://quizlet.com/1063891163/ains-101-exam-prep-flash-cards/?new 1/10
, 8/4/25, 9:33 PM AINS 101 Exam Prep Flashcards | Quizlet
the price of the insurance coverage provided for a
Premium
specified period
to restore a party who has sustained a loss to the
Indemnify same financial position that party held before the loss
occurred
any person or organization who is insured under an
Insured
insurance policy
one of the two main sectors of the insurance industry
Property-casualty encompassing numerous types of insurance, most of
insurance which cover the financial consequences of damage to
one's own property or legal liability to others
one of the two main sectors of the insurance industry
Life-health insurance encompassing numerous types of insurance that
cover the financial
an insurer that is owned by its stockholders and
Stock insurer formed as a corporation for the purpose of earning a
profit for the stockholders
an insurer that is owned by its policyholders and
Mutual insurer formed as a corporation for the purpose of providing
insurance to them
a non-admitted insurer that is eligible to insure risks
Surplus-lines insurer that have been exported by a surplus lines licensee in
accordance with a surplus lines law
the transfer of insurance risk from one insurer to
another through a contractual agreement under which
one insurer (the reinsurer) agrees, in return for a
Reinsurance reinsurance premium, to indemnify another insurer
(the primary insurer) for some or all of the financial
consequences of certain loss exposures covered by
the primary's insurance policies
Pure risk a chance of loss or no loss, but no chance of gain
Speculative risk a chance of loss, no loss, or gain
https://quizlet.com/1063891163/ains-101-exam-prep-flash-cards/?new 2/10
