AINS 102: UNDERSTANDING PERSONAL INSURANCE EXAM QUESTIONS AND ANSWERS 100% ACCURATE!!

Civil law - ANSWER A classification of law that applies to legal matters not governed by criminal law and that protects rights and provides remedies for breaches of duties owed to others. Compensatory damages - ANSWER A payment awarded by a court to reimburse a victim for actual harm. Compulsory auto insurance law - ANSWER Law that requires the owners or operators of automobiles to carry automobile liability insurance at least equal to certain minimum limits before the vehicle can be licensed or registered. Criminal law - ANSWER The branch of the law that imposes penalties for wrongs against society. Cross-selling - ANSWER Selling new types of insurance products to existing clients. Damages - ANSWER Money claimed by, or a monetary award to, a party who has suffered loss or injury for which another party is legally responsible. Deductible - ANSWER A portion of a covered loss that is not paid by the insurer. Financial responsibility laws - ANSWER Law enacted to ensure that motorists have the financial ability to pay for any property damage or bodily injury they might cause as a result of driving or owning an auto. First party - ANSWER The insured in an insurance contract. Floater - ANSWER A policy designed to cover property that floats, or moves, from location to location. Inland marine floater - ANSWER Coverage for property limited or excluded by homeowners policies, property with valuation problems, high-value items, and property susceptible to loss by other than the usual named perils. Inland marine insurance - ANSWER Insurance that covers many different classes of property that typically involve an element of transportation on land. Intentional tort - ANSWER A tort committed by a person who foresees (or should be able to foresee) that his or h