AIC 304 COMPLETE COLLECTION OF THE MOST RECENTLY
UPDATED EXAM QUESTIONS AND VERIFIED ANSWERS FOR
CURRENT TESTS
Scope-ANSWER A list of the affected areas that contains the measures of the
area, the type of damage, and a description of the suggested course of action
(e.g., repair, replacement, removal, or demolition) for the damaged property.
Nonwaiver agreement - ANSWER A written document that states that neither
the insured nor the insurer would give up their rights under the policy while the
inquiry is underway
An interest in the topic of an insurance policy that is not too remote and that
might result in monetary loss for the interested party in the event of an insured
occurrence is known as an insurable interest.
The individual who is temporarily in possession of the personal property under
a bailment is known as the bailee.
A trustee is a person who possesses the legal title to a piece of property but is in
charge of making sure that it is managed, transferred, and utilized only for the
beneficiary's benefit.
An interest in real or personal property that permits the property to be sold in
the event of default in order to pay off the debt for which the security interest
was granted is known as a security interest.
A public adjuster is an outside agency or individual that an insured party hires
to represent them in a claim in exchange for payment.
Business income insurance, or ANSWER insurance, pays for the decrease in
revenue that occurs when an insured peril causes physical damage that stops an
organization's operations.
Business interruption: ANSWER The loss of income incurred by a company or
other organization when its operations are halted due to property damage
, The difference between revenues (such money received for goods or services)
and expenses (like money spent for rent, insurance, and merchandise) is known
as net income.
ANSWER Profit is the net money that arises when sales surpass expenses.
The net income that is left over after expenses surpass revenues is known as the
net loss.
ANSWER Continuing expenses are costs that keep coming up while a business
is closed.
ANSWER Noncontinuing expenses are those that won't go on while there is a
business interruption.
Extra costs: ANSWER Expenses that an organization incurs to lessen the effects
of a business interruption, on top of regular expenses.
ANSWER Insurance offers inland marine insurance, which covers a wide range
of property classes that usually entail some form of land transportation.
Marine insurance, sometimes known as ANSWER Insurance, covers both
inland and ocean waters in the United States and only covers ships and cargo in
other countries.
The categories of property that can be covered by inland and ocean marine
insurance forms are listed in the Nationwide Marine Definition-ANSWER
Statement.
Expert in origin and cause: ANSWER An expert who independently ascertains
the location and mode of origin of a fire.
Incendiary fire: ANSWER: A fire that is purposefully started.
ANSWER fuel in a trailer that is set up to spread fire.
An alibi is a claim that the offender was somewhere else when the crime was
committed.
The process of identifying the covered hazards (causes of loss) in a property
insurance policy by mentioning them in the policy is known as "specified
perils."
UPDATED EXAM QUESTIONS AND VERIFIED ANSWERS FOR
CURRENT TESTS
Scope-ANSWER A list of the affected areas that contains the measures of the
area, the type of damage, and a description of the suggested course of action
(e.g., repair, replacement, removal, or demolition) for the damaged property.
Nonwaiver agreement - ANSWER A written document that states that neither
the insured nor the insurer would give up their rights under the policy while the
inquiry is underway
An interest in the topic of an insurance policy that is not too remote and that
might result in monetary loss for the interested party in the event of an insured
occurrence is known as an insurable interest.
The individual who is temporarily in possession of the personal property under
a bailment is known as the bailee.
A trustee is a person who possesses the legal title to a piece of property but is in
charge of making sure that it is managed, transferred, and utilized only for the
beneficiary's benefit.
An interest in real or personal property that permits the property to be sold in
the event of default in order to pay off the debt for which the security interest
was granted is known as a security interest.
A public adjuster is an outside agency or individual that an insured party hires
to represent them in a claim in exchange for payment.
Business income insurance, or ANSWER insurance, pays for the decrease in
revenue that occurs when an insured peril causes physical damage that stops an
organization's operations.
Business interruption: ANSWER The loss of income incurred by a company or
other organization when its operations are halted due to property damage
, The difference between revenues (such money received for goods or services)
and expenses (like money spent for rent, insurance, and merchandise) is known
as net income.
ANSWER Profit is the net money that arises when sales surpass expenses.
The net income that is left over after expenses surpass revenues is known as the
net loss.
ANSWER Continuing expenses are costs that keep coming up while a business
is closed.
ANSWER Noncontinuing expenses are those that won't go on while there is a
business interruption.
Extra costs: ANSWER Expenses that an organization incurs to lessen the effects
of a business interruption, on top of regular expenses.
ANSWER Insurance offers inland marine insurance, which covers a wide range
of property classes that usually entail some form of land transportation.
Marine insurance, sometimes known as ANSWER Insurance, covers both
inland and ocean waters in the United States and only covers ships and cargo in
other countries.
The categories of property that can be covered by inland and ocean marine
insurance forms are listed in the Nationwide Marine Definition-ANSWER
Statement.
Expert in origin and cause: ANSWER An expert who independently ascertains
the location and mode of origin of a fire.
Incendiary fire: ANSWER: A fire that is purposefully started.
ANSWER fuel in a trailer that is set up to spread fire.
An alibi is a claim that the offender was somewhere else when the crime was
committed.
The process of identifying the covered hazards (causes of loss) in a property
insurance policy by mentioning them in the policy is known as "specified
perils."
