AINS 103 2025/2026 Exam Questions
and Correct Answers | New Update
The Crime coverage form that covers losses occurring during the policy
period and discovered no later than 1 year after the policy expiration is
a. Discovery Form
b. Loss Sustained Form - 🧠ANSWER ✔✔b. Loss Sustained Form
In property insurance, the term "property in transit" refers to which one of
the following?
A. Mobile equipment while moving under its own power from one work
location to another
B. Property while being transported by trucks, cars, buses, trains,
airplanes, and ships
,C. Property while being moved from one building to another at the insured
location only
D. Owned property while located anywhere other than the insured location -
🧠ANSWER ✔✔B. Property while being transported by trucks, cars, buses,
trains, airplanes, and ships
In business income insurance, the expenses that an organization would not
have incurred if the business interruption had not occurred are called
A. Extra expenses.
B. Excludable expenses.
C. Continuing expenses.
D. Contingent expenses. - 🧠ANSWER ✔✔A. Extra expenses.
These are expenses that would not have incurred if the business
interruption had not occurred.
XYZ contractor, covered under an unendorsed Commercial General
Liability (CGL) Coverage Form, is installing kitchen cabinets in a customer's
home. The contractor manufactured the cabinets. While the contractor is
fastening a cabinet, it falls and injures the customer. Which one of the
,following best explains how coverage under the contractor's CGL Coverage
Form applies in this case?
A. Premises and operations liability applies because the contractor was in
the process of installing the cabinets.
B. Products and completed operations liability applies because the
contractor was installing cabinets it manufactured.
C. Products and completed operations liability applies because the
contractor was completing the work.
D. Premises and operations liability applies because the contractor was
working at the customer's premises. - 🧠ANSWER ✔✔A. Premises and
operations liability applies because the contractor was in the process of
installing the cabinets.
A vehicle owner had a tire store install four new wheels and tires on the
vehicle. On the way home from the store, one of the wheels came off,
causing the vehicle to accidentally run off the road and strike a tree. The
vehicle owner sued the tire store for failing to properly tighten the lug nuts
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, on the vehicle. The loss exposure faced by the tire store in this case is
known as
A. Automobile liability.
B. Completed operations liability.
C. Employers liability.
D. Products liability. - 🧠ANSWER ✔✔B. Completed operations liability.
A carrier that is prevented by an accident from delivering the cargo aboard
its ship may face an exposure called loss of freight, which is
A. The cost of disposing of undeliverable goods.
B. A penalty the carrier pays the shipper for nondelivery.
C. The compensation the carrier receives for transporting cargo.
D. The liability for loss or damage to the cargo entrusted to it. - 🧠ANSWER
✔✔C. The compensation the carrier receives for transporting cargo.
Joe signs a contract with Home Builders to install the electrical wiring for a
new home. He uses his own tools and follows the specifications in the
and Correct Answers | New Update
The Crime coverage form that covers losses occurring during the policy
period and discovered no later than 1 year after the policy expiration is
a. Discovery Form
b. Loss Sustained Form - 🧠ANSWER ✔✔b. Loss Sustained Form
In property insurance, the term "property in transit" refers to which one of
the following?
A. Mobile equipment while moving under its own power from one work
location to another
B. Property while being transported by trucks, cars, buses, trains,
airplanes, and ships
,C. Property while being moved from one building to another at the insured
location only
D. Owned property while located anywhere other than the insured location -
🧠ANSWER ✔✔B. Property while being transported by trucks, cars, buses,
trains, airplanes, and ships
In business income insurance, the expenses that an organization would not
have incurred if the business interruption had not occurred are called
A. Extra expenses.
B. Excludable expenses.
C. Continuing expenses.
D. Contingent expenses. - 🧠ANSWER ✔✔A. Extra expenses.
These are expenses that would not have incurred if the business
interruption had not occurred.
XYZ contractor, covered under an unendorsed Commercial General
Liability (CGL) Coverage Form, is installing kitchen cabinets in a customer's
home. The contractor manufactured the cabinets. While the contractor is
fastening a cabinet, it falls and injures the customer. Which one of the
,following best explains how coverage under the contractor's CGL Coverage
Form applies in this case?
A. Premises and operations liability applies because the contractor was in
the process of installing the cabinets.
B. Products and completed operations liability applies because the
contractor was installing cabinets it manufactured.
C. Products and completed operations liability applies because the
contractor was completing the work.
D. Premises and operations liability applies because the contractor was
working at the customer's premises. - 🧠ANSWER ✔✔A. Premises and
operations liability applies because the contractor was in the process of
installing the cabinets.
A vehicle owner had a tire store install four new wheels and tires on the
vehicle. On the way home from the store, one of the wheels came off,
causing the vehicle to accidentally run off the road and strike a tree. The
vehicle owner sued the tire store for failing to properly tighten the lug nuts
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, on the vehicle. The loss exposure faced by the tire store in this case is
known as
A. Automobile liability.
B. Completed operations liability.
C. Employers liability.
D. Products liability. - 🧠ANSWER ✔✔B. Completed operations liability.
A carrier that is prevented by an accident from delivering the cargo aboard
its ship may face an exposure called loss of freight, which is
A. The cost of disposing of undeliverable goods.
B. A penalty the carrier pays the shipper for nondelivery.
C. The compensation the carrier receives for transporting cargo.
D. The liability for loss or damage to the cargo entrusted to it. - 🧠ANSWER
✔✔C. The compensation the carrier receives for transporting cargo.
Joe signs a contract with Home Builders to install the electrical wiring for a
new home. He uses his own tools and follows the specifications in the
