AINS 102

1. umbrella policies - ANSWER provide an extra layer of security for an insured will cover the extraneous damages to the extent of its own limit of insurance 2. peer to peer insurance - ANSWER use web enabled platforms to facilitate the formation of self selected risk pools whose members pool premiums and collectively pay for members' insured losses use reinsurance 3. reinsurance - ANSWER the transfer of insurance risk from one insurer to another through a contractual agre...

AINS 102 EXAM (UNDERSTANDING PERSONAL INSURANCE) EXAM COMPLETE QUESTIONS & CORRECT ANSWERS - JUST RELEASED!!!

General Forms for personal property three general forms that are commonly used to provide coverage on a single form for different types of personal property: Personal Articles Standard Loss Settlement Form - provides special form coverage for several classes of personal property. there's a specific amount for each class of article Exclusions: wear and tear, deterioration, inherent vice, insects or vermin Personal Property Form - provides special form coverage on unscheduled personal prope...

Patrick's car is 12 years-old and has been driven for over 100,000 miles. He has decided that instead of continuing to pay insurance premium for coverage for property damage to his car, he will put the money aside to save for a new car. Which one of the following risk management techniques is Patrick using? A) Loss reduction B) Avoidance C) Retention D) Diversification C Heather and Jeff had the roof blown off their home during a recent storm. Which one of the following best expresses...

Which one of the following is a form of compensatory damages? Special damages Paul was charged with assault and battery after he punched and injured his neighbor Tom, who repeatedly walked his dog on Paul's property. Which one of the following types of tort does this represent? Intentional torts are deliberate acts that cause harm to another person. Assault and battery are examples of intentional tort. States A, B, C, and D have addressed the problem of compensating auto accident victims ...

Inland marine floaters are flexible and can be used to cover both common and unusual exposures. Inland marine floaters provide the producer with the opportunity to address and sell coverage for: B. Property not adequately covered by the home owners policy. Jack and Linda are meeting with their insurance agent to review their homeowners and auto policies. The agent has suggested that they add an umbrella policy. Which one of the following is the best reason the agent will likely provide for pur...

Joe keeps a tiger cub as a pet in his fenced-in backyard. The tiger escapes and bites a neighbor's child who requires stitches. Joe argues that keeping the tiger violated no law and that he took every precaution to restrain the tiger. Even if Joe is correct, he might face a claim for damages based upon which one of the following? Absolute liability - Joe might face a claim for damages based upon absolute liability, which does not require that negligence be proven. A claim for money damages ...

Property loss exposure A 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) Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land. Personal property All tangible or intangible property that is not real property. Ded...