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AINS 103: Simulated Exam Questions
and Answers Latest 2026
While performing duties for the business, all of the
following would be an insured under Business Liability
Coverage of a partnership's businessowners policy (BOP),
EXCEPT: Ans: All executive officers of an LLC.
Which one of the following would be covered under the
Extra Expense insuring agreement of the Business Income
(and Extra Expense) Coverage Form? Ans: Costs to move
office equipment to a substitute location.
An intangible asset resulting from a collection of
perceptions and opinions, past and present, about an
organization that resides in the consciousness of its
stakeholders is known as an organization's: Ans:
Reputation.
Ivan is a commercial insurance producer looking to
expand his book of business. He is researching local
businesses trying to determine which businesses might
be eligible for the businessowners policy (BOP) and which
would not be eligible. Which one of the following
businesses would be ineligible for BOP coverage? Ans:
Amusement parks are generally not eligible for BOP
coverage. Retail stores, small restaurants with limited
cooking, and trade contractors are generally eligible for
BOP coverage.
© 2025 All rights reserved
, 2 | Page
Marlene is a producer for East Goshen Mutual. She
recently met with the owners of Sugartown Farms to try
and determine if they are eligible for the ISO
businessowners policy (BOP). Which one of the following
facts about Sugartown Farms would prevent it from being
eligible for the BOP? Ans: Sugartown Farms has a
restaurant with a bar for local patrons.
Sugartown Industries insures its building and personal
property under the commercial property coverage part of
a commercial package policy (CPP). Following a lightning
storm, a portion of the building was damaged from a
small fire. The operations manager pulled out the CPP to
make sure that the building was covered for this type of
loss. Which one of the following components of the
commercial property coverage part would provide the
operations manager with information on the covered
perils? Ans: The causes of loss form. The three types of
cause of loss forms - Basic, Broad, and Special - allow the
insured to select, or the underwriter to offer, a range of
covered perils.
Under the Commercial General Liability (CGL) Coverage
Form, medical payments coverage applies to which one of
the following situations? Ans: Sara is a volunteer helping
the named insured clean up their grounds.
Which one of the following causes of loss is covered by
the commercial property policy Causes of Loss—Broad
Form but not the Basic Form? Ans: Falling objects.
The Property Custody Company (PCC) stores customer
property for a fee. PCC is insured under a bailees'
© 2025 All rights reserved
AINS 103: Simulated Exam Questions
and Answers Latest 2026
While performing duties for the business, all of the
following would be an insured under Business Liability
Coverage of a partnership's businessowners policy (BOP),
EXCEPT: Ans: All executive officers of an LLC.
Which one of the following would be covered under the
Extra Expense insuring agreement of the Business Income
(and Extra Expense) Coverage Form? Ans: Costs to move
office equipment to a substitute location.
An intangible asset resulting from a collection of
perceptions and opinions, past and present, about an
organization that resides in the consciousness of its
stakeholders is known as an organization's: Ans:
Reputation.
Ivan is a commercial insurance producer looking to
expand his book of business. He is researching local
businesses trying to determine which businesses might
be eligible for the businessowners policy (BOP) and which
would not be eligible. Which one of the following
businesses would be ineligible for BOP coverage? Ans:
Amusement parks are generally not eligible for BOP
coverage. Retail stores, small restaurants with limited
cooking, and trade contractors are generally eligible for
BOP coverage.
© 2025 All rights reserved
, 2 | Page
Marlene is a producer for East Goshen Mutual. She
recently met with the owners of Sugartown Farms to try
and determine if they are eligible for the ISO
businessowners policy (BOP). Which one of the following
facts about Sugartown Farms would prevent it from being
eligible for the BOP? Ans: Sugartown Farms has a
restaurant with a bar for local patrons.
Sugartown Industries insures its building and personal
property under the commercial property coverage part of
a commercial package policy (CPP). Following a lightning
storm, a portion of the building was damaged from a
small fire. The operations manager pulled out the CPP to
make sure that the building was covered for this type of
loss. Which one of the following components of the
commercial property coverage part would provide the
operations manager with information on the covered
perils? Ans: The causes of loss form. The three types of
cause of loss forms - Basic, Broad, and Special - allow the
insured to select, or the underwriter to offer, a range of
covered perils.
Under the Commercial General Liability (CGL) Coverage
Form, medical payments coverage applies to which one of
the following situations? Ans: Sara is a volunteer helping
the named insured clean up their grounds.
Which one of the following causes of loss is covered by
the commercial property policy Causes of Loss—Broad
Form but not the Basic Form? Ans: Falling objects.
The Property Custody Company (PCC) stores customer
property for a fee. PCC is insured under a bailees'
© 2025 All rights reserved
