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AINS 103 Terms Questions and
Answers Latest 2026
Loss Exposure Ans: Any condition or situation that
presents a possibility of loss, whether or not an actual
loss occurs.
Property Loss Exposure Ans: 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) Ans: Tangible property consisting
of land, all structures permanently attached to the land,
and whatever is growing on the land.
Personal Property Ans: All tangible or intangible property
that is not real property.
Business Personal Property Ans: Stock, furniture,
fixtures, equipment and machinery, tenant's
improvements and betterments, and other personal
property owned by the insured.
Fixture Ans: Any personal property affixed to real
property in such a way as to become part of the real
property.
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Money Ans: Currency, coins, bank notes, and sometimes
traveler's checks, credit card slips, and money orders
held for sale to the public.
Securities Ans: Written instruments representing either
money or other property, such as stocks and bonds.
Peril Ans: The cause of a loss.
Business Income Insurance Ans: Insurance that covers
the reduction in an organization's income when
operations are interrupted by damage to property caused
by a covered peril.
Business Interruption Ans: Loss of revenue that a
business or another organization sustains because its
operations are suspended as a result of physical injury to
its property.
Profit Ans: Net income that results when revenues exceed
expenses.
Continuing expenses Ans: Expenses that continue to be
incurred during a business interruption.
Extra Expenses Ans: Expense, in addition to ordinary
expenses, that an organization incurs to mitigate the
effects of a business interruption.
Liability Ans: A legal responsibility for the consequences
of an act or omission.
© 2025 All rights reserved
AINS 103 Terms Questions and
Answers Latest 2026
Loss Exposure Ans: Any condition or situation that
presents a possibility of loss, whether or not an actual
loss occurs.
Property Loss Exposure Ans: 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) Ans: Tangible property consisting
of land, all structures permanently attached to the land,
and whatever is growing on the land.
Personal Property Ans: All tangible or intangible property
that is not real property.
Business Personal Property Ans: Stock, furniture,
fixtures, equipment and machinery, tenant's
improvements and betterments, and other personal
property owned by the insured.
Fixture Ans: Any personal property affixed to real
property in such a way as to become part of the real
property.
© 2025 All rights reserved
, 2 | Page
Money Ans: Currency, coins, bank notes, and sometimes
traveler's checks, credit card slips, and money orders
held for sale to the public.
Securities Ans: Written instruments representing either
money or other property, such as stocks and bonds.
Peril Ans: The cause of a loss.
Business Income Insurance Ans: Insurance that covers
the reduction in an organization's income when
operations are interrupted by damage to property caused
by a covered peril.
Business Interruption Ans: Loss of revenue that a
business or another organization sustains because its
operations are suspended as a result of physical injury to
its property.
Profit Ans: Net income that results when revenues exceed
expenses.
Continuing expenses Ans: Expenses that continue to be
incurred during a business interruption.
Extra Expenses Ans: Expense, in addition to ordinary
expenses, that an organization incurs to mitigate the
effects of a business interruption.
Liability Ans: A legal responsibility for the consequences
of an act or omission.
© 2025 All rights reserved
