AINS 103 CORRECT TEST PAPER QUESTIONS AND
ANSWERS RATED A+
✔✔Uninsured motorist (UM) coverage - ✔✔Coverage that provides a source of
recovery for occupants of a covered auto or for qualifying pedestrians who are injured in
an accident caused by an at-fault motorist who does not have the state minimum liability
insurance or by a hit-and-run driver.
✔✔Medical payments - ✔✔Reasonable expenses incurred for necessary medical and
funeral services because of bodily injury.
✔✔Personal injury protection - ✔✔Coverage that pays benefits, regardless of fault, for
medical expense, income loss, and other benefits, resulting from bodily injury to
occupants of a covered auto.
✔✔Business Auto Coverage Form - ✔✔A coverage form, filed by ISO, that covers
liability arising out of the ownership, maintenance, or use of autos and physical damage
to autos owned, leased, or hired by the named insured.
✔✔Modular policy - ✔✔An insurance policy that consists of several different documents,
none of which by itself forms a complete policy.
✔✔Property damage - ✔✔Physical injury to, destruction of, or loss of use of tangible
property.
✔✔Bodily injury - ✔✔Physical injury to a person, including sickness, disease, and
death.
✔✔Occurrence - ✔✔An accident, including continuous or repeated exposure to
substantially the same general harmful conditions.
, ✔✔Claims-made coverage trigger - ✔✔The event that triggers coverage under a claims-
made coverage form; the first making of a claim against any insured during either the
policy period or an extended reporting period.
✔✔Coinsurance - ✔✔An insurance-to-value provision in many property insurance
policies providing that if the property is underinsured, the amount that an insurer will pay
for a covered loss is reduced.
✔✔Business interruption - ✔✔Loss of revenue that a business or another organization
sustains because its operations are suspended as a result of physical injury to its
property.
✔✔Extra expenses - ✔✔Expenses, in addition to ordinary expenses, that an
organization incurs to mitigate the effects of a business interruption.
✔✔Monoline policy - ✔✔Policy that covers only one line of business.
✔✔Commercial package policy (CPP) - ✔✔Policy that covers two or more lines of
business by combining ISO's commercial lines coverage parts.
✔✔Commercial property coverage part - ✔✔Commercial package policy (CPP)
coverage component that provides a broad range of coverages to 'middle-market' or
larger firms to insure buildings and business personal property.
✔✔Intellectual property - ✔✔The product of human intelligence that has economic
value.
✔✔Reputational risk - ✔✔The risk that negative publicity, whether true or not, will
damage a company's reputation and its ability to operate its business.
✔✔Reputation - ✔✔An intangible asset, a key determinant of future business prospects,
resulting from a collection of perceptions and opinions, past and present, about an
organization that resides in the consciousness of its stakeholders.
✔✔Cyber risk loss exposure - ✔✔Any condition that presents the possibility of financial
loss to an organization from property, net income, or liability losses as a consequence
of advanced technology transmissions, operations, maintenance, development, or
support.
✔✔Cyber risk - ✔✔The possibility that data will end up in the possession of a party who
is not authorized to have that data and who can use it in a manner that is harmful to the
individual or organization that is the subject of the data and/or the party that collected
and stored the data.
ANSWERS RATED A+
✔✔Uninsured motorist (UM) coverage - ✔✔Coverage that provides a source of
recovery for occupants of a covered auto or for qualifying pedestrians who are injured in
an accident caused by an at-fault motorist who does not have the state minimum liability
insurance or by a hit-and-run driver.
✔✔Medical payments - ✔✔Reasonable expenses incurred for necessary medical and
funeral services because of bodily injury.
✔✔Personal injury protection - ✔✔Coverage that pays benefits, regardless of fault, for
medical expense, income loss, and other benefits, resulting from bodily injury to
occupants of a covered auto.
✔✔Business Auto Coverage Form - ✔✔A coverage form, filed by ISO, that covers
liability arising out of the ownership, maintenance, or use of autos and physical damage
to autos owned, leased, or hired by the named insured.
✔✔Modular policy - ✔✔An insurance policy that consists of several different documents,
none of which by itself forms a complete policy.
✔✔Property damage - ✔✔Physical injury to, destruction of, or loss of use of tangible
property.
✔✔Bodily injury - ✔✔Physical injury to a person, including sickness, disease, and
death.
✔✔Occurrence - ✔✔An accident, including continuous or repeated exposure to
substantially the same general harmful conditions.
, ✔✔Claims-made coverage trigger - ✔✔The event that triggers coverage under a claims-
made coverage form; the first making of a claim against any insured during either the
policy period or an extended reporting period.
✔✔Coinsurance - ✔✔An insurance-to-value provision in many property insurance
policies providing that if the property is underinsured, the amount that an insurer will pay
for a covered loss is reduced.
✔✔Business interruption - ✔✔Loss of revenue that a business or another organization
sustains because its operations are suspended as a result of physical injury to its
property.
✔✔Extra expenses - ✔✔Expenses, in addition to ordinary expenses, that an
organization incurs to mitigate the effects of a business interruption.
✔✔Monoline policy - ✔✔Policy that covers only one line of business.
✔✔Commercial package policy (CPP) - ✔✔Policy that covers two or more lines of
business by combining ISO's commercial lines coverage parts.
✔✔Commercial property coverage part - ✔✔Commercial package policy (CPP)
coverage component that provides a broad range of coverages to 'middle-market' or
larger firms to insure buildings and business personal property.
✔✔Intellectual property - ✔✔The product of human intelligence that has economic
value.
✔✔Reputational risk - ✔✔The risk that negative publicity, whether true or not, will
damage a company's reputation and its ability to operate its business.
✔✔Reputation - ✔✔An intangible asset, a key determinant of future business prospects,
resulting from a collection of perceptions and opinions, past and present, about an
organization that resides in the consciousness of its stakeholders.
✔✔Cyber risk loss exposure - ✔✔Any condition that presents the possibility of financial
loss to an organization from property, net income, or liability losses as a consequence
of advanced technology transmissions, operations, maintenance, development, or
support.
✔✔Cyber risk - ✔✔The possibility that data will end up in the possession of a party who
is not authorized to have that data and who can use it in a manner that is harmful to the
individual or organization that is the subject of the data and/or the party that collected
and stored the data.
