AINS 103 Questions with CORRECT Answers
Question:
Adverse selection
Answer:
The tendency of those most likely to experience loss to be the most likely to purchase
insurance.
Question:
Aggregate limit
Answer:
The maximum amount an insurer will pay for all covered losses during the covered
policy period.
Question:
Annual transit policy
Answer:
Policy that covers all shipments made or received by the insured throughout a one-year
policy period.
Question:
Artificial intelligence (AI)
Answer:
Computer processing or output that simulates human reasoning or knowledge.
Question:
Bailee
Answer:
The party temporarily possessing the personal property in a bailment.
Question:
Big data
Answer:
Sets of data that are too large to be gathered and analyzed by traditional methods.
, Question:
Bodily injury
Answer:
Physical injury to a person, including sickness, disease, and death.
Question:
Boiler
Answer:
A fired pressure vessel constructed of cast iron or steel in which water is heated to
produce steam or hot water.
Question:
Building
Answer:
As defined in the BPP, the building described in the policy; the building's completed
additions; fixtures, including outdoor fixtures; permanently installed machinery and
equipment; and personal property owned by the insured that is used to maintain or
service the building or its premises.
Question:
Business Auto Coverage Form
Answer:
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.
Question:
Business income coverage
Answer:
Insurance that covers the reduction in an organization's income when operations are
interrupted by damage to property caused by a covered peril.
Question:
Business income insurance
Answer:
Insurance that covers the reduction in an organization's income when operations are
interrupted by damage to property caused by a covered peril.
Question:
Adverse selection
Answer:
The tendency of those most likely to experience loss to be the most likely to purchase
insurance.
Question:
Aggregate limit
Answer:
The maximum amount an insurer will pay for all covered losses during the covered
policy period.
Question:
Annual transit policy
Answer:
Policy that covers all shipments made or received by the insured throughout a one-year
policy period.
Question:
Artificial intelligence (AI)
Answer:
Computer processing or output that simulates human reasoning or knowledge.
Question:
Bailee
Answer:
The party temporarily possessing the personal property in a bailment.
Question:
Big data
Answer:
Sets of data that are too large to be gathered and analyzed by traditional methods.
, Question:
Bodily injury
Answer:
Physical injury to a person, including sickness, disease, and death.
Question:
Boiler
Answer:
A fired pressure vessel constructed of cast iron or steel in which water is heated to
produce steam or hot water.
Question:
Building
Answer:
As defined in the BPP, the building described in the policy; the building's completed
additions; fixtures, including outdoor fixtures; permanently installed machinery and
equipment; and personal property owned by the insured that is used to maintain or
service the building or its premises.
Question:
Business Auto Coverage Form
Answer:
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.
Question:
Business income coverage
Answer:
Insurance that covers the reduction in an organization's income when operations are
interrupted by damage to property caused by a covered peril.
Question:
Business income insurance
Answer:
Insurance that covers the reduction in an organization's income when operations are
interrupted by damage to property caused by a covered peril.
