AINS 101 - Course Practice Quiz Questions & Answers Latest Update
AINS 101 - Course Practice Quiz Questions & Answers Latest Update
Insurance Company wrote a commercial liability policy for a manufacturer of off-road
motorcycles. The potential costs of the insured's loss exposure exceed Insurance
Company's capacity. Insurance Company could consider which one of the following
types of contractual transferring agreement to meet its needs? - ✔✔✔-Reinsurance
Mutual Fund Company (MFC) offers a wide array of mutual fund options to investors.
Each mutual fund has a different fund objective and set of investment guidelines that
apply to the fund. While MFC gives considerable freedom to its fund portfolio
managers, they are required to abide by the fund's investment guidelines. To monitor
compliance, MFC developed a computer algorithm. The computer algorithm
continuously monitors each fund's compliance with investment guidelines. If a fund
manager violates the investment guidelines, the computer immediately notifies MFC's
internal control director, and corrective action is taken. MFC's use of the computer
algorithm to monitor investment compliance and to provide notification when corrective
action is necessary illustrates use of - ✔✔✔-Artificial intelligence.
An insurer's financial statement shows a loss reserve and an unearned premium reserve.
These reserves are part of the insurer's - ✔✔✔-Total liabilities.
Which one of the following is the fundamental measure of loss exposure used in
insurance rating? - ✔✔✔-Exposure unit
The size of an employer's loss exposure for workers compensation insurance is based on
- ✔✔✔-The amount of its payroll.
Henry is a new claims representative with Able Insurers. Which one of the following will
Henry find is true as he gains more experience with his company's claims handling
process? - ✔✔✔-Henry will determine the type of loss - such as property damage or
liability - for each claim he handles.
®™
AINS 101 - Course Practice Quiz Questions & Answers Latest Update
Insurance Company wrote a commercial liability policy for a manufacturer of off-road
motorcycles. The potential costs of the insured's loss exposure exceed Insurance
Company's capacity. Insurance Company could consider which one of the following
types of contractual transferring agreement to meet its needs? - ✔✔✔-Reinsurance
Mutual Fund Company (MFC) offers a wide array of mutual fund options to investors.
Each mutual fund has a different fund objective and set of investment guidelines that
apply to the fund. While MFC gives considerable freedom to its fund portfolio
managers, they are required to abide by the fund's investment guidelines. To monitor
compliance, MFC developed a computer algorithm. The computer algorithm
continuously monitors each fund's compliance with investment guidelines. If a fund
manager violates the investment guidelines, the computer immediately notifies MFC's
internal control director, and corrective action is taken. MFC's use of the computer
algorithm to monitor investment compliance and to provide notification when corrective
action is necessary illustrates use of - ✔✔✔-Artificial intelligence.
An insurer's financial statement shows a loss reserve and an unearned premium reserve.
These reserves are part of the insurer's - ✔✔✔-Total liabilities.
Which one of the following is the fundamental measure of loss exposure used in
insurance rating? - ✔✔✔-Exposure unit
The size of an employer's loss exposure for workers compensation insurance is based on
- ✔✔✔-The amount of its payroll.
Henry is a new claims representative with Able Insurers. Which one of the following will
Henry find is true as he gains more experience with his company's claims handling
process? - ✔✔✔-Henry will determine the type of loss - such as property damage or
liability - for each claim he handles.
®™
