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AINS 102 UPDATED PT 1 Questions & Answers Which one of the following is considered real property? Select one: A. An automobile B. A house C. Furniture D. A motorhome - ANS-B The Davis family suffered extensive fire damage to its home and was temporarily unable to inhabit it. The family was forced to rent a hotel room while its home was under repair. The cost incurred to rent the hotel room is referred to as which one of the following outcomes of loss? Select one: A. Lost income B....

Property loss exposure - ANSWER 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) - ANSWER Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land. Personal property - ANSWER All tangible or intangible property that...

Arbitration - ANSWER An alternative dispute resolution (ADR) method by which disputing parties use a neutral outside party to examine the issues and develop a settlement, which can be final and binding. Attachment - ANSWER The act of seizing property to secure a judgment. Catastrophe - ANSWER A single event that causes widespread losses. Civil law - ANSWER A classification of law that applies to legal matters not governed by criminal law and that protects rights and provides remedies for b...

Property loss exposure 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) Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land. Personal property All tangible or intangible property that is not real property. Ded...

AINS 102 Actual Questions and answers | Latest 2024/25

The Agreement and Definitions page of the Personal Auto Policy (PAP) includes Select one: A. The name and mailing address of the insured. B. A general agreement stating the insurer's duty to pay damages and defense costs subject to the terms of the policy. C. The name of the insurer issuing the policy. D. A general agreement stating that the insurer is providing the coverage subject to payment of premium and to the terms of the policy. - D. A general agreement stating that the insurer is ...

Steve and Amy were about to purchase their first home. During the process, they were advised that they needed to purchase a HO-3 insurance policy. The HO-3 policy would provide Steve and Amy with coverage for all of the following, EXCEPT: Select one: A. Their cars B. Personal Liability C. The house D. The contents of the house - A The insuring agreement of a homeowners policy specifies that Select one: A. The insurer will provide policy coverage in return for the premium and complianc...

John is a recent homeowner and is considering the insurance coverages he needs for his home and contents. If damaged by a peril covered by a homeowners policy, which one of the following would be considered part of John's real property? Select one: A. The boat in the driveway B. The detached garage C. The desk top computer D. The hockey net and equipment - B. The detached garage Which one of the following is considered real property? Select one: A. An automobile B. A house C. Furni...

Real property (realty) - Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land. Personal Property - possessions such as jewelry, furniture, and boats Damage to building by vandalism - Put a fence around the building - Loss Prevention Home burglary - Install burglar alarm - Loss reduction Tort Damages - compensatory damages and punitive damages Negligence Tort - careless neglect, often resulting in injury ...

When property is damaged, individuals sustain certain financial consequences as a result of the damage. These consequences can include Select one: A. Increased expenses. B. Coverage termination. C. Increased premiums. D. Policy endorsements. - A. Increased expenses. Which one of the following statements regarding assets exposed to loss is true? Select one: A. Real property includes intangible property. B. Earthquake damage to a swimming pool is an example of a personal property expos...

Personal property - All tangible or intangible property that is not real property. Policy period - The time frame, beginning with the inception date, during which insurance coverage applies. Post judgment interest - Interest that may accrue on damages after a judgment has been entered in a court and before the money is paid. Property loss exposure - A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruc...