AINS 101 EXAM / 80+
QUESTIONS AND VERIFIED
ANSWERS 2023/2024 /
GRADED A+.
, AINS 101
1. The two main sectors of the insurance industry are: Property-casualty insur-
ance and life-health insurance.
2. Because insurance contracts impose an obligation for ethical practices and
behaviors on the parties while dealing with one another, an insurance contract
is called a: Contract of utmost good faith.
3. Earned premiums are shown on an insurer's income statement because
they are: Revenues
4. Destructive competition in the insurance industry could result in: Insurance
Shortages
5. Sean was driving and caused an injury to a pedestrian named Wilbur. In
the context of the resulting claim made to Sean's insurance company and
assigned to Andrea in the claims department, Sean and Wilbur and Andrea
are, respectively: Insured and claimant and claims representative
6. Which one of these is most directly associated with a satisfied customer?-
: Leads and referrals that can be used to generate new business
7. When conducting an advance audit, which of these tasks are performed to
assist underwriting?: Classify the various exposures
8. Because the insurance company usually determines policy wording and the
insured has little choice but to "take it or leave it," an insurance contract is
a: Contract of adhesion
9. Smart products used to perform repetitive tasks: Robots
10. What is the correct order for these steps in the claims process? Calculating
a loss reserve, preparing a loss statement, identifying the policy, determining
the cause of loss: Identifying the policy, calculating a loss reserve, determining the
cause of loss, preparing a loss statement
11. What is another name for a field underwriter?: Line Underwriter
12. Someone has the following duties: evaluate applicants that producers
submit, present policy quotations, process policy endorsements, help explain
coverages, make coverage recommendations. What is their role?: Field/Line
Underwriter
13. In personal property-casualty insurance, which is more common: manu-
script forms or pre-printed policies?: Pre-printed policies
14. Which statement is true?: A policy begins with a coverage overview, then goes
into more coverage details
15. Which of these is an example of general damages?: Compensation for
disfigurement
16. What are the four quadrants of risk?: Hazard, Operational, Financial, Strate-
gic
1/5
QUESTIONS AND VERIFIED
ANSWERS 2023/2024 /
GRADED A+.
, AINS 101
1. The two main sectors of the insurance industry are: Property-casualty insur-
ance and life-health insurance.
2. Because insurance contracts impose an obligation for ethical practices and
behaviors on the parties while dealing with one another, an insurance contract
is called a: Contract of utmost good faith.
3. Earned premiums are shown on an insurer's income statement because
they are: Revenues
4. Destructive competition in the insurance industry could result in: Insurance
Shortages
5. Sean was driving and caused an injury to a pedestrian named Wilbur. In
the context of the resulting claim made to Sean's insurance company and
assigned to Andrea in the claims department, Sean and Wilbur and Andrea
are, respectively: Insured and claimant and claims representative
6. Which one of these is most directly associated with a satisfied customer?-
: Leads and referrals that can be used to generate new business
7. When conducting an advance audit, which of these tasks are performed to
assist underwriting?: Classify the various exposures
8. Because the insurance company usually determines policy wording and the
insured has little choice but to "take it or leave it," an insurance contract is
a: Contract of adhesion
9. Smart products used to perform repetitive tasks: Robots
10. What is the correct order for these steps in the claims process? Calculating
a loss reserve, preparing a loss statement, identifying the policy, determining
the cause of loss: Identifying the policy, calculating a loss reserve, determining the
cause of loss, preparing a loss statement
11. What is another name for a field underwriter?: Line Underwriter
12. Someone has the following duties: evaluate applicants that producers
submit, present policy quotations, process policy endorsements, help explain
coverages, make coverage recommendations. What is their role?: Field/Line
Underwriter
13. In personal property-casualty insurance, which is more common: manu-
script forms or pre-printed policies?: Pre-printed policies
14. Which statement is true?: A policy begins with a coverage overview, then goes
into more coverage details
15. Which of these is an example of general damages?: Compensation for
disfigurement
16. What are the four quadrants of risk?: Hazard, Operational, Financial, Strate-
gic
1/5
