GOLDEN ORCHIDS STORE.

AINS 103 Questions and Answers – Updated 2024 Danforth Grocery Store specializes in fresh produce and is open 24 hours year-round. The store has contracts with suppliers to deliver produce and foods by 5am daily, so the parking area at the rear of the store is congested from 4:30am to 5:30am. Customer traffic is heaviest from 7am to 9am, and again from 3pm to 6pm. The store has had six slip and fall claims from customers in the past year. Danforth Grocery Store is most exposed to which o...

AINS 103 Exam Questions and Answers – Updated 2024 Do you think the causes of business income losses associated with property exposures are typically the same as or different from those for physical damage losses? A. Different B. Same - Answer-B. Same The causes of business income losses associated with property exposures are typically the same as those for physical damage losses. Thus, a property loss caused by fire, theft, windstorm, flood, earthquake, terrorism, vandalism, or war ma...

AINS 103 Exam Questions and Answers – Updated 2024 Which one of the following best describes real property? Select one: A. Property being shipped to or from others. B. Business personal property that includes furniture, machinery and equipment, and stock/inventory. C. Tangible property that includes land, structures permanently attached to the land, and whatever is growing on the land. D. Vehicles, merchandise, furniture, tools, and similar items. - Answer-C. Tangible property that i...

AINS 102 Test Questions with Correct Answers 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 - Answer-B. The detached garage Which one of the following is considered real propert...

AINS 102 PT 3 Exam Questions and Answers – Updated 2024 Patrick's car is 12 years-old and has been driven for over 100,000 miles. He has decided that instead of continuing to pay insurance premium for coverage for property damage to his car, he will put the money aside to save for a new car. Which one of the following risk management techniques is Patrick using? Select one: A. Diversification B. Retention C. Avoidance D. Loss reduction - Answer-B Which one of the following statem...

EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024 Page 5/34 types of insurance laws by state - Answer-most are at fault states, the others are no fault states at fault states - Answer-use the tort liability system to determine who is responsible for the financial consequences of an auto accedent under this system, auto accident victims must prove that another party was at fault before they can collect damages from that party no fault states...

EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024 Page 4/16 3) Contents Broad Form (HO4) - Renters Insurance (No dwelling) 4) Comprehensive Form (HO5) - Broadest Coverage 5) Unit-Owners Form (HO6) - designed for owners (limited dwelling cov) 6) Modified Coverage Form (HO8) - For older building with high replacement cost Tech Reducing Loss Exposure - Answer-1) Motion Detectors/lights 2) Water sensors 3) Smoke and carbon detectors 4) Heat se...

AINS 102 Course Quiz with Correct Answers Patrick's car is 12 years-old and has been driven for over 100,000 miles. He has decided that instead of continuing to pay insurance premium for coverage for property damage to his car, he will put the money aside to save for a new car. Which one of the following risk management techniques is Patrick using? A) Loss reduction B) Avoidance C) Retention D) Diversification - Answer-C Heather and Jeff had the roof blown off their home during a re...

AINS 101 Exam Study Guide with Complete Solutions Bill is an insurance producer for and employed by ABC Insurance Company (ABC). He represents only ABC when marketing insurance products, and uses an administrative staff also employed by ABC. Bill is a producer in the - Answer-Direct writer marketing system 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 - Answer-Contract of adhe...

AINS 101 Exam Questions and Answers |100% Pass Insuring individuals with a high probability of loss at a cost lower than the insurer would normally charge for that risk because it wasn't aware of the actual risk involved is known as - Answer-Adverse selection A risk control evaluation can make the difference between the applicant's being rejected or accepted by the underwriter. - Answer-True Risk control representatives are responsible for compiling all the information required for ...

AINS 101 Exam Questions and Answers – Updated Which one of the following best explains why producers should be alert to changes in clients' loss exposures? A. Implemented risk management techniques may prove to be ineffective or become obsolete. B. Knowledge of such changes will inform their efforts to create a list of experts that can be called to assist. C. Producers can aid clients in developing risk management cost allocation plans. D. Producers have expertise about risk financi...

AINS 101 Exam Questions and Answers – Latest Update Which of the following is an example of a legal requirement for individuals that could be met through insurance? a. contributing to the growth of the organization b. paying for losses c. obtaining personal auto insurance d. providing a source of investment funds - Answer-c. obtaining personal auto insurance A fire destroys the kitchen in Rob and Laurie's home. Which insurance policy would provide coverage for the damage? a. Homeo...

AINS 101 Exam Questions and Answers- Updated 2024 One of the reasons for insurance regulation is to prevent destructive competition. In which one of the following scenarios would destructive competition be exhibited? - Answer-East Insurance comes up with a new rate structure allowing "preferred customers" discounted policies when they continually renew year after year; East eventually loses needed revenue but is rewarded by its competitors leaving the market. Ling has noticed that h...

Ains 101 Exam Questions and Answers – Updated 2024 As a single mother on a very tight budget, Ciara is tempted to skimp on her insurance. However, her friend Mehmet tells her not to skimp on insurance, because it will help manage her cash flows. Which one of the following examples best illustrates Mehmet's point? - Answer- When her car's windshield breaks, Ciara has to pay only $100 of the $600 cost of replacing it. Which one of the following represents uncertainty about outcomes t...

AINS 23 Practice Test Questions and Answers BPP - Insuring Agreement is an element contained in the - Answer-commercial property coverage form BPP - Covered Cause of Loss is an element contained in the - Answer-commercial property declarations page BPP - Newly Acquired or Constructed Property extension states a ________ amount of coverage that applies to each building - Answer-maximum BPP - Storage units coverage extension provides - Answer-temporary protection for BPP wile stored in a ...

AINS 23 Full Practice Exam Questions and Answers – Updated 2024 1) Clarence entered into a contract bond that guarantees his insulation work will be free from defects in materials and workmanship for a specified period of five years after completion of the work. The type of bond used by Clarence is a - Answer-Maintenance bond. 2) Which one of the following statements is correct with respect to ocean marine loss exposures? - Answer-For cargo owners, the posibility of loss to the cargo exi...

EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024 Page 3/23 declarations began on July 1, 20X1. On October 1, 20X1, access was denied to MDC for five weeks by civil authorities because of fire damage to a shop right next door to MDC. The resulting loss of business income that MDC sustained was $70,000, including a $5,000 loss for the first 72 hours following the time of action by civil authority. After the first 72 hours, MDC sustained $11,00...

AINS 23 Exam Study Guide with Complete Solutions Crime - Employee Theft covers: - Answer-1) Theft committed by any employee 2) Money, securities and "other property" with intrinsic value and it is tangible 3) Coverage extends in US territory, Canada, Puerto Rico or anywhere that an employee is temporarily outside for less than 90 consecutive days Crime - Forgery/Alteration covers: - Answer-1) Forgery and/or alteration 2) Checks, drafts, promissory notes or similar instruments 3) Wo...

AINS 23 Exam Study Guide with Complete Solutions Financial consequences of property losses - Answer-Reduction in property value, lost income, and extra expenses. Package modification factors - Answer-Factors that are applied to the regular policy premiums for certain coverage parts of a commercial package policy that includes both property and liability coverages, resulting in premium discounts. Commercial property declarations page - Answer-Contains description of property, kinds and am...

ains 23 Exam Practice Questions and Answers Which one of the statements is correct with respect to the Building and Personal Property Coverage Form (BPP)? - Answer-Some property, such as building foundations below the lowest basement floor, is excluded because it may not be subject to loss by the perils insured against. Which one of the following Additional Coverages is covered under the Causes of Loss—Special Form but not under the Causes of Loss—Broad Form? - Answer-Property in Tran...