AINS 101 Exam Questions & Answers |
100% Correct Answers | Verified | Latest
2024 Version
The two main sectors of the insurance industry are
Property-casualty insurance and life-health insurance.
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.
Earned premiums are shown on an insurer's income statement because they are
Revenues
Destructive competition in the insurance industry could result in
Insurance Shortages
3 multiple choice options
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
Which one of these is most directly associated with a satisfied customer?
, Leads and referrals that can be used to generate new business
3 multiple choice options
When conducting an advance audit, which of these tasks are performed to assist underwriting?
Classify the various exposures
3 multiple choice options
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
Smart products used to perform repetitive tasks
Robots
3 multiple choice options
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
What is another name for a field underwriter?
Line Underwriter
100% Correct Answers | Verified | Latest
2024 Version
The two main sectors of the insurance industry are
Property-casualty insurance and life-health insurance.
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.
Earned premiums are shown on an insurer's income statement because they are
Revenues
Destructive competition in the insurance industry could result in
Insurance Shortages
3 multiple choice options
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
Which one of these is most directly associated with a satisfied customer?
, Leads and referrals that can be used to generate new business
3 multiple choice options
When conducting an advance audit, which of these tasks are performed to assist underwriting?
Classify the various exposures
3 multiple choice options
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
Smart products used to perform repetitive tasks
Robots
3 multiple choice options
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
What is another name for a field underwriter?
Line Underwriter
