3/16/25, 5:39 AINS 101 Exam Prep Flashcards |
PM
AINS 101 EXAM PREP QUESTIONS AND ANSWERS WITH COMPLETE
SOLUTIONS VERIFIED GRADED A+
Practice questions for this set
Learn 1/7 Study using Learn
an insurer that is owned by its stockholders and formed as a corporation for the purpose
of earning a profit for the stockholders
Select the correct term
1Captive insurer 2Mutual insurer
3Stock insurer
4Reciprocal insurance exchange
Don't know?
Terms in this set (137)
any condition or situation that presents a possibility of loss,
Loss exposure
whether or not an actual loss occurs
Premium the price of the insurance coverage provided for a specified period
1/
10
, 3/16/25, 5:39 AINS 101 Exam Prep Flashcards |
PM
to restore a party who has sustained a loss to the same
Indemnify
financial position that party held before the loss occurred
Insured any person or organization who is insured under an insurance policy
one of the two main sectors of the insurance industry
Property-casualty insurance encompassing numerous types of insurance, most of which
cover the financial consequences of damage to one's
own property or legal liability to others
one of the two main sectors of the insurance industry
Life-health insurance
encompassing numerous types of insurance that cover the
financial
an insurer that is owned by its stockholders and formed as a
Stock insurer
corporation for the purpose of earning a profit for the
stockholders
an insurer that is owned by its policyholders and formed as a
Mutual insurer
corporation for the purpose of providing insurance to
them
a non-admitted insurer that is eligible to insure risks that
Surplus-lines insurer
have been exported by a surplus lines licensee in
accordance with a surplus lines law
the transfer of insurance risk from one insurer to another through a
contractual
Reinsurance agreement under which one insurer (the reinsurer) agrees, in
return for a reinsurance premium, to indemnify another
insurer (the primary insurer) for some or all of the
financial consequences of certain loss exposures covered by
the primary's insurance policies
Pure risk a chance of loss or no loss, but no chance of gain
2/
10
PM
AINS 101 EXAM PREP QUESTIONS AND ANSWERS WITH COMPLETE
SOLUTIONS VERIFIED GRADED A+
Practice questions for this set
Learn 1/7 Study using Learn
an insurer that is owned by its stockholders and formed as a corporation for the purpose
of earning a profit for the stockholders
Select the correct term
1Captive insurer 2Mutual insurer
3Stock insurer
4Reciprocal insurance exchange
Don't know?
Terms in this set (137)
any condition or situation that presents a possibility of loss,
Loss exposure
whether or not an actual loss occurs
Premium the price of the insurance coverage provided for a specified period
1/
10
, 3/16/25, 5:39 AINS 101 Exam Prep Flashcards |
PM
to restore a party who has sustained a loss to the same
Indemnify
financial position that party held before the loss occurred
Insured any person or organization who is insured under an insurance policy
one of the two main sectors of the insurance industry
Property-casualty insurance encompassing numerous types of insurance, most of which
cover the financial consequences of damage to one's
own property or legal liability to others
one of the two main sectors of the insurance industry
Life-health insurance
encompassing numerous types of insurance that cover the
financial
an insurer that is owned by its stockholders and formed as a
Stock insurer
corporation for the purpose of earning a profit for the
stockholders
an insurer that is owned by its policyholders and formed as a
Mutual insurer
corporation for the purpose of providing insurance to
them
a non-admitted insurer that is eligible to insure risks that
Surplus-lines insurer
have been exported by a surplus lines licensee in
accordance with a surplus lines law
the transfer of insurance risk from one insurer to another through a
contractual
Reinsurance agreement under which one insurer (the reinsurer) agrees, in
return for a reinsurance premium, to indemnify another
insurer (the primary insurer) for some or all of the
financial consequences of certain loss exposures covered by
the primary's insurance policies
Pure risk a chance of loss or no loss, but no chance of gain
2/
10
