6/30/25, 12:29 PM AINS 101 Exam (2025 updated) QUESTIONS AND ANSWERS (DETAILED & ELABORATED) fully solved Flashcards | Quizlet
AINS 101 Exam (2025 updated) QUESTIONS AND
ANSWERS (DETAILED & ELABORATED) fully
solved
Save
Terms in this set (55)
Uncertainty about outcomes. Can be negative or
Risk
positive
The act of transferring the financial consequences of
Transferring
unanticipated events to an insurer
All insureds share the costs of eachothers' losses.
Pooling Insurers combine all premiums collected to pay losses
as they occur
Protects an insured's assets by covering the cost of
Personal Insurance
repairing or replacing property that is damaged, lost,
(Property)
or destroyed.
Provides payments for injury to others or damage to
Personal Insurance other's property for which the insured is legally
(Liability) responsible. Also covers the cost to defend the
insured against related lawsuits
Personal Insurance Protects individuals and families from financial losses
(Health) caused by sickness or accidents
Provides protection when people's homes and/or
Personal P&C Insurance belongings are damaged or stolen and liability
(Homeowners) coverage for situations such as the family dog biting a
desk
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, 6/30/25, 12:29 PM AINS 101 Exam (2025 updated) QUESTIONS AND ANSWERS (DETAILED & ELABORATED) fully solved Flashcards | Quizlet
If insured is at fault in an accident, provides coverage
for personal bodily injury to another person or
Personal Auto Insurance damage to another person's auto. Also provides
coverage for damaged to insured auto (not wear +
tear). Legally required
Personal Umbrella Provides additional protection for people with a high
Insurance potential for large liability losses
Commercial Property Covers damage to buildings or their contents that
Insurance results from fire, vandalism, and other causes of loss
Commercial Crime Protects against losses from theft of business
Insurance property and money, including employee theft
Commercial General Protects a business against its legal liability to others
Liability for bodily injury or property damage
Covers liability for bodily injury and property damage
Commercial Auto caused by the use of the businesses' autos and also
Insurance damage to the business own autos when they are in
an accident
Covers legally required benefits that businesses are
Workers Compensation required to pay to their employees for job-related
injuries and illnesses
Provides additional liability limits beyond those
Commercial Umbrella
provided by other commercial policies, protecting a
Insurance
business in the event of large liability loss
Objective is to earn a profit, and they attract
Stock Insurers (Private
stockholders by the expectation of investment
Insurers)
returns. Many large PC insurers are this.
Share profits, pay dividends to policyholders as a
Mutual Insurers (Private
return of a portion of premiums paid. Some large
Insurers)
insurers and many regional insurers are this.
Surplus Lines Insurers Provide insurance coverages unavailable in the
(Private Insurers) standard market
https://quizlet.com/1057698728/ains-101-exam-2025-updated-questions-and-answers-detailed-elaborated-fully-solved-flash-cards/ 2/6
AINS 101 Exam (2025 updated) QUESTIONS AND
ANSWERS (DETAILED & ELABORATED) fully
solved
Save
Terms in this set (55)
Uncertainty about outcomes. Can be negative or
Risk
positive
The act of transferring the financial consequences of
Transferring
unanticipated events to an insurer
All insureds share the costs of eachothers' losses.
Pooling Insurers combine all premiums collected to pay losses
as they occur
Protects an insured's assets by covering the cost of
Personal Insurance
repairing or replacing property that is damaged, lost,
(Property)
or destroyed.
Provides payments for injury to others or damage to
Personal Insurance other's property for which the insured is legally
(Liability) responsible. Also covers the cost to defend the
insured against related lawsuits
Personal Insurance Protects individuals and families from financial losses
(Health) caused by sickness or accidents
Provides protection when people's homes and/or
Personal P&C Insurance belongings are damaged or stolen and liability
(Homeowners) coverage for situations such as the family dog biting a
desk
https://quizlet.com/1057698728/ains-101-exam-2025-updated-questions-and-answers-detailed-elaborated-fully-solved-flash-cards/ 1/6
, 6/30/25, 12:29 PM AINS 101 Exam (2025 updated) QUESTIONS AND ANSWERS (DETAILED & ELABORATED) fully solved Flashcards | Quizlet
If insured is at fault in an accident, provides coverage
for personal bodily injury to another person or
Personal Auto Insurance damage to another person's auto. Also provides
coverage for damaged to insured auto (not wear +
tear). Legally required
Personal Umbrella Provides additional protection for people with a high
Insurance potential for large liability losses
Commercial Property Covers damage to buildings or their contents that
Insurance results from fire, vandalism, and other causes of loss
Commercial Crime Protects against losses from theft of business
Insurance property and money, including employee theft
Commercial General Protects a business against its legal liability to others
Liability for bodily injury or property damage
Covers liability for bodily injury and property damage
Commercial Auto caused by the use of the businesses' autos and also
Insurance damage to the business own autos when they are in
an accident
Covers legally required benefits that businesses are
Workers Compensation required to pay to their employees for job-related
injuries and illnesses
Provides additional liability limits beyond those
Commercial Umbrella
provided by other commercial policies, protecting a
Insurance
business in the event of large liability loss
Objective is to earn a profit, and they attract
Stock Insurers (Private
stockholders by the expectation of investment
Insurers)
returns. Many large PC insurers are this.
Share profits, pay dividends to policyholders as a
Mutual Insurers (Private
return of a portion of premiums paid. Some large
Insurers)
insurers and many regional insurers are this.
Surplus Lines Insurers Provide insurance coverages unavailable in the
(Private Insurers) standard market
https://quizlet.com/1057698728/ains-101-exam-2025-updated-questions-and-answers-detailed-elaborated-fully-solved-flash-cards/ 2/6
