AINS 102 EXAM (UNDERSTANDING PERSONAL INSURANCE) EXAM
COMPLETE QUESTIONS & CORRECT ANSWERS - JUST RELEASED!!!
Peril - CORRECT ANSWERS-The cause of a loss.
Perils of the seas - CORRECT ANSWERS-Accidental causes of loss that are peculiar to the sea and other
bodies of water.
Personal injury protection (PIP) coverage - CORRECT ANSWERS-Coverage that pays benefits, regardless
of fault, for medical expense, income loss, and other benefits, resulting from bodily injury to occupants
of a covered auto.
Personal property - CORRECT ANSWERS-All tangible or intangible property that is not real property.
Policy period - CORRECT ANSWERS-The time frame, beginning with the inception date, during which
insurance coverage applies.
Compensatory damages - CORRECT ANSWERS-A payment awarded by a court to reimburse a victim for
actual harm.
Compulsory auto insurance law - CORRECT ANSWERS-Law that requires the owners or operators of
automobiles to carry automobile liability insurance at least equal to certain minimum limits before the
vehicle can be licensed or registered.
Criminal law - CORRECT ANSWERS-The branch of the law that imposes penalties for wrongs against
society.
Cross-selling - CORRECT ANSWERS-Selling new types of insurance products to existing clients.
Damages - CORRECT ANSWERS-Money claimed by, or a monetary award to, a party who has suffered
loss or injury for which another party is legally responsible.
, Deductible - CORRECT ANSWERS-A portion of a covered loss that is not paid by the insurer.
Financial responsibility laws - CORRECT ANSWERS-Law enacted to ensure that motorists have the
financial ability to pay for any property damage or bodily injury they might cause as a result of driving or
owning an auto.
First party - CORRECT ANSWERS-The insured in an insurance contract.
Floater - CORRECT ANSWERS-A policy designed to cover property that floats, or moves, from location
to location.
Flood Insurance Rate Map (FIRM) - CORRECT ANSWERS-A map that shows exact boundaries for special
flood hazard areas, the various flood zones, and base flood elevations.
General damages - CORRECT ANSWERS-A monetary award to compensate a victim for losses, such as
pain and suffering, that do not involve specific, measurable expenses.
HO-3 Special Form - CORRECT ANSWERS-Coverage for owner-occupants, providing open perils
coverage on buildings and specified perils coverage on personal property.
Hull insurance - CORRECT ANSWERS-Insurance that covers physical damage to vessels, including their
machinery and fuel but not their cargo.
Inland marine floater - CORRECT ANSWERS-Coverage for property limited or excluded by homeowners
policies, property with valuation problems, high-value items, and property susceptible to loss by other
than the usual named perils.
Inland marine insurance - CORRECT ANSWERS-Insurance that covers many different classes of property
that typically involve an element of transportation on land.
COMPLETE QUESTIONS & CORRECT ANSWERS - JUST RELEASED!!!
Peril - CORRECT ANSWERS-The cause of a loss.
Perils of the seas - CORRECT ANSWERS-Accidental causes of loss that are peculiar to the sea and other
bodies of water.
Personal injury protection (PIP) coverage - CORRECT ANSWERS-Coverage that pays benefits, regardless
of fault, for medical expense, income loss, and other benefits, resulting from bodily injury to occupants
of a covered auto.
Personal property - CORRECT ANSWERS-All tangible or intangible property that is not real property.
Policy period - CORRECT ANSWERS-The time frame, beginning with the inception date, during which
insurance coverage applies.
Compensatory damages - CORRECT ANSWERS-A payment awarded by a court to reimburse a victim for
actual harm.
Compulsory auto insurance law - CORRECT ANSWERS-Law that requires the owners or operators of
automobiles to carry automobile liability insurance at least equal to certain minimum limits before the
vehicle can be licensed or registered.
Criminal law - CORRECT ANSWERS-The branch of the law that imposes penalties for wrongs against
society.
Cross-selling - CORRECT ANSWERS-Selling new types of insurance products to existing clients.
Damages - CORRECT ANSWERS-Money claimed by, or a monetary award to, a party who has suffered
loss or injury for which another party is legally responsible.
, Deductible - CORRECT ANSWERS-A portion of a covered loss that is not paid by the insurer.
Financial responsibility laws - CORRECT ANSWERS-Law enacted to ensure that motorists have the
financial ability to pay for any property damage or bodily injury they might cause as a result of driving or
owning an auto.
First party - CORRECT ANSWERS-The insured in an insurance contract.
Floater - CORRECT ANSWERS-A policy designed to cover property that floats, or moves, from location
to location.
Flood Insurance Rate Map (FIRM) - CORRECT ANSWERS-A map that shows exact boundaries for special
flood hazard areas, the various flood zones, and base flood elevations.
General damages - CORRECT ANSWERS-A monetary award to compensate a victim for losses, such as
pain and suffering, that do not involve specific, measurable expenses.
HO-3 Special Form - CORRECT ANSWERS-Coverage for owner-occupants, providing open perils
coverage on buildings and specified perils coverage on personal property.
Hull insurance - CORRECT ANSWERS-Insurance that covers physical damage to vessels, including their
machinery and fuel but not their cargo.
Inland marine floater - CORRECT ANSWERS-Coverage for property limited or excluded by homeowners
policies, property with valuation problems, high-value items, and property susceptible to loss by other
than the usual named perils.
Inland marine insurance - CORRECT ANSWERS-Insurance that covers many different classes of property
that typically involve an element of transportation on land.
