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AINS 101 Questions
| Question | Answer |
|---|---|
| What 3 concepts are pertinent to understanding insurance | risk, transfer, pooling |
| Insurance benefits who? | those whose losses are paid and society |
| Private insurance providing insurance unavailable in standard market | surplus lines |
| Examples of federal government insurance plans | National Flood Insurance Program, Terrorism Risk Insurance Program |
| Which quadrant of risk arises from trends in the economy and society? | strategic risk |
| What does an insurer’s income statement show? | Its revenues, expenses, and net income |
| Mary has been approved for a life insurance policy with a low premium because on her application she falsely stated that she does not indulge in dangerous activities. What is this? | Adverse selection |
| Which group of underwriters would be best suited to select new and renewal accounts that meet the insurer’s underwriting guidelines? | Field |
| Name the tasks that must be completed to implement an underwriting decision? | communicate it to the producer (agent or broker), issue the required documents, and record information about the applicant and policy. |
| Camron is an underwriter who reviewed an application and determined that modifications must be made before Camron can accept the application. What are some modifications she might require? | raise premium or change policy terms |
| Examples of exposure units | area, gross receipts, payroll, value insured |
| Mary determines that the loss occurred during Ken’s policy period and that coverages in the policy apply to the loss and then calculates an appropriate loss reserve. What is the next step she should complete? | contacting insured |
| Producers do what 6 things | sales, risk management review, policy issuance, premium collection, customer service, claims handling |
| What is the most important function of a producer? | sales |
| Which producer function can help lay the groundwork for sales while also strengthening the producer/customer relationship? | risk management review |
| Results-based standards focus on the ______ of the program, no matter how much ____ is required to achieve them. | goals, effort |
| Courtney runs a delivery service and chose to install rear-view cameras in all work vehicles. What standard has Courtney focused on? | Activity-based standards |
| Insurance policy has what 6 characteristics | contract of indemnity, utmost good faith, adhesion, conditional contract, nontransferable, involves fortuitous events and exchange of unequal amounts |
| The insurer determines the exact wording of the policy, the insured has little choice but to take it or leave it. This is what? | contract of adhesion |
| What type of insurance form is most widely used? | preprinted forms |
| A self-employed tattoo artist wants to make sure she’s covered in case a client sues her. What policy type would her agent suggest? | manuscript |
| What three provisions form the core of every insurance policy? | declarations, definitions, insuring agreement |
| What promise do the insuring agreements of most liability policies make? | to pay damages for bodily injury or property damage for which an insured becomes legally liable and to which the coverage applies. |
Created by:
meghan_pfeiffer