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Insurance Exam Prep: Key Concepts Q&A, Exams of Nursing

Hillsborough Community CollegeNursing

A comprehensive set of review questions and answers related to insurance concepts, designed to aid in exam preparation. It covers a wide range of topics, including loss exposure, premium, indemnification, and various types of insurance such as property-casualty and life-health insurance. The material also delves into the financial aspects of insurance, such as income statements, earned premiums, underwriting income, balance sheets, and policyholder's surplus. Additionally, it addresses key processes like underwriting, claims handling, and risk management, offering a solid foundation for understanding the insurance industry. This resource is ideal for students and professionals seeking to reinforce their knowledge of insurance principles and practices, ensuring they are well-prepared for exams and real-world applications. Structured to facilitate effective learning and retention of essential insurance concepts.

Typology: Exams

2024/2025

Available from 06/11/2025

Nurseexcel
Nurseexcel 🇺🇸

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832 documents

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AINS 101 Exam Prep Review Questions and Answers 100% Correct
1. Lossdexposure:danydconditiondordsituationdthatdpresentsdadpossibilitydofdloss,dwhetherd
ordnotdandactualdlossdoccurs
2. Premium:dthedpricedofdthedinsurancedcoveragedprovideddfordadspecifieddperiod
3. Indemnify:dtodrestoredadpartydwhodhasdsustaineddadlossdtodthedsamedfinancialdpositiondt
hatdpartydhelddbeforedthedlossdoccurred
4. Insured:danydpersondordorganizationdwhodisdinsureddunderdandinsurancedpolicy
5. Property-
casualtydinsurance:donedofdthedtwodmaindsectorsdofdthedinsurancedindustrydencompassingdn
umerousdtypesdofdinsurance,dmostdofdwhichdcoverdthedfinancialdconsequencesdofddamagedtod
one'sdowndpropertydordlegaldliabilitydtodothers
6. Life-
healthdinsurance:donedofdthedtwodmaindsectorsdofdthedinsurancedindustrydencompassingdn
umerousdtypesdofdinsurancedthatdcoverdthedfinancial
7. Stockdinsurer:dandinsurerdthatdisdowneddbyditsdstockholdersdanddformeddasdadcorporati
ondfordthedpurposedofdearningdadprofitdfordthedstockholders
8. Mutualdinsurer:dandinsurerdthatdisdowneddbyditsdpolicyholdersdanddformeddasdadcorporati
ondfordthedpurposedofdprovidingdinsurancedtodthem
9. Surplus-linesdinsurer:dadnon-
admitteddinsurerdthatdisdeligibledtodinsuredrisksdthatdhavedbeendexporteddbydadsurplusdlinesdlice
nseedindaccordancedwithdadsurplusdlinesdlaw
10. Reinsurance:dthedtransferdofdinsurancedriskdfromdonedinsurerdtodanotherdthroughdadcontrac
tualdagreementdunderdwhichdonedinsurerd(thedreinsurer)dagrees,dindreturndfordadreinsurancedpr
emium,dtodindemnifydanotherdinsurerd(thedprimarydinsurer)dfordsomedordalldofdthedfinancialdcon
sequencesdofdcertaindlossdexposuresdcovereddbydthedprimary'sdinsurancedpolicies
11. Puredrisk:dadchancedofdlossdordnodloss,dbutdnodchancedofdgain
12. Speculativedrisk:dadchancedofdloss,dnodloss,dordgain
13. Solvency:dthedabilitydofdandinsurerdtodmeetditsdfinancialdobligationsdasdtheydbecomeddue,d
evendthosedresultingdfromdinsureddlossesdthatdmaydbedclaimeddseveraldyearsdindthedfuture
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AINS 101 Exam Prep Review Questions and Answers 100% Correct

  1. Lossdexposure:d anydconditiondordsituationdthatdpresentsdadpossibilitydofdloss,dwhetherd ordnotdandactualdlossdoccurs
  2. Premium:d thedpricedofdthedinsurancedcoveragedprovideddfordadspecifieddperiod
  3. Indemnify:d todrestoredadpartydwhodhasdsustaineddadlossdtodthedsamedfinancialdpositiondt hatdpartydhelddbeforedthedlossdoccurred
  4. Insured:d anydpersondordorganizationdwhodisdinsureddunderdandinsurancedpolicy
  5. Property- casualtydinsurance:d onedofdthedtwodmaindsectorsdofdthedinsurancedindustrydencompassingdn umerousdtypesdofdinsurance,dmostdofdwhichdcoverdthedfinancialdconsequencesdofddamagedtod one'sdowndpropertydordlegaldliabilitydtodothers
  6. Life- healthdinsurance:d onedofdthedtwodmaindsectorsdofdthedinsurancedindustrydencompassingdn umerousdtypesdofdinsurancedthatdcoverdthedfinancial
  7. Stockdinsurer:d andinsurerdthatdisdowneddbyditsdstockholdersdanddformeddasdadcorporati ondfordthedpurposedofdearningdadprofitdfordthedstockholders
  8. Mutualdinsurer:d andinsurerdthatdisdowneddbyditsdpolicyholdersdanddformeddasdadcorporati ondfordthedpurposedofdprovidingdinsurancedtodthem
  9. Surplus-linesdinsurer:d adnon- admitteddinsurerdthatdisdeligibledtodinsuredrisksdthatdhavedbeendexporteddbydadsurplusdlinesdlice nseedindaccordancedwithdadsurplusdlinesdlaw
  10. Reinsurance:d thedtransferdofdinsurancedriskdfromdonedinsurerdtodanotherdthroughdadcontrac tualdagreementdunderdwhichdonedinsurerd(thedreinsurer)dagrees,dindreturndfordadreinsurancedpr emium,dtodindemnifydanotherdinsurerd(thedprimarydinsurer)dfordsomedordalldofdthedfinancialdcon sequencesdofdcertaindlossdexposuresdcovereddbydthedprimary'sdinsurancedpolicies
  11. Puredrisk:d adchancedofdlossdordnodloss,dbutdnodchancedofdgain
  12. Speculativedrisk:d adchancedofdloss,dnodloss,dordgain
  13. Solvency:d thedabilitydofdandinsurerdtodmeetditsdfinancialdobligationsdasdtheydbecomeddue,d evendthosedresultingdfromdinsureddlossesdthatdmaydbedclaimeddseveraldyearsdindthedfuture

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  1. Incomedstatement:d thedfinancialdstatementdthatdreportsdandorganization'sdprofitdordlossdf ordadspecificdperioddbydcomparingdthedrevenuesdgenerateddwithdthedexpensesdincurreddtodprodu cedthosedrevenues
  2. Earneddpremiums:d thedportiondofdthedwrittendpremiumsdthatdapplydtodthedpartdofdthedpolic ydperioddthatdhasdalreadydoccurred
  3. Underwritingdincome:d incomedandinsurerdearnsdfromdpremiumsdpaiddbydpolicy- dholdersdminusdincurreddlossesdanddunderwritingdexpenses
  4. Balancedsheet:d thedfinancialdstatementdthatdreportsdthedassets,dliabilities,danddowner'sd equitydofdandorganizationdasdofdadspecificddate
  5. Policyholder'sdsurplus:d andinsurer'sdassetsdminusditsdliabilities,dwhichdrepre- dsentsditsdnetdworth

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  1. Agencydexpirationdlist:d thedrecorddofdandinsurancedagency'sdpresentdpolicyhold- dersdanddtheddatesdtheirdpoliciesdexpire
  2. Underwritingdguidelines:d adwrittendmanualdthatdcommunicatesdandinsurer'sdunderwrit ingdpolicydanddthatdspecifiesdthedattributesdofdandaccountdthatdandinsurerdisdwillingdtodinsure
  3. Binder:d adtemporarydwrittendordoraldagreementdtodprovidedinsurancedcoverageduntildadfor maldwrittendpolicydisdissued

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  1. Bookdofdbusiness:d adgroupdofdpoliciesdwithdadcommondcharacteristic,dsuchdasdterritorydor dtypedofdcoverage,dordalldpoliciesdwrittendbydadparticulardinsurerdordagency
  2. Telematics:d thedusedofdtechnologicalddevicesdtodtransmitddatadviadwirelessdcom- dmunicationdanddGPSdtracking
  3. Ratedmanual:d adresourcedfordclassifyingdaccountsdandddevelopingdpremiumsdfordgivendtyp esdofdinsurance;dincludesdnecessarydrules,dfactorsdanddguidelinesdtodapplydthosedrates
  4. Adversedselection:d insuringdindividualsdwithdadhighdprobabilitydofdlossdatdadcostdlowerdtha ndthedinsurerdwoulddnormallydchargedfordthatdriskdbecauseditdwasn'tdawaredofdthedactualdriskdin volved
  5. Underwriting:d thedprocessdofdselectingdinsureds,dpricingdcoverage,ddeterminingdinsuranc edpolicydtermsdanddconditions,danddthendmonitoringdthedunderwritingddeci-dsionsdmade
  6. Predictivedmodeling:d adprocessdindwhichdhistoricalddatadbaseddondbehaviorsdanddeventsdisdb lendeddwithdmultipledvariablesdandduseddtodconstrictdmodelsdofdanticipateddfuturedoutcomes
  7. Capacity:d thedamountdofdbusinessdandinsurerdisdabledtodwrite,dusuallydbaseddondadcompar isondofdthedinsurer'sdwrittendpremiumsdtoditsdpolicyholder'sdsurplus
  8. Exposuredunit:d thedunitdofdmeasureduseddtoddeterminedandinsurancedpolicydpremium
  9. Certificatedofdinsurance:d adbriefddescriptionsdofdinsurancedcoveragedprepareddbydandinsu rerdorditsdagentdanddcommonlyduseddbydpolicydholdersdtodprovidedevidencedofdinsurance
  10. Catastrophedmodel:d adtypedofdcomputerdprogramdthatdestimatesdlossesdfromdfuturedpo tentialdcatastrophicdevents
  11. Rate:d thedpricedperdexposuredunitdfordinsurancedcoverage
  12. Claim:d addemanddbydadpersondordbusinessdseekingdtodrecoverdfromdandinsurerdfordadlossdthat dmaydbedcovereddbydandinsurancedpolicy
  13. Claimant:d adpartydthatdmakesdadclaimdanddthatdcandbedeitherdadfirst- partydclaimantdordadthird-partydclaimant
  14. Claimsdrepresentative:d adpersondresponsibledfordinvestigating,devaluating,danddsettlingdcl aims
  15. Deductible:d adportiondofdadcovereddlossdthatdisdnotdpaiddbydandinsurer
  16. Insurabledinterest:d andinterestdindthedsubjectdofdandinsurancedpolicydthatdisdnotdundulydre motedanddthatdwoulddcausedthedinteresteddpartydtodsufferdfinancialdlossdifdandinsureddeventdocc urred

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  1. Depreciation:d thedreductiondindvaluedcauseddbydthedphysicaldweardanddteardordtechnolo gicaldordeconomicdobsolescencedofdproperty
  2. Subrogation:d thedprocessdbydwhichdandinsurerdcan,dafterditdhasdpaiddadlossdunderdthedp olicy,drecoverdthedamountdpaiddfromdanydpartydwhodcauseddthedlossdordisdotherwisedlegallydli abledfordthedloss
  3. Salvagedrights:d thedinsurer'sdrightsdtodrecoverdanddselldordotherwiseddisposedofdinsureddpr opertydondwhichdthedinsurerdhasdpaiddadtotaldlossdordadconstructivedtotaldloss
  4. Damages:d moneydclaimeddby,dordadmonetarydawarddto,dadpartydwhodhasdsuffereddlossdordinj urydfordwhichdanotherdpartydisdlegallydresponsible
  5. Compensatoryddamages:d adpaymentdawardeddbydadcourtdtodreimbursedadvictimdfordactuald harm
  6. Specialddamages:d adformdofdcompensatoryddamagesdthatdawardsdadsumdofdmoneydfordsp ecific,didentifiabledexpensesdassociateddwithdthedinjureddperson'sdloss,dsuchdasdmedicaldexpe nsesdordlostdwages
  7. Generalddamages:d admonetarydawarddtodcompensatedadvictimdfordlosses,dsuchdasdpainda nddsufferingdthatddoesdnotdinvolveddspecific,dmeasurabledexpenses
  8. Punitiveddamages:d adpaymentdawardeddbydadcourtdtodpunishdaddefendantdfordadreckless,d maliciousdorddeceitfuldactdtoddeterdsimilardconduct;dthedawarddneeddnotdbeardanydrelationdtodadp arty'sdactualddamages
  9. Lossdrun:d adreportddetainingdandinsured'sdhistorydofdclaimsdthatdhavedoccurreddoverdadsp ecificdperiod,dvalueddasdofdadspecificddate
  10. Producer:d anydofdseveraldkindsdofdinsurancedpersonneldwhodplacedinsurancedanddsuretydbu sinessdwithdinsurersdanddwhodrepresentdeitherdinsurersdordinsureds,dordboth
  11. Broker:d andindependentdproducerdwhodrepresentsdinsurancedcustomers
  12. Brokerage:d compensationdindthedformdofdadflatdfeedordadcommissiondthatdisdpaiddbydthedrei nsurerdtodthedreinsurancedintermediarydfordservicesdprovided
  13. Riskdmanagement:d thedprocessdofdmakingdanddimplementingddecisionsdthatdwilldminimize dthedadversedeffectsdofdaccidentaldlossesdondandorganization
  14. Fortuitousdloss:d adlossdthatdisdaccidentaldanddunexpected
  15. Independentdexposures:d groupdofdmanydpersonsdpurchasingdinsurancedinde- dpendentlydanddnotdaffecteddbydthedlossesdofdothers

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  1. Contractdofdindemnity:d adcontractdindwhichdthedinsurerdagrees,dindthedeventdofdadcovereddlo ss,dtodpaydandamountddirectlydrelateddtodthedamountdofdthedloss
  2. Principledofdindemnity:d thedprincipledthatdinsurancedpoliciesdshoulddprovidedadbenefitdn odgreaterdthandthedlossdsuffereddbydandinsured
  3. Utmostdgooddfaith:d andobligationdtodactdindcompletedhonestydanddtoddisclosedalldrelevantdf acts

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  1. Personaldauto:d providesdcoveragedfordbodilydinjurydtodanotherdpersondorddamagedtodanother dperson'sdauto.dAlsodprovidesdcoveragedforddamagedtodthedinsureddauto.dTypicallydlegallydrequi red.
  2. Personaldumbrella:d providesdadditionaldprotectiondfordpeopledwithdadhighdpoten- dtialdfordlargedliabilitydlosses
  3. Commercialdproperty:d coversddamagedtodbuildingdordtheirdcontentsdthatdresultsdfromdfire, dvandalismdanddotherdcausesdofdloss

11 d/d 18

  1. Commercialdcrime:d protectsdagainstdlossesdfromdtheftdofdbusinessdpropertydanddmoney,di ncludingdemployeedtheft
  2. Commercialdgeneraldliability:d protectsdadbusinessdagainstditsdlegaldliabilitydtodothersdfo rdbodilydinjurydanddpropertyddamage
  3. Commercialdauto:d coversdliabilitydfordbodilydinjurydanddpropertyddamagedcauseddbydthedus edofdthedbusiness'sdautosdanddalsoddamagedtodthedbusiness'sdowndautosdwhendtheydaredindanda ccident
  4. Workersdcompensation:d coversdlegallydrequireddbenefitsdthatdbusinessesdaredrequireddt odpaydtodtheirdemployeesdfordjob-relateddinjuriesdanddillnesses
  5. Commercialdumbrella:d providesdadditionaldliabilitydlimitsdbeyonddthosedprovideddbydother dcommercialdpolicies,dprotectingdadbusinessdindthedeventdofdadlargedliabilitydloss
  6. Reciprocaldinsurancedexchange:d eachdmemberdisdbothdandinsureddanddandinsurer
  7. Captivedinsurer:d formeddtodcoverdthedlossdexposuresdofdspecificdorganizations
  8. RiskdQuadrants:d Hazard,dOperational,dFinancial,dStrategic
  9. Hazarddrisk:d arisesdfromdproperty,dliability,dordpersonneldlossdexposures.
  10. Operationaldrisk:d arisesdfromdpeople,dprocesses,dsystems,dordcontrols
  11. Financialdrisk:d arisesdfromdthedeffectdofdmarketdforcesdondfinancialdassetsdordliabilities
  12. Strategicdrisk:d arisesdfromdtrendsdindthedeconomydanddsociety
  13. Artificialdintelligence:d enablesdcomputersdtodperformdtasksdthatdrequiredcriticaldthinking, dsuchdasdmakingddecisions
  14. Sensors:d detectdanddmeasuredobjectsdordconditionsdcontinuouslydtodwarndofdproblem sdanddmalfunctions.dSmartdsensorsdmaydtriggerdadresponsedtodandissue,dwhichdhelpsdreduc edlosses
  15. Computerdvision:d helpsdadmachinedrecognizedandobjectdanddresponddtoditdasdadhumandwo uld
  16. Insurancedregulationsdprotectsdconsumersdby::d 1.dVerifyingdthatdinsurancedpolicies,dw hichdcandbedharddtodunderstand,dtrulydbenefitdthedcustomer
  17. Requiringdinsurersdtodpaydlegitimatedclaimsdanddhonestlydrepresentdthedbenefitsdofdadpolicy
  18. Guaranteeingdthatdinsurancedisdavailabledanddaccessibledtodeveryonedwhodneedsdit
  19. Thedgovernmentdregulatesdinsurancedford 3 dreasons::d 1.dTodprotectdcon-dsumers
  20. Todmaintaindinsurerdsolvency

13 d/d 18

  1. Insurancedregulationdprotectsdconsumersdby:d 1.dVerifyingdthatdinsurancedpolicies,dw hichdcandbedharddtodunderstand,dtrulydbenefitdthedcustomer
  2. Requiringdinsurersdtodpaydlegitimatedclaimsdanddhonestlydrepresentdthedbenefitsdofdadpolicy
  3. Guaranteeingdthatdinsurancedisdavailabledanddaccessibledtodeveryonedwhodneedsdit
  4. Regulatorsdenactdanddenforcedrulesdthatdencouragedinsurersdtodmaintaindanddenhan cedtheirdfinancialdpositiondto::d 1.dGuaranteedthatdinsurersdhavedenoughdcashdondhanddtodpaydf ordfuturedclaimsdmadedondalldthedpoliciesdtheydissue,devendthedonesdfordwhichdtheydlongdagodc ollecteddthedpremium
  5. Ensuredthatdadcatastrophedthatdaffectsdlotdofdpolicyholdersdatdonceddoesn'tddepletedinsurer's dresourcesdanddmakedthemdunabledtodpaydclaims
  6. Preventdandinsurerdfromdrecklesslydinvestingditdprofitsdordengagingdindfraudulentdactivities dthatdcoulddjeopardizeditsdreserves
  7. Regulationdseeksdtodkeepdinsurersdfromdpricingdtoodlowdfordtwodmaindreasons::d 1.dNot dchargingdenoughdpremiumdcoulddleavedthedinsurerdwithoutdenoughdcashdondhanddtodpaydcover eddlosses 2.dChargingdlowdratesdcoulddbedandattemptdtoddrivedcompetitorsdoutdofdbusiness
  8. Andincomedstatementdshows::d 1.dTotaldrevenue
  9. Totaldexpenses
  10. Netdincomedfordadtimedperiod
  11. Balancedsheetdincludes:d Insurersdassetsdsuchdas:
  12. Cash
  13. Liabilities
  14. Surplus
  15. Admitteddassets:d itemsdthatdinsurersdcandeasilydturndintodcash,dsuchdasdstocks,dbonds,da nddrealdestate
  16. Non-admitteddassets:d typesdofdpropertydthatdinsurersdcannotdeasilydconvertdintodcash
  17. Insurancedisdcommonlydsolddthrough::d 1.dIndependentdagentsdanddbrokers
  18. Exclusivedagencies
  19. Directdwriters
  20. Distributiondchannels
  21. Insuranceddistributiondchannels:d 1.dDigitald-dappsdanddwebsites

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  1. Calldcentersd-dcustomerdservicedrepresentativesdordchatbots
  2. Directdresponsed-dsocialdmedia,demaildblasts,dwebsitedads,dandddirectdmail
  3. Groupdmarketingd-dmarketingdtodmembersdofdthedsamedpersonaldordprofessionaldgroup
  4. Financialdinstitutionsd-dmarketingdthroughdbanksdanddfinancialdservices

16 d/d 18 aim

  1. Specializeddclaimsdrepresentative:d usuallydfounddindlargerdorganizations,dwheredtheydd evelopdadparticulardsetdofdskillsdanddspecializedindeitherdonedlinedofdbusiness,dsuchdasdautodordh omeowners,dordindadparticulardstate,dwheredtheyddevelopdexpertisedindthatdstate'sdlawsdanddreg ulations
  2. Claimsdhandlingdprocess::d 1.dAcknowledgingdadclaim
  3. Identifyingdthedpolicy

17 d/d 18

  1. Contactingdthedinsured
  2. Investigatingdandddocumentingdthedclaim
  3. Determiningdcausedofdlossdanddlossdamount
  4. Concludingdthedclaim
  5. Actualdcashdvalue:d replacementdcostdminusddepreciation
  6. Replacementdcost:d thedcostdtodreplace
  7. Agreeddvaluedmethod:d Admethoddofdvaluingdpropertydindwhichdthedinsurerdanddthedinsure ddagree,datdthedtimedthedpolicydisdwritten,dondthedmaximumdamountdthatdwilldbedpaiddindthedeven tdofdadtotaldloss.
  8. Customerdservicedrepsdcan::d 1.dResponddtodgeneraldinquiries
  9. Handledclaimdreporting
  10. Answerdbillingdinquiries
  11. Processdpolicydendorsements
  12. Reviewdanddexplaindquotesdtodcustomers
  13. Explaindcoverage
  14. Riskdmanagementdprocess:d 1.dEstablishdstandardsdofdacceptabledperfor-dmance
  15. Comparedactualdresultsdwithdthedstandards
  16. Correctdsubstandarddperformancedordrevisedstandards
  17. Evaluatedsubstantiallydexceededdstandards
  18. 6 dKeydTraitsdofdIdeallydInsurabledLossdExposures:d 1.dPuredrisk
  19. Fortuitous
  20. Definitedanddmeasurable
  21. Lossdexposuredthatdisdonedofdadlargednumberdofdsimilardexposuredunits
  22. Independentdanddnotdcatastrophic
  23. Affordable
  24. Preprinteddforms:d usuallyddevelopeddbydadvisorydorganizationsdsuchdasdISO
  25. Manuscriptdforms:d customizeddformdtodmeetdthedinsured'sdneeds
  26. Self-containeddpolicy:d commondtodadlargednumberdofdinsureds
  27. Modulardpolicy:d fordadvarietydofdcoverages
  28. 5 dmaindprovisionsdofdinsurancedpolicies:d 1.dDeclarations
  29. Definitions