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AINS 101 Exam Review: Key Insurance Terms and Concepts, Exams of Nursing

Hillsborough Community CollegeNursing

A comprehensive review of key insurance concepts and definitions, essential for understanding the fundamentals of insurance. It covers a wide range of terms, from 'actual cash value' to 'underwriting guidelines,' offering clear explanations that are beneficial for students and professionals in the insurance industry. The material is structured as an exam review, making it a useful resource for exam preparation and quick reference. It enhances understanding of insurance principles and practices, aiding in academic and professional development. A valuable resource for anyone seeking to deepen their knowledge of insurance terminology and concepts, providing a solid foundation for further study and practical application in the field.

Typology: Exams

2024/2025

Available from 06/11/2025

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AINS 101 Exam Review with Correct Answers 100%
1. Actualgcashgvalueg(ACV):gThegcostgtogreplacegpropertygwithgnewgpropertygofglikegkindgandgqu
alityglessgdepreciation.
2. Adversegselection:gInsuringgindividualsgwithgaghighgprobabilitygofglossgatgagcostglowergthang
theginsurergwouldgnormallygchargegforgthatgriskgbecausegitgwasn'tgawaregofgthegactualgriskginvo
lved.
3. Binder:gAgtemporarygwrittengorgoralgagreementgtogprovideginsurancegcoverageguntilgagformalgw
rittengpolicygisgissued.
4. Bookgofgbusiness:gAggroupgofgpoliciesgwithgagcommongcharacteristic,gsuchgasgterritorygorgty
pegofgcoverage,gorgallgpoliciesgwrittengbygagparticularginsurergorgagency.
5. Broker:gAngindependentgproducergwhogrepresentsginsurancegcustomers.
6. Brokerage:gCompensationgingthegformgofgagflatgfeegorgagcommissiongthatgisgpaidgbygthegrein
surergtogthegreinsurancegintermediarygforgservicesgprovided.
7. Capacity:gThegamountgofgbusinessganginsurergisgablegtogwrite,gusuallygbasedgongagcompariso
ngofgtheginsurer'sgwrittengpremiumsgtogitsgpolicyholders'gsurplus
8. Catastrophegmodel:gAgtypegofgcomputergprogramgthatgestimatesglossesgfromgfuturegpot
entialgcatastrophicgevents.
9. Certificategofginsurance:gAgbriefgdescriptiongofginsurancegcoveragegpreparedgbyganginsurerg
orgitsgagentgandgcommonlygusedgbygpolicyholdersgtogprovidegevidencegofginsurance.
10. Claim:gAgdemandgbygagpersongorgbusinessgseekinggtogrecovergfromganginsurergforgaglossgt
hatgmaygbegcoveredgbyganginsurancegpolicy.
11. Claimant:gAgpartygthatgmakesgagclaimgandgthatgcangbegeithergagfirst-partygclaimantgorgagthird-
partygclaimant.
12. Claimsgrepresentative:gAgpersongresponsiblegforginvestigating,gevaluating,gandgsettlinggcl
aims.
13. Compensatorygdamages:gAgpaymentgawardedgbygagcourtgtogreimbursegagvictimgforgactualgh
arm.
14. Condition:gAnygprovisionginganginsurancegpolicygthatgqualifiesgangotherwisegenforcea
blegpromisegofgtheginsurer.
pf3
pf4
pf5

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AINS 101 Exam Review with Correct Answers 100%

  1. Actualgcashgvalueg(ACV):g Thegcostgtogreplacegpropertygwithgnewgpropertygofglikegkindgandgqu alityglessgdepreciation.
  2. Adversegselection:g Insuringgindividualsgwithgaghighgprobabilitygofglossgatgagcostglowergthang theginsurergwouldgnormallygchargegforgthatgriskgbecausegitgwasn'tgawaregofgthegactualgriskginvo lved.
  3. Binder:g Agtemporarygwrittengorgoralgagreementgtogprovideginsurancegcoverageguntilgagformalgw rittengpolicygisgissued.
  4. Bookgofgbusiness:g Aggroupgofgpoliciesgwithgagcommongcharacteristic,gsuchgasgterritorygorgty pegofgcoverage,gorgallgpoliciesgwrittengbygagparticularginsurergorgagency.
  5. Broker:g Angindependentgproducergwhogrepresentsginsurancegcustomers.
  6. Brokerage:g Compensationgingthegformgofgagflatgfeegorgagcommissiongthatgisgpaidgbygthegrein surergtogthegreinsurancegintermediarygforgservicesgprovided.
  7. Capacity:g Thegamountgofgbusinessganginsurergisgablegtogwrite,gusuallygbasedgongagcompariso ngofgtheginsurer'sgwrittengpremiumsgtogitsgpolicyholders'gsurplus
  8. Catastrophegmodel:g Agtypegofgcomputergprogramgthatgestimatesglossesgfromgfuturegpot entialgcatastrophicgevents.
  9. Certificategofginsurance:g Agbriefgdescriptiongofginsurancegcoveragegpreparedgbyganginsurerg orgitsgagentgandgcommonlygusedgbygpolicyholdersgtogprovidegevidencegofginsurance.
  10. Claim:g Agdemandgbygagpersongorgbusinessgseekinggtogrecovergfromganginsurergforgaglossgt hatgmaygbegcoveredgbyganginsurancegpolicy.
  11. Claimant:g Agpartygthatgmakesgagclaimgandgthatgcangbegeithergagfirst-partygclaimantgorgagthird- partygclaimant.
  12. Claimsgrepresentative:g Agpersongresponsiblegforginvestigating,gevaluating,gandgsettlinggcl aims.
  13. Compensatorygdamages:g Agpaymentgawardedgbygagcourtgtogreimbursegagvictimgforgactualgh arm.
  14. Condition:g Anygprovisionginganginsurancegpolicygthatgqualifiesgangotherwisegenforcea blegpromisegofgtheginsurer.
  1. Conditionalgcontract:g Agcontractgthatgonegorgmoregpartiesgmustgperformgonlygundergcer taingconditions.
  2. Contractgofgadhesion:g Anygcontractgingwhichgonegpartygmustgeithergacceptgthegagreemen tgasgwrittengbygthegothergpartygorgrejectgit.
  3. Contractgofgindemnity:g Agcontractgingwhichgtheginsurergagrees,gingthegeventgofgagcoveredgl oss,gtogpaygangamountgdirectlygrelatedgtogthegamountgofgthegloss.
  4. Damages:g Moneygclaimedgby,gorgagmonetarygawardgto,gagpartygwhoghasgsufferedglossgorginjur ygforgwhichganothergpartygisglegallygresponsible
  5. Declarationsgpage:g Anginsurancegpolicyginformationgpagegorgpagesgprovidinggspecificgd etailsgaboutgtheginsuredgandgthegsubjectgofgtheginsurance
  1. Predictivegmodeling:g Agprocessgingwhichghistoricalgdatagbasedgongbehaviorsgandgevent sgisgblendedgwithgmultiplegvariablesgandgusedgtogconstructgmodelsgofganticipatedgfuturegout comes.
  2. Premium:g Thegpricegofgtheginsurancegcoveragegprovidedgforgagspecifiedgperiod.
  3. Principlegofgindemnity:g Thegprinciplegthatginsurancegpoliciesgshouldgprovidegagbenefitgno ggreatergthangtheglossgsufferedgbyganginsured.
  4. Producer:g Anygofgseveralgkindsgofginsurancegpersonnelgwhogplaceginsurancegandgsuretygbusi nessgwithginsurersgandgwhogrepresentgeitherginsurersgorginsureds,gorgboth.
  1. Property- casualtyginsurance:g Onegofgthegtwogmaingsectorsgofgtheginsurancegindustry,gencompassinggn umerousgtypesgofginsurance,gmostgofgwhichgcovergthegfinancialgconsequencesgofgdamagegtog one'sgowngpropertygorglegalgliabilitygtogothers
  2. Punitivegdamages:g Agpaymentgawardedgbygagcourtgtogpunishgagdefendantgforgagreckless,gm alicious,gorgdeceitfulgactgtogdetergsimilargconduct;gthegawardgneedgnotgbearganygrelationgtogagpart y'sgactualgdamages.
  3. Puregrisk:g Agchancegofglossgorgnogloss,gbutgnogchancegofggain.
  4. Rate:g Thegpricegpergexposuregunitgforginsurancegcoverage
  5. Rategmanual:g Agresourcegforgclassifyinggaccountsgandgdevelopinggpremiumsgforggivengtype sgofginsurance;gincludesgnecessarygrules,gfactors,gandgguidelinesgtogapplygthosegrates.
  6. Reinsurance:g Thegtransfergofginsurancegriskgfromgoneginsurergtoganothergthroughgagcontract ualgagreementgundergwhichgoneginsurerg(thegreinsurer)gagrees,gingreturngforgagreinsurancegpre mium,gtogindemnifyganotherginsurerg(thegprimaryginsurer)gforgsomegorgallgofgthegfinancialgconse quencesgofgcertainglossgexposuresgcoveredgbygthegprimary'sginsurancegpolicies.
  7. Riskgmanagement:g Thegprocessgofgmakinggandgimplementinggdecisionsgthatgwillgminimizegt hegadversegeffectsgofgaccidentalglossesgongangorganization.
  8. Salvagegrights:g Theginsurer'sgrightsgtogrecovergandgsellgorgotherwisegdisposegofginsuredgpro pertygongwhichgtheginsurerghasgpaidgagtotalglossgorgagconstructivegtotalgloss.
  9. Specialgdamages:g Agformgofgcompensatorygdamagesgthatgawardsgagsumgofgmoneygforgsp ecific,gidentifiablegexpensesgassociatedgwithgtheginjuredgperson'sgloss,gsuchgasgmedicalgexpe nsesgorglostgwages.
  10. Speculativegrisk:g Agchancegofgloss,gnogloss,gorggain.
  11. Stockginsurer:g Anginsurergthatgisgownedgbygitsgstockholdersgandgformedgasgagcorporatio ngforgthegpurposegofgearninggagprofitgforgthegstockholders.
  12. Subrogation:g Thegprocessgbygwhichganginsurergcan,gaftergitghasgpaidgaglossgundergthegpolicy,gr ecovergthegamountgpaidgfromganygpartyg(othergthangtheginsured)gwhogcausedgtheglossgorgisgoth erwiseglegallygliablegforgthegloss.
  13. Surplusglinesginsurer:g Agnonadmittedginsurergthatgisgeligiblegtoginsuregrisksgthatghavegbeeng exportedgbygagsurplusglinesglicenseegingaccordancegwithgagsurplusglinesglaw.
  14. Telematics:g Thegusegofgtechnologicalgdevicesgtogtransmitgdatagviagwirelessgcommuni
  1. Underwritinggguidelinesg(underwritinggguide):g Agwrittengmanualgthatgcom- gmunicatesganginsurer'sgunderwritinggpolicygandgthatgspecifiesgthegattributesgofgangaccountg thatganginsurergisgwillinggtoginsure.
  2. Utmostggoodgfaith:g Angobligationgtogactgingcompleteghonestygandgtogdisclosegallgrelevantgfa cts.