Docsity
Log inSign up
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search Store documents

The best documents sold by students who completed their studies

Search through all study resources
Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

University Rankings

Discover the best universities in your country according to Docsity users

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

From our blog

Exams and Study
Go to the blog

AINS 101: Insurance Principles - Final Exam Q&A for Comprehensive Study, Exams of Nursing

Hillsborough Community CollegeNursing

A series of questions and answers related to the insurance industry, covering topics such as property-casualty insurance, life and health insurance, ethical practices, insurance contracts, and risk management. It explores various aspects of insurance, including underwriting, claims processing, insurer solvency, and different types of insurance policies. The material is designed to test understanding and reinforce key concepts in insurance principles and practices, making it a valuable resource for students and professionals in the field. It also covers the different types of risks and how to manage them. Useful for those studying for an insurance exam or looking to review key concepts in the field.

Typology: Exams

2024/2025

Available from 06/11/2025

Nurseexcel
Nurseexcel šŸ‡ŗšŸ‡ø

5

(1)

832 documents

1 / 10

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
1
t
/
t
10
AINS 101 Final Exam Questions and Answers 100% Pass
1. Thettwotmaintsectorstoftthetinsurancetindustrytare:tProperty-casualtytinsur-tancetandtlife-
healthtinsurance.
2. Becausetinsurancetcontractstimposetantobligationtfortethicaltpracticestandtbehaviorstontt
hetpartiestwhiletdealingtwithtonetanother,tantinsurancetcontracttistcalledta:tContracttoftutmo
sttgoodtfaith.
3. Earnedtpremiumstaretshowntontantinsurer'stincometstatementtbecausettheytare:tRev
enues
4. Destructivetcompetitiontintthetinsurancetindustrytcouldtresulttin:tInsurancetShortages
5. SeantwastdrivingtandtcausedtantinjuryttotatpedestriantnamedtWilbur.tIntthetcontexttoft
thetresultingtclaimtmadettotSean'stinsurancetcompanytandtassignedttotAndreatintthetcla
imstdepartment,tSeantandtWilburtandtAndreatare,trespectively:tInsuredtandtclaimanttandt
claimstrepresentative
6. Whichtonetoftthesetistmosttdirectlytassociatedtwithtatsatisfiedtcustomer?-
:tLeadstandtreferralstthattcantbetusedttotgeneratetnewtbusiness
7. Whentconductingtantadvancetaudit,twhichtoftthesettaskstaretperformedttotassisttunderw
riting?:tClassifytthetvarioustexposures
8. Becausetthetinsurancetcompanytusuallytdeterminestpolicytwordingtandtthetinsuredthastlit
tletchoicetbutttot"taketittortleavetit,"tantinsurancetcontracttista:tContracttoftadhesion
9. Smarttproductstusedttotperformtrepetitivettasks:tRobots
10. Whattistthetcorrecttordertfortthesetstepstintthetclaimstprocess?tCalculatingtatlosstreserve,t
preparingtatlosststatement,tidentifyingtthetpolicy,tdeterminingtthetcausetoftloss:tIdentifyingtt
hetpolicy,tcalculatingtatlosstreserve,tdeterminingtthetcausetoftloss,tpreparingtatlosststatement
11. Whattistanothertnametfortatfieldtunderwriter?:tLinetUnderwriter
12. Someonethastthetfollowingtduties:tevaluatetapplicantstthattproducerstsubmit,tpresentt
policytquotations,tprocesstpolicytendorsements,thelptexplaintcoverages,tmaketcoveragetre
commendations.tWhattisttheirtrole?:tField/LinetUnderwriter
13. Intpersonaltproperty-casualtytinsurance,twhichtistmoretcommon:tmanu-
pf3
pf4
pf5
pf8
pf9
pfa

Partial preview of the text

Download AINS 101: Insurance Principles - Final Exam Q&A for Comprehensive Study and more Exams Nursing in PDF only on Docsity!

1 t/t

AINS 101 Final Exam Questions and Answers 100% Pass

  1. Thettwotmaintsectorstoftthetinsurancetindustrytare:tProperty-casualtytinsur-tancetandtlife- healthtinsurance.
  2. Becausetinsurancetcontractstimposetantobligationtfortethicaltpracticestandtbehaviorstontt hetpartiestwhiletdealingtwithtonetanother,tantinsurancetcontracttistcalledta:tContracttoftutmo sttgoodtfaith.
  3. Earnedtpremiumstaretshowntontantinsurer'stincometstatementtbecausettheytare:tRev enues
  4. Destructivetcompetitiontintthetinsurancetindustrytcouldtresulttin:tInsurancetShortages
  5. SeantwastdrivingtandtcausedtantinjuryttotatpedestriantnamedtWilbur.tIntthetcontexttoft thetresultingtclaimtmadettotSean'stinsurancetcompanytandtassignedttotAndreatintthetcla imstdepartment,tSeantandtWilburtandtAndreatare,trespectively:tInsuredtandtclaimanttandt claimstrepresentative
  6. Whichtonetoftthesetistmosttdirectlytassociatedtwithtatsatisfiedtcustomer?- :tLeadstandtreferralstthattcantbetusedttotgeneratetnewtbusiness
  7. Whentconductingtantadvancetaudit,twhichtoftthesettaskstaretperformedttotassisttunderw riting?:tClassifytthetvarioustexposures
  8. Becausetthetinsurancetcompanytusuallytdeterminestpolicytwordingtandtthetinsuredthastlit tletchoicetbutttot"taketittortleavetit,"tantinsurancetcontracttista:tContracttoftadhesion
  9. Smarttproductstusedttotperformtrepetitivettasks:tRobots
  10. Whattistthetcorrecttordertfortthesetstepstintthetclaimstprocess?tCalculatingtatlosstreserve,t preparingtatlosststatement,tidentifyingtthetpolicy,tdeterminingtthetcausetoftloss:tIdentifyingtt hetpolicy,tcalculatingtatlosstreserve,tdeterminingtthetcausetoftloss,tpreparingtatlosststatement
  11. Whattistanothertnametfortatfieldtunderwriter?:tLinetUnderwriter
  12. Someonethastthetfollowingtduties:tevaluatetapplicantstthattproducerstsubmit,tpresentt policytquotations,tprocesstpolicytendorsements,thelptexplaintcoverages,tmaketcoveragetre commendations.tWhattisttheirtrole?:tField/LinetUnderwriter
  13. Intpersonaltproperty-casualtytinsurance,twhichtistmoretcommon:tmanu-

2 t/t tscripttformstortpre-printedtpolicies?:tPre-printedtpolicies

  1. Whichtstatementtisttrue?:tAtpolicytbeginstwithtatcoveragetoverview,tthentgoestintotmoretcov eragetdetails
  2. Whichtoftthesetistantexampletoftgeneraltdamages?:tCompensationtfortdisfigureme nt
  3. Whattaretthetfourtquadrantstoftrisk?:tHazard,tOperational,tFinancial,tStrate-tgic

4 t/t

  1. Whytaretinsurancetregulatorstconcernedtaboutttheteffectstoftlargetcata- tstrophes?:tInsurerstmaytbecometinsolvent
  2. Whattistinsurertsolvency?:tThetabilityttotmeettthetobligationstwhentittcomesttotmakingtpa ymentstontclaimstfortinsurancetpolicies.

5 t/t

  1. Whattistatstocktinsurer?:tatcorporationtownedtbytstockholderstwithtthetobjec- ttivetoftmakingtatprofittfortthem
  2. Whattistatmutualtinsurancetcompany?:tAtcorporationtownedtexclusivelytbytthetpolicyhol derstwithtthetobjectivetoftprovidingtinsurancetfortitstmembers.
  3. Intwhichttypetoftinsurertisteachtmembertbothtantinsuredtandtinsurer?:t- ReciprocaltInsurancetExchange
  4. Whattinsurertprovidestcoveragestunavailabletintthetstandardtmarket?:tSur-tplustlines
  5. Whattaretthetfivetmaintprovisionstintantinsurancetpolicy?:tDeclarations,tDefinitions,tI nsuringtAgreement,tPolicytConditions,tPolicytExclusions
  6. Whichtoftthesetactivitiestistnottperformedtbytatcustomertservicetrepresen- ttative?:tDeterminingtcoveragetquotes
  7. Whattaretthetsixtcharacteristicstoftantideallytinsurabletlosstexposure?:t- tFortuitous,tDefinitetandtMeasurable,tPuretRisk,tIndependenttandtnottCatastrophic,tOnetoftatlar getnumbertoftsimilartexposuretunits,tAffordable
  8. Whattdoestfortuitoustmean?:tThetinsuredthastnotcontroltovertwhethertortwhentthetlosstwillto ccur
  9. Whattistthetcosttoftrisk?:tThettotaltcosttoftalltaspectstoftthetorganizationtthattrelatettotman agingtrisk
  10. RileytTurnertistperformingtatcomprehensivetevaluationtoftHardwicktEnter- tprisesttotmaketsuretitstinsurancetandtrisktmanagementteffortstaretservingtthetorganizationta ppropriately.tWhichtonetoftthetfollowingtwilltbettruetintregardttotthisteffort?:tBesidestrisktma nagementtgoalstbeingtattainable,ttheytshouldtalsotposetatchallenge
  11. WhattistACVt(actualtcashtvalue)?:tReplacementtcostt-tDepreciation
  12. Whattistreplacementtcosttvaluation?:tDoestnottconsidertdepreciation,tbuttwhattittwoul dtcostttotreplacetthetitem
  13. WhattistAgreedtValue?:tThistmethodtistusedttotinsuretpropertytthattistdifficultttotvaluet(finet arts,tantiques,tcollections)
  14. Whattistatmoralthazard?:tQuestionabletbusinesstpracticestortatfailingtbusiness
  15. Whattistatmoralethazard?:tIndifferencettotproperlytmaintainingtpropertytortpoortfinancialtrec ordkeeping
  16. Whattistatphysicalthazard?:tConstruction,thazardoustmaterials,tpoortsafetytandthygiene

7 t/t

  1. Whattistthetamounttoftbusinesstthattantinsurertcantwritetbasedtontregu- tlatorytguidelines?t(usuallytatcomparisontoftthetinsurer'stwrittentpremiumsttotthetpolicyhol der'stsurplus):tCapacity
  2. Whattistpolicyholder'stsurplus?:tthetdifferencetbetweentantinsurancetcompa- tny'stassetstandtliabilities
  3. Whattistantadmittedtasset?:tItemstthattinsurerstcanteasilytturntintotcasht(stocks,tbon ds,trealtestate)
  4. Whattistatnonadmittedtasset?:tTypestoftpropertytthattinsurerstcan'tteasilytconvertttotca sh
  5. Whattgivestatsnapshottoftthetinsurer'stfinancialtpositiontattatspecifictpointtinttime?:tBalan cetsheet
  6. Whattistincludedtontantinsurer'stincometstatement?:tTotaltrevenue,texpens- tes,tnettincometfortattimetperiod
  7. EarnedtPremiums:tThetportiontoftwrittentpremiumstthattcorrespondsttotthetparttoftthetp olicytperiodtthatthastalreadytoccured
  8. UnearnedtPremium:tWrittentPremiumt- tEarnedtPremiumt(thetportiontoftwrittentpremiumstcorrespondingttotthetparttoftthetpolicytperiodt thatthastnottyettoccured)
  9. Oscar'stcustom- builttvehicletlookstliketatsausagetsandwichtontwheels.tHetplansttotdrivetitttotspecialteventsta ttschoolstaroundtthetcountrytwheretittwilltservetastatmobiletbillboardttotpromotethistproduct.t Oscartistsurprisedttotlearntthattinsurerstaretreluctantttotinsurethistvehicletbecausetittfailsttot meettonetoftthetidealtcharacteristicstoftantinsurabletrisk.tWhichtcharacteristictistOscar'stve hicletleasttlikelyttotmeet?:tLargetnumbertoftsimilartexposuretunits
  10. PravalttConstructiontCompanytpaystlesstthantitstcompetitorstfortworkerstcompensatio ntinsurancetbecausetPravaltthasthadtsubstantiallytfewertem- tployeetinjuriestthantothertfirmstintitstclass.tThistillustratestwhichtonetoftthetfollowingtbenef itstoftinsurance?:tPromotetrisktcontroltactivity
  11. Mariatistatnewtproducertwhotwearstmanythatstwhentformingtrelationshipstandtthentservi ngthertestablishedtcustomers.tIntthistcapacity,twhichtonetoftthetfollowingtscenariostmosttac curatelytdescribesthertongoingtworktwearingtthethattoft"claimsthandler"?:tVeronicatdirectlytc

8 t/t ontactstMariatfortguidancetonthowttotreporttatstolentcar,tMariatprovidestthat,tandtclaimstreptSe anttakestovertaftertantintroductiontfromtMaria.

  1. Whattistcombinedtratio?:tlosstratiot+texpensetratio
  2. Whattistthetlosstratio?:tincurredtlossest/tearnedtpremiums
  3. Whattistthetexpensetratio?:tUnderwritingtexpenses/Writtentpremiums
  4. Whattdoestatstafft(corporate)tunderwritertdo?:tResearchtthetmarket,tfor- tmulatetunderwritingtpolicy,trevisetunderwritingtguidelines,tdeveloptcoveragetforms,

10 t/t ntaccount'stdesirability,tidentifyingtphysical,tmoral,tandtmoralethazards

  1. Iftantinsuredtwantsttotreceivet"newtfortold"tinttheteventtoftatpropertytloss,ttheytwouldtpur chaset(valuationtmethod):tReplacementstcost
  2. Whatttypetoftinsurancetcompanytsharestitstprofitstandtmaytreturntatportiontoftth etpremiumttotitstpolicyholders?:tMutualtinsurer