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Insurance Exam Practice Questions and Answers, Exams of Nursing

National Polytechnic CollegeNursing

A comprehensive review of key concepts in insurance, covering topics such as underwriting, claims, risk management, and different types of insurance policies. It includes multiple-choice questions and answers, making it a useful study aid for students preparing for exams in insurance-related courses. The material is presented in a question-and-answer format, facilitating quick review and comprehension of essential insurance principles and practices. It is designed to help students understand the fundamental aspects of insurance and risk management, preparing them for professional roles in the insurance industry. This practice exam review covers various aspects of insurance, including policy types, risk assessment, and claims handling. It is a valuable resource for students and professionals seeking to enhance their knowledge of insurance principles and practices.

Typology: Exams

2024/2025

Available from 06/11/2025

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Nurseexcel šŸ‡ŗšŸ‡ø

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AINS 101 Practice Exam Review Questions and Answers 100% Tested
1. Onefdistinguishingffeaturefbetweenfindependentfagencyfsystemsfandfotherfmarketingfsys
temsfisfthe...:fagencyfexpirationflist
2. ForeignfInsurer:fAnfinsurerflicensedftofoperatefinfafstatefbutfincorporatedfinfanotherfstat
e
3. DomesticfInsurer:fAnfinsurerfdoingfbusinessfinfthefjurisdictionfinfwhichfitfwasfincorporate
d
4. AlienfInsurer:fAnfinsurerfdomiciledfinfafcountryfotherfthanfthefUS
5. DirectfResponsefMarketingfSystem:fGreatlyfreducesfcompensationfcostsfbutfhasfhigherfa
dvertisingfcosts
6. AgencyfExpirationfList:fAnfagency'sfmostfvaluablefassetf(doesfnotfbelongftofinsurer)
7. Importantfconsiderationfwhenfselectingfdistributionfchannels:fDoesfthefchannelfcap
italizefonfitsfcorefcapabilities?
8. Knowledgefacquiredfbyfthefagentfisfpresumedftofbe..:fknowledgefacquiredfbyfthefinsurer
9. Premiumfcollectionfmethodfusedfforfpersonalfinsurancefandfsmallfcommer-
fcialfaccounts:fDirectfBill
10. Whatfspecifiesfscopefoffauthorityfoffanfagent?:fAgencyfcontract
11. AgencyfBill:fPaymentfprocedurefinfwhichfafproducerfsendsfpremiumfbillsftofthefinsured,f
collectsfthefpremium,fandfsendsfthefpremiumftofthefinsurer,flessfanyfcommission
12. ItemfBasis:fPremiumf(lessfcommission)fisfforwardedftofthefinsurerfwhenfthefproducerfco
llectsfitforfwhenfitfcomesfdue.fLeastfcomplexfmethod
13. StatementfBasis:fInsurerfsendsfstatementftofthefproducerfshowingfthefpremi-
fumsfdue.fProducerfisfobligatedftofpayfthefpremiumsfasfdue.
14. AccountfCurrentfBasis:fProducerfperiodicallyfpreparesfafstatementfshowingfthefpremium
sfdueftofthefinsurer,fafterfdeductingfappropriatefcommissions,fandftransmitsfthefamountftofthef
insurer.fThefagencyfcontractfwillfindicatefhowfoftenfthefproducerfmustfsubmitfthefaccountfcurr
entfstatementf(usuallyfmonthly).fProducerfmustfpayfwhenfpremiumfisfdue,fevenfiffpolicyholderf
hasn'tfpaid.
15. Purposesfoffunderwriting:fDevelopfandfmaintainfafbookfoffbusiness,fguardfagainstfadver
pf3
pf4
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pf8
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Download Insurance Exam Practice Questions and Answers and more Exams Nursing in PDF only on Docsity!

AINS 101 Practice Exam Review Questions and Answers 100% Tested

  1. Onefdistinguishingffeaturefbetweenfindependentfagencyfsystemsfandfotherfmarketingfsys temsfisfthe...:f agencyfexpirationflist
  2. ForeignfInsurer:f Anfinsurerflicensedftofoperatefinfafstatefbutfincorporatedfinfanotherfstat e
  3. DomesticfInsurer:f Anfinsurerfdoingfbusinessfinfthefjurisdictionfinfwhichfitfwasfincorporate d
  4. AlienfInsurer:f AnfinsurerfdomiciledfinfafcountryfotherfthanfthefUS
  5. DirectfResponsefMarketingfSystem:f Greatlyfreducesfcompensationfcostsfbutfhasfhigherfa dvertisingfcosts
  6. AgencyfExpirationfList:f Anfagency'sfmostfvaluablefassetf(doesfnotfbelongftofinsurer)
  7. Importantfconsiderationfwhenfselectingfdistributionfchannels:f Doesfthefchannelfcap italizefonfitsfcorefcapabilities?
  8. Knowledgefacquiredfbyfthefagentfisfpresumedftofbe..:f knowledgefacquiredfbyfthefinsurer
  9. Premiumfcollectionfmethodfusedfforfpersonalfinsurancefandfsmallfcommer- fcialfaccounts:f DirectfBill
  10. Whatfspecifiesfscopefoffauthorityfoffanfagent?:f Agencyfcontract
  11. AgencyfBill:f Paymentfprocedurefinfwhichfafproducerfsendsfpremiumfbillsftofthefinsured,f collectsfthefpremium,fandfsendsfthefpremiumftofthefinsurer,flessfanyfcommission
  12. ItemfBasis:f Premiumf(lessfcommission)fisfforwardedftofthefinsurerfwhenfthefproducerfco llectsfitforfwhenfitfcomesfdue.fLeastfcomplexfmethod
  13. StatementfBasis:f Insurerfsendsfstatementftofthefproducerfshowingfthefpremi- fumsfdue.fProducerfisfobligatedftofpayfthefpremiumsfasfdue.
  14. AccountfCurrentfBasis:f Producerfperiodicallyfpreparesfafstatementfshowingfthefpremium sfdueftofthefinsurer,fafterfdeductingfappropriatefcommissions,fandftransmitsfthefamountftofthef insurer.fThefagencyfcontractfwillfindicatefhowfoftenfthefproducerfmustfsubmitfthefaccountfcurr entfstatementf(usuallyfmonthly).fProducerfmustfpayfwhenfpremiumfisfdue,fevenfiffpolicyholderf hasn'tfpaid.
  15. Purposesfoffunderwriting:f Developfandfmaintainfafbookfoffbusiness,fguardfagainstfadver

sefselection,fensurefadequatefpolicyholder'sfsurplusfandfenforcefunderwritingfguidelines

  1. ExperiencefRating:f Afratingfplanfthatfadjustsfthefpremiumfforfthefcurrentfpolicyfperiodftofreco gnizeftheflossfexperiencefoffthefinsuredforganizationfduringfpastfpolicyfperiods
  2. SchedulefRating:f Afratingfplanfthatfawardsfdebitsfandfcreditsfbasedfspecificfcategories,fs uchfasfthefcarefandfconditionfoffpremisesfofftheftrainingfandfselectionfoffemployees,ftofreflectfaf modifiedfpremiumfthatfthefclassfratefdoesfnotfinclude

fcialfpropertyfpackage)

  1. "OtherfStructure":f Coveredfbyfpolicyfbutfunderfseparatefpolicyflimits
  2. Broadfstatementfoffinsurer'sfpromisesfinfafpolicy:f InsuringfAgreement
  3. Coinsurance:f Reducesfamountfoffrecoveryfiffafpropertyfisfunderinsured
  4. MedicalfPaymentsfunderfAutofPolicy:f Coverfonlyfoccupantsfoffcoveredfauto
  1. Affairfapproachftofliabilityfclaimsfisfto...:f evaluatefclaimsfasfthoughfnofcoverageflim itfexisted
  2. ACVf-fSalvagefValue:f ConstructivefTotalfLossforfnot
  3. JudgmentfRating:f Usedfwhenftherefisfnofestablishedfpremium-determinationfsystem
  4. FairfAccessftofInsurancefRequirementsf(FAIR):f makesfbasicfpropertyfinsur- fancefavailableftofthosefwhofcan'tfgetfitfotherwise
  5. Whenfproducersfhavefthefauthorityftofsettlefafclaim,ftheyffunctionflike...:f anfinsidefclaimsfr epresentative
  6. AcquisitionfExpensesf=:f Salesfsalariesf(bonusesfandfcommissions)f+fadver- ftisingfexpenses
  7. InvestmentfIncomefhelps...:f keepfinsurancefpremiumsfatfafreasonableflevel
  8. Underwritingfexpensesfarefdividedfbyfwrittenfpremiumsfinsteadfoffearnedfpremiumsfbe cause...:f theyfoccurfatfthefbeginningfoffthefpolicyfperiod
  9. FortuitousfLosses:f Lossesfthatfoccurfbyfaccidentforfchancefandfarefbeyondfthefinsured'sf control
  10. Destructivefcompetitionfinfthefinsurancefindustryfcouldfleadfto...:f insur- fancefshortages
  11. NationalfFloodfInsurancefProgram:f Governmentfpartnersfwithfafprivatefinsur- ferfthatfpaysfclaimsfandfreimbursesfinsurerfforflossesfthatfexceedfthefpremiumsfandfinvestmentfi ncome
  12. MutualfInsurers:f Havefafpolicyholder- electedfboardfandfmayfpayfdividendsftofpolicyholdersfasfafreturnfoffafportionfoffpremiumsfpaid
  13. TerrorismfRiskfInsurancefPlan:f Preventsfeconomicfdisruption
  14. Afforeignfinsurer'sflicensefisfrenewed:f annually
  15. Salariesfoffinvestmentfprofessionalsfarefconsidered:f investmentfexpenses
  16. Unearnedfpremiumsfarefpartfof...:f writtenfpremiums
  17. Iffanfinsurerfwereftofimmediatelyfceasefoperations,fpremiumfrefundsfwouldfcome ffrom...:f unearnedfpremiumfreserve
  18. Independentfagentfnetworksfarefcalled...:f agentfclusters
  19. Producerflicensesflastfforfafperiodfof...:f oneftoftwofyears
  20. Givenfthefcomplexityfoffcommercialfinsurance,fthefbestfdistributionfmethodfare
  1. IndividualfRating:f Pointsfarefaddedforfsubtractedftofarrivefatfafrate
  2. Thefextentfoffunderwritingfauthorityfgrantedftofanfagentfisfbasedfon...:f- premiumfvolumefandflossfexperience
  3. OneffactorfwhichfisfNOTfusedfinfdeterminingfreplacementfcostfis...:f actualfcashfvalue
  4. Iffafhousefburnsfdownffromffaultyfwiring,fthefmostfdifficultfthingftofdeter- fminefwouldfbe...:f thefamountfoffdamages
  5. CasefReserve:f Lossfreservefassignedftofanfindividualfclaim
  6. LossfRatiofincludes...:f IncurredfLossesfandfLossfAdjustmentfExpensesfoverfEarnedfPremi ums
  7. Damagesfforfdisfigurementfarefconsidered...:f generalfdamages
  8. PublicfAdjuster:f Hiredfbyfanfinsuredftofrepresentfanfinsuredfinfafclaimfandfmayfbefnecessaryfi ffclaimfisfcomplexforfnotfprogressingfquickly
  9. Thefultimatefgoalfoffthefclaimsffunctionfisftofsecurefthefprofitfgoalfoffthe insurer
  10. Infliabilityfclaims,fthefclaimantfisfreferredftofasfthe...:f thirdfparty
  11. FieldfClaimfRepresentative:f Investigatesfthefscenefoffthefloss,fmeetsfwithfthefinsured,fclai mantsfandfothers,fandfinspectsfthefdamage
  12. Traditionally,fthefriskfmanagementfprofessional'sfrolefhasfbeenfassociatedfwithflossfexp osuresfrelatedfto:f purefrisk
  13. Infmanagingflossfexposuresfusingfthefriskfmanagementfprocess,fthefkeyftofidentifyingfl ossfexposuresfis:f Understandingfhowfthefhouseholdforforganiza-ftionfoperates.
  14. Estimatingfhowflargeftheflossesfmayfbefandfhowfoftenftheyfmayfoccurfisfrequiredfunderf whichfonefoffthefstepsfoffthefriskfmanagementfprocess?:f An-falyzingflossfexposures
  15. Whenfimplementingfselectedfriskfmanagementftechniques,fafriskfmanagerfmust:f Deter minefhowftofallocatefthefcostsfoffthefprogram.
  16. Financialfstatementfanalysis,flossfhistoryfanalysis,fandfflowchartsfarefusedfin:f Iden tifyingflossfexposures.
  17. Infthefeventfoffafseriousfautofaccident,fwhatftypefofflawfwouldfdeterminefwhofwasfatffa ult?:f CommonfLaw
  18. Whenfafwrongdoerfcommitsfanfillegalfact,fthefwrongdoerfisfsubjectftofbothfcivilflawfandfcr iminalflawfin:f somefcases
  1. Infinsurancefterminology,ftrucks,ftrailers,fbuses,ffirefengines,fandfambu- flancesfdesignedfforfroadfusefarefexamplesfoffwhichfonefofftheffollowingfcategoriesfoffmo torfvehicles?:f Autos
  2. ContractfLawfisfafbranchfof:f CivilfLaw
  3. TortfLawfisfbasedfonfmainlyfon:f CommonfLaw