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AINS 101 Questions and Answers Rated A+
The two main sectors of the insurance industry are 
Property-casualty insurance and life-health insurance. 
Because insurance contracts impose an obligation for ethical practices and behaviors on the 
parties while dealing with one another, an insurance contract is called a 
Contract of utmost good faith. 
Earned premiums are shown on an insurer's income statement because they are 
Revenues 
Destructive competition in the insurance industry could result in 
Insurance Shortages 
3 multiple choic...
- Exam (elaborations)
- • 12 pages •
The two main sectors of the insurance industry are 
Property-casualty insurance and life-health insurance. 
Because insurance contracts impose an obligation for ethical practices and behaviors on the 
parties while dealing with one another, an insurance contract is called a 
Contract of utmost good faith. 
Earned premiums are shown on an insurer's income statement because they are 
Revenues 
Destructive competition in the insurance industry could result in 
Insurance Shortages 
3 multiple choic...
AINS 101 Latest Update with Certified Solutions
Actual cash value (ACV) The cost to replace property with new property of like kind and 
quality less depreciation. 
Adverse selection Insuring individuals with a high probability of loss at a cost lower than the 
insurer would normally charge for that risk because it wasn't aware of the actual risk involved. 
Binder A temporary written or oral agreement to provide insurance coverage until a formal 
written policy is issued. 
Book of business A group of policies with a common characteristic, su...
- Exam (elaborations)
- • 9 pages •
Actual cash value (ACV) The cost to replace property with new property of like kind and 
quality less depreciation. 
Adverse selection Insuring individuals with a high probability of loss at a cost lower than the 
insurer would normally charge for that risk because it wasn't aware of the actual risk involved. 
Binder A temporary written or oral agreement to provide insurance coverage until a formal 
written policy is issued. 
Book of business A group of policies with a common characteristic, su...
AINS 101 Exam Prep with Complete and Certified Solutions
As a single mother on a very tight budget, Ciara is tempted to skimp on her insurance. However, 
her friend Mehmet tells her not to skimp on insurance, because it will help manage her cash 
flows. Which one of the following examples best illustrates Mehmet's point? 
A. Ciara needs her car to get to her job, and she needs her job to make car payments and pay for 
her car insurance. 
B. When her car's windshield breaks, Ciara has to pay only $100 of the $600 cost of replacing it. 
C. When her ca...
- Exam (elaborations)
- • 102 pages •
As a single mother on a very tight budget, Ciara is tempted to skimp on her insurance. However, 
her friend Mehmet tells her not to skimp on insurance, because it will help manage her cash 
flows. Which one of the following examples best illustrates Mehmet's point? 
A. Ciara needs her car to get to her job, and she needs her job to make car payments and pay for 
her car insurance. 
B. When her car's windshield breaks, Ciara has to pay only $100 of the $600 cost of replacing it. 
C. When her ca...
AINS 101 Exam Prep Questions and Answers 100% Pass
Loss exposure any condition or situation that presents a possibility of loss, whether or not an 
actual loss occurs 
Premium the price of the insurance coverage provided for a specified period 
Indemnify to restore a party who has sustained a loss to the same financial position that party 
held before the loss occurred 
Insured any person or organization who is insured under an insurance policy 
Property-casualty insurance one of the two main sectors of the insurance industry 
encompassing numer...
- Exam (elaborations)
- • 25 pages •
Loss exposure any condition or situation that presents a possibility of loss, whether or not an 
actual loss occurs 
Premium the price of the insurance coverage provided for a specified period 
Indemnify to restore a party who has sustained a loss to the same financial position that party 
held before the loss occurred 
Insured any person or organization who is insured under an insurance policy 
Property-casualty insurance one of the two main sectors of the insurance industry 
encompassing numer...
AINS 24 Chapter 1 Questions and Answers Rated A+
Major roles of insurance Risk management to deal with loss exposures; transfer system of 
financial loss from insured to insurer; business sufficient to pay claims and provide profit; 
contract between insured and insurer 
What are risk management techniques? Loss prevention; loss reduction; risk transfer; loss 
avoidance 
Define Insurance Policy A contract that states the rights and duties of both the insured and 
the insurer regarding the transfer and costs of losses. 
Define Exposure Units As...
- Exam (elaborations)
- • 7 pages •
Major roles of insurance Risk management to deal with loss exposures; transfer system of 
financial loss from insured to insurer; business sufficient to pay claims and provide profit; 
contract between insured and insurer 
What are risk management techniques? Loss prevention; loss reduction; risk transfer; loss 
avoidance 
Define Insurance Policy A contract that states the rights and duties of both the insured and 
the insurer regarding the transfer and costs of losses. 
Define Exposure Units As...
AINS 23 Full Practice Exam Questions with Verified Solutions
1) Clarence entered into a contract bond that guarantees his insulation work will be free from 
defects in materials and workmanship for a specified period of five years after completion of the 
work. The type of bond used by Clarence is a Maintenance bond. 
2) Which one of the following statements is correct with respect to ocean marine loss exposures? 
For cargo owners, the posibility of loss to the cargo exists either on board a vessel or on land 
between the vessel and the cargo's point of ...
- Exam (elaborations)
- • 27 pages •
1) Clarence entered into a contract bond that guarantees his insulation work will be free from 
defects in materials and workmanship for a specified period of five years after completion of the 
work. The type of bond used by Clarence is a Maintenance bond. 
2) Which one of the following statements is correct with respect to ocean marine loss exposures? 
For cargo owners, the posibility of loss to the cargo exists either on board a vessel or on land 
between the vessel and the cargo's point of ...
AINS 21 - Segment A Questions and Answers Graded A+
From a risk management viewpoint, insurance is used to A. Prevent the cost of losses 
B. Reduce the cost of losses 
C. Transfer the cost of losses 
D. Isolate the cost of losses. C. Transfer the cost of losses. 
A loss exposure is: 
A. Any condition that presents the possibility of a loss. 
B. Any condition that precludes the chance of loss. 
C. The same thing as a peril. 
D. The same thing as a hazard. A. Any condition that present the possibility of a loss. 
Some loss exposures are not easy to...
- Exam (elaborations)
- • 55 pages •
From a risk management viewpoint, insurance is used to A. Prevent the cost of losses 
B. Reduce the cost of losses 
C. Transfer the cost of losses 
D. Isolate the cost of losses. C. Transfer the cost of losses. 
A loss exposure is: 
A. Any condition that presents the possibility of a loss. 
B. Any condition that precludes the chance of loss. 
C. The same thing as a peril. 
D. The same thing as a hazard. A. Any condition that present the possibility of a loss. 
Some loss exposures are not easy to...
AINS 21 Segment B (Chapters 4-6) Rated A+
claim a demand by a person or business seeking to recover from an insurer for a loss that 
may be covered by an insurance policy 
claimant anyone who submits a claim to an insurer 
first party the insured in an insurance contract 
third party a person or business who is not a party to the insurance contract bu who asserts a 
claim against the insured 
claim representative (or adjuster) a person responsible for verifying coverage, determining 
the cause of loss, determining the amount of damages ...
- Exam (elaborations)
- • 50 pages •
claim a demand by a person or business seeking to recover from an insurer for a loss that 
may be covered by an insurance policy 
claimant anyone who submits a claim to an insurer 
first party the insured in an insurance contract 
third party a person or business who is not a party to the insurance contract bu who asserts a 
claim against the insured 
claim representative (or adjuster) a person responsible for verifying coverage, determining 
the cause of loss, determining the amount of damages ...
AINS 21 Segment A (ch 1-3) Latest 2024 Rated A+
Loss exposure Any condition or situation that presents a possibility of loss, whether or not an 
actual loss occurs 
Risk management The process of making and implementing decisions that will minimize the 
adverse effects of accidental losses on an organization 
Loss prevention A risk control technique that reduces the frequency of a particular loss 
Loss reduction A risk control technique that reduces the severity of a particular loss 
Exposure unit A fundamental measure of the loss exposure as...
- Exam (elaborations)
- • 15 pages •
Loss exposure Any condition or situation that presents a possibility of loss, whether or not an 
actual loss occurs 
Risk management The process of making and implementing decisions that will minimize the 
adverse effects of accidental losses on an organization 
Loss prevention A risk control technique that reduces the frequency of a particular loss 
Loss reduction A risk control technique that reduces the severity of a particular loss 
Exposure unit A fundamental measure of the loss exposure as...
AINS 21 Questions and Answers Rated A+
What is insurance? It's a transfer system, business, and contract. 
What is a transfer system in insurance? One party (the insured), transfers the risk of financial 
loss to another party (the insurer). [Essentially, I'm giving the risk of financial loss to someone 
else so that I can keep my financial standing.] 
What are covered losses? These are costs that insurers pay for and are in the contract that 
both parties agree to in the beginning (wind damage, car accident, etc). The costs vary o...
- Exam (elaborations)
- • 30 pages •
What is insurance? It's a transfer system, business, and contract. 
What is a transfer system in insurance? One party (the insured), transfers the risk of financial 
loss to another party (the insurer). [Essentially, I'm giving the risk of financial loss to someone 
else so that I can keep my financial standing.] 
What are covered losses? These are costs that insurers pay for and are in the contract that 
both parties agree to in the beginning (wind damage, car accident, etc). The costs vary o...
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