AINS 102 (Latest 2023/ 2024 Update) Understanding Personal Insurance Exam Prep| Questions and Verified Answers| 100% Correct

AINS 102 (Latest 2023/ 2024 Update)

Understanding Personal Insurance Exam

Prep| Questions and Verified Answers| 100%

Correct

Q: General damages

Answer:

A monetary award to compensate a victim for losses, such as pain and suffering, that do not

involve specific, measurable expenses.

Q: HO-3 Special Form

Answer:

Coverage for owner-occupants, providing open perils coverage on buildings and specified perils

coverage on personal property.

Q: Hull insurance

Answer:

Insurance that covers physical damage to vessels, including their machinery and fuel but not

their cargo.

Q: Inland marine floater

Answer:

Coverage for property limited or excluded by homeowners policies, property with valuation

problems, high-value items, and property susceptible to loss by other than the usual named

perils.

Q: Inland marine insurance

Answer:

Insurance that covers many different classes of property that typically involve an element of

transportation on land.

Q: Intentional tort

Answer:

A tort committed by a person who foresees (or should be able to foresee) that his or her act will

harm another person.

Q: Internet of Things (IoT)

Answer:

A network of objects that transmit data to each other and to central hubs through the internet.

Q: Liability

Answer:

A legal responsibility for the consequences of an act or omission.

Q: Liability loss exposure

Answer:

Any condition or situation that presents the possibility of a claim alleging legal responsibility of

a person or business for injury or damage suffered by another party.

Q: Loss history

Answer:

A listing of past claims, including the date of occurrence, the line of business, the type or

description of the claim, the date of the claim, the amount paid, the amount reserved, and the

claim's current status.

Q: Named insured

Answer:

A person, corporation, partnership, or other entity identified as an insured party in an insurance

policy's declarations page.

Q: Named peril

Answer:

A specific cause of loss listed and described in an insurance policy. Also used to describe

policies containing named perils.

Q: Named perils coverage

Answer:

An insurance policy in which the covered causes of loss are listed or "named" in the policy.

Q: Negligence

Answer:

The failure to exercise the degree of care that a reasonable person in a similar situation would

exercise to avoid harming others.

Q: NFIP emergency program

Answer:

Initial phase of a community's participation in the National Flood Insurance Program, in which

property owners in flood areas can purchase limited amounts of insurance at subsidized rates.

Q: NFIP regular program

Answer:

Second phase of the National Flood Insurance Program, in which the community agrees to adopt

flood-control and land-use restrictions and in which property owners purchase higher amounts of

flood insurance than under the emergency program.

Q: Open perils coverage

Answer:

A type of policy or coverage that insures against risks of direct physical loss except for those

specifically excluded or limited by the policy.

Q: Open perils

Answer:

A type of policy or coverage that insures against direct physical loss unless the loss is excluded

or limited by the policy.

Q: Other than collision (OTC) coverage

Answer:

Coverage for physical damage to a covered auto resulting from any cause of loss except collision

or a cause of loss specifically excluded.