AINS 101 EXAM WITH QUESTION AND ANSWERS
CORRECTLY VERIFIED LATEST UPDATE 2024 GRADED A+
Which one of the following represents uncertainty about outcomes that can be negative or positive? -
ANS - Risk
Which one of the following best describes the concept of pooling? - ANS - Insureds share the cost of
each other's losses.
A homeowners policy is a type of
Select one: - ANS - Personal property-casualty insurance policy.
Coverage for money and other business property from various causes of loss such as burglary, robbery,
theft, and employee dishonesty typically is provided by - ANS - Commercial crime insurance.
A type of insurer that is owned by policyholders and may pay dividends to policyholders as a return of a
portion of premiums paid is a - ANS - Mutual Insurer
Which one of the following correctly describes a reason for government involvement in propertycasualty insurance? - ANS - Government programs can meet legitimate public demands unmet by
private insurers.
If a fund manager violates the investment guidelines, the computer immediately notifies MFC's internal
control director, and corrective action is taken. MFC's use of the computer algorithm to monitor
investment compliance and to provide notification when corrective action is necessary illustrates use of
- ANS - Artificial Intel
Jimmy decided to buy a house in his neighborhood that had been foreclosed on by the bank that held
the mortgage. He is hoping to do some renovation and repair work on the house, and then sell it for a
quick profit. Which one of the following types of risk is this for Jimmy? - ANS - Speculative risk
One of the reasons for insurance regulation is to prevent destructive competition. In which one of the
following scenarios would destructive competition be exhibited? - ANS - East Insurance comes up with a
new rate structure allowing "preferred customers" discounted policies when they continually renew
year after year; East eventually loses needed revenue but is rewarded by its competitors leaving the
market.
Carlos is new to the insurance business and is learning about insurance regulation and what he, now
working with Grady Insurance, will need to be aware of regarding the subject of compliance. Which one
of the following will Carlos find is accurate as he better understands why insurance is regulated? - ANS -
Insurance regulation protects customers by guaranteeing insurance is available and accessible to
everyone who needs it.
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