Ains 101 actual exam Study guides, Class notes & Summaries

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.

AINS 101 Exam; Questions and Answers 100% Solved Actual cash value (ACV) Correct answer The cost to replace property with new property of like kind and quality less depreciation. Adverse selection Correct answer 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 Correct answer A temporary written or oral agreement to provide insurance coverage until a f...

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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 indus...

AINS 101 EXAM |ACTUAL COMPLETE QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+. AINS 101 EXAM |ACTUAL COMPLETE QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+. AINS 101 EXAM |ACTUAL COMPLETE QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+. AINS 101 EXAM |ACTUAL COMPLETE QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS ) ALREADY GRADED A+. AINS 101 EXAM |ACTUAL COMPLETE QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS...

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 t...

AINS 101 Exam Prep Questions & Answers Loss exposure - ANS ️️ any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Premium - ANS ️️ the price of the insurance coverage provided for a specified period Indemnify - ANS ️️ to restore a party who has sustained a loss to the same financial position that party held before the loss occurred Insured - ANS ️️ any person or organization who is insured under an insurance policy Propert...

AINS 101 Exam Prep| Answered 100% Correctly| Latest 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...

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 c...

Exclusive agency is contracted to sell insurance for one insurer or group of insurers ️ The difference between an independent agency and an exclusive agency is that an Insurance shortages ️ Destructive competition in the insurance industry could result in Veronica directly contacts Maria for guidance on how to report a stolen car, Maria provides that, and claims rep Sean takes over after an introduction from Maria ️ Maria is a new producer who wears many hats when forming relations...