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AINS 101 Increasing Your Insurance Final Exam-Questions and Verified Answers for 2025/2026, Exams of Nursing

Hillsborough Community CollegeNursing

AINS 101 Increasing Your Insurance Final Exam-Questions and Verified Answers for 2025/2026 This document contains final exam questions and 100% verified answers for AINS 101: Increasing Your Insurance IQ, updated for the 2025/2026 exam cycle. It covers core concepts such as principles of insurance, risk and loss exposures, policy structures, underwriting, and the claims process. Perfect for candidates seeking a deep understanding of general insurance topics and aiming to pass the AINS 101 exam with confidence.

Typology: Exams

2024/2025

Available from 06/11/2025

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Nurseexcel 🇺🇸

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AINS 101 - Increasing Your Insurance IQ Final Exam
Questions and Verified Answers
1. Whicheofetheefollowingerepresentseuncertaintyeabouteoutcomesethatecanebeenegativeeore
positive?:eRisk
2. Theeprimaryeroleeofeinsuranceeiseto:eIndemnifyeindividualseandeorganizationseforecoveredelo
sses.
3. TheeinsuranceeagentesuggestedethateSally'seSnackeShopebuyeaepolicyethatecombinesepr
operty,ecrime,eandeliabilityecoverageeintoeoneepolicy.eThiseisere-
eferredetoeaseasea(n):eCommercialepackageepolicye(CPP)
4. Coverageeforemoneyeandeotherebusinessepropertyefromevariousecauseseofelossesuche
aseburglary,erobbery,etheft,eandeemployeeedishonestyetypicallyeprovidedeby:eCommercia
lecrimeeinsruance
5. InsuranceeCompanyewroteeaecommercialeliabilityepolicyeforeaemanufacturereofeoff-
roademotorcycles.eTheepotentialecosteofetheeinsured'selosseexposureeexceedeInsuranceeCo
mpany'secapacity.eInsuranceeCompanyecouldeconsiderewhicheoneeofetheefollowingetypeseofe
contractualetransferringeagreementetoemeeteitseneeds?:eReinsurance
6. Whicheoneeofetheefollowingecorrectlyedescribeseaereasoneforegovernmenteinvolvementei
neproperty-
casualtyeinsruance?:eGovernmenteprogramsecanemeetelegitimateepublicedemandseunmetebye
privateeinsurers.
7. AVAeiseaestarteupecompanyethatedevelopsesafetyetechnologiesethatecanebeesoldetoeco
mpaniesethateareeproducingeautonomousevehicles.eOneeTech-
enologyeAVAeisedevelopingeallowseaneautonomousevehicleetoedetect,eextract,
andeanalyzeeimages;eandethenetoerespondetoethoseeimages.eForeexample,etheetechnologyew
ouldedetecteaepresenceeineaecrosswalk,eextractetheeimage,eandeaecomputerewouldeanalyzeet
heeimage.eWhenetheeimageewasedeterminedetoebeeaehumanebeing,etheevehicleewouldeslowed
owneorestopeuntiletheecrosswalkewaseclear.eThisetechnology,ewhicheisedesignedetoecaptureea
ndeanalyzeeimages,eandetoeacteonetheerecognitioneofetheeimageeidecalled:eComputerevision
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AINS 101 - Increasing Your Insurance IQ Final Exam

Questions and Verified Answers

  1. Whicheofetheefollowingerepresentseuncertaintyeabouteoutcomesethatecanebeenegativeeore positive?:eRisk
  2. Theeprimaryeroleeofeinsuranceeiseto:eIndemnifyeindividualseandeorganizationseforecoveredelo sses.
  3. TheeinsuranceeagentesuggestedethateSally'seSnackeShopebuyeaepolicyethatecombinesepr operty,ecrime,eandeliabilityecoverageeintoeoneepolicy.eThiseisere- eferredetoeaseasea(n):eCommercialepackageepolicye(CPP)
  4. Coverageeforemoneyeandeotherebusinessepropertyefromevariousecauseseofelossesuche aseburglary,erobbery,etheft,eandeemployeeedishonestyetypicallyeprovidedeby:eCommercia lecrimeeinsruance
  5. InsuranceeCompanyewroteeaecommercialeliabilityepolicyeforeaemanufacturereofeoff- roademotorcycles.eTheepotentialecosteofetheeinsured'selosseexposureeexceedeInsuranceeCo mpany'secapacity.eInsuranceeCompanyecouldeconsiderewhicheoneeofetheefollowingetypeseofe contractualetransferringeagreementetoemeeteitseneeds?:eReinsurance
  6. Whicheoneeofetheefollowingecorrectlyedescribeseaereasoneforegovernmenteinvolvementei neproperty- casualtyeinsruance?:eGovernmenteprogramsecanemeetelegitimateepublicedemandseunmetebye privateeinsurers.
  7. AVAeiseaestarteupecompanyethatedevelopsesafetyetechnologiesethatecanebeesoldetoeco mpaniesethateareeproducingeautonomousevehicles.eOneeTech- enologyeAVAeisedevelopingeallowseaneautonomousevehicleetoedetect,eextract, andeanalyzeeimages;eandethenetoerespondetoethoseeimages.eForeexample,etheetechnologyew ouldedetecteaepresenceeineaecrosswalk,eextractetheeimage,eandeaecomputerewouldeanalyzeet heeimage.eWhenetheeimageewasedeterminedetoebeeaehumanebeing,etheevehicleewouldeslowed owneorestopeuntiletheecrosswalkewaseclear.eThisetechnology,ewhicheisedesignedetoecaptureea ndeanalyzeeimages,eandetoeacteonetheerecognitioneofetheeimageeidecalled:eComputerevision
  1. MFCeofferseaewideearrayeofemutualefundeoptionsetoeinvestors.eEachemutualefundehaseaedi fferentefundeobjectiveeandeseteofeinvestmenteguidelinesethateapplyetoetheefund.eWhileeMFCe giveseconsiderableefreedometoeitsefundeportfolioemanagers,etheyeareerequiredetoeabideebyet heefundseinvestmenteguidelines. Toemonitorecompliance,eMFCedevelopedeaecomputerealgorithm.eTheecomputerealgorithmec ontinuouslyemonitorseeachefund'secomplianceewitheinvestmenteguidelines.eIfeaefundemanag ereviolatesetheeinvestmenteguidelines,etheecomputereimmediatelyenotifieseMFC'seinternalec ontroledirector,eandecorrectiveeactioneisetaken.eMFC'seuseeofetheecomputerealgorithmetoemon itoreinvestmentecomplianceeandetoeprovideenotificationewhenecorrectiveeactioneisenecessary eillustrateseuseeof:eArtificialeintelligence

teeinsurers.eWhicheofetheefollowingeisetheebest rationaleeforetheeMAIFeprogram?:eAutoeinsuranceeisecompulsory,eandetheeprogramemakeseitepo ssibleeforealletheedriversetoehaveereasonablyepricedeinsurance.

  1. ABCeInsuranceeCompanyedecidedetoeautomateemosteofeitsepersonalelineseunderwritin gefunctions.eTheecomputerehasebeeneprogramedewitheacceptableeanswersetoetheequestion s.eIfetheeanswerseonetheeappeareealleacceptable,etheepolicyeiseautomaticallyeissued.eReject edeappseareeautoeforwardedetoeaehuman

underwriterewhoereviewsethem.eABCeInsuranceeCompany'seuseeofecomputersetoeevaluatee appseelectronicallyeiseaneapplicationeof:eArtificialeintelligence

  1. Whicheoneeofetheefollowingedescribesetheecharacteristicseofeaemutualeinsur- eanceecompany?:eAecorporationeownedebyepolicyholdersethateprovideseinsuranceetoeitsepolicy holders.
  2. Aetypeeofeaneinsurerethateiseownedebyepolicyholderseandemayepayedividendsetoepolicyhol derseaseaereturneofeaeportioneofepremiumsepaideisea:eMutualeinsurer
  3. Whicheofetheefollowingestatementseisecorrecteregardingegovernmentein- evolvementeineinsurance?:eFederaleandestateegovernmenteareeinvolvedeineinsuranceetoehelpefaci litateecompulsoryeinsuranceepurchases.
  4. Carloseisenewetoetheeinsuranceebusinesseandeiselearningeabouteinsuranceeregulationea ndewhatehe,enoweworkingewitheGradyeInsurance,ewilleneedetoebeeawareeoferegardingetheesub jecteofecompliance.eWhicheoneeofetheefollowingewilleCarlosefindeiseaccurateeaseheebettereund erstandsewhyeinsuranceeiseregulated?- :eInsuranceeregulationeprotectsecustomersebyeguaranteeingeinsuranceeiseavailableeandeaccessi bleetoeeveryoneewhoeneedseit.
  5. Oneeofetheereasonseforeinsuranceeregulationeisetoepreventedestructiveecompetition.eIne whicheoneeofetheefollowingescenariosewouldedestructiveecom- epetitionebeeexhibited?:eEasteinsuranceecomeseupewitheaenewerateestructureeallowinge"preferred ecustomers"ediscountedepoliciesewhenetheyecontinuallyereneweyeareaftereyear;eEasteeventually eloseseneedederevenueebuteiserewardedebyeitsecompetitorseleavingetheemarket.
  6. Whatetermerefersetoetheeabilityeofeaneinsureretoemeeteitseobligationseasetheyebecomeedu e?:eSolvency
  7. Whicheofetheefollowingeiseaenon-admittedeasset?:eOfficeeequipment
  8. Whicheoneeofetheefollowingeisetheebestemeasureeofetheeamounteofeinsuranceeprovidedefo reaegiveneperiod.:eEarnedepremium
  9. Admittedeassetseareetypeseofepropertyethateregulatorsealloweinsurersetoeshoweaseasset seonetheirefinancialestatementsebecauseetheyeare:eEasilyeconvert-eedetoecash
  10. Expenseeratioeformula:eIncurredeunderwritingeexpensese/ewrittenepremiums
  11. Combinederatioeformula:eExpenseeratioe(incurredeunderwritingeexpensese/ewrit- etenepremiums)e+elosseratioe(incurredelossese/eearnedepremiums)
  1. Aseitecontinuesetoegrow,eAnchoyeInsuranceeiseexaminingeotheredistributionechannelsetoe moreeeffectivelyemarketeitseproducts.eThroughethiseexperience,ewhicheofeoneetheefollowinge willeAnchoyemostelikelyelearn?:eAnchoyecaneuseegroupemarketingetoetargetelargeenumberseofere centelocalecollegeegraduates.
  2. RenegadeeInsuranceeprideseitselfeoneitseupstandingereputationethroughe itsecommitme ntetoesmallecommunities'ehomeownersecoverageeneedseoveretheepaste 20 eyears.eWhicheoneo feRenegadeseactionseoverethisetimeewouldebesteillustrateeitsecontinuedecommitmentetoem aintainingeitsesolvency?:eRenegadeekeepseenoughecasheassetseonehandetoecovereclaimseonepol icieselongeaftereitecollectedetheepremiumefromecustomers.
  3. Aneinsurer'sefinancialestatementeshowseaelossereserveeandeaneunearnedepremiumer eserve.eTheseereserveseareeparteofetheeinsurer's:eTotaleliabilities
  4. Aneinsurer'sebalanceesheetecanebestebeedescribedeasea:eSnapshoteofeitsefinancialep osition.
  5. Mosteofetheeincomeeaneinsurerereceiveseiseeitherefromeunderwritingeor:eIn-evestments
  6. Aneinsurer'seincomeestatementecanebestebeedescribedeaseaefinancialestate- ementethateshowsethe:eRelationshipebetweenerevenues,eexpenses,eandeneteincome.
  7. Whicheoneeofetheefollowingetypeseofefinancialestatementseshowsetheefinan- ecialepositioneofeaneinsuranceecompanyeateanyeparticularepointeinetime?:eBalanceesheet
  8. ifeaneinsurerseadmittedeassetsestayedetheesameebuteitseliabilitiesedecreasedesignificantl y,eitsepolicyholdersesurplusewould:eDecrease
  9. Whicheoneeofetheefollowingeiseshowneonetheebalanceesheeteofeaneinsurer?- :eCasheandeshort-termeinvestments
  10. Aneinsurer'seincomeestatementeshowseamountseforealleofetheefollowing,eEXCEPT::eP olicyholders'esurplus
  11. Whicheoneeofetheefollowingebesteexplainsewhyeregulatorsedoenotepermiteinsurersetoe includeeassetseofetheirebalanceesheet?:eTheyecannotebeereadilyeconvertedetoecash.
  12. Alleofetheefollowingeappeareoneaneinsurer'sebalanceesheet,eEXCEPT::eNeteincome
  13. Alleofetheefollowingeareecategorieseofeliabilitiesefoundeoneaneinsurer'sebalanceesh eet,eEXCEPT::ePolicyholders'esurplus
  14. Whicheoneeofetheefollowingeiseparteofewrittenepremiums?:eUnearnedepremi-eums
  15. Clareeiseaecommercialelineseunderwriter.eSheealwaysetriesetoefolloweunder-

ewritingeguidelines,eeffectivelyeevaluateelosseexposures,eandechargeeadequate

eunderwriters?:eReviseeunderwritingeguidelines

  1. Annaewasereviewingeaneall- linesesubmissioneforeSPeMarkets.eSPeMarketseownseandeoperatese 5 esmallegroceryestoresel ocatedeinetheesuburbseofeBoston.eTheestoresealleseemetoebeewellemaintainedeandeclean.eW hileetheeoverallelosseexperienceeonetheeaccounteisegooderelativeetoetheeindicatedepremiu m,etheelosserunseshoweaefrequencyeofesmallegeneraleliabilityeclaimsefromecustomer

slipseandefalls.eRatherethanerejectetheeapplicationeforeSPeMarkets,eAnnaewouldelikeetoesugge steaecoverageemodificationetoetheeproducerethatecouldemakeetheeapplicationeacceptableea ndepossiblyeaddevalueeforetheeinsured.eWhicheoneeofetheefollowingeiseaegoodecoverageemodi ficationeforeAnnaetoesuggest?:eProposeetheegeneraleliabilityecoverageeateaelowerepremiumelevel ,ebuteapplyeaesmalledeductible.

  1. Aseaneexperiencedeunderwriter,eRickehaselearnedetoemakeeeveryeeffortetoeavoideae mistakeethatecaneproduceeinsufficientepremiumetoecoverelosses,eorepricingethateisn'tec ompetitive.eWhicheoneeofetheefollowingeunderwritingemistakesecaneoftenecauseetheseei ssues?:eMisclassifyingeexposures
  2. Produce,esucheaseappleseoregrapes,emayebeepricedebyetheeuniteorebyetheepound.eInein surance,etheseemeasureseareesimilareto:eExposureeunits
  3. Bobeiseshoppingeforeautoeinsurance.eInsuranceeCompanyeA'seratingesystemedetermineset hateBobeshouldebeechargee$800epereauto.eIfeBobeiselookingetoeinsureefoureautos,ewhatepremi umewilleheebeechargedebyeInsuranceeCompanyeA?:e$3,
  4. Theesizeeofeaneemployer'selosseexposureeforeworkersecompensationeinsur- eanceeisebasedeon:eTheeamounteofeitsepayroll
  5. Johanneiseaneinsuranceecompanyeemployeeewhoeinvestigatesetheesceneeofeaelosseandem eetsewitheinsureds,eclaimants,elawyers,eJohanneisemosteaccuratelyecalled:eAefieldeclaimserep resentative
  6. StephanieeworkseforeWaynesgoodeInsurance.eSheeappreciatesetheehelpesheereceivedefr omeClemeinetheecompany'seclaimsedepartmentewhoeprovideseherewitherecentestatisticsean decommentseoneWaynsgood'secustomeresatisfactionelevels.eStephanieeworkseinewhicheonee ofetheefollowingedepartments?:eMarketing
  7. JeromeeWildereiseaeclaimserepresentativeewitheHermanieInsurance.eWhichegroupeofea ctivitieselistedebelowewouldebesteexemplifyeJerome'seactions.eInetheeorderetheyeareegiven ,easeheesystematicallyehandleseaenewelosseinehiserole:eAcknowledgingetheeclaime- eidentifyingetheepolicye-econtactingetheeinsured
  8. Understandingetheestepseinetheeclaimsehandlingeprocesseiseimportantetoeneweclaimser eps.eWhicheoneeofetheefollowingestepsegenerallyecomeseaftereinvestigatingeandedocumenti ngetheeclaimseandebeforeeconcludingetheeclaim?- :eDeterminingecauseeofelosseandelosseamount.
  1. Reggie,eHarper,eKimmie,eandeStefaneworkeinetheeclaimsedepartmenteofeNortheInsurancee Companye(NIC).eWhicheoneeofetheefollowingeisetrueeregardingetheevariousetypeseofeclaimsep ersonneleemployedeateNIC?:eStefan,eaeclaimesupervisor,ereviewefileseandehelpsedetermineestaff edevelopmentestrategies.
  2. Willis,eaeclaimserepresentative,eisecollaboratingewithehisecolleagueeSuzannaefromehiseins uranceecompany'seriskecontroledepartment.eHowewilleSuzannaehelpeWillis?:eProvideelaborat oryeanalysisewheneWilliseiseinvestigatingeaeclaim.
  3. HenryeiseaeneweclaimserepresentativeewitheAbleeInsurers.eWhicheoneeofe theefollowinge willeHenryefindeisetrueeaseheegainsemoreeexperienceewithehisecompany'seclaimsehandlingepr ocess?:eHenryewilledetermineetheetypeeofelosse-esucheasepropertyedamageeoreliabilitye- eforeeacheclaimeheehandles.
  4. WorkeoneaeneweclaimebeginseforeclaimserepresentativeeAnitaeuponereceipteofeaeclaimen otice.eAnitaegatherseinitialeinformationeandeverifiesecoverage.eFrometheelisteofeactivitiesebelo w,etheenextestepeAnitaewouldetakeeinetheeprocesseis:eSeteaelossereserve
  5. Aepersoneoreentityethatewouldesuffereaefinancialelosseifepropertyewereedamagedeh as:eAneinsurableeinterest.
  6. Bill'sethreeeyeareoldestereoewasecompletelyedestroyedeineaecoveredeloss.eItseexpectedeu sefulelifeewase 10 eyears.eitsereplacementecosteise$600.eItseactualecashevaluee(ACV)eis:e$
  7. Compensatoryedamageserepresent:eActualeharmesuffered
  8. AftereMarvin'secarewasestolen,eandeheewasereimbursedeforetheelossebyeGreatsoneInsura nce,etheepoliceefoundeandereturnedetheevehicle,ewhichewasedentedeandespray- painted,ebutestillehadepartsethatecouldebeeusable.eGreatson'serightsetoerecovereandeselleoreot herwiseedisposeeofeinsuredepropertyeonewhicheitehasepaideaetotalelosseareecalled:eSalvageeri ghts
  9. Wayne,eaneinsured,esubmitseaeclaimeforeaesever-year- olderefrigeratorethatewasedamagededueetoelightening.eClaimserepresentativeeGuillaumeewille probablyefactoreineaneallowanceeforeweareandetear.eThiseisecalled:eDepreciation
  10. Damageseforepaineandesufferingeareeaeformeof:eGeneraledamages
  11. AdjustereTonieiseevaluatingedamageseineaebodilyeinjuryeliabilityeclaimewhereesheehasedete rminedethatetheeinsuredeisecompletelyeatefaulteforetheeaccident.eTheeclaimantesufferedeaespr aineandestraineinjuryetoehiseneck.eHisespecialedamagesetotale$1,500.eHeewaseouteofeworkefor

eaeweek,ewasedisabledeandepreventedefromeperformingesomeeregulareactivitieseforeaemont h,eandeattendedephysicaletherapyeforesixeweeks.eIneassessingegeneraledamages,eTonieshoul d:eUseepastecasesewhicheareesimilareaseaeguide.

  1. Whicheoneeofetheefollowingelistseprovidesetheeoptimumeordereoferesponsi- ebilitiesethateaeproduceremayeengageewitheanyecustomereoneaecontinualebasis?-
  1. Robert,eaeproducerefromeGrantleyeInsurance,eisealwaysealertetoechangeseinehereclien tselosseexposures.eWhyeisethisesoeimportant?:eImplementederiskemanagementetechnique semayeproveetoebeeineffectiveeorebecomeeobsolete.
  2. ProducereJosheneveretireseineencouragingeinsuredsetoeadopteandesustaineaerobusteandem easurableeriskemanagementeprogram.eAseparteofethiseeffort,ewhich

oneofetheefollowingewilleJoshefindeisetrue?:eRiskemanagementegoalseshouldebeeattainableetoeth eeorganization,ebutetheyeshouldealsoeposeeaechallenge.

  1. Insuranceedealseprimarilyewithelosseexposuresethateareefortuitous.eWhicheoneeofetheef ollowingestatementsebestecharacterizesefortuitouselosses?:eFortu- eitouselosseseareebeyondethateinsured'secontrol.
  2. ClaimsesupervisoreCharlotteeisereviewingetheeincomingeclaimseforetheedayetoedecideew hicheonesetoeassignetoevariouseclaimsereps.eOfethoseeclaims,ewhicheoneeofetheefollowingede scriptionsewilleCharlotteefindeiseaneexampleeofeaefortuitouseloss?:eAneunknownevandalespray
  • paintsegraffitieonetheeinsured'segarage.
  1. Aneinsurerehasedecidedetoetakeeaneextremelyenarroweinterpretationeofeaepropertyeinsur anceepolicyeprovisionetoelimitetheenumbereofelossepaymentseitewilleneedetoemake.eIterealize sethateitseinterpretationeiseprobablyewrong,ebuteiteknowsethateindividualeinsured'selosseamo untsewillebeesmall,esuchethatemosteinsuredsewillenotetakeetheetroubleetoefileelawsuitseagain steit.eTheeinsureremayebeeviolatingetheeprincipleethateaneinsuranceepolicyeis:eAecontracteofeut mostegoodefaith.
  2. Aneinsurerewillemakeeaelossepaymenteifeaneinsuredelosseoccurseandeifetheeinsuredeperf ormsecertaineduties.eThiseillustratesethateaneinsuranceepolicyeisea:eConditionalecontract
  3. Whenepreprintedeformsedoenoteprovideetheetermseofecoverageeneededebyeaeparticul areinsuredeoresmallegroupeofeinsureds,etheeinsureremay:eDrafteaemanuscripteformetoemeete theecustomer'seneeds.
  4. NewehomeownereandesmallebusinesseownereSallieelearnsethateaneinsuranceepolicyemaye containeotheredocumentsethaneitseinsuranceeforms.eAccordingly,ewhicheoneeofetheefollowi ngewilleSallieefindeisetrueeregardingehereneweinsuranceepurchases?:eSallie'seapplicationemaye containeendorsementsewhichemodifyetheebasicepolicyeform.
  5. Whicheoneeofetheefollowingemosteaccuratelyedescribeseoneeofetheepolicyeprovisionsei neaneinsuranceepolicy?:eTheeexclusionseareeineplaceetoereduceedupli-ecateecoverage.
  6. Theebigedifferenceebetweenepropertyeandeliabilityepolicieseareefoundeinetheir:eInsur ingeagreements.
  7. Ideallyeinsurableelosseexposureseareesubjectetoelossesethat:eAreedefiniteeinetime,ecause ,eandelocation.
  8. Adheringetoetheecharacteristicseofeaneideallyeinsurableelosseexposureeinesellingeinsur
  1. Insuranceepolicieseareewritteneinesucheaewayethatetheepartiesehaveetoeperformeo nlyeunderecertaineconditions,ebecauseeaneinsuranceecontracteisea:eConditionalecontra ct
  2. Lingehasenoticedethatehereneighborehaserecoveredemoneyeforetwoehome- eownersepropertyeclaimseandeaneautoedamageeclaimeheehasefiledeinerecenteyears.eLingehasebe enepayingeinsuranceepremiumseforemanyeyearseandehaseneveresufferedeaelosseoremadeeaecl aim.eSheefeelsethatehereinsuranceecontractseoveretheeyearsehaveebeeneworthlessetoeher.eW hateLingedoesenoteunderstandeisethatesheehasebeenepayingepremiumseineexchangeeforecontr act:eOfeunequaleamounts
  3. TheeInsuranceeServiceseOffice,eInce(ISO)ecommercialepackageepolicyeiseaneexampleeofe a:eModularepolicy
  4. Privateeinsurerseareereluctantetoeprovideewindstormeinsuranceeonecoastaleproperties.e Thiseisebecauseetheelosseexposuresefailetoemeetetheecriterionethateideallyeinsurableeexposu resemustebe:eIndependenteandenotecatastrophic
  5. Aneinsuranceepolicyeiseconsideredeaecontracteofeadhesionewheneiteisedraftedebye the:eInsurer