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AINS 101 Study Guide – Exam Questions and Verified Answers | 2025/2026 Edition, Exams of Nursing

Hillsborough Community CollegeNursing

AINS 101 Study Guide – Exam Questions and Verified Answers | 2025/2026 Edition This document provides a structured study guide for AINS 101 (Associate in General Insurance), including a full set of exam questions with verified answers, tailored for the 2025/2026 exam cycle. It covers key insurance topics such as risk management principles, policy types and structures, underwriting practices, and claims handling. A trusted resource for mastering the core concepts required for AINS certification.

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Available from 06/11/2025

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AINS 101 Study Guide Exam Questions and Verified Answers
1. BilllislanlinsurancelproducerlforlandlemployedlbylABClInsurancelCompanyl(ABC).lHelrepre
sentslonlylABClwhenlmarketinglinsurancelproducts,landluseslanladministrativelstafflalsolem
ployedlbylABC.lBilllislalproducerlinlthe:lDirectlwriterlmarketinglsystem
2. Becauselthelinsurancelcompanylusuallyldetermineslpolicylwordinglandlthelinsuredlhasllit
tlelchoicelbutltol"takelitlorlleavelit,"lanlinsurancelcontractlisla:lContractlofladhesion
3. Whichloneloflthelfollowinglbestlexplainslwhylproducerslshouldlbelalertltolchangeslinlclie
nts'llosslexposures?:lImplementedlrisklmanagementltechniqueslmaylproveltolbelineffectivelorl
becomelobsolete
4. AtlGreenfieldlInsurancelCompany,lBernadettelandlRachellarelcorporatelun-
lderwriters,landlTomaslandlJoselarelfieldlunderwriters.lAllloflthelfollowinglarelunderwritinglac
tivitiesltypicallylperformedlbylcorporatel(orlstaff)lunderwritersllikelBernadettelandlRachel,lE
XCEPT::lSupportlproducerslandlinsureds
5. JoellislthelunderwriterlforlStantonlIndustries.lHelreceivedlalnoticelfromlthelpremiumlaudit
orlonlthelaccount.lAfterlalrecentlvisitltolthelinsured'sllocation,lthelauditorlwantedltolmakelJo
ellawareloflaldeclinelinlthelbusinesslandlsomelquestionablelbusinesslpractices.lWhichlonelo
flthelfollowingltypesloflhazardslislthelauditorlidentifying?:lMorallhazards
6. Morallhazards:lincludelquestionablelbusinesslpracticeslorlalfailinglbusiness.
7. JameslWestlislalclaimslreplwithlHatterslInsurance.lAslhellearnslhowltolhandlelalclaimlfro
mlstartltolfinish,lwhichloneloflthelfollowinglbestldescribeslthelcorrectlorderlforlhimltolfollow
lduringlthislprocess?:lIdentifyinglthelpolicy,lcalculatinglallosslreserve,ldetermininglthelcauselofll
oss,lpreparinglallosslstatement
8. Margaretlwaslseverelylinjuredlandlscarredldueltolalrecentlaccident.lWhichloneloflthelfoll
owinglislanlexampleloflgeneralldamageslMargaretlreceived?:l-
lCompensationlforldisfigurement
9. Donnalislanlinsurancelproducer.lShelmakeslanlappointmentlwithlpotentiallpolicyholderl
Sandieltolreviewlherllosslexposures.lShelaskslSandieltolcom-
lpletelalquestionnaireltolassistlherlinlthisleffort.lDonnalislconductingla:lRisklmanagementlre
view
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Download AINS 101 Study Guide – Exam Questions and Verified Answers | 2025/2026 Edition and more Exams Nursing in PDF only on Docsity!

AINS 101 Study Guide Exam Questions and Verified Answers

  1. BilllislanlinsurancelproducerlforlandlemployedlbylABClInsurancelCompanyl(ABC).lHelrepre sentslonlylABClwhenlmarketinglinsurancelproducts,landluseslanladministrativelstafflalsolem ployedlbylABC.lBilllislalproducerlinlthe:lDirectlwriterlmarketinglsystem
  2. Becauselthelinsurancelcompanylusuallyldetermineslpolicylwordinglandlthelinsuredlhasllit tlelchoicelbutltol"takelitlorlleavelit,"lanlinsurancelcontractlisla:lContractlofladhesion
  3. Whichloneloflthelfollowinglbestlexplainslwhylproducerslshouldlbelalertltolchangeslinlclie nts'llosslexposures?:lImplementedlrisklmanagementltechniqueslmaylproveltolbelineffectivelorl becomelobsolete
  4. AtlGreenfieldlInsurancelCompany,lBernadettelandlRachellarelcorporatelun- lderwriters,landlTomaslandlJoselarelfieldlunderwriters.lAllloflthelfollowinglarelunderwritinglac tivitiesltypicallylperformedlbylcorporatel(orlstaff)lunderwritersllikelBernadettelandlRachel,lE XCEPT::lSupportlproducerslandlinsureds
  5. JoellislthelunderwriterlforlStantonlIndustries.lHelreceivedlalnoticelfromlthelpremiumlaudit orlonlthelaccount.lAfterlalrecentlvisitltolthelinsured'sllocation,lthelauditorlwantedltolmakelJo ellawareloflaldeclinelinlthelbusinesslandlsomelquestionablelbusinesslpractices.lWhichlonelo flthelfollowingltypesloflhazardslislthelauditorlidentifying?:lMorallhazards
  6. Morallhazards:lincludelquestionablelbusinesslpracticeslorlalfailinglbusiness.
  7. JameslWestlislalclaimslreplwithlHatterslInsurance.lAslhellearnslhowltolhandlelalclaimlfro mlstartltolfinish,lwhichloneloflthelfollowinglbestldescribeslthelcorrectlorderlforlhimltolfollow lduringlthislprocess?:lIdentifyinglthelpolicy,lcalculatinglallosslreserve,ldetermininglthelcauselofll oss,lpreparinglallosslstatement
  8. Margaretlwaslseverelylinjuredlandlscarredldueltolalrecentlaccident.lWhichloneloflthelfoll owinglislanlexampleloflgeneralldamageslMargaretlreceived?:l- lCompensationlforldisfigurement
  9. Donnalislanlinsurancelproducer.lShelmakeslanlappointmentlwithlpotentiallpolicyholderl Sandieltolreviewlherllosslexposures.lShelaskslSandieltolcom- lpletelalquestionnaireltolassistlherlinlthisleffort.lDonnalislconductingla:lRisklmanagementlre view
  1. RachellislalnewlemployeeloflWestleylInsurance,landlhaslbeenlaskedltolreviewlsomelexis tinglpoliciesltolbecomelfamiliarlwithltheltypesloflpolicieslshelwilllbelworkinglwith.lWhichlonelo flthelfollowinglwilllRachellfindlisltruelaslshelconductslherlreview?:lRachellfindslthelpolicylbegi nslwithlalcoverageloverviewlandlthenlgoeslintolmorelcoverageldetails.
  2. Sports,lInc.lisllookingltolobtainlalcommerciallpropertylpolicylonlitslbuild- linglforl$400,000.lIfltheirlinsurerldecidesltolchargelthemlalratelofl$0.50lper $100loflbuildinglinsurance,lwhatlpremiumlmustlSports,lInc.lpay?:l$2,

helresultinglclaimlmadeltolSean'slinsurancelcompanyland

assignedltolAndrealinlthelclaimsldepartment,lSeanlandlWilburlandlAndrealare,lrespectively, :lInsuredlandlclaimantlandlclaimslrepresentative

  1. Earnedlpremiumslarelthelportionloflwrittenlpremiumslthat:lApplyltolthelpartloflthelpolicylpe riodlthatlhaslalreadyloccurred.
  2. Whichlonelofltheselislmostldirectlylassociatedlwithlalsatisfiedlcustomer?- :lLeadslandlreferralslthatlcanlbelusedltolgeneratelnewlbusiness
  3. Forlallosslexposureltolbelideallylinsurablelitlmustlbeldefinitelin:lTime,lcause,landlloc ation.
  4. Becauselinsurancelcontractslimposelanlobligationlforlethicallpracticeslandlbehavior slonlthelpartieslwhileldealinglwithlonelanother,lanlinsurancelcontractlislcalledla:lContrac tloflutmostlgoodlfaith.
  5. Whichltwoloflthelfourlquadrantsloflrisklarelclassifiedlaslpurelrisks?:lHaz- lardlriskslandloperationallrisks
  6. PravaltlConstructionlCompanylpaysllesslthanlitslcompetitorslforlworkerslcompensatio nlinsurancelbecauselPravaltlhaslhadlsubstantiallylfewerlem- lployeelinjurieslthanlotherlfirmslinlitslclass.lThislillustrateslwhichloneloflthelfollowinglbenefi tsloflinsurance?:lPromotelrisklcontrollactivity
  7. Thelprocessingloflalmostleverylclaimlinvolveslwhichloneloflthelfollowinglactivities?:lDet ermininglthelamountlofldamageslorlextentloflloss
  8. ErinlhaslrecentlylgraduatedlfromlcollegelandlrelocatedltolChicago.lShelhaslpurchasedl alcarlandlrentedlanlapartmentlandlnowlneedsltolpurchaselinsurance.lShelislcomfortablelbu yinglfromlsociallmedialrecommendationslandlrecentlylwaslimpressedlwithlanlinsurerlsendi nglherlcoverageldetailslon- llinelwithlalminimumloflformslandlsalespersonlinteractions.lWhichloneloflthelfollowinglisllik elylthelbestldistributionlchannelltolmeetlErin'slneeds?:lDirectlresponse
  9. directlresponseldistributionlchannel:lusinglsociallmedia,lemaillblasts,lweb- lsitelads,landldirectlmaillwouldlbelthelbest
  10. Risklcontrollcanlassistlthelclaimsldepartmentlby:lProvidingllaboratorylanaly-lses.
  11. Allloflthelfollowinglarelsourcesloflunderwritinglinformationltolevaluatelanlinsurancelsub mission,lEXCEPT::lUnderwritinglauthoritylreports
  12. AllianlInsurancelCompanylislalgrowinglregionallinsurerlsellinglpolicieslinlthreelstates,ls

alcollectionloflpolicylprovisions.lHeldiscoverslallloflthelfollowinglpolicylprovisions,lEXCEPT::lE xceptions

  1. policylprovisions:lconditions,ldefinitions,landldeclarations. Thelotherltwolmainlprovisionslinlalpolicylarelthelinsuringlagreement,landlthelexclusions.
  2. JoelislthelownerloflJGlAutolRepair.lHelislalwayslfrustratedlwithlthelamountloflcommerciallin surancelpremiumlhelpaysleverylyear,levenlthoughlhelhaslnotlhadlalsinglelclaimlinloverl 10 lyears .lJoelisllookingltolpartnerlwithlanlinsurancelcompanylthatlwilllsharelitslprofitslandlmaybelretur nlalportionloflhislpremiumliflthelresultslarelgood.lWhichloneloflthelfollowingltypesloflinsurerlisl thelrightlfitlforlJoe?:lMutuallinsurer
  3. Mutuallinsurer:lownedlbylitslpolicyholderslandlformedlaslalcorporationlforlthelpurposeloflpr ovidinglinsuranceltolthem.lTolsharelprofits,lmutuallinsurerslmaylpayldividendsltolpolicyholdersl aslalreturnloflalportionloflpremiumslpaid.
  4. Michaellislalcommercialllineslunderwriter.lHelreceivedlalrisklcontrollreportlonlalnewlbu sinesslthatlhelhadlrecentlylwrittenlwithlLaura,loneloflhislproducers.lAfterlreviewinglthelrepo rt,lMichaellcontactedlLauraltolletlherlknowlthatltheylneededltolprocesslalpolicylchangelrequ estladdinglalnewlclassi- lficationlandlsomelexposuresltolthelgenerallliabilitylpolicy.lTheselactivitieslareloccurringldu ringlwhichloneloflthelfollowinglstepsloflthelunderwritinglprocess?:lMonitorlthelunderwritingl decision
  5. Earnedlpremiumslarelshownlonlanlinsurer'slincomelstatementlbecauseltheylare:lRev enues
  6. WindsorlInsurancelhaslsoldlmorelpersonallautolpolicieslinlthelrecentlquarterlthanleverl beforelinlitslhistory,lthanksltolnewlcommissionlincentiveslforlambitiouslstafflmembers.lEve nlthoughlWindsorlislcollectinglmorelmoneylupfront,litlislactuallylmakingllesslperlpolicylafterlr emittinglthelhigherlcommis- lsions.lSomelclaimlpaymentslarelalsolnowlbeingldelayed,lresultinglinlmanylcomplaintslagai nstlthelcompany.lWhichloneloflthelfollowinglobjectivesloflinsurancelregulationlislnotlbeinglr ealizedlthroughlthislscenario?:lMaintaininglinsurerlsolvency
  7. Iflanlinsuredlwantsltolreceivel"newlforlold"linltheleventloflalpropertylloss,lhelorlshelwouldl purchase:lReplacementlcost
  1. JoelandlHelenelarelmarriedlwithltwolteenagelchildrenlandltwoldogs.lTheylownlthreelcarsl andlallargelhouselwithlalswimminglpoollinlthelbacklyard.lTheirlinsurancelagentladvisedlthe mlthatlthelpool,lteenageldrivers,landldogslputlthemlatlrisklforllargelliabilityllosses.lWhichlon eloflthelfollowinglpersonal
  1. Alstocklinsurerldifferslfromlalreciprocallinsurancelexchangelinlwhichloneloflthelfollo winglways?:lStockholderslownlalstocklinsurer.lMemberslownlalreciprocallinsurancelexchang e.
  2. Sota'slSuperstorelhaslrecentlylbecomelanlinsuredloflKeithlylInsurancelCompany.lKai to,lKeithly'slpremiumlauditor,lislbeinglsentltolconductlanlad-

vancelaudit.lWhichloneloflthelfollowingltaskslwilllKaitoldoltolassistlunder- lwriting?:lClassifylthelvariouslexposures

  1. Martina,lalpremiumlauditorlforlCintrielllInsurancelCompanylislconductinglalpremiumlau ditlforlCarolina'slCookies.lCarolinalmentionedltolMartinalthatlshelislopeninglalcoffeelshopla tlanotherllocation.lBylsharinglthislinformation,lMartinalwouldlprovidelalcontributionltolwhic hloneloflthelfollowinglinsurerlfunctions?:lUnderwriting
  2. WhenlthelSmithslpurchasedltheirlfirstlhome,ltheylwerelrequiredltolpur- lchaselalhomeownerslinsurancelpolicylinlorderltolgetlalmortgage.lBecauseltheyldidlnotlha velallotloflextralmoneylinltheirlbudget,ltheylwantedltolbuy asllittlelinsurancelcoveragelaslpossible.lThelSmiths'linsurancelagentladvisedlthemlthatliflthey lpurchaselanlinsurancelpolicylthatladequatelylcoversldamageltoltheirlhomelandlpersonallpro perty,ltheylonlylhaveltolbudgetlforlthelinsur- lancelpremium,lratherlthanlthelfulllcostloflrebuildinglthelhouselandlreplacinglitslcontents.lW hichloneloflthelfollowinglkeylcomponentsloflinsurancelislthelinsurancelagentlexplainingltolt helSmiths?:lTransfer
  3. John'sltwo-year-oldlbicyclelwaslstolen.lThelbicycle'slpurchaselpricelwas $700,litslcurrentlreplacementlcostlisl$800,landldepreciationlwaslestimatedlat $450.lWhatlwaslthelbicycle'slactuallcashlvalue?:l$
  4. JennielrecentlylpurchasedlalpersonallautolpolicylfromlWestcoxlInsurers.lThreelweeksll ater,lJennielreportedlherlcarlwaslstolenlfromlherldrivewaylduringlthelmiddleloflthelday.lUponl furtherlinvestigation,lclaimslrepresentativelHarrylfindsloutlthelhomeladdresslhelhaslonlfilelfo rlJennieldoeslnotlmatchlthellocationlwhereltheltheftloccurred.lInllightloflthislscenario,lwhichl oneloflthelfollowinglwouldlbelparticularlylhelpfullforlHarryltolpursuelconcerninglJenny'slclaim ?:lHarrylcanlverifylJennie'sladdresslandlotherlpossiblelhelpfullinformationlbylreviewinglherlpolicy lwhichlhaslherloriginallapplicationlinformationlattached.
  5. Aslalsinglelmotherlonlalveryltightlbudget,lCiaralisltemptedltolskimplonlherlinsurance.lH owever,lherlfriendlMehmetltellslherlnotltolskimplonlinsur- lance,lbecauselitlwilllhelplmanagelherlcashlflows.lWhichloneloflthelfollowinglexampleslbestl illustrateslMehmet'slpoint?:lWhenlherlcar'slwindshieldlbreaks,lCiaralhasltolpaylonlyl$100loflt hel$600lcostloflreplacinglit.
  6. Whichloneloflthelfollowinglrepresentsluncertaintylaboutloutcomeslthatlcanlbelnegati

escapelthelbuilding.lWhichloneloflSheltonlIndustries'lcommerciallproperty-ca- lsualtylpolicieslwouldlpaylforlthelemployees'linjurieslandlillnesses?:lWorkerslcompensationl insurance

  1. Anlinsurerlthatlwaslformedlforlthelpurposeloflearninglalprofitlforlitslstockholdersli sla:lStocklinsurer
  2. InsurancelCompanylwrotelalcommerciallliabilitylpolicylforlalmanufacturerlofloff- roadlmotorcycles.lThelpotentiallcostsloflthelinsured'sllosslexposurelexceedlInsurancelCo mpany'slcapacity.lInsurancelCompanylcouldlconsiderlwhichloneloflthelfollowingltypesloflco ntractualltransferringlagreementltolmeetlitslneeds?:lReinsurance
  3. Mutuallinsurance:lprovidelinsurancelforltheirlownlpolicyholders
  4. Interinsurance:lanotherlnamelforlalreciprocal
  5. Reciprocallinsurance:lprovidelinsurancelforltheirlsubscribers
  6. Jimmyldecidedltolbuylalhouselinlhislneighborhoodlthatlhadlbeenlfore- lclosedlonlbylthelbanklthatlheldlthelmortgage.lHelislhopingltoldolsomelrenovationlandlrep airlworklonlthelhouse,landlthenlselllitlforlalquicklprofit.lWhichloneloflthelfollowingltypeslof lrisklislthislforlJimmy?:lSpeculativelrisk
  7. Canlresultlinllosslorlgain:lSpeculativelRisk
  8. Inlanleffortltolreducelexpenses,lincreaselprofitability,landlreducelhumanlerrors;lABClIn surancelCompanyldecidedltolautomatelmostloflitslpersonalllineslunderwritinglfunction.lTh elcompanylnowluseslstandardizedlapplicationlformslthatlarelsubmittedlelectronicallyltolon eloflthelcompany'slregionalloffices.lAtleachlregionalloffice,lalcomputerlwithlalscannerlread slthelappli- lcations.lThelcomputerlhaslbeenlprogrammedlwithlacceptablelanswersltolthelquestions.lIflt helanswerslonlthelapplicationlarelalllacceptable,lthelpolicylislautomaticallylissued.lReject edlapplicationslarelautomaticallylforwardedltolalhumanlunderwriterlwholreviewslthem.lThel useloflthisltechnologylhaslreducedlthelcompany'slexpenselratiolbyltwolandlalhalflpercent,lan dlreducedltheltimelitltakesltolissuelalpolicy.lABClInsurancelCompany'sluseloflcomputersltol evaluatelapplicationslelectronicallylislanlapplicationlof:lArtificiallintelligence
  9. Oneloflthelreasonslforlinsurancelregulationlisltolpreventldestructive competition.lInlwhichloneloflthelfollowinglscenarioslwouldldestructivelcom- lpetitionlbelexhibited?:lEastlInsurancelcomesluplwithlalnewlratelstructurelallowingl"preferredlcusto

mers"ldiscountedlpolicieslwhenltheylcontinuallylrenewlyearlafterlyear;lEastleventuallylloseslneed edlrevenuelbutlislrewardedlbylitslcompetitorslleavinglthelmarket

  1. Carloslislnewltolthelinsurancelbusinesslandlisllearninglaboutlinsurancelregulationlandl whatlhe,lnowlworkinglwithlGradylInsurance,lwilllneedltolbelawareloflregardinglthelsubjectlofl compliance.lWhichloneloflthelfollowinglwill

stafflunderwriter.lWhichloneloflthelfollowinglislprimarilylalresponsibilityloflstafflunde rwriters?:lReviselunderwritinglguidelines

  1. BrianlworkslinlthelUnderwritingldepartmentlforlDGHlInsurance.lInladditionltolcarefullylse lectinglinsureds,lhelworkslwithlproducerslandlpremiumlaudi- ltorsltolensurelaccuratelclassificationlandlpricing.lBrianlisla:lFieldlunderwriter
  2. Whichloneloflthelfollowinglislaltemporarylagreementlprovidinglinsurancelcoverageluntill thelformallpolicylislissued?:lBinder
  3. Aslanlexperiencedlunderwriter,lRicklhasllearnedltolmakeleveryleffortltolavoidlalmist akelthatlcanlproducelinsufficientlpremiumltolcoverllosses,lorlpricinglthatlisn'tlcompetit ive.lWhichloneloflthelfollowinglunderwritinglmistakeslcanloftenlcauseltheselissues?:lMi sclassifyinglexposures
  4. Boblislshoppinglforlautolinsurance.lInsurancelCompanylA'slratinglsystemldeterminesltha tlBoblshouldlbelchargedl$800lperlauto.lIflBoblisllookingltolinsurelfourlautos,lwhatlpremiuml willlhelbelchargedlbylInsurancelCompanylA?:l$3,
  5. Thelsizeloflanlemployer'sllosslexposurelforlworkerslcompensationlinsur- lancelislbasedlon:lThelamountloflitslpayroll
  6. StephanielworkslforlWaynesgoodlInsurance.lShelappreciateslthelhelplshelreceiveslfroml Clemlinlthelcompany'slclaimsldepartmentlwholprovideslherlwithlrecentlstatisticslandlcom mentslonlWaynesgood'slcustomerlsatisfactionllevels.lStephanielworkslinlwhichloneloflthelfol lowingldepartments?:lMarketing
  7. Willis,lalclaimslrepresentative,lislcollaboratinglwithlhislcolleaguelSuzannalfromlhislinsur ancelcompany'slrisklcontrolldepartment.lHowlwilllSuzannalhelplWillis?:lProvidellaboratoryla nalysislwhenlWillislislinvestigatinglalclaim
  8. WorklonlalnewlclaimlbeginslforlclaimlrepresentativelAnitaluponlreceiptloflalclaimlnotice.l Anitalgatherslinitiallinformationlandlverifieslcoverage.lFromlthellistloflactivitieslbelow,ltheln extlsteplAnitalwouldltakelinlthelprocesslis:lSetlallosslreserve
  9. Understandinglthelstepslinlthelclaimslhandlinglprocesslislimportantltolnewlclaimslre ps.lWhichloneloflthelfollowinglstepslgenerallylcomeslafterlinvestigatinglandldocumentingl thelclaimlandlbeforelconcludinglthelclaim?- :lDetermininglcauselofllosslandllosslamount
  10. AfterlMarvin'slcarlwaslstolen,landlhelwaslreimbursedlforlthellosslbylGreatsonlInsuranc e,lthelpolicelfoundlandlreturnedlthelvehicle,lwhichlwasldentedlandlspray- painted,lbutlstilllhadlpartslthatlcouldlbelusable.lGreatson'slrightsltolrecoverlandlselllorlother
  1. Whichloneloflthelfollowingllistslprovidesltheloptimumlorderloflresponsi- lbilitieslthatlalproducerlmaylengagelwithlanylcustomerlonlalcontinuallbasis?- :lMeetinglalprospectivelcustomer,ldoinglalneedslandlactivitieslanalysis,lpreparinglalcoveragelpr oposal,lclosinglthelsale
  2. Tonylislalproducerlworkinglwithlseveralldifferentlinsurers.lWhichloneloflthelfollowingl mostlaccuratelyldescribeslTony'slactivitieslforlreachingland servinglcustomers?:lTonylwilllgenerallylneedltolspendllessltimelinsuringlalfamily'slactivitieslthanlalb usiness'lserviceslandlliabilities
  3. AlicialworkslforlthelDrewmanlAgency,lSandilatlinsurerlGreenwaylInsur- lance,landlRosalatlGrossmanlBrokers,lalllaslcustomerlservicelrepresentatives.lWhichloneloflt helfollowinglisltruelregardingltheirlwork?:lAlicialcanlprocesslpolicylendorsementslandlexplain lcoverageltolherlcustomers
  4. Whichloneloflthelfollowinglaccuratelyldescribeslactivitieslrelatedltolcus- ltomerlservicelrepresentatives?:lProfitabilitylinlthelinsurancelbusinesslisldirectlyllinkedltolcus tomerlretention
  5. LeadonlTransportationlislusinglthelexpertiseloflitslproducerlCarmenltolhelplthelorgan izationlunderstandlhowltolcorrectlsubstandardlperformancelaslwelllaslevaluatelexceede dlstandards.lOnelmeasurementlshelwillluselislthelcostloflrisklwhichlislbestldescribedlas:lT heltotallcostloflalllaspectsloflthelorganizationlthatlrelateltolmanaginglrisk
  6. WaycroftlIndustrieslislworkinglwithltheirlinsurancelproducerlGraydonlMurphy.lGrayd onlandlthelrisklmanagerslatlWaycroftlhavelalreadylcompletedlthelfirstlsteploflthelrisklconsul tationlprocess.lThelsecondlsteploflthelprocesslis:lComparinglanlorganization'slresultslwithlest ablishedlperformancelstandards
  7. Insuranceldealslprimarilylwithllosslexposureslthatlarelfortuitous.lWhichloneloflthelfoll owinglstatementslbestlcharacterizeslfortuitousllosses?:lFortu- litousllosseslarelbeyondlthelinsured'slcontrol
  8. Adheringltolthelcharacteristicsloflanlideallylinsurablellosslexposurelinlsellinglinsuran celhelplassurelthat:lThelinsurerlislableltolchargelalpremiumlthatlthelinsuredlcanlaffordltolpay
  9. Anlinsurerlhasldecidedltoltakelanlextremelylnarrowlinterpretationloflalpropertylinsura ncelpolicylprovisionltollimitlthelnumberlofllosslpaymentslitlwilllneedltolmake.lItlrealizesltha tlitslinterpretationlislprobablylwrong,lbutlitlknowslthatlindividuallinsured'sllosslamountslwil

llbelsmall,lsuchlthatlmostlinsuredslwilllnotltakeltheltroubleltolfilellawsuitslagainstlit.lThelins urerlmaylbelviolatinglthelprinciplelthatlanlinsurancelpolicylis:lAlcontractloflutmostlgoodlfaith

  1. Anlinsurancelpolicylislconsideredlalcontractlofladhesionlwhenlitlisldraftedlbylthe :lInsurer