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AINS 103 (Associate In General Insurance) Exam (3 newest versions) BANK VERSION AND STUDY GUIDE | ACTUAL EXAM QUESTIONS AND ANSWERS AND RATIONALES | EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE /BRAND NEW
Typology: Exams
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AGfamilyGrecentlyGpurchasedGaGnewGhomeGconstructedGbyGaGresidentialGhomeGb uilder.GTwoGmonthsGafterGtakingGpossession,GseveralGofGtheGfamilyGmembersGw ereGinjuredGwhenGtheGroofGsuddenlyGcollapsed.GTheGfamilyGsuedGtheGconstructi onGcompanyGandGwasGawardedGmonetaryGdamagesGforGtheirGinjuries.GThisGisGa nGexampleGofGwhichGoneGofGtheGfollowingGtypesGofGcommercialGliabilityGlossGex posureGforGtheGconstructionGcompany?
SelectGone:
A.GProductsGliability
B.GPremisesGandGoperationsGliability
C.GCompletedGoperationsGliability
D.GEmployersGliabilityG......answer.....C.GCompletedGoperationsGliability
WhichGoneGofGtheGfollowingGisGanGexampleGofGinjuryGorGdamageGarisingGfromGa nGoccurrenceGthatGwouldGbeGcoveredGbyGtheGproductsGandGcompletedGoperatio nsGliabilityGportionGofGtheGCommercialGGeneralGLiabilityG(CGL)GCoverageGFor m?
SelectGone:
A.GAGdefectiveGgasGrangeGmanufacturedGbyGtheGinsuredGexplodesGcausin gGinjury.
B.GAGcustomer'sGhouseGisGsetGonGfireGwhileGtheGinsuredGisGdoingGplumbingGwork .
C.GAGdissatisfiedGcustomerGsuesGanGinsuredGforGslander.
D.GAGcustomerGisGinjuredGwhenGsheGslipsGonGaGwetGfloorGinGaGstore.G......answer.. ...A.GAGdefectiveGgasGrangeGmanufacturedGbyGtheGinsuredGexplodesGcausingGinj ury
JoeGMotors,GwhichGservicesGautomobiles,GwantsGtoGmaintainGtheGgoodwillGofGit sGcustomers.GThisGisGbestGaccomplishedGby
SelectGone:
A.GPurchasingGgarageGliabilityGinsurance.
B.GPurchasingGgaragekeepersGinsurance.
C.GLoweringGtheGphysicalGdamageGdeductibleGunderGitsGbusinessGautoGinsuranc e.
D.GRaisingGliabilityGlimitsGunderGitsGbusinessGautoGinsurance.G......answer.....B.G PurchasingGgaragekeepersGinsurance.
WorkersGcompensationGbenefitsGincludeGwhichGoneGofGtheGfollowing?
SelectGone:
A.GDeathGbenefitsGofG 100 GpercentGofGwageGloss
B.GPainGandGsufferingGbenefits
C.GRehabilitationGbenefits
D.GPropertyGdamageGbenefitsG......answer.....C.GRehabilitationGbenefits
D.GCompany'sGcopyrightsGandGtrademarks.G......answer.....B.GContentsGinGandGar oundGaGbuilding.
InGbusinessGincomeGinsurance,GtheGexpensesGthatGanGorganizationGwouldGnotGh aveGincurredGifGtheGbusinessGinterruptionGhadGnotGoccurredGareGcalled
SelectGone:
A.GContinuingGexpenses.
B.GContingentGexpenses.
C.GExcludableGexpenses.
D.GExtraGexpenses.G......answer.....D.GExtraGexpenses.
AGvehicleGownerGhadGaGtireGstoreGinstallGfourGnewGwheelsGandGtiresGonGtheGvehi cle.GOnGtheGwayGhomeGfromGtheGstore,GoneGofGtheGwheelsGcameGoff,GcausingGthe GvehicleGtoGaccidentallyGrunGoffGtheGroadGandGstrikeGaGtree.GTheGvehicleGownerGs uedGtheGtireGstoreGforGfailingGtoGproperlyGtightenGtheGlugGnutsGonGtheGvehicle.GT heGlossGexposureGfacedGbyGtheGtireGstoreGinGthisGcaseGisGknownGas
SelectGone:
A.GEmployersGliability.
B.GCompletedGoperationsGliability.
C.GAutomobileGliability.
D.GProductsGliability.G......answer.....B.GCompletedGoperationsGliability.
WhichGoneGofGtheGfollowingGlossGexposuresGexistGwhenGaGbusinessGcanGbeGheldG legallyGliableGforGbodilyGinjuryGorGpropertyGdamageGcausedGbyGtheirGrepairGorGc ontractingGwork?
SelectGone:
A.GOperationsGliability
B.GCompletedGoperationsGliability
C.GWorkers'GcompensationGliability
D.GProductsGliabilityG......answer.....B.GCompletedGoperationsGliability
InlandGmarineGinsuranceGisGinsuranceGthatGcovers
SelectGone:
A.GBusinessesGthatGownGorGoperateGwatercraft,GorGimportGorGexportGgoods.
B.GManyGdifferentGclassesGofGpropertyGthatGtypicallyGinvolveGanGelement GofGtransportationGonGland.
C.GCompaniesGthatGshipGgoodsGbyGcommercialGvesselGonGinlandGwaterways.
D.GMiscellaneousGlinesGsuchGasGburglary,Gglass,GandGsteamGboilers.G......answer.. ...B.GManyGdifferentGclassesGofGpropertyGthatGtypicallyGinvolveGanGelementGofGtr ansportationGonGland.
SueGisGinjuredGatGwork,GandGherGjobGresponsibilitiesGareGreducedGforG 30 Gdays,Gaf terGwhichGtimeGsheGisGfullyGrecovered.GSueGhasGwhichGoneGofGtheGfollowingGtype sGofGworkersGcompensationGdisabilities?
SelectGone:
A.GTemporaryGtotalGdisability
B.GPermanentGpartialGdisability
C.GTemporaryGpartialGdisability
D.GPermanentGtotalGdisabilityG......answer.....C.GTemporaryGpartialGdisability
A.GAGperilGisGtheGactualGmeansGbyGwhichGpropertyGisGdamagedGorGdestroyedGsuc hGasGfire,Glightning,Gwindstorm,Ghail,GorGtheft.
B.GInGorderGtoGbeGcoveredGbyGanGinsuranceGpolicy,GaGperilGmustGbeGdefinedGandG describedGinGthatGpolicy.
C.GPropertyGinsuranceGpoliciesGcanGcoverGspecificGperilsGandGcannotGexcludeGot herGperils.
D.GAGperilGisGanythingGthatGincreasesGtheGfrequencyGorGtheGseverityGofGaGloss.G.... ..answer.....A.GAGperilGisGtheGactualGmeansGbyGwhichGpropertyGisGdamagedGorGde stroyedGsuchGasGfire,Glightning,Gwindstorm,Ghail,GorGtheft.
AGcontractorGisGhiredGtoGinstallGaGnewGconcreteGsidewalkGinGfrontGofGaGstore.GSe veralGweeksGafterGtheGsidewalkGwasGinstalled,GtheGconcreteGbucklesGandGaGpasse rbyGtripsGandGfallsGonGtheGbuckledGsidewalk.GTheGpasserbyGsuesGtheGcontractorG toGrecoverGmedicalGexpensesGincurredGdueGtoGtheGfall.GThisGcommercialGliabilit yGlossGisGcategorizedGas
SelectGone:
A.GProductsGliability.
B.GEnvironmentalGliability.
C.GProfessionalGliability.
D.GCompletedGoperationsGliability.G......answer.....D.GCompletedGoperationsGlia bility.
WhichGoneGofGtheGfollowingGentitiesGwouldGlikelyGhaveGtheGgreatestGcompleted GoperationsGlossGexposure?
SelectGone:
A.GPaulGtheGplumber
B.GDorisGtheGphysician
C.GMoeGtheGmanufacturer
D.GSamGtheGaccountantG......answer.....A.GPaulGtheGplumber
AGcarrierGthatGisGpreventedGbyGanGaccidentGfromGdeliveringGtheGcargoGaboardGit sGshipGmayGfaceGanGexposureGcalledGlossGofGfreight,GwhichGis
SelectGone:
A.GTheGcompensationGtheGcarrierGreceivesGforGtransportingGcargo.
B.GAGpenaltyGtheGcarrierGpaysGtheGshipperGforGnondelivery.
C.GTheGliabilityGforGlossGorGdamageGtoGtheGcargoGentrustedGtoGit.
D.GTheGcostGofGdisposingGofGundeliverableGgoods.G......answer.....A.GTheGcompe nsationGtheGcarrierGreceivesGforGtransportingGcargo.
TheGtypicalGworkersGcompensationGstatuteGprovidesGpaymentGforGwhichGoneGo fGtheGfollowing?
SelectGone:
A.GMedicalGbillsGsustainedGwhileGanGemployeeGcommutesGtoGworkGonGpublicGtr ansit
B.GInjuriesGtoGcustomersGonGtheGinsuredGpremises
C.GMedicalGbillsGforGanGinjuryGsustainedGbyGanGemployeeGwhileGworking
D.GAnyGpropertyGdamageGthatGaccompaniesGaGbodilyGinjuryG......answer.....C.GM edicalGbillsGforGanGinjuryGsustainedGbyGanGemployeeGwhileGworking
C.GMobileGequipmentGwhileGmovingGunderGitsGownGpowerGfromGoneGworkGloca tionGtoGanother
D.GPropertyGwhileGbeingGtransportedGbyGtrucks,Gcars,Gbuses,Gtrains,Gairplanes,G andGshipsG......answer.....D.GPropertyGwhileGbeingGtransportedGbyGtrucks,Gcars,Gb uses,Gtrains,Gairplanes,GandGships
DuringGaGbusinessGinterruption,GsomeGofGtheGorganization'sGexpenses,GcalledGc ontinuingGexpenses,GwillGcontinue,GandGotherGexpenses,GcalledGnoncontinuing Gexpenses,GwillGnotGcontinue.GWhichGoneGofGtheGfollowingGisGanGexampleGofGaGc ontinuingGexpense?
SelectGone:
A.GCostGtoGrentGtemporaryGofficeGspace
B.GCostGofGovernightGairGshipmentGofGneededGrepairGparts
C.GPayrollGofGkeyGemployees
D.GOvertimeGwagesGtoGemployeesG......answer.....C.GPayrollGofGkeyGemployees
PedestrianGWilmaGwasGinjuredGasGaGresultGofGaGcontractor'sGnegligenceGwhenGt heGcontractorGfailedGtoGadequatelyGwarnGtheGpublicGofGaGhazardGwhenGpavingGa Groad.GAnyGresultingGliabilityGclaimGbyGWilmaGagainstGtheGcontractorGwouldGbe GconsideredGtoGhaveGarisenGfromGtheGcontractor's
SelectGone:
A.GProductsGandGcompletedGoperationsGliabilityGexposure.
B.GPremisesGandGoperationsGliabilityGexposure.
C.GPersonalGliabilityGexposure.
D.GAbsoluteGliabilityGexposure.G......answer.....B.GPremisesGandGoperationsGliabil ityGexposure.
XYZGcontractor,GcoveredGunderGanGunendorsedGCommercialGGeneralGLiabilityG (CGL)GCoverageGForm,GisGinstallingGkitchenGcabinetsGinGaGcustomer'sGhome.GT heGcontractorGmanufacturedGtheGcabinets.GWhileGtheGcontractorGisGfasteningGa Gcabinet,GitGfallsGandGinjuresGtheGcustomer.GWhichGoneGofGtheGfollowingGbestGex plainsGhowGcoverageGunderGtheGcontractor'sGCGLGCoverageGFormGappliesGinGth isGcase?
SelectGone:
A.GProductsGandGcompletedGoperationsGliabilityGappliesGbecauseGtheGcontracto rGwasGinstallingGcabinetsGitGmanufactured.
B.GPremisesGandGoperationsGliabilityGappliesGbecauseGtheGcontractorGwasGinGthe GprocessGofGinstallingGtheGcabinets.
C.GProductsGandGcompletedGoperationsGliabilityGappliesGbecauseGtheGcontracto rGwasGcompletingGtheGwork.
D.GPremisesGandGoperationsGliabilityGappliesGbecauseGtheGcontractorGwasGwork ingGatGtheGcustomer'sGpremises.G......answer.....B.GPremisesGandGoperationsGliabi lityGappliesGbecauseGtheGcontractorGwasGinGtheGprocessGofGinstallingGtheGcabine ts.
TheGmanagementGofGMarylandGMarineGCo.G(MMC)GmustGensureGthatGproperGc overageGisGobtainedGforGwork- relatedGinjuries.GTheGemployeeGpopulationGofGMMCGisGaGmixtureGofGfull- timeGandGpart-timeGemployeesGasGwellGasGsomeGcasualGemployeesGforGone- timeGtasks.GMuchGofGMMC'sGworkGisGdoneGbyGindependentGcontractorsGandGte mporaryGemployeesGduringGpeakGseasons.GWhichGoneGofGtheGfollowingGstatem entsGaboutGtheseGpersonsGisGtrue?
SelectGone:
A.GManyGstatesGworkersGcompensationGstatutesGexcludeGcasualGlaborG(tempora ryGemployees).
RenataGownsGaGvaluableGantiqueGsculptureGbyGaGfamousGartist.GOneGdayGsheGac cidentallyGdroppedGtheGsculptureGandGaGpieceGofGitGbrokeGoff.GRenataGtookGtheG sculptureGtoGanGartGrestorer,GwhoGreattachedGtheGbrokenGpieceGandGrepairedGth eGsurface.GFromGaGdistance,GtheGstatueGlooksGtheGsameGasGitGdidGbeforeGRenataG droppedGit,GbutGaGcloseGinspectionGrevealsGtheGrepair.GWhichGoneGofGtheGfollow ingGbestGdescribesGtheGfinancialGconsequencesGofGtheGaccident?
SelectGone:
A.GThereGareGnoGfinancialGconsequencesGbecauseGtheGpieceGlooksGtheGsameGasGi tGdidGbeforeGtheGaccident.
B.GTheGfinancialGconsequencesGincludeGtheGcostGofGtheGrepairGandGtheGreductio nGinGvalueGresultingGfromGtheGrepairedGdamage.
C.GRenataGhasGincurredGaGtotalGlossGbecauseGoriginalGartworkGisGimpossibleGtoGr eplace.
D.GTheGonlyGfinancialGconsequenceGofGtheGaccidentGisGtheGmoneyGRenataGpaidGt heGartGrestorerGforGtheGrepair.G......answer.....B.GTheGfinancialGconsequencesGincl udeGtheGcostGofGtheGrepairGandGtheGreductionGinGvalueGresultingGfromGtheGrepai redGdamage.
TelephoneGCompanyGinstallsGfiber- opticGcableGusingGaGtrenchingGmachineGthatGdigsGaGtrench,GburiesGtheGcable,Gfill sGinGtheGtrench,GandGreseeds,GallGinGoneGpass.GTheGtrenchingGmachineGcanGinsta llGcableGinGaGfifty- homeGneighborhoodGinGoneGday.GAGdayGafterGtheGtrenchingGmachineGpassesGby ,GaGmemberGofGtheGcommunityGstepsGonGtheGtrenchedGarea,GsinksGin,GandGbreak sGhisGleg.GThisGisGanGexampleGofGaGliabilityGlossGexposureGarisingGoutGof
SelectGone:
A.GPremises.
B.GCompletedGoperations.
C.GProfessional.
D.GProducts.G......answer.....B.GCompletedGoperations.
RadleyGContractingGCompanyGisGinstallingGnewGsignageGonGtheGfrontGofGaGbuild ing.GGeorge,GaGpasserbyGwalkingGnearGtheGbuildingGisGinjuredGwhenGaGRadleyGe mployeeGaccidentallyGdropsGaGtoolGfromGaGcrane.GGeorgeGlikelyGhasGtheGabilityGt oGassertGwhichGoneGtheGfollowingGtypesGofGclaim?
SelectGone:
A.GPremisesGandGproductsGliability
B.GPremisesGandGoperationsGliability
C.GCompletedGoperationsGliability
D.GIncompletedGoperationsGliabilityG......answer.....B.GPremisesGandGoperationsG liability
JoeGsignsGaGcontractGwithGHomeGBuildersGtoGinstallGtheGelectricalGwiringGforGaGn ewGhome.GHeGusesGhisGownGtoolsGandGfollowsGtheGspecificationsGinGtheGcontrac t.GJoeGisGburnedGwhileGinstallingGtheGwiring.GDoesGHomeGBuilders'GworkersGco mpensationGpolicyGcoverGJoe'sGinjury?
SelectGone:
A.GYes,GbecauseGtheGinjuryGaroseGoutGofGandGinGtheGcourseGofGemployment
B.GNo,GbecauseGJoeGprobablyGcontributedGtoGtheGinjury
C.GYes,GbecauseGHomeGBuildersGmustGprovideGno- faultGprotectionGforGemployees
D.GNo,GbecauseGJoeGisGnotGanGemployeeGofGHomeGBuildersG......answer.....D.GNo, GbecauseGJoeGisGnotGanGemployeeGofGHomeGBuilders
WhichGoneGofGtheGfollowingGperilsGwouldGbeGcoveredGunderGtheGcommercialGpr opertyGpolicyGbroadGformGbutGnotGcoveredGunderGtheGbasicGform?
SelectGone:
A.GDamageGdueGtoGexplosion.
B.GDamageGdueGtoGvehicles
C.GDamageGdueGtoGvandalism
D.GDamageGdueGtoGweightGofGsnowG......answer.....D.GDamageGdueGtoGweightGofG snow
TheGcommercialGpropertyGpolicyGCausesGofGLossGFormGthatGprovidesGcoverageG forG"risksGofGdirectGphysicalGloss,"GunlessGexcludedGorGlimitedGbyGtheGpolicyGisGc alledGthe
SelectGone:
A.GCausesGofGLoss—SpecialGForm.
B.GCausesGofGLoss—AllGRisksGForm.
C.GCausesGofGLoss—BasicGForm.
D.GCausesGofGLoss—BroadGForm.G......answer.....A.GCausesGofGLoss— SpecialGForm.
WhichGoneGofGtheGfollowingGstatementsGisGcorrectGwithGregardGtoGtheGBuildingG andGPersonalGPropertyGCoverageGFormG(BPP)?
SelectGone:
A.GInsuredsGcannotGobtainGanyGcoverageGunderGtheGBPPGorGitsGoptionalGcovera gesGforGleasedGphotocopiers,Gcomputers,GphoneGsystems,GandGotherGequipmen t.
B.GInsuredsGwhoGhaveGselectedGtheGreplacementGcostGoptionGmayGalsoGelectGtoG haveGtheGpersonalGpropertyGofGothersGvaluedGatGreplacementGcost.
C.GUnderGtheGextensionGofGreplacementGcostGtoGpersonalGpropertyGofGothers,Gth eGamountGofGaGlossGisGcalculatedGaccordingGtoGaGformulaGincludedGinGtheGadditi onalGcoverageGwording.
D.GIfGanGinsuredGextendsGreplacementGcostGtoGtheGpersonalGpropertyGofGothers,G theGamountGofGaGlossGisGcalculatedGasGtheGreplacementGcostGofGthatGproperty,Gev enGifGthatGamountGexceedsGtheGapplicableGlimitGofGinsurance.G......answer.....B.GI nsuredsGwhoGhaveGselectedGtheGreplacementGcostGoptionGmayGalsoGelectGtoGhav eGtheGpersonalGpropertyGofGothersGvaluedGatGreplacementGcost.
WhenGSylvesterGPropertiesGsufferedGaG$500,000GlossGofGbusinessGincome,GitGfile dGaGclaimGunderGtheGBusinessGIncomeG(andGExtraGExpense)GCoverageGFormG(BI C)GofGitsGcommercialGpackageGpolicy.GInGorderGforGtheGlossGtoGbeGcovered,GtheGl ossGofGbusinessGincomeGmustGbeGdueGtoGaGnecessaryGsuspensionGinGoperationsG causedGbyGaGdirectGphysicalGlossGorGdamageGtoGpropertyGatGtheGpremisesGforGwh ichGBICGisGshownGinGtheGpolicyGdeclarations.GWhichGoneGofGtheGfollowingGisGals oGpartGofGtheGcriteriaGforGtheGlossGtoGbeGcovered?
SelectGone:
A.GTheGlossGorGdamageGmustGbeGcausedGbyGaGcoveredGcauseGofGloss.
B.GTheGsuspensionGofGoperationsGmustGbeGlessGthanGaGyear.
C.GTheGinsuredGmustGcontinueGoperationsGatGaGnewGlocation.
D.GTheGsuspensionGofGoperationsGmustGbeGgreaterGthanG 60 Gdays.G......answer..... A.GTheGlossGorGdamageGmustGbeGcausedGbyGaGcoveredGcauseGofGloss.
WhichGoneGofGtheGfollowingGwouldGbeGconsideredGanGextraGexpenseGunderGtheG BusinessGIncomeG(andGExtraGExpense)GCoverageGFormGofGtheGcommercialGpac kageGpolicy?
D.GDefinitionsGandGprovisionsG......answer.....A.GAGrangeGofGcoveredGperil
WhichGoneGofGtheGfollowingGisGaGcoveredGcauseGofGlossGunderGtheGCausesGofGLos s—BasicGForm?
SelectGone:
A.GWeightGofGice,Gsnow,GorGsleet
B.GFallingGobjects
C.GWaterGdamage
D.GSprinklerGleakageG......answer.....D.GSprinklerGleakage
WhichGoneGofGtheGfollowingGisGoneGofGtheGcoveredGcausesGofGlossGinGtheGcomme rcialGpropertyGpolicyGCausesGofGLoss—BasicGform?
SelectGone:
A.GVandalism
B.GFallingGobjects
C.GWaterGdamage
D.GWeightGofGiceG......answer.....A.GVandalism
WhichGoneGofGtheGfollowingGisGcorrectGwithGrespectGtoGtheGIncreasedGCostGofGC onstructionGadditionalGcoverageGofGtheGBuildingGandGPersonalGPropertyGCover ageGFormG(BPP)?
SelectGone:
A.GTheGamountGofGinsuranceGisGequalGtoG 25 GpercentGofGtheGamountGofGinsuranc eGonGtheGbuildingGorG$50,000,GwhicheverGisGless.
B.GItGprovidesGaGsmallGamountGofGinsuranceGtoGcoverGtheGincreasedGcostGtoGcom plyGwithGordinancesGorGlawsGregulatingGtheGrepair,Grebuilding,GorGreplacementG ofGcoveredGbuildings.
C.GItGincludesGcoverageGforGtheGcostGtoGdemolishGtheGundamagedGportionGofGth eGstructureGandGremoveGitsGdebris.
D.GItGdoesGnotGapplyGifGtheGreplacementGcostGoptionGhasGbeenGselected.G......ans wer.....B.GItGprovidesGaGsmallGamountGofGinsuranceGtoGcoverGtheGincreasedGcostG toGcomplyGwithGordinancesGorGlawsGregulatingGtheGrepair,Grebuilding,GorGreplac ementGofGcoveredGbuildings.
Dooley'sGRestaurantGisGinsuredGunderGaGcommercialGpackageGpolicyG(CPP)Gwit hGtheGBusinessGIncomeG(withGExtraGExpense)GCoverageGForm.GTheGbusinessGsu fferedGaG$400,000GlossGofGbusinessGincomeGwhenGitGwasGforcedGtoGsuspendGoper ationsGafterGfloodGwatersGdamagedGtheGbasementGandGfirstGfloorGofGtheGrestaur ant.GWhichGoneGofGtheGfollowingGisGanGacceptableGreasonGforGtheGCPPGinsurerGt oGdenyGtheGbusinessGincomeGclaim?
SelectGone:
A.GTheGbuildingGwasGdamaged,GbutGnotGcompletelyGdestroyed.
B.GTheGbusinessGplannedGtoGresumeGoperationsGwithinG 120 Gdays.
C.GTheGbusinessGdidGnotGearnGaGprofitGinGtheGpriorG12-monthGperiod.
D.GTheGpolicy'sGcoveredGcausesGofGlossGdidGnotGincludeGflood.G......answer.....D.G TheGpolicy'sGcoveredGcausesGofGlossGdidGnotGincludeGflood.
Lucy'sGBakeryGisGinsuredGunderGaGcommercialGpackageGpolicyGwithGtheGBusines sGIncomeG(andGExtraGExpense)GCoverageGForm.GAGfireGlossGcausedGsignificantGd amageGtoGtheGbuilding.GWhenGLucyGlearnedGthatGitGwouldGtakeG 9 GmonthsGtoGre pairGtheGbuilding,GsheGdecidedGtoGtemporarilyGrelocateGtoGaGnearbyGrentalGlocat