Ains 101 Exam Prep Questions With 100% Correct Answers 2024

Insured {Ans: any person or organization who is insured under an insurance policy}Actual cash value {Ans: replacement cost minus depreciation}Stock insurer {Ans: an insurer that is owned by its stockholders and formed as a corporation for the purpose of earning a profit for the stockholders}Transferring {Ans: the act of transferring the financial consequences of unanticipated events to an insurer}Manuscript forms {Ans: customized form to meet the insured's needs}Risk {Ans: uncertainty about outcomes, can be negative or positive}Indemnify {Ans: to restore a party who has sustained a loss to the same financial position that party held before the loss occurred}Computer vision {Ans: helps a machine recognize an object and respond to it as a human would}Catastrophe model {Ans: a type of computer program that estimates losses from future potential catastrophic events}Independent exposures {Ans: group of many persons purchasing insurance independently and not affected by the losses of others}Loss reserve {Ans: an estimate of the amount of money the insurer expects to pay in the future for losses that have occurred}Agency {Ans: a legal, consensual relationship that exists when one party, the agent, acts on behalf of another party, the