Ains 102: Understanding Personal Insurance 62 Correctly Answered Questions Latest Update

Liability loss exposure {Ans: Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for injury or damage suffered by another party.}Personal property {Ans: All tangible or intangible property that is not real property.}Vehicle identification number (VIN) {Ans: A unique number that is assigned to each vehicle and that identifies certain vehicle characteristics.}Compulsory auto insurance law {Ans: Law that requires the owners or operators of automobiles to carry automobile liability insurance at least equal to certain minimum limits before the vehicle can be licensed or registered.}Inland marine insurance {Ans: Insurance that covers many different classes of property that typically involve an element of transportation on land.}Reinsurance {Ans: The transfer of insurance risk from one insurer to another through a contractual agreement under which one insurer (the reinsurer) agrees, in return for a reinsurance premium, to indemnify another insurer (the primary insurer) for some or all of the financial consequences of certain loss exposures covered by the primary's insurance policies.}