AINS 101 (Latest 2023/ 2024 Update) Increasing Your Insurance IQ Exam Prep| Questions and Verified Answers| 100% Correct
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AINS 101 (Latest 2023/ 2024 Update) Increasing Your Insurance IQ Exam Prep| Questions and Verified Answers| 100% Correct
AINS 101 (Latest 2023/ 2024 Update)
Increasing Your Insurance IQ Exam Prep|
Questions and Verified Answers| 100%
Correct
Q: Pure risk
Answer:
a chance of loss or no loss, but no chance of gain
Q: Speculative risk
Answer:
a chance of loss, no loss, or gain
Q: Solvency
Answer:
the ability of an insurer to meet its financial obligations as they become due, even those resulting
from insured losses that may be claimed several years in the future
Q: Income statement
Answer:
the financial statement that reports an organization's profit or loss for a specific period by
comparing the revenues generated with the expenses incurred to produce those revenues
Q: Earned premiums
Answer:
the portion of the written premiums that apply to the part of the policy period that has already
occurred
Q: Underwriting income
Answer:
income an insurer earns from premiums paid by policyholders minus incurred losses and
underwriting expenses
Q: Balance sheet
Answer:
the financial statement that reports the assets, liabilities, and owner's equity of an organization as
of a specific date
Q: Policyholder's surplus
Answer:
an insurer's assets minus its liabilities, which represents its net worth
Q: Loss adjustment expenses
Answer:
the expense that an insurer incurs to investigate, defend, and settle claims according to the terms
specified in the insurance policy
Q: Assets
Answer:
types of property, both tangible and intangible, owned by an entity
Q: Liabilities
Answer:
financial obligations, or debts, owned by a company to another entity usually the policyholder in
the case of an insurer
Q: Investment income
Answer:
interest, dividends, and net capital gains received by an insurer from the insurer's financial assets,
minus its investment expenses
Q: Loss reserve
Answer:
an estimate of the amount of money the insurer expects to pay in the future for losses that have
occurred
Q: Unearned premium reserve
Answer:
an insurer liability representing the amount of premiums received from policyholders that are not
yet earned
jordancarter 7 months ago
This study guide is clear, well-organized, and covers all the essential topics. The explanations are concise, making complex concepts easier to understand. It could benefit from more practice questions, but overall, it's a great resource for efficient studying. Highly recommend!
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