CIC- Insurance Company Operations Exam Bundle

Describe the ways in which a company may be structured and identify the characteristics of each - Answer 1. Stock Insurance Company • Capitalization - owned by investors - objective to make profit for stockholders • Access to capital markets • Mergers and Acquisitions (M&A) - less diff...

Describe the Loss Development Factor and explain its use - Answer factors applied to a current valuation of losses to determine an estimate of ultimate losses; these factors are calculated by comparing the period-to-period changes in values of loss reserves, under the assumption that current losses ...

Stock Insurance Company Mutual Insurance Company Recepericol - Answer Three Type of Insurance Company Structures -Capitalization -Access to capital markets -Mergers and acquisitions less difficult -reach is greater with regard to brand -primary responsibility is to stockholder, not pol...

Explain the difference between strategy, strategic planning, and strategic plan - Answer -strategy: thoughtful, deliberate plan of action; chooses to be clear about the company's direction in relation to what is happening in a dynamic environment; answers the question "how?" as in how will we ach...

Strategy --> Strategic Planning --> Strategic Plan - Answer What is the flow of a strategic business plan? Strategy - Answer This is the rough idea. A thoughtful, deliberate plan of action. Answers the question "How" Strategic Planning - Answer Process to determine what the plan will b...

Describe the ways in which a company may be structured and identify the characteristics of each - Answer 1. Stock Insurance Company • Capitalization • Access to capital markets • Mergers and Acquisitions (M&A) - less difficult • Reach is greater with regard to brand • Primary respons...

3 steps in the Strategic Management Process - Answer 1. Strategy Formulation. 2. Strategy Implementation. 3. Strategy Evaluation. 3 Insurance Company and Management Structures - Answer 1. Stock Insurance Company. 2. Mutual Insurance Company. 3. Reciprocal Stock Insurance Company - Answe...

Identify and describe the expectations an insurance company has of an insurance agency - Answer a. Track record of business success b. Number of existing insurance companies c. Track record of sales success d. Competent management f. Plan for growth g. Identifiable sales culture l. Professiona...