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CISR Agency Operations Self Quiz/50 Questions and Answers 2023
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CISR Agency Operations Self Quiz/50 Questions and Answers 2023
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CISR Agency Operations Self Quiz/50Questions and Answers 2023
Which one of the following best describes actual authority? - -When the
agency is expressly given authority in the agency contract
-Which one of the following statements best describes the standard of care
an insurance agency owes an insurance company? - -Loyalty, good faith,
reasonable care and contractual duties
-Which one of the following is not one of the four benefits of ethical
behavior? - -thical behavior encourages governmental regulation
-Which one of the following best describes a contract? - -Oral or written
agreements between two parties that creates an obligation to do or not do a
particular thing
-Which one of the following statements best describes agency stakeholders?
- -The primary stakeholders are any group or individual who is affected by
the achievement of a firm's objective
-Which one of the following sources of revenue for insurance agencies is
typically the largest source of income for the insurance agency? - -
Commission
-Which one of the following statements best describes how an agency
operates? - -A larger number of locations may mean that some features of
the agency be centralized
-Which one of the following is not one of the four major classes of exposure
to loss? - -Loss of use
-Insurance brokers, who act on behalf of the buyer/client, differ from agents
in what way? - -Brokers do not have binding authority
-The best definition of active retention is: - -The customer knows before the
loss that he/she is financially responsible for all or part of the loss
-Which one of the following statements regarding the process of identifying
loss exposures is correct? - -A document review of the policy is not the best
method because it shows the limits, but not the risks
-Which one of the following best describes the risk management process? -
-Risk identification, risk analysis, risk control, risk finance, risk administration
, -The primary reason for the regulation of insurance companies is: - -To
protect insurance consumers
-Which one of the following statements regarding alternative markets is
correct? - -Agents do not typically have binding authority in alternative
markets
-Which one of the following statements concerning non-admitted insurance
companies is correct? - -Non-admitted insurance companies can only be
accessed by an excess/surplus lines broker
-The Managing General Agent (or Agency) can best be described as
representing: - -One or more insurance companies
-A process involving the transfer of risk from one insurer call the ceding (or
primary) company, to another called the reinsure - -Reinsurance
-Form of reinsurance in which a contract automatically establishes the terms
for reinsuring a class or classes of business. - -Treaty Reinsurance
-Form of reinsurance using offer and acceptance of individual risks in which,
under a contract of reinsurance, the reinsurer retains the faculty accept or
reject each risk offered by the ceding company. - -Facultative reinsurance
-Which is the most important component of face-to-face communication? - -
Body Language
-The four primary communication skill areas are: - -Listening, speaking,
writing, and body language
-Face-to-face non-verbal communication with customers is improved with
each of the following, except: - -Maintaining constant direct eye contact
-Which one of the following does not normally apply regarding the use of
social media in an insurance agency? - -Most agencies provide their staff
with a personal email address.
-Two-way communication is best described as: - -Speaking and listening
-Which one of the following methods could reduce the likelihood of an errors
and omissions claim? - -Using standardized letters or memos
-Which one of the following statements does not describe a purpose of a
position guide? - -Used to determine promotions.
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