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CPCU 520 Questions And Answers With Verified Solutions 100% Correct Latest Updated 2024
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CPCU 520 Questions And Answers With Verified Solutions 100% Correct Latest Updated 2024
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CPCU 520 Questions And Answers WithVerified Solutions 100% Correct Latest
Updated 2024
With an increasingly price-conscious public forcing less room to slash prices, how
can insurers develop ways to maintain competitive advantage?
Explain the meaning of this term - ANSWER✔✔ dive deeper into value chain
interconnected activities in a business through which a product or service is
produced and sold, often used to understand and improve upon the internal
dynamics of a business's operations.
three types of risk control services
Who might analyze public loss data to assess risk, generate models for potential
catastrophic events, enabling use of chatbots, using text mining?
,A business-level strategy through which a company seeks cost efficiencies in all
operational areas. - ANSWER✔✔ physical surveys, performing risk
analysis/improvement, developing safety management programs
IT
cost leadership
what are the six steps for product development? - ANSWER✔✔ · Assessing
opportunities
· Defining product, underlying support, and pricing
· Creating business forecast
· Complying with regulatory requirements (for new policies)
· Selecting distribution systems/channels
· Introducing product
(opportunities, define, forecast, comply, distribution, market) ODFCDM
,The primary purpose of insurance regulation is to balance what between insurers
and consumers?
what entities are primary source of industry regulation?
which entity coordinates insurance regulation activities among state insurance
departments and developed uniform financial statements required in all its
states?
In what way is federal regulation involved with insurance? - ANSWER✔✔ balance
insurers' ability to earn profits with consumers' rights to access reasonably priced
coverage. Regulation also ensures that after insurers issue coverage, they
maintain the financial stability to pay for losses they promised to cover in their
insurance policies.
, state insurance departments
NAIC
protect consumers in policy documentation, maintain solvency, prevent
destructive competition
regulations that may be implemented by state insurance dept if model law is
passed
insolvency is when what occurs?
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