PACKAGE DEAL FOR:CISR Agency Operations Self Quizzes & Answers(Latest Update 2024)

Which one of the following best describes actual authority? - ANSWER 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? - ANSWER Loyalty, good faith, reasonabl...

Misrating & Misclassification - ANSWER Risk misrated to write coverage - Insurer doesn't receive enough premium; Insurer not able to pay losses

Professional - ANSWER an adjective used to describe appearance, attitude, or actions Acting Ethically and Professionally - ANSWER you put the needs of your clients above your own Ethics - ANSWER a system or set of moral principles or practice a set of rules or standards based on a set of prin...

What does an agency gain by requiring their employees to behave ethically? - ANSWER The agency can gain public trust and confidence, the ability to avoid government regulation, and increased credibility with all stakeholders. Identify two examples of actions that represent ethical breaches. - ANS...

Account Current Satment - ANSWER Definition A report submitted to the insurance company by the insurance agency which gives an accounting of the policies billed and shows the gross premium, commission, and net premium due Selling new coverage to an existing customer - ANSWER Selling new coverage...

values statement - ANSWER defines heart of the organization, core priorities & behaviors. "what we stand for" vision statement - ANSWER specifies current and future goals of the agency mission statement - ANSWER action statement that declares what company does, how it intends to service cust...

benefits of ethical behavior - ANSWER 1. public trust & confidence gained. 2. government regulation avoided 3. enhanced credibility 6 steps in ethical decision making - ANSWER 1. define problem 2. seek resources 3. brainstorm solutions 4. evaluate the alternatives 5. make decision 6. elvaluate ...

stock company - ANSWER owned by stockholders with a goal or proftting them mutual company - ANSWER Insurance company owned by its policyholders - NO STAKEHOLDERS reciprocal exchange - ANSWER unincorporated group of individuals who mutually insure one another, each separately assuming a share o...

A ____ is a cause of loss - ANSWER peril A situation, behavior, or condition that may lead to adverse financial consequences - ANSWER exposure A cyberattack is an example of a ____ - ANSWER peril An Insured who shows no regard for his insured property demonstrates a - ANSWER morale hazard ...