C16 - Business of Insurance -
Chapter 2 Comprehensive
Questions (Frequently Tested) and
Complete Solutions Graded A+
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What is the role of insurance? - Answer: - To provide peace of
mind
- To offer financial security
- To encourage loss prevention
,Insurance brings focus to the role of risk management.
What factors affect the selection of an organization structure? -
Answer: There are two organization structure types:
- Pyramid Structure
- Flat Structure
Selection of an organization structure depend on:
- How power & control are distributed
- How well systems are integrated between departments
- How communication works
- How well services are coordinated
- The size of the company
Compare and Contrast : Pyramid Structure vs. Flat Structure -
Answer: A Pyramid Structure offers opportunities for promotion,
but the drawback is the process to gain approval from hierarchal
levels is very time-consuming ; This is because of the top-down
nature of the structure.
, A Flat Structure on the other hand has little opportunity for
promotion, but in contrast to Pyramid Structure has a team to
make approvals and decisions ; This is because there is no need to
escalate requests up a chain vs. a team making a decision.
What are the key areas within an organizational structure? -
Answer: - Human Resources
- Information Technology
- Administration
- Marketing
- Finance & Accounting
3 Unique Areas within Insurance Companies :
- Actuarial
- Underwriting
- Claims
Describe the responsibilities of Human Resources? - Answer:
Hiring new staff with appropriate skill sets
- Advertising positions
- Working with recruitment firms
Chapter 2 Comprehensive
Questions (Frequently Tested) and
Complete Solutions Graded A+
Professional Academic Assistance Services
Services Offered
• Proctored Exam Assistance
• Online Class Management (Full Course Support)
• Exam Preparation & Study Materials
• Assignments and Coursework Support
• Essay and Research Paper Writing
• Discussion Posts & Responses
• Editing and Proofreading
• Confidential Academic Consultation
Contact Information
Email:
WhatsApp link: https://wa.me/254704846336
Fast Response | Confidential | Reliable Academic Support
Helping Students Achieve Academic Excellence
What is the role of insurance? - Answer: - To provide peace of
mind
- To offer financial security
- To encourage loss prevention
,Insurance brings focus to the role of risk management.
What factors affect the selection of an organization structure? -
Answer: There are two organization structure types:
- Pyramid Structure
- Flat Structure
Selection of an organization structure depend on:
- How power & control are distributed
- How well systems are integrated between departments
- How communication works
- How well services are coordinated
- The size of the company
Compare and Contrast : Pyramid Structure vs. Flat Structure -
Answer: A Pyramid Structure offers opportunities for promotion,
but the drawback is the process to gain approval from hierarchal
levels is very time-consuming ; This is because of the top-down
nature of the structure.
, A Flat Structure on the other hand has little opportunity for
promotion, but in contrast to Pyramid Structure has a team to
make approvals and decisions ; This is because there is no need to
escalate requests up a chain vs. a team making a decision.
What are the key areas within an organizational structure? -
Answer: - Human Resources
- Information Technology
- Administration
- Marketing
- Finance & Accounting
3 Unique Areas within Insurance Companies :
- Actuarial
- Underwriting
- Claims
Describe the responsibilities of Human Resources? - Answer:
Hiring new staff with appropriate skill sets
- Advertising positions
- Working with recruitment firms
