CAIB 4 Exam Questions with Correct Answers
4 Forms of operating affiliations
loosely knit, general purpose groups, clusters, common identity groups
What are the considerations when evaluating operating affiliations
services and support, exclusivity, fees, contractual agreement, financial strength
What is the law of agency
when one entity acts on behalf of another
6 activities with human resources management function
planning, selecting, orienting, training, developing & rewarding, managing performance
the 3 steps in the selection process of new employees
recruitment, screening and interviewing, hiring
4 advantages of hiring within
cost effective, shorter vacancy, takes guesswork out of hiring, reduces turnover
5 components of screening process
application, resume, interview, testing, reference checks
most critical component of the orientation process
the explanation of performance expectations
4 kinds of training programs recommended for brokerages
quality service training, sales training, product and service knowledge, leadership training
4 elements of the training program
who, what, why, how
how does a career path relate to an employee's development within brokerage
it shows the employee how they may progress from one position to another and what kinds of
skills and education will be required in order to progress
6 components of leadership
,delegating, motivating, communication, managing conflict, managing change, coaching
key factor of effective delegation
communication is the key factor of delegation
2 reasons why delegation breaks down
when the balance between responsibility and authority is not maintained and when
communication between the parties is not clear
non verbal communication
need to consider not only what you say but how you say it
body language
others may interpret words differently if body language, gestures, mannerisms are not
supporting the words
active listening
ability to read between the lines, asks questions to seek clarification
how managers can promote open communication
demonstrate a desire to communicate, display a tendency to take action, maintain flexibility,
employ active listening skills
4 strategies a manager can use to resolve employee conflict
communication skills, mutual respect, interactive problem solving, win-win solutions
4 causes of employee resistance to change
tradition, past failures, lack of times as too many priorities, unpredictability of future
why do some leaders fail to coach their employees
they don't have time, they don' know how, too many employees reporting to them, employees
are not motivated to perform better
5 components of coaching process
assessing performance, setting goals, self-evaluation, rewarding, monitoring
, 4 examples of when coaching is best used
when employee asks for advice, to prepare employee to take on a new activity, to provide
support or guidance to an employee experiencing difficulty, to help an employee apply
theoretical knowledge or skills
what are the advantages of having a brokerage agreement
right to bind certain coverages, eligibility to participate in profit sharing
what are the billing procedures
agency and direct billing
topics in a brokerage agreement
ownership of expirations, authority, billing procedures, commissions, termination, privacy act
considerations when negotiating profit sharing agreement
how much business to write, lines of business included and excluded, how income is
computed, how profit is to be calculated, when profit sharing will be paid to brokerage
keys factors when selecting an insurance company
marketing philosophy, claims services, policyholder services, financial stability, U/W
procedures
why is it important to align the marketing philosophy and practices of an insurance
company with those of the brokerage
the brokerage must have relationships with insurance companies that can supply the products
and services to help the brokerage fulfill it mission
the different ways the companies compensate the brokerage
commissions, profit sharing, rewards
how do policyholder services impact the brokerage?
Poor service to the brokerage results in poor service to the client
what are the 2 approaches to developing a plan
4 Forms of operating affiliations
loosely knit, general purpose groups, clusters, common identity groups
What are the considerations when evaluating operating affiliations
services and support, exclusivity, fees, contractual agreement, financial strength
What is the law of agency
when one entity acts on behalf of another
6 activities with human resources management function
planning, selecting, orienting, training, developing & rewarding, managing performance
the 3 steps in the selection process of new employees
recruitment, screening and interviewing, hiring
4 advantages of hiring within
cost effective, shorter vacancy, takes guesswork out of hiring, reduces turnover
5 components of screening process
application, resume, interview, testing, reference checks
most critical component of the orientation process
the explanation of performance expectations
4 kinds of training programs recommended for brokerages
quality service training, sales training, product and service knowledge, leadership training
4 elements of the training program
who, what, why, how
how does a career path relate to an employee's development within brokerage
it shows the employee how they may progress from one position to another and what kinds of
skills and education will be required in order to progress
6 components of leadership
,delegating, motivating, communication, managing conflict, managing change, coaching
key factor of effective delegation
communication is the key factor of delegation
2 reasons why delegation breaks down
when the balance between responsibility and authority is not maintained and when
communication between the parties is not clear
non verbal communication
need to consider not only what you say but how you say it
body language
others may interpret words differently if body language, gestures, mannerisms are not
supporting the words
active listening
ability to read between the lines, asks questions to seek clarification
how managers can promote open communication
demonstrate a desire to communicate, display a tendency to take action, maintain flexibility,
employ active listening skills
4 strategies a manager can use to resolve employee conflict
communication skills, mutual respect, interactive problem solving, win-win solutions
4 causes of employee resistance to change
tradition, past failures, lack of times as too many priorities, unpredictability of future
why do some leaders fail to coach their employees
they don't have time, they don' know how, too many employees reporting to them, employees
are not motivated to perform better
5 components of coaching process
assessing performance, setting goals, self-evaluation, rewarding, monitoring
, 4 examples of when coaching is best used
when employee asks for advice, to prepare employee to take on a new activity, to provide
support or guidance to an employee experiencing difficulty, to help an employee apply
theoretical knowledge or skills
what are the advantages of having a brokerage agreement
right to bind certain coverages, eligibility to participate in profit sharing
what are the billing procedures
agency and direct billing
topics in a brokerage agreement
ownership of expirations, authority, billing procedures, commissions, termination, privacy act
considerations when negotiating profit sharing agreement
how much business to write, lines of business included and excluded, how income is
computed, how profit is to be calculated, when profit sharing will be paid to brokerage
keys factors when selecting an insurance company
marketing philosophy, claims services, policyholder services, financial stability, U/W
procedures
why is it important to align the marketing philosophy and practices of an insurance
company with those of the brokerage
the brokerage must have relationships with insurance companies that can supply the products
and services to help the brokerage fulfill it mission
the different ways the companies compensate the brokerage
commissions, profit sharing, rewards
how do policyholder services impact the brokerage?
Poor service to the brokerage results in poor service to the client
what are the 2 approaches to developing a plan
