CISR: Agency Operations | 100 Questions And Answers Already Graded A+

Types of Stakeholders - managers and employees customers insurers vendors industry associations government Transfer - Insurance: transfer of financial consequence to an insurance company Non Insurance: when a customer transfers financial consequences to another by contract or agreement Retention - Active: when a customer knows before the loss that they are responsible for all or part of the loss Passive: Whoops! when a client finds out after a loss occurs that they are responsible What is NOT one of the four benefits of ethical behavior? - Ethical behavior encourages governmental action Describe the standard of care an insurance agency owes to an insurance company - loyalty good faith reasonable care contractual duty Describe actual authority -when the agency is expressly given the authority in the agency contract Describe a contract - Oral or written agreements between two parties that creates an obligation to do or not do a particular thingWhat are the four benefits of ethical behavior? - To be recognized as a knowledgeable insurance professional within the community To gain public trust and confidence To avoid government regulation To enhance credibility with customers and companies What is the risk management process? - Risk Identification Risk analysis Risk control Risk finance Risk administration