LOMA 335: The Insurance
Company and Operations
Management Exam 2025 Questions
and Answers
_________________ management concerns managerial efforts to ensure that the
products and services a company provides to customers meet stated quality standards,
are timely, and are delivered profitably at the lowest reasonable cost to the company. - -
✔✔Operations
________________ are the activities any company undertakes to produce goods and
services. - -✔✔Operations
A ______________ is any party to an organization that has an interest in how the
company conducts its business. - -✔✔stakeholder
An ______________ cost is a benefit that the decision maker forfeits or gives up in
choosing one alternative over another. - -✔✔opportunity
List 8 examples of primary operations: - -✔✔1) Product development and
implementation
2) Sales and distribution
3) Underwriting
4) Policy issue and new business
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 1
,5) Policy administration
6) Customer service
7) Customer retention
8) Claims
List 6 examples of support operations: - -✔✔1) Marketing research
2) Information technology
3) HR
4) Accounting/auditing
5) Internal control
6) Legal/compliance
The operational employees of an insurance company generally carry out one of several
broad functions: - -✔✔1) New business acquisition functions
2) Administrative or technical functions
3) Service functions
4) Managerial functions
Traditionally, insurance company operations involved a large amount of
________________ work - routine and repetitive tasks with little flexibility in how
processes are completed - -✔✔transactional
_____________ is the process of a process, system, or piece of equipment without
human intervention. - -✔✔Automation
________________ workers are employees who can interpret information within a
specific, yet broad domain: use skills and knowledge to define problems; and identify
alternative solutions to problems. - -✔✔Knowledge
_______________ capital is the sum of all employee knowledge that a company can use
to drive profits as well as other proprietary information that a company owns. - -
✔✔Intellectual
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 2
, Quality, ____________, and cost control are the primary tenets of general operations
management. - -✔✔timeliness
1) ____________ chain: a set of activities that a company carries out to create stakeholder
value.
2) Porter's model consists of 3 main parts: resource inputs, transformative processes,
and ____________ - -✔✔1) Value
2) outputs
1) ________________ inputs are any elements used to create a product or service.
2) List 5 examples: - -✔✔1) Resource
2)
Owner investments
Customer revenues
Employee labor and expertise
Data
Technology
1) ______________ processes transform inputs into outputs for customers.
2) List 4 examples: - -✔✔1) Transformative
2)
Underwriting
Claims processing
Customer experience
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 3
Company and Operations
Management Exam 2025 Questions
and Answers
_________________ management concerns managerial efforts to ensure that the
products and services a company provides to customers meet stated quality standards,
are timely, and are delivered profitably at the lowest reasonable cost to the company. - -
✔✔Operations
________________ are the activities any company undertakes to produce goods and
services. - -✔✔Operations
A ______________ is any party to an organization that has an interest in how the
company conducts its business. - -✔✔stakeholder
An ______________ cost is a benefit that the decision maker forfeits or gives up in
choosing one alternative over another. - -✔✔opportunity
List 8 examples of primary operations: - -✔✔1) Product development and
implementation
2) Sales and distribution
3) Underwriting
4) Policy issue and new business
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 1
,5) Policy administration
6) Customer service
7) Customer retention
8) Claims
List 6 examples of support operations: - -✔✔1) Marketing research
2) Information technology
3) HR
4) Accounting/auditing
5) Internal control
6) Legal/compliance
The operational employees of an insurance company generally carry out one of several
broad functions: - -✔✔1) New business acquisition functions
2) Administrative or technical functions
3) Service functions
4) Managerial functions
Traditionally, insurance company operations involved a large amount of
________________ work - routine and repetitive tasks with little flexibility in how
processes are completed - -✔✔transactional
_____________ is the process of a process, system, or piece of equipment without
human intervention. - -✔✔Automation
________________ workers are employees who can interpret information within a
specific, yet broad domain: use skills and knowledge to define problems; and identify
alternative solutions to problems. - -✔✔Knowledge
_______________ capital is the sum of all employee knowledge that a company can use
to drive profits as well as other proprietary information that a company owns. - -
✔✔Intellectual
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 2
, Quality, ____________, and cost control are the primary tenets of general operations
management. - -✔✔timeliness
1) ____________ chain: a set of activities that a company carries out to create stakeholder
value.
2) Porter's model consists of 3 main parts: resource inputs, transformative processes,
and ____________ - -✔✔1) Value
2) outputs
1) ________________ inputs are any elements used to create a product or service.
2) List 5 examples: - -✔✔1) Resource
2)
Owner investments
Customer revenues
Employee labor and expertise
Data
Technology
1) ______________ processes transform inputs into outputs for customers.
2) List 4 examples: - -✔✔1) Transformative
2)
Underwriting
Claims processing
Customer experience
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 3
