CPCU 520 Exam |52 Accurate Q’s and
A’s
With an increasingly price-conscious public forcing less room to slash prices,
how can insurers develop ways to maintain competitive advantage?
Explain the meaning of this term - -dive deeper into value chain
interconnected activities in a business through which a product or service is
produced and sold, often used to understand and improve upon the internal
dynamics of a business's operations.
- three types of risk control services
Who might analyze public loss data to assess risk, generate models for
potential catastrophic events, enabling use of chatbots, using text mining?
A business-level strategy through which a company seeks cost efficiencies in
all operational areas. - -physical surveys, performing risk
analysis/improvement, developing safety management programs
IT
cost leadership
- what are the six steps for product development? - -· Assessing
opportunities
· Defining product, underlying support, and pricing
,· Creating business forecast
· Complying with regulatory requirements (for new policies)
· Selecting distribution systems/channels
· Introducing product
(opportunities, define, forecast, comply, distribution, market) ODFCDM
- The primary purpose of insurance regulation is to balance what between
insurers and consumers?
what entities are primary source of industry regulation?
which entity coordinates insurance regulation activities among state
insurance departments and developed uniform financial statements required
in all its states?
In what way is federal regulation involved with insurance? - -balance
insurers' ability to earn profits with consumers' rights to access reasonably
priced coverage. Regulation also ensures that after insurers issue coverage,
they maintain the financial stability to pay for losses they promised to cover
in their insurance policies.
state insurance departments
NAIC
,protect consumers in policy documentation, maintain solvency, prevent
destructive competition
- regulations that may be implemented by state insurance dept if model law
is passed
insolvency is when what occurs?
What happens when lower-priced carriers bring prices down to increase
market share away from higher-priced competitors - -model regulations
when current liabilities exceed current assets
rates then inadequate to cover insured losses
- In the ultra-competitive insurance market, which one of the following
represents an area where insurers can expand their product offerings
beyond policies and coverage?
Select one:
A. Medical services
B. Investment services
C. Risk management products and services
D. Legal counsel
As a claims representative for Taunton Insurance, Maria often consults with
the underwriter. Which one of the following is a key point that a claims
representative would ask the underwriter to clarify?
Select one:
A. Was adequate premium collected for the claim?
B. What are the insured's safety and training policies?
C. What was the actual agreement for coverage?
, D. What are the codes and standards for this industry? - -C. Risk
management products and services
C. What was the actual agreement for coverage?
- Which one of the following would be considered a duty of the state
insurance commissioner, rather than an activity performed by the state
insurance department?
Select one:
A. Holding hearings on insurance issues
B. Rehabilitating or liquidating insolvent insurers
C. Issuing cease-and-desist orders
D. Investigating policyholder complaints
Jonathan works in one of the support functions of a property-casualty insurer.
His activities include calculating insurance rates, estimating loss reserves,
analyzing the insurer's financial security, and preparing reports for
regulators. Jonathan works in which one of the following insurer support
functions?
A. Actuarial
B. Risk control
C. Auditing
D. Compliance - -A. Holding hearings on insurance issues
A. Actuarial
- What can cause the cost of insurance to rise?
A’s
With an increasingly price-conscious public forcing less room to slash prices,
how can insurers develop ways to maintain competitive advantage?
Explain the meaning of this term - -dive deeper into value chain
interconnected activities in a business through which a product or service is
produced and sold, often used to understand and improve upon the internal
dynamics of a business's operations.
- three types of risk control services
Who might analyze public loss data to assess risk, generate models for
potential catastrophic events, enabling use of chatbots, using text mining?
A business-level strategy through which a company seeks cost efficiencies in
all operational areas. - -physical surveys, performing risk
analysis/improvement, developing safety management programs
IT
cost leadership
- what are the six steps for product development? - -· Assessing
opportunities
· Defining product, underlying support, and pricing
,· Creating business forecast
· Complying with regulatory requirements (for new policies)
· Selecting distribution systems/channels
· Introducing product
(opportunities, define, forecast, comply, distribution, market) ODFCDM
- The primary purpose of insurance regulation is to balance what between
insurers and consumers?
what entities are primary source of industry regulation?
which entity coordinates insurance regulation activities among state
insurance departments and developed uniform financial statements required
in all its states?
In what way is federal regulation involved with insurance? - -balance
insurers' ability to earn profits with consumers' rights to access reasonably
priced coverage. Regulation also ensures that after insurers issue coverage,
they maintain the financial stability to pay for losses they promised to cover
in their insurance policies.
state insurance departments
NAIC
,protect consumers in policy documentation, maintain solvency, prevent
destructive competition
- regulations that may be implemented by state insurance dept if model law
is passed
insolvency is when what occurs?
What happens when lower-priced carriers bring prices down to increase
market share away from higher-priced competitors - -model regulations
when current liabilities exceed current assets
rates then inadequate to cover insured losses
- In the ultra-competitive insurance market, which one of the following
represents an area where insurers can expand their product offerings
beyond policies and coverage?
Select one:
A. Medical services
B. Investment services
C. Risk management products and services
D. Legal counsel
As a claims representative for Taunton Insurance, Maria often consults with
the underwriter. Which one of the following is a key point that a claims
representative would ask the underwriter to clarify?
Select one:
A. Was adequate premium collected for the claim?
B. What are the insured's safety and training policies?
C. What was the actual agreement for coverage?
, D. What are the codes and standards for this industry? - -C. Risk
management products and services
C. What was the actual agreement for coverage?
- Which one of the following would be considered a duty of the state
insurance commissioner, rather than an activity performed by the state
insurance department?
Select one:
A. Holding hearings on insurance issues
B. Rehabilitating or liquidating insolvent insurers
C. Issuing cease-and-desist orders
D. Investigating policyholder complaints
Jonathan works in one of the support functions of a property-casualty insurer.
His activities include calculating insurance rates, estimating loss reserves,
analyzing the insurer's financial security, and preparing reports for
regulators. Jonathan works in which one of the following insurer support
functions?
A. Actuarial
B. Risk control
C. Auditing
D. Compliance - -A. Holding hearings on insurance issues
A. Actuarial
- What can cause the cost of insurance to rise?
