CISR Training Exam Solved -Verified

CISR Training Exam Solved -Verified Which of the following best describes a contract? - Answer - Oral or written agreements between two parties that creates an obligation to do or not to do a particular thing which one of the following statements best describes the standard of care an insurance agency owes an insurance company? - Answer - Loyalty, good faith, reasonable care, contractual duties Which one of the following best describes actual authority? - Answer - When the agency is expressly given authority in the agency contract Which one of the following is not one of the four benefits of ethical behavior? - Answer - Ethical behavior encourages governmental regulation Which one of the following statements best describes how an agency operates? - Answer - A larger number of locations may mean that some features of the agency be centralized Which one of the following statements best describes agency stakeholders? - Answer - the primary stakeholders are any group who is affected by the achievement of a firms objective Insurance brokers, who act on behalf of the buyer/client, differ from agents in what way? - Answer - Brokers do not have binding authority Which one of the following best describes the risk management process? - Answer - identification, analysis, control, finance, administration The best definition of active retention is: - Answer - the customer knows before the loss that he/she is financially responsible for all or part of the loss Which of the following statements regarding the process of identifying loss exposures is correct? - Answer - A document review of the policy is not the best method because it shows the limits, but not the risks Which of the following sources of revenue for insurance agencies is typically the largest source of income for the insurance agency? - Answer - Commission Which of the following is not one of the four major classes of exposure to loss? - Answer - Loss of use The Managing General Agent can best be describes as representing: - Answer - One or more insurance companies The primary reason for the regulation of insurance companies is: - Answer - to protect insurance consumers Which one of the following statements regarding alternative markets is correct? - Answer - Agents do not typically have binding authority in alternative markets Which one of the following statements concerning non-admitted insurance companies is correct? - Answer - Non-Admitted insurance companies can only be accessed by an excess/surprise lines broker Face to face non verbal communication with customers is improved with each of the following, except: - Answer - Maintaining constant direct eye contact The four primary communication skills areas are: - Answer - Listening, Speaking, Writing, Body Language Which of the following methods could reduce the likelihood of an errors and omissions claim? - Answer - Using standardized letters or memos Which of the following does not normally apply regarding the use of social media in an insurance agency? - Answer - Most agencies provide their staff with a personal email address Which is the most important component of face to face communication? - Answer - Body Language