7/2/25, 12:17 PM CIC Insurance Company Operations Study Guide COMPLETE EXAM QUESTIONS AND ACCURATE ANSWERS (2025) |ALREAD…
CIC Insurance Company Operations Study Guide
COMPLETE EXAM QUESTIONS AND ACCURATE
ANSWERS (2025) |ALREADY PASSED!!
Save
Terms in this set (397)
-strategy: thoughtful, deliberate plan of action;
chooses to be clear about the company's direction in
relation to what is happening in a dynamic
environment; answers the question "how?" as in how
will we achieve our aim of creating and nurturing a
successful insurance company
Explain the difference
-strategic planning: the process used to create the
between strategy,
strategic plan; runs an ERM analysis, which determines
strategic planning, and
risk and opportunities; conducts a SWOT analysis and
strategic plan
helps answer these questions-- where are we now?
where are we going? how will we get there?
-strategic plan: the formulated roadmap that
describes how the company executes its chosen
strategy; provides answers from initial SWOT; includes
values, vision, and mission statements
what are the questions the Three questions: What are we now? Where are we
EMT must answers before going? How will we get there?
it starts the strategic
planning process? And Sources of Info: Organizational values, market trends,
what sources of info will regulatory guidelines, competitive analysis, risk
be needed to answer appetite
these questions?
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,7/2/25, 12:17 PM CIC Insurance Company Operations Study Guide COMPLETE EXAM QUESTIONS AND ACCURATE ANSWERS (2025) |ALREAD…
What tools can executive strategy formulation, strategy implementation,
management team use to strategy evaluation
identify marketplace
readiness and value
propositions to determine
capital structure, surplus
requirements, and
investment sources? think
memory aid strategic
mgmt FIE
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,7/2/25, 12:17 PM CIC Insurance Company Operations Study Guide COMPLETE EXAM QUESTIONS AND ACCURATE ANSWERS (2025) |ALREAD…
1. stock insurance company: owned by stockholders
(investors), primary objective is profit, ease of
capitalization, mergers and acquisitions easier,
branding is easier, more pressure on topline growth
2. mutual insurance company: owned by
policyholders, provides coverage at or near the cost
of doing business, profits used to pay dividends or
used to reduce future premiums, focus is on bottom
line results, less pressure on day-to-day results,
usually very stable, expansion more difficult because
surplus must be built over time, mergers and
identify and describe the acquisitions more difficult
primary company
structures and 3. reciprocal insurance company: interinsurance
characteristics exchange- individuals or organizations joined
together, subscribers insure one another, less
pressure on profits because they operate close to the
cost of doing business, easier to capitalize, usually
offer single line of business, subscribers make
premium deposits, managed by an attorney in fact,
state insurance regulation may be less strict, difficult
to raise additional capital
4. hybrid structures: use of holding companies to own
and operate different company structures, can be
made up of stock, mutual, reciprocal, and other
company structures
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, 7/2/25, 12:17 PM CIC Insurance Company Operations Study Guide COMPLETE EXAM QUESTIONS AND ACCURATE ANSWERS (2025) |ALREAD…
1. passive approach- culture created over time.
employees observe behavior and values of mgmt and
fellow employees functioning in self protective mode.
few or no standards regarding work behavior; higher
what are the two levels of instability and inconsistency, turnover high,
approaches the lead to low job satisfaction
the construction of the
company's culture, 2. active approach- deliberate culture creation,
describe each leadership models behaviors that create the desired
culture, set stage for success by establishing solid
foundation, positive employee engagement,
customer retention, growth targets become more in
sync
-values statement: a statement of commonly held,
core values, that define the who of the organization. it
often is referred to as company's code of conduct;
describes the central theme, or top priorities, of the
organization's culture "who" of the organization
-vision statement: the light that guides the company to
its hopes and ambitions for the future; are the
describe the distinct foundation for the development and implementation
purpose of each kind of of a long-term strategic plan "what do we want to be
statement: values, vision, when we grow up"
and mission
-mission statement: short but powerful statement
regarding the reason an organization exists; it is the
why statement that states a company's core purpose
and overall goal; it generally deals with the here and
now; identifies a company's operational goal, meaning
the products it provides, the market(s) it serves and
geographical territories; what the organization needs
to do in the moment to achieve vision; "why"
https://quizlet.com/1058106989/cic-insurance-company-operations-study-guide-complete-exam-questions-and-accurate-answers-2025-already-pass… 4/94
CIC Insurance Company Operations Study Guide
COMPLETE EXAM QUESTIONS AND ACCURATE
ANSWERS (2025) |ALREADY PASSED!!
Save
Terms in this set (397)
-strategy: thoughtful, deliberate plan of action;
chooses to be clear about the company's direction in
relation to what is happening in a dynamic
environment; answers the question "how?" as in how
will we achieve our aim of creating and nurturing a
successful insurance company
Explain the difference
-strategic planning: the process used to create the
between strategy,
strategic plan; runs an ERM analysis, which determines
strategic planning, and
risk and opportunities; conducts a SWOT analysis and
strategic plan
helps answer these questions-- where are we now?
where are we going? how will we get there?
-strategic plan: the formulated roadmap that
describes how the company executes its chosen
strategy; provides answers from initial SWOT; includes
values, vision, and mission statements
what are the questions the Three questions: What are we now? Where are we
EMT must answers before going? How will we get there?
it starts the strategic
planning process? And Sources of Info: Organizational values, market trends,
what sources of info will regulatory guidelines, competitive analysis, risk
be needed to answer appetite
these questions?
https://quizlet.com/1058106989/cic-insurance-company-operations-study-guide-complete-exam-questions-and-accurate-answers-2025-already-pass… 1/94
,7/2/25, 12:17 PM CIC Insurance Company Operations Study Guide COMPLETE EXAM QUESTIONS AND ACCURATE ANSWERS (2025) |ALREAD…
What tools can executive strategy formulation, strategy implementation,
management team use to strategy evaluation
identify marketplace
readiness and value
propositions to determine
capital structure, surplus
requirements, and
investment sources? think
memory aid strategic
mgmt FIE
https://quizlet.com/1058106989/cic-insurance-company-operations-study-guide-complete-exam-questions-and-accurate-answers-2025-already-pass… 2/94
,7/2/25, 12:17 PM CIC Insurance Company Operations Study Guide COMPLETE EXAM QUESTIONS AND ACCURATE ANSWERS (2025) |ALREAD…
1. stock insurance company: owned by stockholders
(investors), primary objective is profit, ease of
capitalization, mergers and acquisitions easier,
branding is easier, more pressure on topline growth
2. mutual insurance company: owned by
policyholders, provides coverage at or near the cost
of doing business, profits used to pay dividends or
used to reduce future premiums, focus is on bottom
line results, less pressure on day-to-day results,
usually very stable, expansion more difficult because
surplus must be built over time, mergers and
identify and describe the acquisitions more difficult
primary company
structures and 3. reciprocal insurance company: interinsurance
characteristics exchange- individuals or organizations joined
together, subscribers insure one another, less
pressure on profits because they operate close to the
cost of doing business, easier to capitalize, usually
offer single line of business, subscribers make
premium deposits, managed by an attorney in fact,
state insurance regulation may be less strict, difficult
to raise additional capital
4. hybrid structures: use of holding companies to own
and operate different company structures, can be
made up of stock, mutual, reciprocal, and other
company structures
https://quizlet.com/1058106989/cic-insurance-company-operations-study-guide-complete-exam-questions-and-accurate-answers-2025-already-pass… 3/94
, 7/2/25, 12:17 PM CIC Insurance Company Operations Study Guide COMPLETE EXAM QUESTIONS AND ACCURATE ANSWERS (2025) |ALREAD…
1. passive approach- culture created over time.
employees observe behavior and values of mgmt and
fellow employees functioning in self protective mode.
few or no standards regarding work behavior; higher
what are the two levels of instability and inconsistency, turnover high,
approaches the lead to low job satisfaction
the construction of the
company's culture, 2. active approach- deliberate culture creation,
describe each leadership models behaviors that create the desired
culture, set stage for success by establishing solid
foundation, positive employee engagement,
customer retention, growth targets become more in
sync
-values statement: a statement of commonly held,
core values, that define the who of the organization. it
often is referred to as company's code of conduct;
describes the central theme, or top priorities, of the
organization's culture "who" of the organization
-vision statement: the light that guides the company to
its hopes and ambitions for the future; are the
describe the distinct foundation for the development and implementation
purpose of each kind of of a long-term strategic plan "what do we want to be
statement: values, vision, when we grow up"
and mission
-mission statement: short but powerful statement
regarding the reason an organization exists; it is the
why statement that states a company's core purpose
and overall goal; it generally deals with the here and
now; identifies a company's operational goal, meaning
the products it provides, the market(s) it serves and
geographical territories; what the organization needs
to do in the moment to achieve vision; "why"
https://quizlet.com/1058106989/cic-insurance-company-operations-study-guide-complete-exam-questions-and-accurate-answers-2025-already-pass… 4/94
