ISR Agency Operations A Comprehensive
C
Review
Table of Contents
1. Agency Fundamentals & Ethics
○ Stakeholders
○ Ethical Behavior & Its Benefits
○ Legal Duties & Agent Authority
○ Contracts
2. Risk Management
○ The Risk Management Process
○ Risk Control Methods
○ Classes of Exposure to Loss
○ Methods of Identifying Loss Exposures
○ Risk Finance (Retention & Transfer)
3. Insurance Company & Market Dynamics
○ Purpose of Insurance Regulation
○ Insurance Company Ownership Classifications
○ Insurance Distribution Methods
○ Alternative Markets
○ Reinsurance
○ Non-Admitted Companies
4. Agency Operations & Client Service
○ Communication Skills
, Social Media Policy
○
○ Position Descriptions & Training
○ Technology Utilization
○ Quality Control
○ Agency Workflow
○ Sales & Service Roles
○ Underwriting Guidelines
○ Account Servicing (New & Existing Business)
○ Financial Statements & Underwriting
○ Premium Billing (Direct vs. Agency Bill)
○ Evidence of Insurance
○ Claims Process
○ Service Centers
5. Errors & Omissions (E&O)
○ E&O Claims Overview
○ Elements of Negligence
○ Common Causes of Claims (Insureds & Companies)
○ Agency Defense Activities
1.Agency Fundamentals & Ethics
. Types of Stakeholders:* Managers and Employees* Customers * Insurers *
1
Vendors * Industry Associations * Government
. What is NOT one of the four benefits of ethical behavior?Ethical behavior
4
encourages governmental action. (This is the opposite; ethical behavior helps
avoid government regulation.)
. What are the four benefits of ethical behavior?* To be recognized as a
8
knowledgeable insurance professional within the community. * To gain public
trust and confidence. * To avoid government regulation. * To enhance credibility
with customers and companies.
. Describe the standard of care an insurance agency owes to an insurance
5
company:* Loyalty * Good faith * Reasonable care* Contractual duty
. Describe actual authority:When the agency is expresslygiven the authority
6
in the agency contract.
7. Describe a contract:Oral or written agreements between two parties that
C
Review
Table of Contents
1. Agency Fundamentals & Ethics
○ Stakeholders
○ Ethical Behavior & Its Benefits
○ Legal Duties & Agent Authority
○ Contracts
2. Risk Management
○ The Risk Management Process
○ Risk Control Methods
○ Classes of Exposure to Loss
○ Methods of Identifying Loss Exposures
○ Risk Finance (Retention & Transfer)
3. Insurance Company & Market Dynamics
○ Purpose of Insurance Regulation
○ Insurance Company Ownership Classifications
○ Insurance Distribution Methods
○ Alternative Markets
○ Reinsurance
○ Non-Admitted Companies
4. Agency Operations & Client Service
○ Communication Skills
, Social Media Policy
○
○ Position Descriptions & Training
○ Technology Utilization
○ Quality Control
○ Agency Workflow
○ Sales & Service Roles
○ Underwriting Guidelines
○ Account Servicing (New & Existing Business)
○ Financial Statements & Underwriting
○ Premium Billing (Direct vs. Agency Bill)
○ Evidence of Insurance
○ Claims Process
○ Service Centers
5. Errors & Omissions (E&O)
○ E&O Claims Overview
○ Elements of Negligence
○ Common Causes of Claims (Insureds & Companies)
○ Agency Defense Activities
1.Agency Fundamentals & Ethics
. Types of Stakeholders:* Managers and Employees* Customers * Insurers *
1
Vendors * Industry Associations * Government
. What is NOT one of the four benefits of ethical behavior?Ethical behavior
4
encourages governmental action. (This is the opposite; ethical behavior helps
avoid government regulation.)
. What are the four benefits of ethical behavior?* To be recognized as a
8
knowledgeable insurance professional within the community. * To gain public
trust and confidence. * To avoid government regulation. * To enhance credibility
with customers and companies.
. Describe the standard of care an insurance agency owes to an insurance
5
company:* Loyalty * Good faith * Reasonable care* Contractual duty
. Describe actual authority:When the agency is expresslygiven the authority
6
in the agency contract.
7. Describe a contract:Oral or written agreements between two parties that
