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CIC INSURANCE COMPANY OPERATIONS EXAM AND PRACTICE
LATEST 2025 ACTUAL EXAM WITH COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (100% VERIFIED ANSWERS)
|ALREADY GRADED A+| ||PROFESSOR VERIFIED||
||BRANDNEW!!!||
what are the 6 steps to the underwriting process in order
(IACPPF) - ANSWER-1. Initial Review
2. Additional Information Request
3. Coverage determination
4. Pricing
5. Policy Issuance
6. Follow-Up
applications from agents ______________ the only resources
needed to complete the underwriting process - ANSWER-are not
underwriters make the initial review of the insurance app and
supporting documents to determine the _______________ of a
submission - ANSWER-accuracy
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discretionary pricing refers to the ability of an individual
underwriter to credit or debit an account or a portion of an account
based on _______________________________________ -
ANSWER-the merits of the risk, program, or agency segmentation
_______________________ allow policies to be delivered
electronically - ANSWER-certain regulators may not
match the type of business with the characteristics of renewal
underwriting for that type of business: Personal lines and small
commercial lines accounts - ANSWER--are often referred to as
commodity lines
-for these accounts, the renewal uw process is as automated as
possible
match the type of business with the characteristics of renewal
underwriting for that type of business: large accounts - ANSWER-
-demands a more hands on approach
-often the renewal underwriting review is as rigorous as new
business
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match the type of business with the characteristics of renewal
underwriting for that type of business: middle market accounts -
ANSWER--are risks where the exposure base changes are
updated each year
-this is a process in which an agent gives updated info to the
underwriter and modifications are made to the renewal policy
true or false: there are many resources available to underwriters
and the ones selected depend on the types of reviews they need
for individual accounts - ANSWER-true
true or false: similar to commercial lines, the uw decision making
process for personal and small commercial lines is less objective,
thus not lending itself to automation - ANSWER-false
true or false: the agent's personal knowledge of an account is a
robust sources of underwriting info for commercial lines -
ANSWER-true
, 4|Page
true or false: deeds of purchase, clue reports, and data on home
construction and repair are all examples of resources used in
personal lines underwriting - ANSWER-true
artificial intelligence - ANSWER-is defined as the theory and
development of computer systems able to perform tasks that
normally require human intelligence, such as visual perception,
speech recognition, decision making, and translation between
languages
predictive analytics - ANSWER-encompass a variety of statistical
techniques, including data mining, modeling, and machine
learning that analyze current and historical facts to make
assessments about future or otherwise unknown events
telematics - ANSWER-is a tool that enables granular examination
of personal lines accounts, letting underwriters zero in on
individual risks. includes vehicle tracking devices and devices in
home to provide real-time information
CIC INSURANCE COMPANY OPERATIONS EXAM AND PRACTICE
LATEST 2025 ACTUAL EXAM WITH COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (100% VERIFIED ANSWERS)
|ALREADY GRADED A+| ||PROFESSOR VERIFIED||
||BRANDNEW!!!||
what are the 6 steps to the underwriting process in order
(IACPPF) - ANSWER-1. Initial Review
2. Additional Information Request
3. Coverage determination
4. Pricing
5. Policy Issuance
6. Follow-Up
applications from agents ______________ the only resources
needed to complete the underwriting process - ANSWER-are not
underwriters make the initial review of the insurance app and
supporting documents to determine the _______________ of a
submission - ANSWER-accuracy
,2|Page
discretionary pricing refers to the ability of an individual
underwriter to credit or debit an account or a portion of an account
based on _______________________________________ -
ANSWER-the merits of the risk, program, or agency segmentation
_______________________ allow policies to be delivered
electronically - ANSWER-certain regulators may not
match the type of business with the characteristics of renewal
underwriting for that type of business: Personal lines and small
commercial lines accounts - ANSWER--are often referred to as
commodity lines
-for these accounts, the renewal uw process is as automated as
possible
match the type of business with the characteristics of renewal
underwriting for that type of business: large accounts - ANSWER-
-demands a more hands on approach
-often the renewal underwriting review is as rigorous as new
business
,3|Page
match the type of business with the characteristics of renewal
underwriting for that type of business: middle market accounts -
ANSWER--are risks where the exposure base changes are
updated each year
-this is a process in which an agent gives updated info to the
underwriter and modifications are made to the renewal policy
true or false: there are many resources available to underwriters
and the ones selected depend on the types of reviews they need
for individual accounts - ANSWER-true
true or false: similar to commercial lines, the uw decision making
process for personal and small commercial lines is less objective,
thus not lending itself to automation - ANSWER-false
true or false: the agent's personal knowledge of an account is a
robust sources of underwriting info for commercial lines -
ANSWER-true
, 4|Page
true or false: deeds of purchase, clue reports, and data on home
construction and repair are all examples of resources used in
personal lines underwriting - ANSWER-true
artificial intelligence - ANSWER-is defined as the theory and
development of computer systems able to perform tasks that
normally require human intelligence, such as visual perception,
speech recognition, decision making, and translation between
languages
predictive analytics - ANSWER-encompass a variety of statistical
techniques, including data mining, modeling, and machine
learning that analyze current and historical facts to make
assessments about future or otherwise unknown events
telematics - ANSWER-is a tool that enables granular examination
of personal lines accounts, letting underwriters zero in on
individual risks. includes vehicle tracking devices and devices in
home to provide real-time information
