LOMA 291 Module 1 exam with correct |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
answers
Stakeholder - correct answer✔✔A party that has an interest in how a company conducts its |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
business. Also know as a constituent. |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Dividend - correct answer✔✔Compensation that a company may pay to owners upon a vote
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
by the company's board of directors
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Financial Professional - correct answer✔✔In insurance sales, any individual - including agents,
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
bank-affiliated sales personnel, and brokers - who is licensed to sell insurance products, solicit |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
sales, or negotiate insurance contracts
|||\\\ |||\\\ |||\\\ |||\\\
Reinsurance - correct answer✔✔Insurance that one insurance company, the direct writer, |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
purchases from another insurance company, reinsurer, to transfer all or part of the risk on
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
insurance policies that the direct writer issued. |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Consultants/Vendors - correct answer✔✔Provide goods and services (USSI, Larry) |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Regulators - correct answer✔✔Conduct in-person examinations of insurance companies that
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
do business in my state. Makes sure they comply with regulations and maintain fair business
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
practices.
Four Functions of Management - correct answer✔✔planning, leading, organizing, controlling
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Planning - correct answer✔✔Identifying goals, and the strategies and tactics the company will
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
use to achieve goals
|||\\\ |||\\\ |||\\\
Strategies - Long-term, high-level plans for achieving goals |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
, Tactics - activities to support strategies |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Organizing - correct answer✔✔Defining a structures for an organization to enable it to meet
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
its goals.
|||\\\
Function - distinct type of work |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Line Functions - department that produces or administers products or services
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Support Functions - provides support services |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Organizational Structure - correct answer✔✔- Define employees' primary duties and formal |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
rights to direct the company's resources by specifying authority, responsibility, and
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
accountability
- Define divisions, departments, and job positions
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Organization Chart - correct answer✔✔Visual display of the lines of authority and |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
responsibility within a company |||\\\ |||\\\ |||\\\
Directing - correct answer✔✔Ensuring that employees perform the right activities in the right
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
way. Managerial activities of directing include
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Leading
Motivating
Supervising
Communicating
Facilitating
Span of Control - correct answer✔✔The number of people or functions over which an
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
employee has authority. |||\\\ |||\\\
answers
Stakeholder - correct answer✔✔A party that has an interest in how a company conducts its |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
business. Also know as a constituent. |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Dividend - correct answer✔✔Compensation that a company may pay to owners upon a vote
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
by the company's board of directors
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Financial Professional - correct answer✔✔In insurance sales, any individual - including agents,
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
bank-affiliated sales personnel, and brokers - who is licensed to sell insurance products, solicit |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
sales, or negotiate insurance contracts
|||\\\ |||\\\ |||\\\ |||\\\
Reinsurance - correct answer✔✔Insurance that one insurance company, the direct writer, |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
purchases from another insurance company, reinsurer, to transfer all or part of the risk on
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
insurance policies that the direct writer issued. |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Consultants/Vendors - correct answer✔✔Provide goods and services (USSI, Larry) |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Regulators - correct answer✔✔Conduct in-person examinations of insurance companies that
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
do business in my state. Makes sure they comply with regulations and maintain fair business
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
practices.
Four Functions of Management - correct answer✔✔planning, leading, organizing, controlling
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Planning - correct answer✔✔Identifying goals, and the strategies and tactics the company will
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
use to achieve goals
|||\\\ |||\\\ |||\\\
Strategies - Long-term, high-level plans for achieving goals |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
, Tactics - activities to support strategies |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Organizing - correct answer✔✔Defining a structures for an organization to enable it to meet
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
its goals.
|||\\\
Function - distinct type of work |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Line Functions - department that produces or administers products or services
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Support Functions - provides support services |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Organizational Structure - correct answer✔✔- Define employees' primary duties and formal |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
rights to direct the company's resources by specifying authority, responsibility, and
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
accountability
- Define divisions, departments, and job positions
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Organization Chart - correct answer✔✔Visual display of the lines of authority and |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
responsibility within a company |||\\\ |||\\\ |||\\\
Directing - correct answer✔✔Ensuring that employees perform the right activities in the right
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
way. Managerial activities of directing include
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Leading
Motivating
Supervising
Communicating
Facilitating
Span of Control - correct answer✔✔The number of people or functions over which an
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
employee has authority. |||\\\ |||\\\
