LOMA 335: The Insurance Company
and Operations Management Exam
Questions and Answers 100% Pass
_________________ management concerns managerial efforts to ensure that the
products and services a company provides to customers meet stated quality standards,
are timely, and are delivered profitably at the lowest reasonable cost to the company. -
✔✔Operations
________________ are the activities any company undertakes to produce goods and
services. - ✔✔Operations
A ______________ is any party to an organization that has an interest in how the
company conducts its business. - ✔✔stakeholder
An ______________ cost is a benefit that the decision maker forfeits or gives up in
choosing one alternative over another. - ✔✔opportunity
List 8 examples of primary operations: - ✔✔1) Product development and
implementation
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,2) Sales and distribution
3) Underwriting
4) Policy issue and new business
5) Policy administration
6) Customer service
7) Customer retention
8) Claims
List 6 examples of support operations: - ✔✔1) Marketing research
2) Information technology
3) HR
4) Accounting/auditing
5) Internal control
6) Legal/compliance
The operational employees of an insurance company generally carry out one of several
broad functions: - ✔✔1) New business acquisition functions
2) Administrative or technical functions
3) Service functions
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, 4) Managerial functions
Traditionally, insurance company operations involved a large amount of
________________ work - routine and repetitive tasks with little flexibility in how
processes are completed - ✔✔transactional
_____________ is the process of a process, system, or piece of equipment without
human intervention. - ✔✔Automation
________________ workers are employees who can interpret information within a
specific, yet broad domain: use skills and knowledge to define problems; and identify
alternative solutions to problems. - ✔✔Knowledge
_______________ capital is the sum of all employee knowledge that a company can use
to drive profits as well as other proprietary information that a company owns. -
✔✔Intellectual
Quality, ____________, and cost control are the primary tenets of general operations
management. - ✔✔timeliness
1) ____________ chain: a set of activities that a company carries out to create stakeholder
value.
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and Operations Management Exam
Questions and Answers 100% Pass
_________________ management concerns managerial efforts to ensure that the
products and services a company provides to customers meet stated quality standards,
are timely, and are delivered profitably at the lowest reasonable cost to the company. -
✔✔Operations
________________ are the activities any company undertakes to produce goods and
services. - ✔✔Operations
A ______________ is any party to an organization that has an interest in how the
company conducts its business. - ✔✔stakeholder
An ______________ cost is a benefit that the decision maker forfeits or gives up in
choosing one alternative over another. - ✔✔opportunity
List 8 examples of primary operations: - ✔✔1) Product development and
implementation
100% Pass Guarantee Emilly Charlotte, All Rights Reserved © 2025 1
,2) Sales and distribution
3) Underwriting
4) Policy issue and new business
5) Policy administration
6) Customer service
7) Customer retention
8) Claims
List 6 examples of support operations: - ✔✔1) Marketing research
2) Information technology
3) HR
4) Accounting/auditing
5) Internal control
6) Legal/compliance
The operational employees of an insurance company generally carry out one of several
broad functions: - ✔✔1) New business acquisition functions
2) Administrative or technical functions
3) Service functions
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, 4) Managerial functions
Traditionally, insurance company operations involved a large amount of
________________ work - routine and repetitive tasks with little flexibility in how
processes are completed - ✔✔transactional
_____________ is the process of a process, system, or piece of equipment without
human intervention. - ✔✔Automation
________________ workers are employees who can interpret information within a
specific, yet broad domain: use skills and knowledge to define problems; and identify
alternative solutions to problems. - ✔✔Knowledge
_______________ capital is the sum of all employee knowledge that a company can use
to drive profits as well as other proprietary information that a company owns. -
✔✔Intellectual
Quality, ____________, and cost control are the primary tenets of general operations
management. - ✔✔timeliness
1) ____________ chain: a set of activities that a company carries out to create stakeholder
value.
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