Exam Questions for CAIB 4 Questions And Answers

Exam Questions for CAIB 4 Questions
And Answers
Aebrokerageeneedse4etypeseofeongoingetrainingeprograms.eGiveeaebriefeexplanationeofeeach
eone.e-eCORRECTeeANSWER-SaleseTraininge-

ehowetoeselleineaneenvironmentewhereetheelong-termegoaleisetoebuildeclienterelationships.

Producteandeserviceeknowledgeetraininge-
eClients/prospectsewantetoeknowethatewhoetheyeareedealingewitheknowsetheirestuffeandeisekn

owledgeableeenoughetoeserviceethemeappropriately.
LeadershipeTraininge-ehowetoetrain,ecoach,ecounsel,eempower,eandemotivate.
QualityeServiceetraininge-eproblemesolvingeandefeelingeempoweredetoetakeeaction.

Brieflyeexplainethee4echaracteristicseofeaeplan.e-eCORRECTeeANSWER-Simplicitye-
eTheeplaneshouldebeeeasyetoeunderstandeandeexplain.

Practicalitye-eTheeplaneshouldebeerealisticeandeachievable.
Severabilitye-
eAllepartseofetheeplaneshouldebeeableetoebeeexecutedeeveneife1epartefallsethrough.

Flexibilitye-eTheeplaneshouldealloweforemodificationesoemid-termechangesecanebeemade.

Brieflyeexplainetheedifferenceebetweeneaegeneralepartnershipeandeaelimitedepartnershipewit
herespectsetoetheepersonaleliabilityeofetheepartners.e-eCORRECTeeANSWER-
Alleownerseineaegeneralepartnershipehaveeequalerightseandeobligations,ebutelimitedepartnerse
haveeaemaxepersonaleliabilityeequaletoetheevalueeofetheirecapitaleinvestment,eunlessetheyebe
cameeactiveeinetheemanagementeofetheebusiness.

Brieflyeexplainetheestrategieseaemanagerecaneuseetoeresolveeemployeeeconflict?e-
eCORRECTeeANSWER-

Aemanagereshouldecreateeaneatmosphereeoferespectesoeemployeesecanecommunicateewith
outeinterruption,ecriticismeorejudgement.eTheyeshouldeengageeineactiveelisteningeandeaskeq
uestionsetoeclarifyeintent.eEmployeeseshouldebeeallowedetoeparticipateeinediscussionseandeb
rainstormesolutionsetoetheireproblemsesoetheyecanefeelemoreeinvestedeinetheesolution.eSeeki
ngeaewin-
winesolutioneiseimportantesoeeacheemployeeefeelsesatisfiedethatetheireconcernsewereemetea
ndetheyehadeaneactiveeroleeineseekingeaesolution.

Brieflyeexplainewhatetheeexternaleenvironmenteis.e-eCORRECTeeANSWER-
Theeexternaleenvironmenteisemadeeupeofetheebrokerage'sedistanteandeneareenvironments.e
Aneexternaleenvironmentalescaneshouldeidentifyethreatseandeopportunitiesethateareeoutsidee
theebrokerage.eTheedistanteenvironmentecannotebeecontrolled,ebutetheeneareenvironmentec
anebeeinfluencedebyetheebrokerage.

, Defineeeacheofetheeoperatingeaffiliations.e-eCORRECTeeANSWER-
TheeLooselyeKniteAffiliationeiseaneinformalegatheringeusedetoeshareeideas.eAeGeneralePurpo
seeGroupeisemoreeformalizedeandecanebeeaegeneralesourceeofeinformationeoreeducationelikee
IBAM.eClusterseareebrokeragesetheecomeetogethereandeshareeresourceselikeemarketeacces
s,eoreaebrokeremanagementesystem,ebutebookseofebusinesseremaineseparate.eCommoneide
ntityegroupseareeforelargeebrokeragesethatedealenationallyeoreinternationallyeandeaffiliateewit
heotherebrokerageseinedifferenteareasetoeassisteinelocaleservicingeofenational/internationalea
ccounts.

Defineepositioningeandedifferentialeadvantage.e-eCORRECTeeANSWER-
Positioningeadvantageerefersetoehowetheebrokerageeiseperceivedebyeclientseinerelationetoeco
mpetingebrokerages.eDifferentialeadvantageerefersetoeanyefeature,eservice,eoreproducteoffer
edebyetheebrokerageewhichedifferentiateseitefromeotherseandeprovideseaneadvantageeinetheec
lient'seeyes.

Describee3emajorewayseinewhichetechnologyehasesignificantlyechangedetheeeffectivenesseof
ebrokers.e-eCORRECTeeANSWER-

Technologyehaseenhancedeprofitabilityebyereducingelabourecosts.eItehaseimprovedemarketin
geeffectivenessebyecreatingeaefastereresponseetimeetoeclients.eAndeitehasereducedeadministr
ativeetasksewhichehasefreedeupebrokersetoeselleinsuranceeandeserveeclients.

Describeewhoetheemosteimportanteclientseareetoeaebrokerage.e-eCORRECTeeANSWER-
Aebrokerage'semosteimportanteclientseareenotenecessarilyetheeonesewhoepayetheehighestepr
emiums,ebutetheeonesewhoeareemosteinfluentialeinetheirecircleseandecanebringeinereferrals.eCl
ientsebecomeemoreeprofitableeoveretime,esoeclientsewhoehaveetheepotentialetoebecomeemor
eeprofitableeinetheefutureeareealsoeveryeimportant.

Discusse2ewayseaebrokerageecaneidentifyeaerelationshipeateriskeande2ewaysetheyecanemana
geethaterisk.e-eCORRECTeeANSWER-
Aebrokerageecaneidentifyeaerelationshipeateriskebyenoticingewheneaeclientelapseseorereducese
coverage,eoreinsureseaeneweacquisitionewitheanotherecompany.eIneorderetoegetetheeclienteba
ck,ebrokerageseshouldefindeoutewhyetheeclientewasedissatisfied,eorewhyetheyedecidedetoeleav
e.

Doeyouefeelethereeareeanyebenefitsetoetheecoachingeprocess?eExplaineyoureanswer.e-
eCORRECTeeANSWER-

Witheproperecoaching,eaneemployeeewillehaveegreaterecommitmentetoetheebrokerage'segoal
s.eTheeincreaseeineaneemployee'seskillelevelebuildseconfidenceeandeproductivity.eWheneemp
loyeeseareeeffectivelyeachievingegoalseandeobjectiveseforetheebrokerage,eleadersecanefocus
eonewaysetoegroweandeimproveetheirebusiness.




Explaineratificationeandeprovideeaneexample.e-eCORRECTeeANSWER-
Wheneyouebindesomethingeoutsideeyourenormalebindingeauthoritye(likeeae$10,000eCGLepoli
cyewheneyoueonlyehaveeauthorityetoebinde$5,000)eandetheeinsuranceecompanyeacceptseit,eit'
seasethougheyou'veealwaysehadetheeauthority.