Caib 4 – General Questions And
Answers
defineeaepartnership,ewhateareetheetwoetypeseofepartnerships?e-eCORRECTeeANSWER-
aepartnershipeiseaevoluntaryeassociationeofetwoeoremoreepersonsewhoeareeco-
ownerseofeaebusiness.egeneraleandelimited
defineedemographicseandeliste6esubtypes,eexplaineeache-eCORRECTeeANSWER-
groupingeclientsetogetherebasedeonepersonaleinformationesucheaseage,egender,elife-
cycle,eeducation,eoccupation,eethnicity
defineeeacheaspecteofesmartegoalse-eCORRECTeeANSWER-specific-
clearlyestateewhateisetoebeeaccomplished
measurable-mustebeecapableeofebeingemeasured
actionable-mustebeeclearewhatespecificallyeiseexpected
realistic-mustebelieveethateitecanebeeachieved
timely-completionedateeoretimeeframe
discussebankeaccountseandehandlingeofepremiumse-eCORRECTeeANSWER-
provincialelegislationegovernsehowepremiumefundseareehandled.ebrokeragesemustehaveetw
oebankeaccounts.eoneeiseaneoperatingeaccounteandeoneeiseaetrusteaccount.ewithdrawalsecan
eonlyebeebrokeragesecommissions,enetepremiums,eanderefunds
discussemarketingeaseaestrategye-eCORRECTeeANSWER-
strategiceaboutewhateyou'reemarketingeby
-marketesegmentation,edifferentiation,emarketepositioning
discussemarketingeaseaetoolkit.ewhateareetheefoureP's?e-eCORRECTeeANSWER-
price,eplace,eproduct,eandepromotioneifeyouehaveetheefourePseineorder,etheeclientsewillecome.
discussemarketingeaseculturee-eCORRECTeeANSWER-
everythingewithinetheecompanyeisefocusedeonebuildingeclientesatisfaction.etheyewantetheirecli
entsetoebeeretained,eandealsoetoerecommendetheecompanyetoeothers
discusseratificatione-eCORRECTeeANSWER-
ratificationetakeseplaceewheneaebrokerestepseoutsideetheireauthorityetoebindeaeriskeandetheec
, ompany,ewithefulleknowledgeeofethisemisstep,eagreesetoeplaceecoverageeunderetheetermseth
atetheebrokereset,ebackdatedetoetheedayetheeagreementewasemadeewithetheeclient
discussethreeewayseinewhichehaveechangedetheeeffectivenesseofebrokeragese-
eCORRECTeeANSWER-1-enhanceeprofitability
2-buildeclienterelationships
3-improveseeffectiveness
discussewhyeiteisenoteeffectiveetoehaveemultipleecompanyerepresentatione-
eCORRECTeeANSWER-
lessepremiumewitheeachecompany,eaesingleelossemayeaffectelosseratioedrastically,ecustomer
sedon'tecareeifeyouerepresentealleavailableeoutfits
explaine"scanningetheeexternaleenvironment"eandeitsetwoesubecategoriese-
eCORRECTeeANSWER-
scanningetheeexternaleenvironmentelookseatetheecompetitiveeenvironmenteandeattemptsetoei
dentifyeopportunitieseandethreats.etheyelookeatetheedistanteenvironmenteandeneareenvironm
ents.
explaineaeproducte-eCORRECTeeANSWER-
whicheproductelinesedoeweeoffer,eservicesesurroundingecoreeproducts,etheechoiceeofebrands
etoeoffer.enotejustetheecontracteofeinsurance,eitsetheeservicesearoundetheeproduct
explainecommunicatingeaseaeleadere-eCORRECTeeANSWER-
iteiseinteractiveeexchangeeofeverbaleandenon-
verbaleinfo.emanagersemustecommunicateeopenlyeandeeffectively,eandeitemustebeetwoeway,e
nonestressful,eanderespectful
explaineflexibilitye-eCORRECTeeANSWER-
aegoodeplanemustealloweforemodificationeaseiteiseimplemented
explainegeneraleandelimitedepartnershipse-eCORRECTeeANSWER-general-
allepartnerseareegeneralewitheequalerightseanderesponsibilitiesewithinetheecompany
limited-
ateleasteoneegeneraleandeoneelimited.etheelimitedeareelimitedetoetheeamounteofetheireinvestm
ent
explainehiringe-eCORRECTeeANSWER-
givingeandeformalelettereofeoffereandeobtainingeaenon-piracyeagreement
explainepeoplee-eCORRECTeeANSWER-
theeemployeesewhoeinteractewitheclientseareeaekeyefactoreinebuildingeaelongetermerelationshi
p
explaineplacee-eCORRECTeeANSWER-
usedetoebeethatetheebrokerageehadetoedecideewhereetheebranchewouldebeeandewhenetoeope
Answers
defineeaepartnership,ewhateareetheetwoetypeseofepartnerships?e-eCORRECTeeANSWER-
aepartnershipeiseaevoluntaryeassociationeofetwoeoremoreepersonsewhoeareeco-
ownerseofeaebusiness.egeneraleandelimited
defineedemographicseandeliste6esubtypes,eexplaineeache-eCORRECTeeANSWER-
groupingeclientsetogetherebasedeonepersonaleinformationesucheaseage,egender,elife-
cycle,eeducation,eoccupation,eethnicity
defineeeacheaspecteofesmartegoalse-eCORRECTeeANSWER-specific-
clearlyestateewhateisetoebeeaccomplished
measurable-mustebeecapableeofebeingemeasured
actionable-mustebeeclearewhatespecificallyeiseexpected
realistic-mustebelieveethateitecanebeeachieved
timely-completionedateeoretimeeframe
discussebankeaccountseandehandlingeofepremiumse-eCORRECTeeANSWER-
provincialelegislationegovernsehowepremiumefundseareehandled.ebrokeragesemustehaveetw
oebankeaccounts.eoneeiseaneoperatingeaccounteandeoneeiseaetrusteaccount.ewithdrawalsecan
eonlyebeebrokeragesecommissions,enetepremiums,eanderefunds
discussemarketingeaseaestrategye-eCORRECTeeANSWER-
strategiceaboutewhateyou'reemarketingeby
-marketesegmentation,edifferentiation,emarketepositioning
discussemarketingeaseaetoolkit.ewhateareetheefoureP's?e-eCORRECTeeANSWER-
price,eplace,eproduct,eandepromotioneifeyouehaveetheefourePseineorder,etheeclientsewillecome.
discussemarketingeaseculturee-eCORRECTeeANSWER-
everythingewithinetheecompanyeisefocusedeonebuildingeclientesatisfaction.etheyewantetheirecli
entsetoebeeretained,eandealsoetoerecommendetheecompanyetoeothers
discusseratificatione-eCORRECTeeANSWER-
ratificationetakeseplaceewheneaebrokerestepseoutsideetheireauthorityetoebindeaeriskeandetheec
, ompany,ewithefulleknowledgeeofethisemisstep,eagreesetoeplaceecoverageeunderetheetermseth
atetheebrokereset,ebackdatedetoetheedayetheeagreementewasemadeewithetheeclient
discussethreeewayseinewhichehaveechangedetheeeffectivenesseofebrokeragese-
eCORRECTeeANSWER-1-enhanceeprofitability
2-buildeclienterelationships
3-improveseeffectiveness
discussewhyeiteisenoteeffectiveetoehaveemultipleecompanyerepresentatione-
eCORRECTeeANSWER-
lessepremiumewitheeachecompany,eaesingleelossemayeaffectelosseratioedrastically,ecustomer
sedon'tecareeifeyouerepresentealleavailableeoutfits
explaine"scanningetheeexternaleenvironment"eandeitsetwoesubecategoriese-
eCORRECTeeANSWER-
scanningetheeexternaleenvironmentelookseatetheecompetitiveeenvironmenteandeattemptsetoei
dentifyeopportunitieseandethreats.etheyelookeatetheedistanteenvironmenteandeneareenvironm
ents.
explaineaeproducte-eCORRECTeeANSWER-
whicheproductelinesedoeweeoffer,eservicesesurroundingecoreeproducts,etheechoiceeofebrands
etoeoffer.enotejustetheecontracteofeinsurance,eitsetheeservicesearoundetheeproduct
explainecommunicatingeaseaeleadere-eCORRECTeeANSWER-
iteiseinteractiveeexchangeeofeverbaleandenon-
verbaleinfo.emanagersemustecommunicateeopenlyeandeeffectively,eandeitemustebeetwoeway,e
nonestressful,eanderespectful
explaineflexibilitye-eCORRECTeeANSWER-
aegoodeplanemustealloweforemodificationeaseiteiseimplemented
explainegeneraleandelimitedepartnershipse-eCORRECTeeANSWER-general-
allepartnerseareegeneralewitheequalerightseanderesponsibilitiesewithinetheecompany
limited-
ateleasteoneegeneraleandeoneelimited.etheelimitedeareelimitedetoetheeamounteofetheireinvestm
ent
explainehiringe-eCORRECTeeANSWER-
givingeandeformalelettereofeoffereandeobtainingeaenon-piracyeagreement
explainepeoplee-eCORRECTeeANSWER-
theeemployeesewhoeinteractewitheclientseareeaekeyefactoreinebuildingeaelongetermerelationshi
p
explaineplacee-eCORRECTeeANSWER-
usedetoebeethatetheebrokerageehadetoedecideewhereetheebranchewouldebeeandewhenetoeope
