CAIB-4 Midterm Exam With 100% Correct Answers 2023-2024, Exams of Advanced Education

Download CAIB-4 Midterm Exam With 100% Correct Answers 2023-2024 and more Exams Advanced Education in PDF only on Docsity! CAIB-4 Midterm Exam With 100% Correct Answers 2023-2024 one of the tools that you would use in the scan of your external environment is profiling. Discuss the three focus areas profiled - Correct Answer-Salient Points: 1- Competitor Profiling 2 Market Profiling 3- Client Profiling. Explain Ratification, Using example- - Correct Answer-- Retroactive approval; of broker's unauthorized act. - Insurer has accepted the broker's act form the beginning Example: Broker binds coverage on large hog Barn. This exceeds his binding authority but insurer approves coverage effective when the broker bound this unauthorized class of business, 3 Discusss the three components involved in planning human resources - Correct Answer-Salient Points: 1 - Evaluation of skills of new employee. 2 - Hiring Timetable. 3 - Contingency Plan. 4 What is delegating and what are the keys of the effective delegation. - Correct Answer-Salient Points: 1 - Art of accomplishing tasks with involvement of others. 2 - Authority and responsibility. 3 - Communication. 5 You are negotiating with ABC Insurance Company to form a brokerage agreement. what are five major items you want included in this brokerage agreement and why? - Correct Answer-Salient Points: 1- Authority 2 - Ownership of expiration. 3 - Billing Procedures 4 - Commission. 5 - Termination. 6 - Hold-harmless 7 - Privacy Act 8 - EDI Provisions. 9 - Other Provisions. 6 Explain how strategies, objectives and goals are related. - Correct Answer-Salient Points: 1 - Strategies described, in general what brokerages intend to do to achieve mission. 2 - Objectives translate broad statements in strategies into concrete actions. 3 - Goals express specifically what objectives state generally and which strategies state conceptually. 7 When is a seller of insurance a broker and when is seller of insurance an agent. - Correct Answer-Salient Points: - Agent when representing insurer. - Broker when representing client. 8 Explain the primary and secondary functions of employment interviews - Correct Answer-- Determine if candidate is right for the job. - Allow candidate to determine if job and management is right for them 9 Identify three reasons managers fail to coach employees. - Correct Answer-- Too busy - Too many employees. - Employees are not motivated to perform better. - Employee performance is adequate. - Don't know how to coach. 10 Identify five elements to consider when negotiating profit sharing agreements. - Correct Answer-Salient Points: 1 - Qualifying amount. 2 - Lines of business included/excluded. 3- How income is calculated. 4 - How losses are defined & stop loss clause. 5 - credits for subornation, premium adjustments and salvage sale. 6 - IBNR 7 - Growth vs. Profitability. 8 - Percentage of underwriting profit paid. 9 - Investment Income inc Enjoy your Vacation. - Correct Answer-Civic:3955 Myrtle St, Burnaby, BC V5C 4G3 •Owner: Behrouzi Investment Corporation ( Inc. No. BC0863927) •Principal Name: Parviz Behrouzi •Years in Business: 20years •No claims from last 5 years •Occupation : Developer •Age: 1960 ; Construction: Frame ; Concrete Block/ Wood Siding ; Roof: T&G •Heat: Natural gas •Electrical: AMP 200 Breakers •Plumbing: Copper •Sprinkler: Yes •Stories:1.5 •Type of Operation at Warehouse: Mr, Behrouzi will planning to lease the above warehouse to Grocery Shop.