Exam (elaborations)
CISR - AGENCY OPERATIONS QUESTIONS WITH VERIFIED ANSWERS
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CISR - AGENCY OPERATIONS QUESTIONS WITH VERIFIED ANSWERS
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Name: Score:65 Multiple choice questions
Definition 1 of 65
This is a bonus that insurance companies may pay to agencies to reward the agencies' growth
Contingent/Profit sharing
Premium financing
Actual/expressed authority
Liabilities
Definition 2 of 65
Checklist specific to certain operation or industry and is generally tailored to specific assets,
activities, perils, and insurable exposures commonly found in that industry or operation
Industry list
independent agent
Captive agent
Profit or loss
Definition 3 of 65
Legal duties are based on three criteria:
public opinion, advertising strategies, customer feedback
peer standards, Contracts (oral & written agreements), statutes
personal preferences, social media trends, informal agreements
historical practices, anecdotal evidence, personal beliefs
,Definition 4 of 65
Owned and controlled by their insureds and typically provide coverage for casualty
exposures.
certificate of insurance
captive agent
captive insurance company
risk retention group
Definition 5 of 65
What are the ways to control risk?
Passive Retention
Avoid, Prevent, Reduce, Segregate, Transfer
Property, Human Resources, Liability, Net Income
Assets, Liabilities, Equity
Definition 6 of 65
One engaged in an occupation requiring a high level of training and proficiency
Social
Specialist
Professional
Organizational
,Definition 7 of 65
Once a bider or policy has been issued, there may be other parties that need to be notified.
Designed by ACORD, this is the same as a certificate of insurance
Statutes
Evidence of property insurance
Certificate of insurance
Implied authority
Definition 8 of 65
What are the four major classes of exposure to loss?
Property, human resources, liability, net income
Active retention
Assets, liabilities, equity
Adequate coverage, proper coverage, coverage placed in best interest, prompt
communication, coverage with financially sound company
Definition 9 of 65
When the customer knows before the loss that they are financially responsible for all or some
of the loss
passive retention
active retention
budgeted retention
implied authority
, Definition 10 of 65
This is what is owed to others and what the cost was to accumulate the assets. Mortgages,
accounts payable, debt, etc.
Expenses
Revenues
Liabilities
Assets
Definition 11 of 65
The appearance or the assumption of authority based on the actions, words, or deeds of the
principal or because of circumstances the principal created.
Implied authority
Apparent authority
Actual authority
Estoppel
Definition 12 of 65
when the customer finds out after a loss that they are financially responsible for the loss
unfunded retention
avoidance
passive retention
active retention
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