CISR COMPLETE QUESTIONS AND
ANSWERS (ALREADY GRADED A+) |
UPDATED 2025
What are ethics? - ANSWER A discipline dealing with good and evil and with
moral duty' A set of rules, based on a set of principles or values that we accept as
truths and that govern our behavior
What are the four benefits of ethical behavior? - ANSWER to be recognized as
knowledgeable insurance professionals within the community
to gain public trust and confidence
to avoid government regulation
to enhance credibility with customers and companies
What are some common ethical issues confronted by insurance professionals? -
ANSWER vehicle usage, protection class, property values, other residents in
the household, young drivers in the household, young drivers in the household,
rate basis or classification or garaging address, signing for an insured
What are legal duties based on? - ANSWER peer standards, oral or written
agreements, and statutes
Define peer standards. - ANSWER requires duties be performed in a manner
similar to others in the same position
, Define oral or written agreements. - ANSWER the law recognizes the duties of
the parties to perform and provides a remedy for non-performance
Define statutes. - ANSWER state laws
Define actual authority. - ANSWER expressively given by the insurance
company as found in the Agency Contract/Agreement
Define implied authority. - ANSWER created from a relationship based on
actual authority. the insurance company has allowed the agent to have the
appearance of authority either through estoppel or through custom and usage
Define apparent authority. - ANSWER the insured believes the agent
"apparently" has the authority. this authority protects the insureds from the
unauthorized acts of the agent. this insurance company may have to pay the
claim; however, the insurance company may subrogate against the agent
Explain the standard of care an agent owes to its insurance compaines. -
ANSWER loyalty, good faith (honesty throughout the insurance transaction;
acting in the best interest of the insurance company), reasonable care, and
contractual duties
Explain the standard of care an agent owes to its customers. - ANSWER
adequate coverage (helping them determine the appropriate amount of property
insurance to meet their needs, identifying their explores to loss and
recommending the appropriate limits of coverage), coverage placed in the best
interest of the customer (placing coverage on the best possible terms for the
customer, no placing coverage with a carrier solely on the basis of the sales
contest, higher commission, etc.)
ANSWERS (ALREADY GRADED A+) |
UPDATED 2025
What are ethics? - ANSWER A discipline dealing with good and evil and with
moral duty' A set of rules, based on a set of principles or values that we accept as
truths and that govern our behavior
What are the four benefits of ethical behavior? - ANSWER to be recognized as
knowledgeable insurance professionals within the community
to gain public trust and confidence
to avoid government regulation
to enhance credibility with customers and companies
What are some common ethical issues confronted by insurance professionals? -
ANSWER vehicle usage, protection class, property values, other residents in
the household, young drivers in the household, young drivers in the household,
rate basis or classification or garaging address, signing for an insured
What are legal duties based on? - ANSWER peer standards, oral or written
agreements, and statutes
Define peer standards. - ANSWER requires duties be performed in a manner
similar to others in the same position
, Define oral or written agreements. - ANSWER the law recognizes the duties of
the parties to perform and provides a remedy for non-performance
Define statutes. - ANSWER state laws
Define actual authority. - ANSWER expressively given by the insurance
company as found in the Agency Contract/Agreement
Define implied authority. - ANSWER created from a relationship based on
actual authority. the insurance company has allowed the agent to have the
appearance of authority either through estoppel or through custom and usage
Define apparent authority. - ANSWER the insured believes the agent
"apparently" has the authority. this authority protects the insureds from the
unauthorized acts of the agent. this insurance company may have to pay the
claim; however, the insurance company may subrogate against the agent
Explain the standard of care an agent owes to its insurance compaines. -
ANSWER loyalty, good faith (honesty throughout the insurance transaction;
acting in the best interest of the insurance company), reasonable care, and
contractual duties
Explain the standard of care an agent owes to its customers. - ANSWER
adequate coverage (helping them determine the appropriate amount of property
insurance to meet their needs, identifying their explores to loss and
recommending the appropriate limits of coverage), coverage placed in the best
interest of the customer (placing coverage on the best possible terms for the
customer, no placing coverage with a carrier solely on the basis of the sales
contest, higher commission, etc.)
