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CISR AGENCY OPERATIONS EXAM ACTUAL EXAM 100 QUESTIOS AND CORECT DETAILED ANSWERS
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CISR AGENCY OPERATIONS EXAM ACTUAL EXAM 100 QUESTIOS AND CORECT DETAILED ANSWERS
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CISR AGENCY OPERATIONS EXAM ACTUALEXAM 100 QUESTIOS AND CORECT DETAILED
ANSWERS
Terms in this set (65)
One engaged in an Professional
occupation requiring a high
level of training and
proficiency
What are the benefits of To be recognized as knowledgeable, gain public trust,
being ethical? avoid government regulation, enhance credibility
Is this example an ethical True
issue? Rating a vehicle using
the wrong classification
Are you allowed to sign for No
the insured even if the
insured gave permission?
Legal duties are based on peer standards, Contracts (oral & written agreements),
three criteria: statutes
This requires a person's duty Peer standards
be performed in a manner
similar to others in the same
position. They are not
written.
An agreement between two Contracts (oral and written agreements)
or more parties that creates
an obligation to do or not
to do a particular thing.
, Written laws and open to Statutes
little interpretation.
Authority that is expressly Actual/Expressed Authority
given to the agency as
found in the contract.
This authority the insurance Implied Authority
company has allowed the
agent to have the
appearance of authority
either through custom and
usage or estoppel
Company is stopped from Estoppel
denying the agent's
authority when it has
allowed the same activity in
the past without taking any
corrective action
The appearance or the Apparent authority
assumption of authority
based on the actions,
words, or deeds of the
principal or because of
circumstances the principal
created.
What are the standards of Loyalty, good faith, reasonable care, contractual duties
care agents owe to their
insurance companies?
What are the standards of adequate coverage, proper coverage, coverage placed
care owed to the in best interest, prompt communication, coverage with
customers? financially sound company
Insurance agency revenue Commission, fee based, profit sharing, investment
typically falls into these four income
categories:
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