CIC - Insurance Company Operations
Study Guide
Three types of Insurance Company and Management Stuctures - Answer-1. Stock Insurance
Company
2. Mutual Insurance Company
3. Reciprocal
Stock Insurance Company - Answer-an incorporated insurance company owned by STOCKHOLDERS
the stockholders ele...
2. Communicates purpose and direction to employees, customers, etc.
Two types of Company Culture - Answer✔✔-1. Active Approach - leadership makes it happen -
intentional actions, clearly defined values
2. Passive Approach - happens overtime by employees observing behavior and values, based on the
behavior of management which doesn't always reflect written values
Types of Human Resources Considerations - Answer✔✔-1. Insurance Company Employees
2. Vendors or Third-Party Agreements
3. Blend of Emloypees and Third-Party Agreements
Insurance Company Employees - Answer✔✔-- Offers the greatest degree of control with employee
status
-Highest fixed cost for salaries and benefits
They key consideration for human resources is - Answer✔✔-the trade off of the degree of control VS
costs to hire talented employees
Vendors or Third-Party Agreements - Answer✔✔--Functions Performed
-Economically, the most efficient way when starting an insurance company or adding lines of business
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