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C16 Application And Narrative Chapter 7 Intermediaries Questions With 100% Correct Answers
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C16 Application And Narrative Chapter 7 Intermediaries Questions With 100% Correct Answers
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C16 Application And Narrative Chapter 7Intermediaries Questions With 100%
Correct Answers
Insuranceicompaniesiareitypicallyieitheridirectiwritersioribrokerimarket
si-iCorrectiAnswer-
Insuranceicompaniesiareitypicallyieitheridirectiwriters,iwhichiuseinoiint
ermediariesitoidistributeitheiriproductsibutiratherisellidirectlyitoitheipu
blic,ioritheyiareibrokerimarkets,iwhichiuseiintermediariesi(thatiis,ibroke
rs)iinitheitransactionibetweenitheiinsurerianditheiinsured.
differentitypesiofiagentsi-iCorrectiAnswer-
companyiemployed:iworkingiatidgigioniaisalaryibasisiforiex/icallicentrei
independantiagent:iexi:idesjardinsiindependantiagentiofficesi...iinsureri
doesntihaveicontrolioverihiringiatiindepiagentiofficei
captiveiagentioriexclusiveiagenti:iusuallyihasibusinessiwithi1iinsurerihow
ever,iifitheiinsurerideclines,itheyicaniplaceibusinessielsewherei..iexclusiv
eicontractsiprohibitithisi..isimilaritoiindepiagenti
subagenti:ihiredibyitheiagentiex.istaffiworkingiinianiindepidesjardinsiage
ntioffice
, Whyiisiitiimportantiforianiinsureritoiknowiaboutitheiproducer'sicorporat
eistructure?i-iCorrectiAnswer-
Itiisinotiunusualiforiinsurersitoiprovideicapitalitoiaiproducer.iTherefore,it
heiinsurerineedsitoiknowiwhetheriaiproduceriitidoesioriisiconsideringidoi
ngibusinessiwithidependsionianotheriinsureriforianyipartiofiitsicapital.
Whyiisiitiimportantiforianiinsureritoiknowitheiskillsiofitheiproducer'sistaf
f?i-iCorrectiAnswer-
Knowingitheiskillsiofitheiproducer'sistafficanibeiespeciallyiimportantiifith
eiinsureriisiconsideringigrantingitheiproducerianyiunderwritingiauthorit
y.
Whyiisiitiimportantiforianiinsureritoiknowiifikeyipeopleileaveitheiproduc
er?i-iCorrectiAnswer-
clientsimayichooseitoihaveitheiribusinessifollowitheiaccountimanageriifi
heiorisheileavesitheiproducer.iThisimeansithatitheiaccountiwouldialsoile
aveitheiproducer'siportfolioioribookiofibusiness.
Aibordereauiisiaicollectioniofi-iCorrectiAnswer-
dataiorganizediintoiaistandardizediformat.isummarizesipremiumioriclai
msiactivityiforianiinsureriorireinsurerioniaccounts,iportfolios,iorireinsura
nceitreaties
StateiFIVEi(5)iquestionsianiunderwriterishouldiaskiwheniassessingiaipro
ducer.i(5i-iCorrectiAnswer-
Isitheiproduceriaggressiveiandilookingitoiexpandiitsibusiness?
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