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CISR EXAM WITH 100% CORRECT ANSWERS 2024
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CISR EXAM WITH 100% CORRECT ANSWERS 2024
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Name: Score:73 Multiple choice questions
Term 1 of 73
What are other positions in an agency?
accounting, administration/management, claims, loss control, risk management
manual transition, process focused, service focused, client focused
assets, liability, equity
assets - liability = equity
it is a statement of financial condition on a given date
peer standards, oral or written agreements, and statutes
Term 2 of 73
What are the components of a job description?
identify reason and objective of the position, identify and describe the level of authority
granted, describes responsibilities, duties, and functions of the position, outlines
performance evaluation standards
defines what is the expected result for the responsibilities, duties, and functions of the
position; to measure the performance compared to the expected result; leads to
improved performance and productivity for both the employee and the agency
assets, liability, equity
assets - liability = equity
it is a statement of financial condition on a given date
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
,Term 3 of 73
What is the 3-step process for proofing written communication?
verify work is being performed as intended
content, grammar, and appearance
risk identification, risk analysis, risk control, risk finance, risk administration
accounting, administration/management, claims, loss control, risk management
Term 4 of 73
What are some common ethical issues confronted by insurance professionals?
the private insurance market may avoid insuring risks that either fail to meet the
insurance company's underwriting criteria and/or are catastrophic in nature; in response,
the government may establish insurance programs or insurance pools as a way to make
insurance available to individuals in these situations
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
assets, liability, equity
assets - liability = equity
it is a statement of financial condition on a given date
defines what is the expected result for the responsibilities, duties, and functions of the
position; to measure the performance compared to the expected result; leads to
improved performance and productivity for both the employee and the agency
Term 5 of 73
What is the purpose of the internal quality control process?
verify work is being performed as intended
the private insurance market may avoid insuring risks that either fail to meet the
insurance company's underwriting criteria and/or are catastrophic in nature; in response,
the government may establish insurance programs or insurance pools as a way to make
insurance available to individuals in these situations
risk identification, risk analysis, risk control, risk finance, risk administration
manual transition, process focused, service focused, client focused
,Term 6 of 73
What are some issues of claims?
identify reason and objective of the position, identify and describe the level of authority
granted, describes responsibilities, duties, and functions of the position, outlines
performance evaluation standards
if the claimant reports the claim, take their information but do not confirm any
information, contact the insured; do not share policy information, especially coverage or
limits of insurance, with anyone other than your insured
uniform way for work to be performed, training tool for new employees, reference tool
for all employees, reinforces quality of works by removing uncertainty about how to
accomplish what needs to be done, E&O loss prevents, key for defending E&O claims
the agency is responsible for collecting the premium and submitting the net premium to
the insurance company according to the agency agreement. premiums collected are
held in a fiduciary capacity
Term 7 of 73
Describe a risk control technique.
one that is authorized and licensed to do business in the state or jursidiction
when the customer finds out after the loss that they are financially responsible for the
loss
risk identification, risk analysis, risk control, risk finance, risk administration
loss prevention- reduce the frequency of a loss occurring (e.g. installing an alarm
system)
, Term 8 of 73
Explain benefits of claims log.
use as a tool to identify trends with a company's claims department or its claims process
know your binding authority, the majority of new business submitted should meet or
exceed the underwriting guidelines
the agency is now at the stage where the use of technology and automation is essential
and is the primary source of information and documentation
there are situations where it makes sense for the underwriter to make an exception to the
underwriting guidelines and agree to provide coverage for a risk that falls outside of the
acceptability guidelines
Term 9 of 73
Identity potential stakeholders of an insurance agency.
use standardized letters or memos whenever possible. this will not only save time, but
may also reduce the likelihood of an errors and omissions claim
documentation should be made in the agency management system according to the
agency's policies and procedures
A.M. Best, Dun & Bradstreet, Weiss Ratings, S&P, NAIC
board of directors, managers and employees, customers, insurers, vendors, government,
industry associations
Term 10 of 73
What is passive retention?
when the customer finds out after the loss that they are financially responsible for the
loss
when the customer knows before the loss that they are financially responsible for all or
some of the loss
the agency is now at the stage where the use of technology and automation is essential
and is the primary source of information and documentation
agency may be responsible for collecting the initial premium and submitting it to the
insurance company
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