CPCU 520: Chapters 1 & 2 UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (136)
What are the three primary activities of an insurer's Marketing and distribution, underwriting, and claims
business?
What is the term meant to foster good interactions Speaking purple
between departments of an insurance company?
What is the primary activity used to determine what Marketing and distribution
products customers want and need, advertising those
products, and delivering them to customers?
What is the goal of the underwriting function? Help the insurer write and maintain profitable business
What is the support activity that works to help prevent Risk Control
losses and reduce the effects of losses that can't be
prevented?
Insurers provide what three risk services: Conducting physical surveys, performing risk analysis and improvement,
developing safety management programs
What function provides information to underwriters to Risk Control
help select rate risks?
What is the support activity that examines a PH's Premium Auditing
operations and records to determine the actual exposure
units and premium for insurance coverages already
provided?
What is the support activity that calculates insurance Actuarial
rates, develops rating plans, estimates loss reserves, and
provides predictive modeling?
, What support activity analyzes insurer's financial security Actuarial
and coordinates with accounting and finance personnel?
What support activity transfers risk they take on to other Reinsurance
insurers?
What support activity provides the technological IT
backbone that supports an insurer's communications,
operations, marketing, underwriting, investing and claims
handling?
What support activity is rapidly growing in terms of scale IT
and responsibility?
What support activity operations enable an insurer to Investments
earn investment income on funds generated via
underwriting activites?
What support activity records, analyzes, and summarizes Accounting and Finance
their financial activities and status?
What support activity consists of an array of Customer Service
responsibilities ranging from customer billing to agency
relations?
What support activity provides legal counsel, support Legal and Compliance
and service to other functions, and ensures that statutory
and administrative requirements are met?
What support activity provides selection, training and Human Resources
dismissing employees and maintains employee records,
completes reviews, training and benefits?
What support activity combats insurance fraud by Special Investigations Unit (SIU)
investigating suspicious circumstances that affect claims?
Who created the Value Chain Model? Michael E. Porter
What is the term used for interconnected activities in a Value Chain
business through which a product or service is produced
and sold?
What is the term used for a network of connection Supply chain
between each of the entities that are used throughout the
process of brining a product to the market?
After achieving success in Oregon, Right1 Insurance Right1 needs to make sure this goal aligns with the insurer's other functions.
decides to expand into Florida. What should Right1's
marketing and distribution arm do first to best ensure
success?
C
Terms in this set (136)
What are the three primary activities of an insurer's Marketing and distribution, underwriting, and claims
business?
What is the term meant to foster good interactions Speaking purple
between departments of an insurance company?
What is the primary activity used to determine what Marketing and distribution
products customers want and need, advertising those
products, and delivering them to customers?
What is the goal of the underwriting function? Help the insurer write and maintain profitable business
What is the support activity that works to help prevent Risk Control
losses and reduce the effects of losses that can't be
prevented?
Insurers provide what three risk services: Conducting physical surveys, performing risk analysis and improvement,
developing safety management programs
What function provides information to underwriters to Risk Control
help select rate risks?
What is the support activity that examines a PH's Premium Auditing
operations and records to determine the actual exposure
units and premium for insurance coverages already
provided?
What is the support activity that calculates insurance Actuarial
rates, develops rating plans, estimates loss reserves, and
provides predictive modeling?
, What support activity analyzes insurer's financial security Actuarial
and coordinates with accounting and finance personnel?
What support activity transfers risk they take on to other Reinsurance
insurers?
What support activity provides the technological IT
backbone that supports an insurer's communications,
operations, marketing, underwriting, investing and claims
handling?
What support activity is rapidly growing in terms of scale IT
and responsibility?
What support activity operations enable an insurer to Investments
earn investment income on funds generated via
underwriting activites?
What support activity records, analyzes, and summarizes Accounting and Finance
their financial activities and status?
What support activity consists of an array of Customer Service
responsibilities ranging from customer billing to agency
relations?
What support activity provides legal counsel, support Legal and Compliance
and service to other functions, and ensures that statutory
and administrative requirements are met?
What support activity provides selection, training and Human Resources
dismissing employees and maintains employee records,
completes reviews, training and benefits?
What support activity combats insurance fraud by Special Investigations Unit (SIU)
investigating suspicious circumstances that affect claims?
Who created the Value Chain Model? Michael E. Porter
What is the term used for interconnected activities in a Value Chain
business through which a product or service is produced
and sold?
What is the term used for a network of connection Supply chain
between each of the entities that are used throughout the
process of brining a product to the market?
After achieving success in Oregon, Right1 Insurance Right1 needs to make sure this goal aligns with the insurer's other functions.
decides to expand into Florida. What should Right1's
marketing and distribution arm do first to best ensure
success?
