CIC- Agency Management Exam ACTUAL EXAM ALL 500 QUESTIONS AND CORRECT ANSWERS LATEST UPDATE THIS YEAR

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CIC- Agency Management Exam ACTUAL
EXAM ALL 500 QUESTIONS AND CORRECT
ANSWERS LATEST UPDATE THIS YEAR
QUESTION: In a swot analysis, what could be examples of an organizations weaknesses -
ANSWER-- areas in which the agency lags behind competitors

- opportunities the agency has missed bc it didn't have the right resources

- reasons the agency has lost business

- what has caused the agency to fail to meet goals in the past



QUESTION: In a swot analysis, what could be examples of an organizations opportunity -
ANSWER-- what upgrades or new tech could benefit the agency

- what areas in the agencys market are experiencing growth

- what knowledge and abilities employees could add

- what products are in demand that the agency could begin to offer



QUESTION: In a swot analysis, what could be examples of an organizations threats - ANSWER--
potential regulation that could affect the agencys business

- competition that could potentially take clients or employees from the agency

- a change in specific insurance companys appetite




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QUESTION: what is a situational analysis - ANSWER-considering internal and external factors
that will help determine its goals and action plan




QUESTION: what external factors should be considered in a situational analysis - ANSWER--
competition

- regulatory envirnonment

- market conditions

- economic trends

- consumer purchasing trends

- target market analysis



QUESTION: what internal factors should be considered in a situational analysis - ANSWER--
productivity

- financials

- accounts/ clients

- company analysis/markets/marketing

- sales and support

- agency personnel

- planning/management organization

- agency operations/systems/workflow



QUESTION: goals - ANSWER-- concrete aim of an organization




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- end results or achievements toward which all efforts are directed

- they are measurable



QUESTION: well defined goals have which five SMART characteristics - ANSWER-1. specific

2. measurable

3. Attainable

4. Realistic

5. Timely




QUESTION: knowledge check: write an example of a SMART goal - ANSWER-I will obtain my CIC
designation by April 2024




QUESTION: What are several considerations that contribute to establishing an agencys goals -
ANSWER-- target market niches

- agency personnel and productivity

- market territory

multiple locations

- marketing and sales



QUESTION: to set goals, an agency should look for best practices to implement based upon
findings from _____________ in the agency planning process - ANSWER-situational analyses




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QUESTION: the planning of goals is accomplished in 2 stages: _______ and _______ - ANSWER-
long range and short range




QUESTION: What are the characteristics of long range planning - ANSWER-- occurs over 3-5
years

- establishes purpose, continuity, and direction

- focuses on broad goals that will remain relevant years later

- provides a broad picture of where an agency is headed




QUESTION: what are characteristics of short range planning - ANSWER-- usually extends over a
12 month period

- is more specific than long range planning

- involves the production of detailed action plans that organize and prioritize action steps,
communicate roles and responsibilities, offer guidelines and provide daily/weekly/monthly
agendas



QUESTION: what 4 things should an agency do before creating an action plan - ANSWER-1. try
to predict potential problems

2. imagine solutions for those problems

3. consider the impact on agency staff and culture

4. recognize capacity limitations, such as time and workloads



QUESTION: what are the 4 steps of an agency action plan - ANSWER-1. Develop action steps




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