Question;Duties that agents owe their principals are spelled out in;the;Answer;insurer's instructions.;underwriting manual.;agency contract.;advertising brochures.;4 points;Question 2;The actuary is not responsible for which of the following;Answer;develop rates that are fair to all insureds.;calculate and analyze operating results or profits.;represent the insurance company's interest in lawsuits.;project the future based on historical results.;4 points;Question 3;Insurance marketing channels that include group sales;internet sales, and telephone sales all fall under;Answer;direct marketing.;direct writer.;adjusters.;underwriters.;4 points;Question 4;Which of the following statements about stock insurance;companies is true?;Answer;Stockholders provide operating capital and receive;dividends.;They are nonprofit organizations.;The insureds own the company.;They are more likely to provide lower-cost insurance than;mutuals.;4 points;Question 5;Internet sales have been least successful providing;Answer;automobile insurance.;lower insurance costs.;term life insurance.;commercial insurance.;4 points;Question 6;Direct writing;Answer;describes the distribution system used by independent agents;and brokers in the property/liability area.;is used only by life insurers.;is an expensive way to distribute insurance to high-income;people.;describes a system of insurance company distribution using;employee/agents.;4 points;Question 7;Insurance brokers are;Answer;compensated by a flat salary.;legally, agents of the insurance company.;only used in life insurance.;legally, agents of the insurance consumer.;4 points;Question 8;The primary difference between an insurance agent and an;insurance broker is;Answer;their compensation scheme.;the parties they each legally represent.;the fringe benefits their employers provide.;there is a big difference, but it isn't one of the answer;choices listed above.;4 points;Question 9;The term "HMO" means;Answer;Health Maintenance Organization.;Health Management Organization.;Healthy Mamas Organization.;High Maintenance Operation.;4 points;Question 10;Which of the following statements is false?;Answer;Factory mutuals insure only highly protected risks.;A stock insurance company is a profit-making venture in both;life and property insurance.;Dividends are paid to stockholders of stock companies.;In stock companies, non-insured stockholders bear none of;the risk of loss.;4 points;Question 11;Blue Cross and Blue Shield insurance organizations provide;health insurance to millions of Americans. What is the difference between Blue;Cross and Blue Shield? In what ways is Blue Cross insurance similar to the;other kind of insurance? In what ways is it different? Please explain your;answer.;Answer;Press Tab to enter the content editor. For the toolbar;press ALT+F10 (PC) or ALT+FN+F10 (Mac).;Path: pWords:0;30 points;Question 12;Insurance agents and brokers bring buyers and sellers of;insurance together. Are there any differences between an insurance agent and an;insurance broker? Are these differences important to the insurance consumer?;Why do life insurance agents and property insurance agents have different;grants of authority? What factors should the consumer consider in choosing a;property insurance agent? A life insurance agent?
Paper#53345 | Written in 18-Jul-2015Price : $22