About the independent agency system

Assignment Help Operation Management

Reference no: EM131467223

1) All of the following statements about the independent agency system are true EXCEPT

A) The insurer rather than the agent owns the renewal rights to the business.

B) The agent is an independent business person who presents several insurers.

C) Agents are often authorized to adjust small claims. D) Agents are compensated on the basis of commissions.

2) Amy heads the legal staff of a large property and liability insurance company. Amy's staff is likely involved in which of the following activities?

A) calculating premiums to be charged for the insurer's products

B) reviewing applications to determine if the company should insure the risk

C) reviewing investment options for the insurer's assets

D) reviewing language and policy provisions in insurance contracts

3) All of the following statements about insurance regulation are true EXCEPT

A) The National Association of Insurance Commissioners (NAIC) can force states to adopt the model laws that it drafts.

B) Insurance commissioners are appointed in some states and elected in some states

C) Insurers are subject to regulation by certain federal agencies and laws.

D) An insurance commissioner can revoke or suspend an insurer's license to do business in his or her state.

4) Which of the following types of insurance policies can usually be assigned without the insurer’s consent?

I. Life insurance II. Property insurance

A) I only

B) II only

C) both I and II

D) neither I nor II

5) A grid charting the potential frequency and severity of losses is called a

A) risk management information system

B) risk management Intranet

C) risk map

D) risk management website

Reference no: EM131467223

Questions Cloud

How do companies share the love with their customers : How do companies “share the love” with their customers? Summarize the case and identify the dilemma facing Subaru.

Find the average friction factor if the flow is choked : Air flows down a 20-mm-diameter pipe that has a length of 0.8 m. If the velocity at the inlet to the pipe is 200 m/s and its temperature is 30°C.

Break even-incur an economic loss : Refer to the above data. If the product price is $100 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss?

Implement a framework for cpu scheduling : Implement a framework for CPU scheduling with three scheduling algorithms: FIFO, round robin, and shortest job first (SJF). Jobs arrive at the CPU scheduler at arbitrary times.

About the independent agency system : All of the following statements about the independent agency system are true EXCEPT

Determine the pressure and temperature at the duct exit : A convergent-divergent nozzle supplies air to a well-insulated constant area duct. At the inlet to the duct the Mach number is 2, the pressure is 140 kPa.

Unemployment rate in the united states : Refer to the data in the above scenario. What is the unemployment rate in the United States for the given year?

Positive change in government spending that equals : You are told that 80 cents out of every extra dollar pumped into the economy goes toward consumption (as opposed to saving).

Find the temperature and pressure on the exit plane of duct : Air with a stagnation pressure of 600 kPa and a stagnation temperature of 150°C flows through a convergent-divergent nozzle, the Mach number being greater.

User Account

All Pages