CAIB 4 Study guides, Class notes & Summaries

CAIB 4 Midterm Exam – Questions & Solutions

CAIB 4 Chapter 2- Study Guide Questions with 100% Correct Answers Organizing involves determining the way the brokerage's activities will be divided into manageable units. Identify 3 elements to organizing effectively. - Answer- 1. Creating an Organizational Structure 2. Defining employee relationships 3.Establishing Position Descriptions Identify 3 basic forms of organizational structure based on the way authority and responsibility is delegated. - Answer- 1. Line Organization- best su...

CAIB 4 Chapter 4 Exam Questions and Answers 100% Correct Successful leadership results in knowledgeable, dedicated and motivated employees working effectively together to achieve the brokerage's mission, strategies, objectives and goals. Identify the six components of leading. - Answer- 1. Delegating 2. Motivating 3. Communicating 4. Managing conflict 5. Managing change 6. Coaching Delegating is the art of accomplishing objectives and achieving goals through the involvement of others...

CAIB 4 – Marketing Exam Questions and Answers 100% Correct Define positioning advantage - Answer- Refers to how the brokerage is perceived by clients in relation to competing brokerages. "image of the brokerage" Positioning is in relation to other brokerages operating in the same environment Image is the clients perception of the brokerage Three ways a brokerage can be positioned in relation to its competition - Answer- 1. Low or high priced 2. Low or high service quality 3. Faster...

CAIB 4 Chapter 10 Exam Questions and Answers 100% Pass State the purpose achieved by monitoring - Answer- Monitoring determines what is being accomplished, evaluating results, taking steps to perpetuate positive results and steps to correct negative results. Identify four activities involved in monitoring - Answer- A Management Information Systems Standard & Benchmarks Results Corrective actions Identify Four Characteristics of management information systems - Answer- Simplicity Acces...

CAIB 4 - Book Practice Questions with 100% Correct Answers What are the similarities between a strategic plan and an action plan? - Answer- They are both critical steps in the success of a brokerage They both flow from the mission statement They both use the same process (top down/bottom up) What are the differences between a strategic plan and an action plan? - Answer- strategic plans are for three to five years; action plans are for one year strategic plans apply to the brokerage as a...

CAIB 4 Chapter 6 Exam Questions and Answers 100% Pass Identifying the three meanings given to marketing in the insurance world. - Answer- 1. Placing of business by an insurance brokerage with various insurers. 2. Insurance companies promoting their products to brokerages 3. Insurance companies promoting their products to consumers. Marketing may be defined as a system of business activities which are designed to plan, promote, price and distribute want-satisfying products, services and id...

CAIB 4 Exam Questions and Answers 100% Pass 4 Forms of operating affiliations - Answer- loosely knit, general purpose groups, clusters, common identity groups What are the considerations when evalutating operating affiliations - Answer- services and support, exclusivity, fees, contractual agreement, financial strength What is the law of agency - Answer- when one entity acts on behalf of another 6 activities with human resources management function - Answer- planning, selecting, orienting,...

CAIB 4 Chapter 2 Exam Questions and Answers 100% Pass Organizing involves determining the way the brokerage's activities will be divided into measurable units. Identify the three elements to organizing effectively. - Answer- 1. Creating an Organizational Structure 2. Defining Employee Relationships 3. Establishing Position Descriptions The organizational structure is the skeleton upon which the brokerage grows and interacts. The structure also defines who has authority and responsibilit...

CAIB 4, chapter 9 Exam Questions and Answers 100% Pass Define "profit maximization" - Answer- Brokerages strive to build profits, therefore the more profit the better What are leading the causes that distract from profit maximization - Answer- Brokerages are often distracted from implementing strategies to maximize profits because of the day to day practicalities of running brokerages. These are: fulfilling clients needs, info requests and insurer obligations. Explain how multiple of c...

CAIB 4 - Chapter 2 Exam Questions and Answers 100% Pass Identify 3 elements to organizing effectively: - Answer- 1. Creating an organizational structure. 2. Defining employee relationships. 3. Establishing position descriptions. Identify 3 basic forms of organizational structure based on the way authority and responsibility is delegated. - Answer- 1. Line organization 2. Functional organization 3. Line and staff organization Identify which type of brokerage is best suited for a line or...