CAIB 4 Midterm Exam – Questions & Solutions One of the tools that you would use in the scan of your external environment is profiling. Discuss the three focus areas profiled ✔️Ans - Salient Points: 1- Competitor Profiling
- Market Profiling
3- Client Profiling.Explain Ratification, Using example- ✔️Ans - - Retroactive approval; of broker's unauthorized act.
- Insurer has accepted the broker's act form the beginning Example: Broker
binds coverage on large hog Barn. This exceeds his binding authority but insurer approves coverage effective when the broker bound this unauthorized class of business,
- Discusss the three components involved in planning human resources
✔️Ans - Salient Points:
- - Evaluation of skills of new employee.
- - Hiring Timetable.
- - Contingency Plan.
- What is delegating and what are the keys of the effective delegation.
✔️Ans - Salient Points:
- - Art of accomplishing tasks with involvement of others.
- - Authority and responsibility.
- - Communication.
- You are negotiating with ABC Insurance Company to form a brokerage
agreement. what are five major items you want included in this brokerage
agreement and why? ✔️Ans - Salient Points:
1- Authority
- - Ownership of expiration.
- - Billing Procedures
- - Commission.
- - Termination.
- - Hold-harmless
- - Privacy Act
- - EDI Provisions.
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