Insurance companies decide on a _________ whether an investigation is necessary
A. Claims review basis
B. Case-by-Case basis
C. Claim investigation basis
D. All of these
Insurance products yield _________ compared to regular investment option and this is besides the added incentives (read bonuses) offered by insurers.
A. More
B. Less
C. Almost the same
D. It depends
Insurance policies are good for insurance needs, however, as a main investment vehicles, they have considerable downsides.
A. A majority of a premium payments is "part of commission" a small percent of your moneygoes towards the investment avenue.
B. The guaranteed cash value, or accumulation value of your investment is normally such a low percentage, typically one to three percent.
C. You would be much better off using a traditional investment vehicle than an insurance policy as an investment
D. Only A and B
Which one of the following questions is NOT considered when claims department review the claims?
A. Did a loss occur?
B. Was the loss covered by the policy?
C. Who are not the beneficiaries?
D. How much is payable to the insured or beneficiaries?
__________ agency system uses agents who sell the policies of a group of affiliated companies.
A. Multiple-line (or all lines) agency system
B. Personal selling distribution system
C. Career agency system
D. None of these
Commonly used distribution system/s in the insurance industry is/are:
A. Personal selling distribution system and the direct response distribution
B. Ordinary agency system
C. Career agency system
D. All of these whereas B and C are the same
Agents that represent one company exclusively are called:
A. Independent Agents
B. Captive Agents
C. Exclusive Agents
D. Detached Agents
Examples of illegal sales practices may be:
A. Misrepresentation occurs when agents make false or misleading statements in an attempt to encourage an individual to buy a policy. Agents are also forbidden from guaranteeing policy dividends.
B. Twisting occurs when an agent purposefully misguides an individual into canceling onepolicy and purchasing a new one
C. Rebating occurs when an agent agrees to give an individual a share of the commission as an incentive to buy a policy
D. All of these
Initially, back-office operation were created as captives of parent companies and treated as cost centers from cost centers to profit centers due to:
A. The emergence of third-party back-office facilities making it possible for corporation to avail of their services
B. Corporation are increasingly converting captive back-office operations into profit centers by accepting external clients
C. Stagnant position of service activities being outsourced.
D. Both AandB
Back-office operations are _____________ as offshore operations which establish business entities in tax-free export zones or offshore centers.
A. Almost same
B. Same
C. Not the same
D. None of these
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