Key Concepts Flashcards
1
Q
Selecting Insurance Companies
A
CUPFM Claims Underwriting Practices & Procedures Policy Holder Services Financial Stability Marketing Philosophy
2
Q
Elements of a Broker Contract
A
ABCDEO Authority Billing Procedures Commissions Termination Expenses Ownership of Expirations
3
Q
Financial Management Cycle Steps
A
CCUTECAB Budget Understanding Current Financial Position Analysis of Income & Expenses Classification of Financial Information Establishing Financial Standards (Benchmarks) Comparing Results to Standards and Budgets Taking Corrective Action Controlling
4
Q
Types of Brokerage Compensation
A
CPR
Commissions
Profit Sharing
Rewards (Contingency)
5
Q
Measure Goals
A
STORM Specific Timely Objective (Quantifiable) Realistic Measureable
6
Q
Recruitment & Selection Process
A
TEE
The Interview
Employment Contracts
Employee Manuals
7
Q
Performance Management
A
MFPTE Motivational Theories Financial Incentive Plans Performance Appraisals Training & Development Employee Succession
8
Q
Components of Management
A
MSLOP Monitoring Staffing Leading Organizing Planning
