C16 Business of Insurance -Practice Exam Questions

C16 Business of Insurance -Practice
Exam Questions
Identify situations when a difficult message needs to be shared. - ✔✔•
An unanticipated development
• A failure to achieve a task
• A change in strategy
• An unexpected result
• A surprising disclosure
Identify FIVE (5) strategies used to deliver a difficult message - ✔✔•
Being timely
• Being specific
• Being honest
• Focusing on facts, not feelings
• Staying positive
• Anticipating reactions
• Planning for the conversation
• Framing the conversation
• Stating the decision
• Providing context and supporting facts
• Discussing next steps
What behaviour is key for an insurance professional like Tina -
✔✔Operate with integrity and ethically
• Character education teaches right from wrong
• Features related to one's good character in business are discipline,
integrity, and responsibility
• Industry members must focus on clients' interests,
• conduct themselves with integrity,
• provide quality service,
• respect confidentiality,
• conduct themselves honourably,
• work continuously to maintain their competency in their chosen
professionExplain the economic laws of Supply and Demand, and
explain why these laws do not strictly apply to automobile insurance. -
✔✔pages 3-3 and 3-13. the economic theory of supply and demand
proposes that more resources will be allocated to a product that
increases revenue. The law of supply provides that the higher the price,
then more will be supplied. the law of demand provides that, with all
other factors equal, less will be demanded as the price rises.

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