CPCU 520: Connecting The Business Of Insurance Operations. Resource Material: ID# 1000975. Qty: About This Course: This course introduces you to how. Insurance Study Guides for CPCU, IIA, CLU, ChFC, CASL, CIC, and many other prestigious designations, in Bound Book and PDF. 1-888-BURNHAM (287-6426) 1 PM - 5 PM EST.
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Term
marketing system
Definition
system that determines and directs the design, development, sale and support of a product or service.
Term
distribution channel
Definition
method used to sell, deliver and service a product.
Term
actual authority
Definition
authority (expressed or implied) of an agent, as conferred by the principal, under an agency contract.
Term
apparent authority
Definition
legal concept which states that if a reasonable person would believe that an agent has certain authority conferred on him/her by the principal, without contrary action by the principal, then this authority is considered to exist.
Term
independent agency and brokerage marketing system
Definition
independent agents and brokers are not employees of the insurer, but independent contractors. the agents (authorized to represent the insurer) and brokers (representatives of the customer) may represent multiple insurance companies.
Term
managing general agents
Definition
typically serve as a home office for several producers. the function performed by the MGA vary by contract but often include underwriting, sales, claims admin., and risk mgmt.
Term
excess and surplus lines brokers
Definition
work with insurers to place business with non-admitted insurers when no insurance is available in the standard market.
Term
exclusive agency marketing system
Definition
system in which agents may represent only one insurer. the amount of authority conferred on an agent (independent contractor) and level of administrative support for that agent are governed by agency law and the agency contract
Term
direct writer marketing system
Definition
the producer is an employee of the direct writer, not an independent contractor. ownership of expiration is usually vested in the insurer.
Term
cold canvass (cold calling)
Definition
solicitation of business either by telephone orin perosn w/o a prior appointment
Term
agency bill
Definition
billing system where the agent bills the customer directly. upon receipt of the premium, the agent forwards payment to the insurer, less the agent's commissions.
Term
direct billing
Definition
function now being performed by most insurers. in this process, the customer is billed directly by the insurer, which receives the premium and forwards the commission to the agent.
Term
alternative distribution channels
Definition
distribution channels used by an insurer other than an agency force, broker or direct writer system. there are 5 principal alternative distr. channels: internet, call centers, direct response, group marketing and financial institutions.
Term
direct response distribution channel
Definition
markets directly to customers or porspective customers via mail, phone or internet. while this system has been used successfully for personal lines, it does not lend itself to the marketing of complex commercial accts.
Term
affinity marketing
Definition
targets a particular group and offers insurance products to this group, usually at a discount. the members of the group are treated and preferred customers for underwriting purposes.
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Live online class begins 11/14/19 and ends 1/9/20 Thursdays at 7:30-9:00 pm ET
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Order the “CPCU 520 Recommended Materials Package” (text and course guide) from The Institutes by calling 1-800-644-2101 or by visiting their website http://theinstitutes.org.
CPCU 520 – Insurance Operations is one of multiple courses needed to earn the Chartered Property Casualty Underwriter designation. CPCU 520 is considered an intermediate course.
Chapter 1 — Overview of Insurance Operations Chapter 2 — Insurance Regulation Chapter 3 — Insurance Marketing and Distribution Chapter 4 — The Underwriting Function Chapter 5 — Risk Control and Premium Auditing Chapter 6 — The Claims Function Chapter 7 — Actuarial Operations Chapter 8 — Reinsurance Principles and Concepts Chapter 9 — Business Needs and IT Alignment Chapter 10 — Insurer Strategic Management
These class recordings (combined with textbook and course guide study) will help guide you through the course and help you to prepare to take the CPCU 520 exam at Prometric or at an Onsite Testing Center. Each chapter recording is up to 2 hours of instruction. Books and exam fees are not included in the cost of access to the class recordings. The fee to access the class recordings is $299.
Cpcu 520 Notes
Learn about the Chartered Property Casualty Underwriter designation program
CPCU 520 – Insurance Operations will help:
Cpcu 520 Practice Exam
Understand the impact of your business decisions by knowing how different functional areas operate and collaborate with each other
Efficiently support compliance efforts by recognizing how regulation affects core insurance operations
Set yourself apart as a valuable contributor to your organization’s success with thorough knowledge of how insurers formulate and implement critical business strategies
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