Agency Operations

RESOURCES

NEW Study Guide

This Study Guide has been prepared to enhance your learning experience. It contains all of the Check-In questions, Knowledge Checks, and Self-Quizzes contained within the course, along with an Answer Key and Glossary. Use it as a tool to help practice and assess your knowledge of the course material, but do not mistake it for a comprehensive “short-cut” to preparing for the final exam.

Be sure to take a look at the section, “Appendix,” that follows the Answer Key in this Study Guide. It contains valuable suggestions for test preparation and study techniques, as well as some sample exam questions and a glossary of terms.

Your path to success in passing the final exam will come from your attentiveness during the course and the effort you put into preparation.

Section 1 – Legal & Ethical Requirements

Why We Study Ethics in Insurance

The video that follows outlines why the insurance industry emphasizes that licensed professionals regularly review the importance of ethics in performing their job. 

A Word About the Agent

The video that follows explains “what an agent is” in the insurance industry and some of the important aspects of that position. 

Why Education is So Important for Agents

The video that follows discusses why technical education is so important to the skills of insurance professionals. 

Section 2 – Managing the Insurance Agency

What Kind of Agency Will you Be?

The video that follows outlines how and why different insurance agencies fall into a wide variety of types. 

How Agencies Can Evolve

The video that follows explains how insurance agencies can change over time and why. 

Staffing and Recruitment

The video that follows outlines the demand for such a wide variety of people in the insurance industry. 

Cooperating with Competitors

The video that follows explains the interesting way that insurance industry professionals cooperate with each other to help the industry succeed. 

Section 3 – The Insurance Industry and Marketplace

Types of Agents and Agencies

The video that follows explains the difference between direct, captive, and independent agencies. 

Admitted vs. Non-Admitted Insurance

The video that follows outlines the difference between admitted and non-admitted insurance, and why it is important. 

A Good Company Fit for an Agency

The video that follows discusses why it is important for an insurance agency and insurance company to work together well. 

Surplus Lines Agencies

The video that follows explains the role and activities of a surplus lines agency. 

Insurance Company Financial Ratings

The video that follows explains how the system of giving insurance companies financial ratings works and what it means. 

Understanding Reinsurance

The video that follows explains how the reinsurance marketplace works. 

Section 4 – Risk Management & Agency Processes

Agency Technology Choices

The video that follows explains how technology has changed the way insurance agencies operate and the choices they have. 

How Insurance and Risk Management Work Together

The video that follows outlines how insurance and risk management work together to protect businesses and individuals. 

Identifying Loss Exposures

The video that follows introduces the concept of risk identification. 

Section 6 – Managing the Agency Workflows & Procedures

Workflows That Work

The video that follows discusses how insurance agency workflows can differ. 

Section 8 – Errors & Omissions

Errors and Omissions Exposures in the Agency

The video that follows explains how errors and omissions exposures impact the insurance agency. 

Additional Resources

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