Insurance Agency as a carrer

Which of the below statements is incorrect?

• An individual insurance agent is a representative of the insurance company and is governed by the agent-principal relationship.

• An individual insurance agent’s primary relationship and responsibility is to the insurance buyer and not the insurance company.

• Insurance Broker, who represents the insured, generally does not have any contractual agreement to exclusively serve any one insurance company.

• Insurance Broker is expected to represent the customer’s interest when choosing the right product and company that would best fit the customer’s particular needs. 

In 1964, Harvard Business Review published a study on “What makes a good salesman”. The authors came up with an interesting insight. They found that a good salesman should have two basic qualities. Which are those two qualities?

• Affection and Zeal to Succeed

• Patience and Pro-Activeness

• Empathy and Ego Drive

• Hunger for Growth and Self-Confidence

Proportion of policies remaining in force at the end of the period out of the total policies in force at the beginning of the period is referred to as ____________.

• Persistency

• Consistency

• Uniformity

• Reliability

4. An insurance agent is typically a representative of ______________.

• Customer

• Insurance Company

• Government

• IBRB

Direct marketing involves which of the below?

• Telemarketing

• Insurance Agents

• Bancassurance

• All of the above

Which is not an insurance distribution channel?

• Agency

• Bancassurance

• Multilevel Marketing

• Direct Marketing

Requirement for long-term success in insurance agency profession do not include:

• Fire in the Belly

• Positive self-image

• Ability to connect

• Getting business at any cost

An agent is paid commissions for soliciting, procuring and continuance of the business by:

• Insuring Public

• Insurer

• Insured

• Government