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Question 1 of 20
1. Question
The clause in a shareholders’ agreement that sets out the conditions under which one or more shareholders would buy out another shareholder is called the
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Question 2 of 20
2. Question
In many Canadian provinces, a graduated process is employed that increases the brokers authority as they acquire a combination of additional education and years of experiences known as
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Question 3 of 20
3. Question
In strategic planning, the type of analysis that considers how the ever-changing events and trends in the economy will affect the business or business environment in which brokerages operate is called
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Question 4 of 20
4. Question
Which of the following liaises with government, consumer groups and insurance companies to safeguard the interests of brokers throughout the Canadian insurance industry?
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Question 5 of 20
5. Question
Businesses with this form of legal structure benefit from continuity, limited liability and liquidity advantages.
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Question 6 of 20
6. Question
The cancellation clause of an agency contract should
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Question 7 of 20
7. Question
An agent who has restricted express authority and can perform only those acts that are essential to a specific situation are known as
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Question 8 of 20
8. Question
The formal plan that outlines and supplies direction to the brokerage’s action in broad general terms over a three to five year period is known as the
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Question 9 of 20
9. Question
Which of the following is not a legal entity?
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Question 10 of 20
10. Question
A group of independent brokers or brokerages who agree to share certain expenses, to make unified volume commitments to their insurers, and to conduct specified aspects of their financial affairs in an agreed-upon manner is called a(n)
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Question 11 of 20
11. Question
Marketing organizations established to give participating firms the image and resources of national or international-strength organizations are known as:
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Question 12 of 20
12. Question
This plan provides the finer, more specific details necessary to achieve the strategic and business plans.
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Question 13 of 20
13. Question
This type of analysis turns attention inward to the strengths and weaknesses within the organization and its operations
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Question 14 of 20
14. Question
The permission specifically granted to the agent to carry out any legal action that the agent and the principal agree to in writing or verbally, including acts that enable the agent to carry out those instructions, is called
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Question 15 of 20
15. Question
The systematic gathering of information about a market’s size and trends is known as
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Question 16 of 20
16. Question
The process whereby managers accomplish tasks by giving authority and responsibility to other people is known as
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Question 17 of 20
17. Question
The assessment of the current situation, a strategy for the coming year, and studying the financial and resource implications for either a proposed product or service constitute what is known as a(n)
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Question 18 of 20
18. Question
If a broker divides one of the three buyer’s markets by education, industry or risk type, the broker is using
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Question 19 of 20
19. Question
As it relates to the planning and managing a brokerage, policies are
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Question 20 of 20
20. Question
Consist of a small number of risks that require specialized products or services, such as pet insurance.
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