Question

Identify three examples of administrative functions an exclusive agency insurance handles for the exclusive agent.

a) Marketing, Sales, Customer Service
b) Policy Issuance, Claims Handling, Risk Assessment
c) Premium Collection, Marketing, Sales
d) Claims Handling, Risk Assessment, Marketing

Answer 1

An exclusive agency insurance handles policy issuance, claims handling, and marketing for the exclusive agent.

Step-by-step explanation:

The administrative functions an exclusive agency insurance handles for the exclusive agent include:

1. Policy Issuance: An exclusive agency insurance handles the process of issuing insurance policies to clients. This involves evaluating the client's needs, determining the coverage options, and preparing the necessary documentation.
2. Claims Handling: The insurance company manages the process of handling and processing claims filed by policyholders. This includes assessing the validity of the claim, investigating the circumstances, and facilitating the payment of legitimate claims.
3. Marketing: Exclusive agency insurance takes care of marketing efforts to promote their insurance products and services. This may include advertising, building relationships with potential clients, and creating campaigns to attract new customers.