Ains 101 Exam Prep Brief Unit 6 Btec Business Level 3 Extended Diploma

Which one of the following accurately describes activities related to customer service representatives? A. It costs more in advertising to keep an existing customer than to attract a new one. B. It takes longer to renew an existing account than it does to write a piece of new business. C. Profitability in the insurance business is directly linked to customer retention. D. Excellent service builds strong relationships but not necessarily customer loyalty. {Ans: Profitability in the insurance business is directly linked to customer retention.}How are exposure units calculated? {Ans: Value of property / Insurance rate}Mary would like to understand the profitability of the Underwriting Department she works for. If the combined ratio is $0.97, what profit was achieved for each premium dollar the insurer earned? {Ans: 3 cents per every premium dollar}What is WC? {Ans: Workers comp insurance covers legallyrequired benefits that businesses are required to pay to their employees for job related injuries and illnesses}Jessie is a new customer service representative (CSR) at the Winfield Agency. Jessie usually engages in all the following activities, EXCEPT: A. Determining coverage quotes B. Reporting new claims C. Explaining coverage D. Answering billing inquiries {Ans: Determining coverage quotes