P92 (Ch 2)

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  1. List the responsibilities of the Board of Directors:
    • 1 . Upholding the shareholder interests and the laws governing the conduct of thebusiness
    • 2 . Approving company reports, accounts, annual budgets, strategy and otherimportant plans
    • 3 . Selecting, appraising and rewarding the CEO and ensuring successionplanning is actively addressed
    • 4 . Overseeing the process of risk assessment
    • 5 . Ensuring the company integrity and principles are upheld
  2. The Combined Code of Corporate Governance sets out standards of good practice for PLCs in relation to what issues?
    • 1 Board composition and development
    • 2 Remuneration
    • 3 Accountability and audit
    • 4 Relations with shareholders
  3. Outline the responsibilities of the Finance Director (Chief Financial Officer):
    • 1 . Determine the appropriate level of capital for the company to hold (economiccapital model).
    • 2 . Stress and scenario testing
    • 3 . Propose to the board what form of capital to hold
    • 4 . Prepare papers to assist the board in determining the appropriate level ofdividends.
    • 5 . Recommend appropriate level of claims provisions
    • 6 . Manage relationships with Investment Analysts and the company’s debtholders
    • 7 . Preparation of statutory accounts
    • 8 . Preparation of financial information required by FSA
    • 9 . Preparation of management information
    • 10 .Management of debt, cash flow, liquidity and treasury matters
    • 11 .Manage the investment portfolio
    • 12 .Manage financial planning
    • 13 .Prepare for reviews by rating agencies
    • 14 .Preparation & planning for statutory external audit
    • 15 .Management of the reinsurance accounting process
  4. Responsibilities of the chief actuary
    • 1 . Technical pricing of new & existing products
    • 2 . Calculation of claims reserves
    • 3 . Calculation of risk based capital requirements
    • 4 . Assessment of investment risk for funds supporting technical reserves
  5. Key positions in an insurance company
    • 1 . Managing Director / CEO
    • 2 . Finance Director
    • 3 . Chief risk officer
    • 4 . Chief actuary
    • 5 . Underwriting director
    • 6 . Claims director
    • 7 . Marketing director
    • 8 . HR director
    • 9 . IT director
    • 10 .Strategy director
    • 11 .Investment director
  6. Define management
    The process of planning, organising, leading and controlling the material, financialand human resources of an organisation.
  7. Manager’s role…
    • Structure and organise their team to meet the needs for the job
    • Clarify accountabilities and authority of subordinates
    • Organise staff training
    • Set personal targets for staff and establish a system of performance and reward review
    • Communicate regularly with staff
    • Be a role-model
    • Establish a system for monitoring results and performance
  8. Key management skills
    • Earning respect of subordinates and colleagues (interpersonal skills)
    • Customer focused
    • Multi-tasking
    • Mobility & global outlook
  9. Characteristics of effective communication
    • Accuracy
    • Relevance
    • Reliability
    • Clarity
    • Credibility
    • Timeliness
  10. Benefits of internal communication
    • Bring about cultural and structural change
    • Encourages staff to be co-operative and innovative
    • Ensure that all staff are helping to meet corporate objectives
  11. What are the three key areas of team leader effectiveness in the Action Centred Leadership (ACL) model?
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  12. According to the ACL model, what should the manager do for task needs?
    • Define team goals & objectives
    • Ensure the appropriate resources are available
    • Develop work plans and define team tasks
    • Allocate the work and resources
    • Control the work rate & quality
    • Check performance against plans
    • Adjust the plans as necessary
  13. According to the ACL model, what should the manager do for team needs?
    • Set & agree standards and maintain discipline
    • Build & maintain spirit and morale
    • Encourage, motivate and give a sense of purpose
    • Ensure communication within the team
    • Appoint sub-leaders
    • Train & develop the team
  14. According to the ACL model, what should the manager do for individual needs?
    • Agree individual objectives
    • Attend to any personal problems
    • Give praise and reward to individuals
    • Train & develop individuals
    • Recognise and use individual abilities
  15. List non-managerial roles
    • PAs
    • Training managers
    • Recruitment officers
    • Technical underwriters
    • Claims specialists
    • Accountants
    • Procurement managers
    • In-house solicitors
  16. List 5 management styles
    • Open door
    • Autocratic
    • Paternalistic
    • Militaristic/Hierarchial
    • Democratic/Consultative
Author:
sweetmc
ID:
28448
Card Set:
P92 (Ch 2)
Updated:
2010-07-31 09:10:09
Tags:
p92 ch2
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Description:
Insurance Business & Finance - Ch 2
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