P92 (Ch 2)

  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?
  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)
Description
Insurance Business & Finance - Ch 2
Updated