Q. What is the first step in the budgetary control system in insurance business?

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Q. How are annual budgets/targets set for various departments in insurance business?

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Q. What is the significance of setting annual budgets/targets of ICR (Incurred Claim Ratio) in insurance business?

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Q. What is the purpose of setting annual budgets/targets of distribution expenses in insurance business?

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Q. How often is the performance reviewed in the budgetary control system?

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Q. In addition to yearly budgets, for which other periods are budgets prepared?

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Q. What factors are taken into account while preparing budgets in insurance companies?

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Q. What is the purpose of the periodical review of the budget in insurance companies?

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Q. Why is budgetary control considered essential for insurance companies?

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Q. What is the purpose of adopting a budgetary control mechanism in insurance companies?

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Q. What is the first step towards the introduction and implementation of a budgetary control system?

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Q. What does an organization chart define?

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Q. What does a budget center encompass in an insurance company?

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Q. Who generally consists of a budget committee?

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Q. What is the purpose of the budget committee in an insurance company?

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Q. What is the role of a budget committee in the preparation of budgets?

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Q. What is one of the roles of a budget officer in budget administration?

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Q. What is the responsibility of the budget officer regarding deviations or variances?

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Q. What is the purpose of a budget committee's role in making recommendations for changes in budget policies and procedures?

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Q. How does a budget officer contribute to budget administration?

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