LOMA 291 Module 3 Exam Questions and Answers With Verified Solutions 2025
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at large. -
✔✔Marketing
A written document that states the marketing goals for a product or product line, and describes the
strategies and the implementation and control efforts the company intends to use to achieve those
goals.
Marketing plans contain:
- An executive summary, or a brief highlight of the purpose, recommendations, costs, and intended
results
- A situation analysis, or an explanation of the environmental factors affecting marketing operations
- Marketing objectives
- Marketing strategies
- Tactical/action programs, or a description of the activities to be carried out
- Budgets
- The evaluation methodology, or the controls the company will use to analyze progress toward goals -
✔✔Marketing plan
To market effectively, marketing departments need to understand the details of
Product
Price
Promotion
Distribution
These four variables work together to attract customers, trigger buying, and help companies meet
business goals. - ✔✔The Marketing Mix
,The goods, services, or ideas that a seller offers to customers to satisfy a need. - ✔✔Product
Under life Insurance are term life, whole life, group life, universal life, variable universal life, indexed
universal life, and final expense insurance. Under medical are group major medical, individual major
medical, and supplemental medical. Under disability are short-term disability, long-term disability, and
long-term care.
or
Under annuities are qualified annuities, nonqualified annuities, fixed annuities, variable annuities,
indexed annuities, immediate annuities, and longevity insurance. Under retirement are 401(k), 401(b),
and pension plans. Under voluntary benefits are dental insurance, vision insurance, and critical illness
insurance. - ✔✔Some specialization possibilities for insurance
The assortment of products a company offers. - ✔✔Product Mix
The combination of all the financial features of a product. - ✔✔Financial design
All of them - ✔✔Which of these do you think are potential features of insurance product financial
design? Choose all that apply.
Required premium payments
Mortality charges
Charges for features, benefits, guarantees, etc.
Fees for services, transactions, etc.
Charges (if any) for early surrender or withdrawal
How fast the cash value accumulates
Investment or interest rate minimum guarantees
Guaranteed income, accumulation, or withdrawal benefits
The collection of activities and resources involved in making products available for customers to buy. -
✔✔distribution
,Career agents
PPGAs
Independent agents
Broker/dealers
Registered investment advisors (RIAs)
Banks and other depository institutions
Other insurance companies
Employee benefits brokers - ✔✔Face to face meeting methods
Email
Company website
Phone
Mail - ✔✔direct to consumer methods
The collection of activities that companies use to make customers aware of their offerings and to
influence customers to purchase, and distributors to sell, a product.
3 types of promotion:
- personal selling
- advertising
- publicity - ✔✔Promotion
conversation between a sales agent and one or more prospective customers, either face to face or over
the phone. Insurers use personal selling extensively, because it is an effective way to convey information
about a complex product.
he customer can ask questions to clarify information
The financial professional can customize the message to fit the situation - ✔✔personal selling
, Any paid form of nonpersonal communication or promotion about a company or its products or services
that an identified sponsor generates and transmits through any type of media - ✔✔Advertising
Advertising that seeks to promote a general image of the company rather than to explain a specific
product. Also known as image advertising. - ✔✔Institutional advertising
Any advertising used to promote a specific product or service. - ✔✔product advertising
Any form of nonpaid communication about a person, place, thing, or cause. - ✔✔publicity
Customer: The insurer analyzes who its customers are, what their needs are, and what products it can
provide to meet those needs.
Cost: The insurer examines the value of its product for customers and the appropriate price to ask, given
the alternative products available from competitors.
Convenience: The insurer ensures that customers can learn about and purchase its products in the ways
that best meet their needs and preferences.
Communication: The insurer communicates with its customers over multiple channels to create an
ongoing relationship that will promote customer loyalty. - ✔✔Another marketing mix model: The four
C's
- Fit together so that each one supports the others: The type of product a company offers determines
the type of distribution methods the insurer uses. The type of distribution an insurer chooses for a
product, in turn, helps determine the product's price.
- Align with the company's overall strategic goals: If a company's strategic goal is to be an industry
leader in sales of term life insurance, the marketing mix should include specific strategies for customer,
cost, convenience, and communication that will allow the company to sell term life insurance policies to
customers more successfully than its competitors can.
- support the company's positioning strategy: Through positioning, an insurer attempts to distinguish
itself from other insurers in the marketplace by building a company image or product image that
contrasts with the images competitors offer. An insurer may position itself on the basis of company or
pro - ✔✔Marketing Mix Objectives
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at large. -
✔✔Marketing
A written document that states the marketing goals for a product or product line, and describes the
strategies and the implementation and control efforts the company intends to use to achieve those
goals.
Marketing plans contain:
- An executive summary, or a brief highlight of the purpose, recommendations, costs, and intended
results
- A situation analysis, or an explanation of the environmental factors affecting marketing operations
- Marketing objectives
- Marketing strategies
- Tactical/action programs, or a description of the activities to be carried out
- Budgets
- The evaluation methodology, or the controls the company will use to analyze progress toward goals -
✔✔Marketing plan
To market effectively, marketing departments need to understand the details of
Product
Price
Promotion
Distribution
These four variables work together to attract customers, trigger buying, and help companies meet
business goals. - ✔✔The Marketing Mix
,The goods, services, or ideas that a seller offers to customers to satisfy a need. - ✔✔Product
Under life Insurance are term life, whole life, group life, universal life, variable universal life, indexed
universal life, and final expense insurance. Under medical are group major medical, individual major
medical, and supplemental medical. Under disability are short-term disability, long-term disability, and
long-term care.
or
Under annuities are qualified annuities, nonqualified annuities, fixed annuities, variable annuities,
indexed annuities, immediate annuities, and longevity insurance. Under retirement are 401(k), 401(b),
and pension plans. Under voluntary benefits are dental insurance, vision insurance, and critical illness
insurance. - ✔✔Some specialization possibilities for insurance
The assortment of products a company offers. - ✔✔Product Mix
The combination of all the financial features of a product. - ✔✔Financial design
All of them - ✔✔Which of these do you think are potential features of insurance product financial
design? Choose all that apply.
Required premium payments
Mortality charges
Charges for features, benefits, guarantees, etc.
Fees for services, transactions, etc.
Charges (if any) for early surrender or withdrawal
How fast the cash value accumulates
Investment or interest rate minimum guarantees
Guaranteed income, accumulation, or withdrawal benefits
The collection of activities and resources involved in making products available for customers to buy. -
✔✔distribution
,Career agents
PPGAs
Independent agents
Broker/dealers
Registered investment advisors (RIAs)
Banks and other depository institutions
Other insurance companies
Employee benefits brokers - ✔✔Face to face meeting methods
Company website
Phone
Mail - ✔✔direct to consumer methods
The collection of activities that companies use to make customers aware of their offerings and to
influence customers to purchase, and distributors to sell, a product.
3 types of promotion:
- personal selling
- advertising
- publicity - ✔✔Promotion
conversation between a sales agent and one or more prospective customers, either face to face or over
the phone. Insurers use personal selling extensively, because it is an effective way to convey information
about a complex product.
he customer can ask questions to clarify information
The financial professional can customize the message to fit the situation - ✔✔personal selling
, Any paid form of nonpersonal communication or promotion about a company or its products or services
that an identified sponsor generates and transmits through any type of media - ✔✔Advertising
Advertising that seeks to promote a general image of the company rather than to explain a specific
product. Also known as image advertising. - ✔✔Institutional advertising
Any advertising used to promote a specific product or service. - ✔✔product advertising
Any form of nonpaid communication about a person, place, thing, or cause. - ✔✔publicity
Customer: The insurer analyzes who its customers are, what their needs are, and what products it can
provide to meet those needs.
Cost: The insurer examines the value of its product for customers and the appropriate price to ask, given
the alternative products available from competitors.
Convenience: The insurer ensures that customers can learn about and purchase its products in the ways
that best meet their needs and preferences.
Communication: The insurer communicates with its customers over multiple channels to create an
ongoing relationship that will promote customer loyalty. - ✔✔Another marketing mix model: The four
C's
- Fit together so that each one supports the others: The type of product a company offers determines
the type of distribution methods the insurer uses. The type of distribution an insurer chooses for a
product, in turn, helps determine the product's price.
- Align with the company's overall strategic goals: If a company's strategic goal is to be an industry
leader in sales of term life insurance, the marketing mix should include specific strategies for customer,
cost, convenience, and communication that will allow the company to sell term life insurance policies to
customers more successfully than its competitors can.
- support the company's positioning strategy: Through positioning, an insurer attempts to distinguish
itself from other insurers in the marketplace by building a company image or product image that
contrasts with the images competitors offer. An insurer may position itself on the basis of company or
pro - ✔✔Marketing Mix Objectives
