LOMA 291 Module 3 exam with correct |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
answers
Marketing - correct answer✔✔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 plan - correct answer✔✔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
|||\\\
The Marketing Mix - correct answer✔✔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. |||\\\ |||\\\
Product - correct answer✔✔The goods, services, or ideas that a seller offers to customers to
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
satisfy a need. |||\\\ |||\\\
Some specialization possibilities for insurance - correct answer✔✔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. |||\\\ |||\\\ |||\\\ |||\\\
Product Mix - correct answer✔✔The assortment of products a company offers.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Financial design - correct answer✔✔The combination of all the financial features of a product.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
,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 - correct answer✔✔All of them |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
distribution - correct answer✔✔The collection of activities and resources involved in making |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
products available for customers to buy. |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Face to face meeting methods - correct answer✔✔Career agents
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
PPGAs
Independent agents |||\\\
Broker/dealers
Registered investment advisors (RIAs) |||\\\ |||\\\ |||\\\
Banks and other depository institutions
|||\\\ |||\\\ |||\\\ |||\\\
Other insurance companies
|||\\\ |||\\\
Employee benefits brokers |||\\\ |||\\\
direct to consumer methods - correct answer✔✔Email
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Company website |||\\\
Phone
Mail
, Promotion - correct answer✔✔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
|||\\\
personal selling - correct answer✔✔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
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Advertising - correct answer✔✔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 |||\\\ |||\\\ |||\\\ |||\\\
Institutional advertising - correct answer✔✔Advertising that seeks to promote a general image |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
of the company rather than to explain a specific product. Also known as image advertising.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
product advertising - correct answer✔✔Any advertising used to promote a specific product or
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
service.
publicity - correct answer✔✔Any form of nonpaid communication about a person, place,
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
thing, or cause. |||\\\ |||\\\
answers
Marketing - correct answer✔✔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 plan - correct answer✔✔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
|||\\\
The Marketing Mix - correct answer✔✔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. |||\\\ |||\\\
Product - correct answer✔✔The goods, services, or ideas that a seller offers to customers to
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
satisfy a need. |||\\\ |||\\\
Some specialization possibilities for insurance - correct answer✔✔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. |||\\\ |||\\\ |||\\\ |||\\\
Product Mix - correct answer✔✔The assortment of products a company offers.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Financial design - correct answer✔✔The combination of all the financial features of a product.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
,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 - correct answer✔✔All of them |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
distribution - correct answer✔✔The collection of activities and resources involved in making |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
products available for customers to buy. |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Face to face meeting methods - correct answer✔✔Career agents
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
PPGAs
Independent agents |||\\\
Broker/dealers
Registered investment advisors (RIAs) |||\\\ |||\\\ |||\\\
Banks and other depository institutions
|||\\\ |||\\\ |||\\\ |||\\\
Other insurance companies
|||\\\ |||\\\
Employee benefits brokers |||\\\ |||\\\
direct to consumer methods - correct answer✔✔Email
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Company website |||\\\
Phone
, Promotion - correct answer✔✔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
|||\\\
personal selling - correct answer✔✔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
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Advertising - correct answer✔✔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 |||\\\ |||\\\ |||\\\ |||\\\
Institutional advertising - correct answer✔✔Advertising that seeks to promote a general image |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
of the company rather than to explain a specific product. Also known as image advertising.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
product advertising - correct answer✔✔Any advertising used to promote a specific product or
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
service.
publicity - correct answer✔✔Any form of nonpaid communication about a person, place,
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
thing, or cause. |||\\\ |||\\\
