LOMA 291 Module 3 UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (248)
Marketing 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 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 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 The goods, services, or ideas that a seller offers to customers to satisfy a need.
Some specialization possibilities for insurance 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 The assortment of products a company offers.
Financial design The combination of all the financial features of a product.
Which of these do you think are potential features of All of them
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
distribution The collection of activities and resources involved in making products available
for customers to buy.
Face to face meeting methods 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 Email
Company website
Phone
Mail
C
Terms in this set (248)
Marketing 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 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 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 The goods, services, or ideas that a seller offers to customers to satisfy a need.
Some specialization possibilities for insurance 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 The assortment of products a company offers.
Financial design The combination of all the financial features of a product.
Which of these do you think are potential features of All of them
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
distribution The collection of activities and resources involved in making products available
for customers to buy.
Face to face meeting methods 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 Email
Company website
Phone
