1
LOMA 291 MODULE 3 STUDY GUIDE / QUESTIONS
AND CORRECT ANSWERS 2025 GRADED A+ LATEST
GUIDE.
Marketing - (answers)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 - (answers)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 - (answers)To market effectively, marketing departments need
to understand the details of
, 2
Product
Price
Promotion
Distribution
These four variables work together to attract customers, trigger buying, and help
companies meet business goals.
Product - (answers)The goods, services, or ideas that a seller offers to customers
to satisfy a need.
Some specialization possibilities for insurance - (answers)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
, 3
voluntary benefits are dental insurance, vision insurance, and critical illness
insurance.
Product Mix - (answers)The assortment of products a company offers.
Financial design - (answers)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 - (answers)All of them
distribution - (answers)The collection of activities and resources involved in
making products available for customers to buy.
Face to face meeting methods - (answers)Career agents
, 4
PPGAs
Independent agents
Broker/dealers
Registered investment advisors (RIAs)
Banks and other depository institutions
Other insurance companies
Employee benefits brokers
direct to consumer methods - (answers)Email
Company website
Phone
Mail
Promotion - (answers)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
LOMA 291 MODULE 3 STUDY GUIDE / QUESTIONS
AND CORRECT ANSWERS 2025 GRADED A+ LATEST
GUIDE.
Marketing - (answers)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 - (answers)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 - (answers)To market effectively, marketing departments need
to understand the details of
, 2
Product
Price
Promotion
Distribution
These four variables work together to attract customers, trigger buying, and help
companies meet business goals.
Product - (answers)The goods, services, or ideas that a seller offers to customers
to satisfy a need.
Some specialization possibilities for insurance - (answers)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
, 3
voluntary benefits are dental insurance, vision insurance, and critical illness
insurance.
Product Mix - (answers)The assortment of products a company offers.
Financial design - (answers)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 - (answers)All of them
distribution - (answers)The collection of activities and resources involved in
making products available for customers to buy.
Face to face meeting methods - (answers)Career agents
, 4
PPGAs
Independent agents
Broker/dealers
Registered investment advisors (RIAs)
Banks and other depository institutions
Other insurance companies
Employee benefits brokers
direct to consumer methods - (answers)Email
Company website
Phone
Promotion - (answers)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
