March 25
LOMA 32 Exam 1 Complete Questions and Correct Detailed
Answers (Verified Answers)
Marketing
Ans: 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
Utility
Ans: The ability of and the degree to which a product or service satisfies a
customer's needs, the true value of a marketing exchange
Marketing mix
Ans: The four main variables - product, price, place and promotion that companies
manage in order to fulfill marketing's broad role
Distribution
Ans: The activities involved in making products available for customers to buy
Marketing environment
Ans: All of the elements in a company's internal and external environments that
directly or indirectly affect the company's ability to carry out its marketing activities
Gross Domestic Product (GDP)
Ans: The total output of goods and services produced by labor and property located
within a country, valued at adjusted market prices
pg. 1
, March 25
Insurance commissioner
Ans: The individual who is responsible for directing the operations of a state
insurance department. Also known as the superintendant of insurance or director of
insurance
Federal Insurance Office (FIO)
Ans: A federal level office within the treasury department that monitors the
insurance industry, identifying areas with inadequate state regulation, helping to
identify systematically risky insurers and dealing w international insurance issues
Affordable Care Act (ACA)
Ans: A law that requires insurance companies to accept all applicants for medical
expense coverage and restricts insurers from basing premium rates on preexisting
conditions
Gramm-Leach-Bliley Act
Ans: US federal law that requires insurance companies to disclose the insurers
policies for obtaining and sharing customers NPI at the beginning of the relationship
and at least once a year afterwards and to allow customers to opt out of info sharing
with unaffiliated third parties
Omnichannel distribution
Ans: The use of multiple, integrated options that give customers choices and enable
companies to create personalized interactions w customers and business partners
monopolistic competition
pg. 2
LOMA 32 Exam 1 Complete Questions and Correct Detailed
Answers (Verified Answers)
Marketing
Ans: 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
Utility
Ans: The ability of and the degree to which a product or service satisfies a
customer's needs, the true value of a marketing exchange
Marketing mix
Ans: The four main variables - product, price, place and promotion that companies
manage in order to fulfill marketing's broad role
Distribution
Ans: The activities involved in making products available for customers to buy
Marketing environment
Ans: All of the elements in a company's internal and external environments that
directly or indirectly affect the company's ability to carry out its marketing activities
Gross Domestic Product (GDP)
Ans: The total output of goods and services produced by labor and property located
within a country, valued at adjusted market prices
pg. 1
, March 25
Insurance commissioner
Ans: The individual who is responsible for directing the operations of a state
insurance department. Also known as the superintendant of insurance or director of
insurance
Federal Insurance Office (FIO)
Ans: A federal level office within the treasury department that monitors the
insurance industry, identifying areas with inadequate state regulation, helping to
identify systematically risky insurers and dealing w international insurance issues
Affordable Care Act (ACA)
Ans: A law that requires insurance companies to accept all applicants for medical
expense coverage and restricts insurers from basing premium rates on preexisting
conditions
Gramm-Leach-Bliley Act
Ans: US federal law that requires insurance companies to disclose the insurers
policies for obtaining and sharing customers NPI at the beginning of the relationship
and at least once a year afterwards and to allow customers to opt out of info sharing
with unaffiliated third parties
Omnichannel distribution
Ans: The use of multiple, integrated options that give customers choices and enable
companies to create personalized interactions w customers and business partners
monopolistic competition
pg. 2
