©EVERLY 2025 ALL RIGHTS RESERVED
LOMA 291 Module 3 Exam Questions And
Answers Latest Updated 2025 |100%
Verified.
Marketing - 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 - 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
1
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The Marketing Mix - 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 - Answer✔The goods, services, or ideas that a seller offers to customers to satisfy a
need.
Some specialization possibilities for insurance - 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 - Answer✔The assortment of products a company offers.
2
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Financial design - 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 - Answer✔All of them
distribution - Answer✔The collection of activities and resources involved in making products
available for customers to buy.
Face to face meeting methods - 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 - Answer✔Email
Company website
3
, ©EVERLY 2025 ALL RIGHTS RESERVED
Phone
Mail
Promotion - 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 - 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 - 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 - 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 - Answer✔Any advertising used to promote a specific product or service.
publicity - Answer✔Any form of nonpaid communication about a person, place, thing, or cause.
4
LOMA 291 Module 3 Exam Questions And
Answers Latest Updated 2025 |100%
Verified.
Marketing - 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 - 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
1
, ©EVERLY 2025 ALL RIGHTS RESERVED
The Marketing Mix - 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 - Answer✔The goods, services, or ideas that a seller offers to customers to satisfy a
need.
Some specialization possibilities for insurance - 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 - Answer✔The assortment of products a company offers.
2
, ©EVERLY 2025 ALL RIGHTS RESERVED
Financial design - 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 - Answer✔All of them
distribution - Answer✔The collection of activities and resources involved in making products
available for customers to buy.
Face to face meeting methods - 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 - Answer✔Email
Company website
3
, ©EVERLY 2025 ALL RIGHTS RESERVED
Phone
Promotion - 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 - 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 - 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 - 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 - Answer✔Any advertising used to promote a specific product or service.
publicity - Answer✔Any form of nonpaid communication about a person, place, thing, or cause.
4
