Insurance Marketing and Distribution

Question 1

Producer

Answer 1

Any of several kinds of insurance personnel who place insurance business with insurers and who represent either insurers or insureds, or both

Question 2

Market intelligence

Answer 2

Information gathered and analyzed regarding a company’s markets to improve competitive decision-making

Question 3

Underwriting cycle

Answer 3

A cyclical pattern of insurance pricing in which a soft market (low rates, relaxed underwriting, and underwriting losses) is eventually followed by a hard market (high rates, restrictive underwriting, and underwriting gains) before the pattern again repeats itself

Question 4

Focus group

Answer 4

A small group of customers or potential customers brought together to provide opinions about a specific product, service, need, or other issue

Question 5

Predictive analytics

Answer 5

Statistical and analytical techniques used to develop models that predict future events or behaviors

Question 6

Market segmentation

Answer 6

The process of identifying and dividing the groups within a market that share needs and characteristics and that will respond similarly to a marketing action

Question 7

Target marketing

Answer 7

Focusing marketing efforts on a specific group of consumers

Question 8

Niche marketing

Answer 8

A type of marketing that focuses on specific types of buyers who are a subset of a larger market

Question 9

Distribution system

Answer 9

The necessary people and physical facilities to support the sale of insurance products and services

Question 10

Agency expiration list

Answer 10

The record of an insurance agency’s present policyholders and the dates their policies expire

Question 11

Countersignature laws

Answer 11

Laws that require all policies covering subjects of insurance within a state to be signed by a resident producer licensed in that state