Module 12

Question 1

Process by which a
potential/current plan
sponsor or its advisor
solicits proposals/bids
from insurers for the
purpose of implementing
a new or modified group
benefits plan.

Answer 1

group insurance marketing

Question 2

A type of marketing
where the plan
sponsor deals
directly with insurers.

Answer 2

direct marketing

Question 3

A type of marketing
where a plan sponsor
uses an agent, broker,
or consultant.

Answer 3

indirect marketing

Question 4

An individual or
organization who
deals directly with
an insurer on behalf
of a plan sponsor.

Answer 4

intermediaries

Question 5

Various
approaches
used by
insurers to pay
advisors.

Answer 5

commission scales

Question 6

A marketing process
which begins with an
advisor/plan sponsor
conducting preliminary
interviews with insurers to
narrow the selection to
three insurers.

Answer 6

negotiated placement

Question 7

A marketing process
where a public
announcement is
made to all eligible
insurers through a
request for proposal
(RFP).

Answer 7

open bidding

Question 8

A marketing process
where the plan
sponsor prescreens
potential participants
and selects specific
insurers before the
actual marketing is
done.

Answer 8

closed bidding

Question 9

Cultivating a
relationship with a
plan sponsor that may
need help introducing
or improving its group
insurance plan.

Answer 9

prospecting

Question 10

A key tool in the
marketing process
used by advisors to
communicate benefits
needs and necessary
information to insurers
for purposes of
gathering proposals.

Answer 10

request for proposal RFP

Question 11

Proposal criteria
including
competitiveness of
premium rates, retention
guarantees, nonevidence
and overall
benefit maximums

Answer 11

quantitative criteria

Question 12

Proposal criteria
including proposal
quality, the insurer’s
reputation and its ability
to underwrite the
benefits as requested,
and its ability to provide
requested
benefits/services.

Answer 12

qualitative criteria

Question 13

A document prepared
by an advisor for a plan
sponsor, which includes
details such as a
summary of the results of
the qualitative and
quantitative analyses,
usually prepared in a
matrix format.

Answer 13

marketing report

Question 14

When insurer account
executives of each
insurer presents
proposals to the plan
sponsor and advisor
for larger groups.

Answer 14

finalist presentation

Question 15

A request for group
insurance coverage by a
prospective contract
holder that initiates the
procedures necessary to
put the plan into effect.

Answer 15

master application

Question 16

The process of
explaining the benefits
plan and having
individuals complete
an enrollment form.

Answer 16

enrollment

Question 17

A post-sale phase of
marketing that includes
enrolling plan members,
preparing and issuing
group documents,
preparing financial
agreements, and
preparation of the first
bill.

Answer 17

installation

Question 18

The interjurisdictional
association of
insurance regulators,
mandated to facilitate
and promote an
efficient and effective
insurance regulatory
system.

Answer 18

canadian council of insurance regulators CCIR

Question 19

The interjurisdictional
group of regulating
authorities who are
dedicated to
developing consistent
standards and
qualifications and
practices for insurance
intermediaries.

Answer 19

Canadian insurance servives reulatory organizations CISRO

Question 20

The principle that
a recommended
product or service
must be
appropriate for the
client’s needs.

Answer 20

needs based sales practices

Question 21

A voluntary non-profit
association that
represents the
collective interests of
its member life and
health insurers.

Answer 21

canadian life and health insurance assostiation CLHIA