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CPCU 520, Chapter 3 Questions And Answers With Verified Solutions Already Passed!!! (GRADED A+)
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CPCU 520, Chapter 3 Questions And Answers With Verified Solutions Already Passed!!! (GRADED A+)
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CPCU 520, Chapter 3 Questions AndAnswers With Verified Solutions Already
Passed!!! (GRADED A+)
Producer - ANSWER✔✔ Any of several kinds of insurance personnel who place
insurance business with insurers and who represent either insurers, insureds or
both
Captive - ANSWER✔✔ A subsidiary formed to insure the loss exposure of its
parent company and the parent's affiliates
Risk retention group - ANSWER✔✔ A group captive formed under the
requirements of the Liability Risk Retention Act of 1986 to insure the parent
organizations
Market intelligence - ANSWER✔✔ Information gathered and analyzed regarding a
company's markets to improve competitive decision making
Underwriting cycle - ANSWER✔✔ 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
Focus group - ANSWER✔✔ A small group of customers or potential customers
brought together to provide opinions about a specific product, service, need or
other issue
, Predictive analytics - ANSWER✔✔ Statistical and analytical techniques used to
develop models that predict future events or behaviors
Market segmentation - ANSWER✔✔ The process of identifying and dividing the
groups within a market that shares needs and characteristics and that will
respond similarly to a marketing action
Target marketing - ANSWER✔✔ Focusing marketing efforts on a specific group of
consumers
Niche marketing - ANSWER✔✔ A type of marketing that focuses on specific types
of buyers who are a subset of a larger market
Market segment selection considerations - ANSWER✔✔ Accessible, Substantial
and Responsive
Product Development Steps - ANSWER✔✔ Opportunity assessment
Development of policy form, underwriting and pricing
Business forecast/Sales potential
Regulatory requirements
Distribution requirements
Intoroduction/Advertising and Sales promotion
Distribution system - ANSWER✔✔ The necessary people and physical facilities to
support the sale of insurance products and services
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