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EXAM_SOLUTIONS GUARANTEED SUCCESS 2024/2025 ACADEMIC YEAR
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, ©SOPHIABENNETT EXAM SOLUTIONS Saturday, September 7, 2024 6:58 PM
LOMA 291 Module 3 Study Guide with
Complete Solutions
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
The Marketing Mix - Answer✔️✔️-To market effectively, marketing departments need to
understand the details of
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, ©SOPHIABENNETT EXAM SOLUTIONS Saturday, September 7, 2024 6:58 PM
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.
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, ©SOPHIABENNETT EXAM SOLUTIONS Saturday, September 7, 2024 6:58 PM
Product Mix - Answer✔️✔️-The assortment of products a company offers.
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
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