LOMA 291 Module 2|| QUESTIONS & ANSWERS|| VERIFIED 100%
15 views 0 purchase
Course
LOMA 291 Module 2
Institution
LOMA 291 Module 2
Omnichannel distribution - ANSWER A form of distribution that enables personalized sales to customers through multiple, integrated communication channels.
Common ways to engage with customers - ANSWER - Face to Face
- Phone
- Direct Mail or Email
- Online
- Print and Broadcast Media
- Works...
LOMA 291 Module 2||
QUESTIONS &
ANSWERS|| VERIFIED
100%
Omnichannel distribution - ANSWER A form of distribution that enables personalized sales to customers
through multiple, integrated communication channels.
Common ways to engage with customers - ANSWER - Face to Face
- Phone
- Direct Mail or Email
- Online
- Print and Broadcast Media
- Worksite Marketing
- Location Selling
Face to Face - ANSWER Financial professionals commonly meet face-to-face with potential customers,
often referred to as prospects. Financial professionals follow a fairly typical sales process during a series
of meetings.
During these face-to-face meetings, the financial professional:
, Identifies the prospect's financial needs
Develops a proposal that recommends one or more insurance products to meet the identified needs
Presents the proposal to the prospect in hopes of completing a sale
If the sale is successful, assists the customer in applying for the product, submits the application to the
insurer, and, in some instances, delivers the policy to the customer
Prospects - ANSWER A potential customer for an insurer's products or services.
Phone - ANSWER Insurers and financial professionals can use telephones to share information with
customers and prospects. Sometimes, the customer will initiate the contact...
Examples of voluntary benefits
include:
Life insurance
Disability insurance
Accident insurance
Critical illness insurance
Long-term care insurance
ID theft protection
Legal services
Financial counseling
Worksite Marketing definition - ANSWER A method for distributing voluntary benefits to people at their
place of work.
Voluntary Benefits - ANSWER Individual or group insurance or other financial products offered through
an employer, but paid for by the covered employee, usually through payroll deduction.
, Location selling - ANSWER Some insurance companies also sell insurance products through a method
known as location-selling. These locations can be staffed by a financial professional or offer self-service
options for customers.
Location-selling systems may be located in businesses such as department stores, big box stores, grocery
stores, and funeral homes.
Location selling system - ANSWER A method for distributing insurance products that is designed to
generate customer-initiated sales at an office or information kiosk in a store, shopping mall, or other
non-insurance business establishment.
Which of the following enables personalized sales to customers through multiple, integrated
communication channels?
a. Omnichannel distribution
b. Worksite marketing
c. Location-selling - ANSWER A. - Omnichannel distribution is the term generally used for distribution
that enables personalized sales to customers through multiple, integrated communication channels.
Which of the following are examples of products that can be offered as voluntary benefits? Choose all
that apply.
Life insurance
Disability income insurance
Accident insurance
Critical illness insurance
Long-term care insurance - ANSWER All of them- All of the above benefits are examples of voluntary
benefits. Some financial professionals engage in worksite marketing to distribute these benefits.
Submit
The first step in a series of face-to-face meetings with a prospect is for the financial professional to
present the proposal in hopes of completing the sale.
a. True
, b. False - ANSWER B. - One of the first steps in engaging face-to-face with a prospect is for the financial
professional to identify the prospect's financial needs. A competent and ethical financial professional
normally would not present a proposal without first understanding the prospect's needs.
distribution systems - ANSWER The method an insurance company uses to connect its products or
services with the potential customers who might want or need them.
Direct distribution system - ANSWER A distribution system in which the insurance company owns the
distribution system and communicates directly with the customer.
Intermediary distribution system - ANSWER A system in which the insurance company relies on external
individuals and organizations to connect with the customer.
direct sales force - ANSWER Financial professionals directed by an insurer who distribute the insurer's
products.
agent - ANSWER A company employee or independent contractor who is authorized to act on behalf of
an insurance company in selling insurance products.
agency contract - ANSWER A written agreement that outlines the agent's role and responsibilities and
the agent's compensation.
Career agent - ANSWER An agent who is under a full-time contract with an insurer to sell primarily that
insurance company's life, health, and annuity products. Also known as a captive agent.
Multiple-line exclusive agents (MLEAs) - ANSWER An agent who sells life insurance, health insurance,
annuities, and property-casualty products for one insurance company, with the majority of sales being
property-casualty products.
salaried sales representatives - ANSWER A company employee who is paid a salary for making insurance
sales and providing sales support.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller shantelleG. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
