Exam (elaborations)
CPCU 520, Chapter 3 Questions And Answers With Verified Solutions Already Passed!!! (GRADED A+)
- Course
- Institution
CPCU 520, Chapter 3 Questions And Answers With Verified Solutions Already Passed!!! (GRADED A+)
[Show more]
1 review
By: rlawk02 • 2 months ago
Content preview
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
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 classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80461 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now