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LOMA 291 Module 2 EXAM 2024 QUESTIONS & ANSWERS 100% ACCURATE!!
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Omnichannel distribution - ANSWERA 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 - Worksit...

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  • August 27, 2024
  • 62
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • loma 291 module 2 exam 2024 questions answers 10
  • loma 291 module 2 exam 2024 stuvia
  • omnichannel distribution answera form of distri
  • common ways to engage with customers answer fac

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  • LOMA 291
  • LOMA 291

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LOMA 291 Module 2 EXAM 2024 QUESTIONS &
ANSWERS 100% ACCURATE!!

Omnichannel distribution - ANSWERA 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 - ANSWERFinancial 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 - ANSWERA potential customer for an insurer's products or services.



Phone - ANSWERInsurers and financial professionals can use telephones to share information with
customers and prospects. Sometimes, the customer will initiate the contact...

,Direct Mail or Email - ANSWERAn insurer or financial professional using direct mail or email
distributes insurance sales materials through a mail service directly to a list of prospective customers.
These mailings can be physical letters, brochures, or flyers mailed to the prospect or emails sent to a
distribution list. The target market for direct mail might be readers of a particular publication or
holders of a particular credit card.



For paper mail, the sales materials usually consist of an introduction letter, a brochure that describes
a particular product, an insurance or annuity application, or an inquiry form the customer can use to
request further information about the product. For email, the insurer provides links to similar items
on the insurer's website.



Online - ANSWERMost insurers' websites provide information and self-service options and promote
products that can satisfy needs. Insurers also advertise their products through third-party websites
and social media. Consumers using these websites may contact the company by telephone, email, or
web chat to ask questions or purchase a product. Often, insurers put these consumers in contact
with a financial professional.

Financial professionals may also use websites and social media to engage with customers directly.



Print and Broadcast Media - ANSWERAn insurer or financial professional may use printed
publications, such as magazines or newspapers, to describe a particular product and generate
interest in that product. Insurers can try to reach a particular target market by printing
advertisements in newspapers in certain geographical areas or in magazines that appeal to certain
demographics. For example, an advertisement for an annuity product designed for people age 62 or
older might appear in a magazine for retired people.

An insurer can use radio, television, or video streaming sites to disseminate an advertising message
over a wide area to a large, generally undifferentiated audience. However, selecting certain programs
or times of the day in which to advertise does allow an insurer some selectivity. For example, a life
insurance product might be advertised on television between the hours of 8 and 10 p.m. when newly
married couples or young parents are likely watching television.



Worksite Marketing - ANSWERFinancial professionals sometimes engage in worksite marketing to
distribute voluntary benefits. Usually, the employer collaborates with the financial professional to
promote voluntary benefits to employees.



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




distribution systems - ANSWERThe method an insurance company uses to connect its products or
services with the potential customers who might want or need them.



Direct distribution system - ANSWERA distribution system in which the insurance company owns the
distribution system and communicates directly with the customer.



Intermediary distribution system - ANSWERA system in which the insurance company relies on
external individuals and organizations to connect with the customer.



direct sales force - ANSWERFinancial professionals directed by an insurer who distribute the insurer's
products.



agent - ANSWERA company employee or independent contractor who is authorized to act on behalf
of an insurance company in selling insurance products.



agency contract - ANSWERA written agreement that outlines the agent's role and responsibilities and
the agent's compensation.



Career agent - ANSWERAn 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) - ANSWERAn 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 - ANSWERA company employee who is paid a salary for making
insurance sales and providing sales support.



group representatives - ANSWERSalaried insurance company employees specifically trained in the
techniques of marketing and servicing group products.



direct to consumer (D2C) sales - ANSWERNon-face-to-face distribution programs directed by the
insurance company.



response rate - ANSWERThe percentage of targeted customers who respond to a direct-to-consumer
sales approach.



Companies use different types of professionals to sell their products. Can you distinguish among
them?



Brian Delange maintains his own office where he sells a variety of products—annuities and life,
health, and p/c insurance—for XYZ Insurance Group. Brian is a



a. Career agent

b. Multiple-line exclusive agent

c. Salaried sales representative - ANSWERB. - Brian is most likely a multiple-line exclusive agent,
which is 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.



Companies use different types of professionals to sell their products. Can you distinguish among
them?

Worksite Marketing definition - ANSWERA method for distributing voluntary benefits to people at
their place of work.



Voluntary Benefits - ANSWERIndividual or group insurance or other financial products offered
through an employer, but paid for by the covered employee, usually through payroll deduction.



Location selling - ANSWERSome 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.

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