Marketing
Creation of a demand for a company's products, its distribution, and services for customers who purchase that product. Actuarial research and development, underwriting efficiency, and claim payment promptness is of little value if no one is willing to purchase insurance products. Agency and marketing departments are the focus of all sales activity within an insurance company, and touch every aspect of a company by generating premium income for securities, real estate, and mortgage investments; sales for review by the underwriting department and their issuance by policyholder services; need for data storage and retrieval by the company's data processing center; legal analysis and decisions by the law department; and need for corporate planning.
Popular Insurance Terms
Market in which buyers dominate trading and force financial asset prices up. ...
Inability to divide a cash value life insurance policy into a savings element and a protection element because, in theory, if the policyowner withdraws a portion or ail of the cash value, ...
Distribution of assets if a pension plan is terminated. The allocation is made by either: refunding all of an employee's contributions, plus interest; establishment of classes of employees ...
Legislation that makes an establishment and/or individual selling liquor responsible for injuries caused by its customers to third parties. The best known law governing dispensation of ...
Contractual rights to a stipulated percentage of the increase in the value of an insurance agency over a given future period of time. They are used to convey a percentage of the increase in ...
Service under the auspices of the medical information bureau (MIB) that provides the insurance company with nonmedical information concerning the APPLICANT for DISABILITY INCOME INSURANCE. ...
Condition surrounding a work environment that increases the probability of death, disability, or illness to a worker. This class of hazard is considered when writing workers COMPENSATION ...
Interruption of insurance provided for in most property insurance policies under circumstances where a substantial increase in hazard has arisen with the knowledge or control of the ...
Legislation passed in California that establishes procedures applicable to any worker who incurs a job-related injury. This act has far-reaching implications for workers compensation ...
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