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
Insurance marketed through advertising in such media as newspapers, magazines, television, and radio. The mail is used to collect the application and distribute the policy. An insurance ...
Theory that the probability that two independent events will occur is equal to the probability that one independent event will occur times the probability that a second independent event ...
Failure to act with the legally required degree of care for others, resulting in harm to them. ...
Quantitative measurement of the total costs (losses, risk control costs, risk financing costs, and administration costs) associated with the risk management function, as compared to a ...
Arrangement whereby an insurance company agrees to pay specified health care service vendors a predetermined sum for providing such services to the covered individuals. ...
Coverage for motorized vehicles, each of which requires separate policies for property damage and liability exposures. Motorized vehicles are not covered under a homeowners insurance policy ...
Exception in general liability policies for all expenses associated with product recall. In recent years, there have been increasing instances of federal recalls. In addition, there have ...
Annuity modified joint life and survivorship annuity under which the income payments are reduced to one-half or two-thirds of the initial income amounts upon the death of the first ...
Annuity that guarantees that a specific sum of money will be paid in the future, usually as monthly income, to an annuitant. For example, a $1000-a-month income benefit will be paid as long ...
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