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
Time frame during which an annuitant receives income payments from the insurance company, usually on a monthly basis. The obligations of the company to the annuitant during the liquidation ...
Value in life insurance policies that entitle the insured to these choices: to relinquish the policy for its CASH SURRENDER VALUE. (Note that in the beginning years the cash value may be ...
Coverage for less than one year in duration. ...
Reckless action without regard to life, limb, and/or property; for example, driving 100 miles per hour on a road or highway. ...
Independent, nonprofit, membership hospital plan. Benefits provided include coverage for hospitalization expenses subject to certain restrictions: for example, semiprivate room only. A ...
Decision in the absence of a plaintiff or defendant at the specified court time. ...
Term meaning that an exporter of goods that are damaged or destroyed during international shipment relinquishes responsibility for the damage or destruction once the goods leave the point ...
Endorsement to a homeowners insurance policy or a personal automobile policy (pap) that covers physical damage to a snowmobile wherever it happens to be. Coverage can be on named peril or ...
Document setting out the responsibilities of a borrower, such as a corporation issuing bonds, and the powers of a trustee who will be looking after the interests of the bondholders. ...
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