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
Ending a pension plan at the election of an employer or sponsor. The employer has the unilateral right to change or terminate a pension plan at any time. However, the termination must meet ...
Document used to sign up employees for plans such as salary savings, life insurance, or other employee benefits. ...
Peril that occurs when personal property of two or more people is mixed to such an extent that any one owner can no longer identify his or her property. ...
Insurance sold by a stock insurance company that is usually in the form of nonparticipating insurance. ...
Situation involving a chance of a loss or no loss, but no chance of gain. For example, either one's home burns or it does not; this risk is insurable. ...
provision in a CASH VALUE INSURANCE policy that an insured will receive the equity in some form even if the insurance is canceled. vested benefit to a retirement plan participant. It is ...
Policy that has many similar characteristics to that of the survivor-ship annuity in that the annuitant receives a predetermined monthly income benefit for life upon the death of the ...
Insurance company that is licensed by a state to market and service particular lines of insurance in that state. ...
Condition in which life insurance sales increase at a rate greater than the general rate of growth of the economy. As a society moves from an agriculture-based economy to an industry-based ...
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