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
Additional Living Expense Insurance is a type of coverage present on several types of Homeowner’s Insurance that reimburses additional costs caused because of the insured’s ...
Coverage outside an insured's home for personal items usually carried or worn while traveling. Protection is for personal property (apparel and jewelry), not for real property or property ...
Group in which subscribing members agree to (1) regulations governing their behavior, and (2) the qualifications that reinsurance contracts ceded to them must meet in order to be ...
Interest adjusted method that measures the cost of life insurance. Named for the late distinguished actuary M. Albert Linton. This method compares a whole life policy with a combination of ...
Excess of the value of an insurer's admitted assets over the total value of its liabilities and minimum capital requirements established by applicable statutes designed to assure the ...
Type of accounting method, in life insurance, designed to match revenues and expenses of an insurer according to principles designed by the Financial Accounting Standards Board and the ...
Money paid through state and federal programs to workers who are temporarily unemployed. The program, which was created by the social security act of 1935, is managed by the individual ...
Arrangement by which a policy owner authorizes an insurance company to draft his checking account for premiums due on an insurance policy. The drafting is usually monthly, persistency of ...
Future benefits to be paid to the policyholders and beneficiaries, assigned surpluses, and miscellaneous debts. These primary liabilities take the form of reserves, which must be listed on ...
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