CPCU 520: Insurance Operations 2nd Edition/Chapter 3: Insurance Marking and Distribution

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Author:
natte
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282544
Filename:
CPCU 520: Insurance Operations 2nd Edition/Chapter 3: Insurance Marking and Distribution
Updated:
2014-11-03 18:56:36
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CPCU520 CPCU Insurance
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CPCU 520
Description:
CPCU 520: Insurance Operations/Chapter 3
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  1. Producer
    Any of several kinds of insurance personnel who place insurance business with insurers and who represent either insurers or insureds, or both.
  2. Captive insurer, or captive
    A subsidiary formed to insure the loss exposures of its parent company and the parent's affiliates.
  3. Risk retention group
    A group captive formed under the requirements of the Liability Risk Retention Act of 1986 to insure the parent organizations.
  4. Market intelligence
    Information gathered and analyzed regarding a company's markets to improve competitive decision-making.
  5. Underwriting cycle
    A cyclical pattern of insurance pricing in which a soft market (low rats, relaxed underwriting, and underwriting losses) is eventually followed by a hard market (high rates, restrictive underwriting, and underwriting gains) before the pattern again repeats itself.
  6. Focus group
    A small group of customers or potential customers brought together to provide opinions about a specific product, service, need or other issue.
  7. Predictive analytics
    Statistical and analytical techniques used to develop models that predict future events or behaviors.
  8. Market segmentation
    The process of identifying and dividing the groups within a market that share needs and characteristics and that will respond similarly to a marketing action.
  9. Target marketing
    Focusing marketing efforts on a specific group of consumers.
  10. Niche marketing
    A type of marketing that focuses on specific types of buyers who are a subset of a larger market.
  11. Distribution system
    The necessary people and physical facilities to support the sale of insurance products and services.
  12. Agency expiration list
    The record of an insurance agency's present policyholders and the dates their policies expire.
  13. Countersignature laws
    Laws that require all policies covering subjects of insurance within a state to be signed by a resident producer licensed in that state.
  14. Managing general agent (MGA)
    An authorized agent of the primary insurer that manages all or part of the primary insurer's insurance activities, usually in a specific geographic area.
  15. Direct response distribution channel
    An insurance distribution channel that markets directly to the customer through such distribution channels as mail, telephone, or the Internet.
  16. Affinity marketing
    A type of group marketing that targets various groups based on profession, association, interests, hobbies, and attitudes.
  17. Cold canvas
    Contacting a prospect without an appointment.
  18. Loss run
    A report detailing an insured's history of claims that have occurred over a specific period, valued as of a specific date.
  19. Agency bill
    A payment procedure in which a producer sends premium bills to the insured, collects the premium, and sends the premium to the insurer, less any applicable commission.
  20. Direct bill
    A payment procedure in which the insurer assumes all responsibility for sending premium bills to the insured, collecting the premium, and sending any commission payable on the premium collected to the producer.

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