Definitions
Definitions
Exam Review 1
Exam Review 2
Course Guide
100
Any of several kinds of insurance personnel who place insurance business with insurers and who represent either insurers or insureds, or both.
Who is a Producer
100
Contacting a prospect without an appointment
What is Cold Canvassing
100
Daniel is an insurance underwriter with over twenty years of experience. He has worked with reinsurers, surplus lines brokers, retention plans, and various captive arrangements. What type of customer group is Daniel most likely working with?
What is a National Account. Review Question #4
100
These marketing systems and distribution channels are considered to generally be the most flexible.
What are the independent agency and brokerage system. Review question #12
100
This type of business has insurance needs described as being able to be covered by a limited amount of commercial insurance policies such as a business owners policy, a workers compensation policy, and commercial auto policies.
What is a small business. Question 1-2 in Course Guide
200
Information gathered and analyzed regarding a company's markets to improve competitive decision-making.
What is Market Intelligence
200
A type of group marketing that targets various groups based on profession, association, interests, hobbies and attitudes.
What is Affinity Marketing
200
Jancy Insurance Company has been very successful at writing homeowners insurance for over ten years. In an effort to grow its personal auto book, Jancy is offering all current homeowners policyholders a 15 percent discount on their personal auto premie. This is an example of which one of the following applications for predictive analytics?
What is Cross-selling Review Exam questions #6
200
This is the principal method for determining a prospect's insurance needs
What is Completing a Risk Management Review
200
This is an agency's most valuable asset.
What is Ownership of Expiration Lists. 3-1 in course guide
300
A cyclical pattern of insurance pricing in which a soft market is eventually followed by a hard market before the pattern again repeats itself.
What is the Underwriting Cycle
300
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.
What is Agency Billing
300
Which one of the following insurance consumer groups would have the most risk financing alternatives available to them? Individuals, National Accounts, Small Business or Middle Markets?
What is National Accounts Review Question #7
300
Martin Insurance Company targets manufacturers of specialty products. Its insureds place a high value on producer expertise, responsiveness, and confidentiality. Martin wants to expand into similar markets. Which insurance marketing distribution systems is most appropriate for Martin insurance Company?
What is Direct Writer Review Question #14
300
This basis for agency billing method involves the premium being forwarded to the insurer when the producer collects it or when it becomes due. The producer is usually not required to pay the insurer until the premium has been collected.
What is Item Basis 4-3 Course guide
400
Statistical and analytical techniques used to develop models that predict future events or behaviors.
What is Predictive Analytics
400
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.
What is Direct Billing
400
An insurer that targets large middle-market and national accounts would most likely use this type of distribution system.
What is a Broker
400
This premium collection method is generally used for personal insurance policies and small commercial accounts.
What is Direct Bill Review Question #16
400
This basis for agency billing method involves the insurer sending a statement to the producer showing the premiums that are due. The producer is obligated to pay the premiums indicated as due or to show that the statement is in error.
What is Statement Basis 4-3 Course Guide
500
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.
Who is a Managing General Agent (MGA)
500
A type of marketing that focuses on specific types of buyers who are a subset of a larger market.
What is Niche Marketing
500
This type of unique factor in the Insurance marketplace often leads to insurer insolvency, withdrawal from certain geographic markets, and reinsurance shortages.
What is Unanticipated catastrophic losses. Review Question #11
500
A business manufactures a product that is harmful to the public if used improperly. More than three licensed insurance companies have refused to provide commercial general liability coverage for the business. The producer should contact this person to attempt to arrange coverage.
Who is a Surplus Lines Broker Review question #18
500
This basis for agency billing method involves the producer periodically preparing a statement showing the premiums due to the insurer, after deducting appropriate commissions, and transmitting that amount to the insurer. The producer must pay the insurer when the premium is due, as specified in the agency contract, even if the policyholders have not paid the producer.
What is Account Current Basis 4-3 Course Guide
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