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
That which adjoins. Most property insurance policies such as the homeowners insurance policy provide structural coverage on an adjacent building on the same basis as the primary building. ...
Procedure to minimize the adverse effect of a possible financial loss by (1) identifying potential sources of loss; (2) measuring the financial consequences of a loss occurring; and (3) ...
One that combines the two forms of ownership, stock and mutual. A stock insurance company is owned by stockholders, whereas a mutual insurance company is owned by its policyholders. A mixed ...
Effective January 4, 1994, the backup withholding rate on dividends, interest, and gross proceeds distributions increased from 20% to 31%. Backup withholding applies in the following ...
Right of a policyholder in life insurance with cash value to elect a smaller, fully paid-up policy, without any further premiums to pay. The amount of the paid-up policy is determined by ...
Policy not designed to pay the policyowner a dividend. ...
Coverage provided by the pension benefit guaranty corporation (pbgc) that guarantees participants a certain level of pension benefits even if the plan terminates without assets. The PBGC ...
Policy that is the opposite of the traditional split dollar life insurance policy in that: the employee is the policyowner and as such can exercise all ownership rights inherit to that ...
Coverage in which premiums are collected monthly on an ordinary life insurance policy. ...
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