Marketing
Definition of "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
Refusal by an insurance company to underwrite a risk. ...
Type of guaranteed investment contract in which the interest rate credited is tied to an external index such as the United States Treasury Bond Index. ...
In many property insurance policies, a requirement that the insured carry insurance as a percentage of the total monetary value of the insured property. If this percentage is not carried, ...
Approach to derive trend lines that can be applied to rating insured losses. Other methods require substantial preliminary operations to solve systems of equations of several unknowns. The ...
Business involved in buying and selling securities and mutual funds. ...
Liability Insurance is a type of coverage present in Home Insurance as well as other fields of insurance. In Real Estate, Liability Insurance refers to coverage protecting the insured from ...
To accumulate. For example, under one of the dividend options of a participating life insurance policy, dividends can accumulate at interest by leaving them with the insurance company; cash ...
Same as term Commercial Package Policy (CPP): insurance policy that is commercial lines in orientation and is composed of two or more of the following coverages: commercial property, ...
Same as term Basic Limit of Liability: required minimum amounts of coverage that an insurance company will underwrite. For example, for auto liability coverage the minimum that many ...
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