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
Premium paid at the time a policy goes into effect. With some policies, such as group health insurance, premiums are subject to adjustment at the end of the policy period to reflect loss ...
Provision in health insurance under which an insured disabled person is required to undertake (and is reimbursed for) expenses associated with vocational rehabilitation for retraining to ...
Contribution whose purpose is to increase funding of underfunded pension plans. It is part of the calculation that is made to arrive at the plan's minimum funding requirement. Usually a ...
disposition of a claim or policy benefit. Policies may specify time limits for payment of claims or benefits and designate various methods of settlement at the option of the insurer or the ...
in life insurance, receipt by a company of an insurance application accompanied by the first premium. in property and casualty insurance, a company's receipt of an application. ...
Deliberate act or omission. These torts include trespass an individual enters property owned or in the possession of another without permission; conversion an individual exerts control and ...
Arrangement between the seller and the buyer in which the buyer has the right to buy (call option) or sell (put option) a security at some time in the future at a price stipulated at ...
Additional coverage available on most property insurance policies through the extended coverage endorsement. Windstorms, including hurricanes, cyclones, and high winds, are not among the ...
Sum it takes to replace an insured's damaged or destroyed property with one of like kind and quality, equivalent to the actual cash value, minus physical depreciation (fair wear and tear) ...
Have a question or comment?
We're here to help.