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CPCU 520 Chapter 3

CPCU 520 Chapter 3 Insurance Marketing and Distribution

TermDefinition
Focus group a small group of customers or potential customers brought together to provide opinions about a specific product, service, need or other issue
Predictive analytics statistical and analytical techniques used to develop models that predict future events or behaviors
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.
Target marketing focus marketing efforts on a specific group of buyers who are a subset of a larger market
Niche marketing a type of marketing that focuses on specific types of buyers who are a subset of a larger market
Distribution system the necessary people and physical facilities to support the sale of insurance products and services
Agency expiration list the record of an insurance agency's present policyholders and the dates their policies expire
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
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
Affinity marketing a type of group marketing that targets various groups based on profession, association, interests, hobbies and attitudes
Cold canvass contacting a prospect without an appointment.
Created by: CHahnCPCU