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CPCU 520-03

Chapter 3

QuestionAnswer
Marketing System sys. that directs and facilitates the design, dev, sale and support of product or service.
Distribution Channel channel used by producer of a product or service to txfr that product or servc to the ulr. customer
Actual Authority auth -expressed or implied- conferred by the princ. or an agnt under agency contract
Apparent Authority auth. that arises from a third party's reasonable belief based on appearances created by a principal that an agent has auth.to act on behalf of agt.
Independent Agcy & Brokerage Markting Sys. an ins. marketing system under which producers who are ind. contractors sell ins. usually as reps for several unrelated insurers.
Managing General Agents (MGAs) ind. biz orgs that function like branch ofc. for one or more ins. and appt and supervise ind. agents and brokers for ins. using ind. agency and brokerage system.
Excess and Surplus Lines Brokers persons or firms that place biz with nonadmitted ins. b/c nothing available in standard market
Exclusive Agency marketing System agents contract to sell ins. exclusively for one ins. or for an assoc. group of ins.
Direct Writer Marketing System an ins. marketing system using sales agents who direct emp of insurer
Cold Canvass Cold Calling
Agency Bill a payment procedure in which the producer sends prem. bills to the insured, collects and sends to insurer, less comm.
Direct Bill a payment procedure in which an insurer sends prem. bills to the insrd., collects the premium, and sends any commision payable on the premium collected to the producer.
Alternative Distribution Channels dist. channels used by ins. that elect not to use agency force to obtain cust. freq. use tech driven channels.
Direct Response Distribution Channels an ins. distribution channel that markets directly to the customer through such distribution channels as mail, tele. internet
Affinity Marketing a type of marketing that targets various groups based on prof. assoc. intrests, hobbies. etc.
Created by: holl6425
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