Social Science Business Insurance
1: Marketing Personal Lines Products
Save
Students also studied
2: Analyzing Personal Auto Risks CPCU 555 Chapter 3 Assessing Residential Pro... Chapte
13 terms 65 terms 23 terms 8 terms
dfaust22 Preview madison76732 Preview RossStrue Preview Ros
Many insurers allow customers to pay premiums by B. It improves retention because customers tend to be less sensitive about
having the insurer automatically deduct them from the renewal dates and less likely to shop for coverage.
customers' accounts. Which one of the following
statements is correct with respect to automatic
deduction?
Select one:
A. It can cause customers to move their insurance to
another insure because they see the automatic deduction
as an inconvenience.
B. It improves retention because customers tend to be
less sensitive about renewal dates and less likely to shop
for coverage.
C. It can harm customer loyalty because consumers
generally do not want companies having access to their
bank accounts.
D. Automatic premium deduction increases an insurer's
expenses resulting in higher premium payments for
policyholders.
Insurance Company (IC) is trying to discover why the D. Retaining high-risk customers is easier than finding new low-risk customers.
company is continually losing customers. Accordingly,
which one of the following will IC correctly conclude?
Select one:
A. Customers' lifestyle changes do not generally impact
retention rates.
B. Offering coverage in all states provides little help with
retention.
C. Rate changes help retain customers.
D. Retaining high-risk customers is easier than finding new
low-risk customers.
, All of the following are benefits for insurers operating in A. Standardized licensing and rate/form filing requirements
the national market, EXCEPT:
Select one:
A. Standardized licensing and rate/form filing
requirements
B. Building and maintaining customer loyalty
C. Geographically spreading risk
D. Name recognition
An insurer should take which one of the following actions D. Contact policyholders and claimants immediately
to reduce claim expenses for losses that have already
occurred?
Select one:
A. Defer payments by requesting more information
B. Avoid attempts at subrogation
C. Avoid outsourcing claim investigation
D. Contact policyholders and claimants immediately
Personal lines insurers must respond to the needs and B. A customer's need for products and services
wants of their customers. Which one of the following is
most likely to change over time?
Select one:
A. A customer's expectation of easy-to-understand
policies
B. A customer's need for products and services
C. A customer's desire for affordable coverage
D. A customer's demand for prompt, accurate service
Which one of the following best describes why some C. To provide low-cost options to price-sensitive customers
insurers design products from which coverages or
services have been eliminated?
Select one:
A. To gain a competitive advantage over other insurers
B. To maximize flexibility for customers in affinity
marketing groups
C. To provide low-cost options to price-sensitive
customers
D. To increase profits by lowering operating costs and
expenses
Taunton Insurance has identified teachers as loyal C. Group market
customers with a low frequency of auto and homeowners
losses. The insurer has decided to target teachers by
offering discounts and premium payment through payroll
deduction. Which one of the following types of market
segmentation has Taunton Insurance selected?
Select one:
A. Regional market
B. National market
C. Group market
D. Niche market
1: Marketing Personal Lines Products
Save
Students also studied
2: Analyzing Personal Auto Risks CPCU 555 Chapter 3 Assessing Residential Pro... Chapte
13 terms 65 terms 23 terms 8 terms
dfaust22 Preview madison76732 Preview RossStrue Preview Ros
Many insurers allow customers to pay premiums by B. It improves retention because customers tend to be less sensitive about
having the insurer automatically deduct them from the renewal dates and less likely to shop for coverage.
customers' accounts. Which one of the following
statements is correct with respect to automatic
deduction?
Select one:
A. It can cause customers to move their insurance to
another insure because they see the automatic deduction
as an inconvenience.
B. It improves retention because customers tend to be
less sensitive about renewal dates and less likely to shop
for coverage.
C. It can harm customer loyalty because consumers
generally do not want companies having access to their
bank accounts.
D. Automatic premium deduction increases an insurer's
expenses resulting in higher premium payments for
policyholders.
Insurance Company (IC) is trying to discover why the D. Retaining high-risk customers is easier than finding new low-risk customers.
company is continually losing customers. Accordingly,
which one of the following will IC correctly conclude?
Select one:
A. Customers' lifestyle changes do not generally impact
retention rates.
B. Offering coverage in all states provides little help with
retention.
C. Rate changes help retain customers.
D. Retaining high-risk customers is easier than finding new
low-risk customers.
, All of the following are benefits for insurers operating in A. Standardized licensing and rate/form filing requirements
the national market, EXCEPT:
Select one:
A. Standardized licensing and rate/form filing
requirements
B. Building and maintaining customer loyalty
C. Geographically spreading risk
D. Name recognition
An insurer should take which one of the following actions D. Contact policyholders and claimants immediately
to reduce claim expenses for losses that have already
occurred?
Select one:
A. Defer payments by requesting more information
B. Avoid attempts at subrogation
C. Avoid outsourcing claim investigation
D. Contact policyholders and claimants immediately
Personal lines insurers must respond to the needs and B. A customer's need for products and services
wants of their customers. Which one of the following is
most likely to change over time?
Select one:
A. A customer's expectation of easy-to-understand
policies
B. A customer's need for products and services
C. A customer's desire for affordable coverage
D. A customer's demand for prompt, accurate service
Which one of the following best describes why some C. To provide low-cost options to price-sensitive customers
insurers design products from which coverages or
services have been eliminated?
Select one:
A. To gain a competitive advantage over other insurers
B. To maximize flexibility for customers in affinity
marketing groups
C. To provide low-cost options to price-sensitive
customers
D. To increase profits by lowering operating costs and
expenses
Taunton Insurance has identified teachers as loyal C. Group market
customers with a low frequency of auto and homeowners
losses. The insurer has decided to target teachers by
offering discounts and premium payment through payroll
deduction. Which one of the following types of market
segmentation has Taunton Insurance selected?
Select one:
A. Regional market
B. National market
C. Group market
D. Niche market
