1
Q
Process by which a potential/current plan sponsor or its advisor solicits proposals/bids from insurers for the purpose of implementing a new or modified group benefits plan.
A
group insurance marketing
2
Q
A type of marketing
where the plan
sponsor deals
directly with insurers.
A
direct marketing
3
Q
A type of marketing
where a plan sponsor
uses an agent, broker,
or consultant.
A
indirect marketing
4
Q
An individual or organization who deals directly with an insurer on behalf of a plan sponsor.
A
intermediaries
5
Q
Various approaches used by insurers to pay advisors.
A
commission scales
6
Q
A marketing process which begins with an advisor/plan sponsor conducting preliminary interviews with insurers to narrow the selection to three insurers.
A
negotiated placement
7
Q
A marketing process where a public announcement is made to all eligible insurers through a request for proposal (RFP).
A
open bidding
8
Q
A marketing process where the plan sponsor prescreens potential participants and selects specific insurers before the actual marketing is done.
A
closed bidding
9
Q
Cultivating a relationship with a plan sponsor that may need help introducing or improving its group insurance plan.
A
prospecting
10
Q
A key tool in the marketing process used by advisors to communicate benefits needs and necessary information to insurers for purposes of gathering proposals.
A
request for proposal RFP
11
Q
Proposal criteria including competitiveness of premium rates, retention guarantees, nonevidence and overall benefit maximums
A
quantitative criteria
12
Q
Proposal criteria including proposal quality, the insurer’s reputation and its ability to underwrite the benefits as requested, and its ability to provide requested benefits/services.
A
qualitative criteria
13
Q
A document prepared by an advisor for a plan sponsor, which includes details such as a summary of the results of the qualitative and quantitative analyses, usually prepared in a matrix format.
A
marketing report
14
Q
When insurer account executives of each insurer presents proposals to the plan sponsor and advisor for larger groups.
A
finalist presentation
15
Q
A request for group insurance coverage by a prospective contract holder that initiates the procedures necessary to put the plan into effect.
A
master application
16
Q
The process of explaining the benefits plan and having individuals complete an enrollment form.
A
enrollment
17
Q
A post-sale phase of marketing that includes enrolling plan members, preparing and issuing group documents, preparing financial agreements, and preparation of the first bill.
A
installation
18
Q
The interjurisdictional association of insurance regulators, mandated to facilitate and promote an efficient and effective insurance regulatory system.
A
canadian council of insurance regulators CCIR
19
Q
The interjurisdictional group of regulating authorities who are dedicated to developing consistent standards and qualifications and practices for insurance intermediaries.
A
Canadian insurance servives reulatory organizations CISRO
20
Q
The principle that a recommended product or service must be appropriate for the client’s needs.
A
needs based sales practices
21
Q
A voluntary non-profit association that represents the collective interests of its member life and health insurers.
A
canadian life and health insurance assostiation CLHIA
GBA1
flashcards
Decks in class (12)
# Cards
