What is a unique combination of benefits received by targeted buyers that will satisfy their needs? Value chain Unique selling proposition (USP) Customer value proposition (CVP) Brand equity

Customer value proposition (CVP)

What are the steps in the marketing process? Develop product, set price, distribute product Create brand, advertise, sell product Identify consumer needs, manage marketing mix, reach potential consumers Conduct market research, analyze data, implement strategy

Identify consumer needs, manage marketing mix, reach potential consumers

What are the different orientations in the evolution of business philosophies? Research, development, testing, launch Product, price, place, promotion Production, sales, marketing, relationship marketing Planning, organizing, leading, controlling

Production, sales, marketing, relationship marketing

What are the Five Rights and Duties of the First Named Insured in an insurance policy? Authorized to cancel, receive notice of cancellation, make changes without insurer consent, responsible for payment of all premiums, payee for return premiums Authorized to cancel, receive notice of cancellation, make changes with insurer consent, responsible for payment of all premiums, not payee for return premiums Authorized to cancel, receive notice of cancellation, make changes with insurer consent, responsible for payment of some premiums, payee for return premiums Authorized to cancel, receive notice of cancellation, make changes with insurer consent, responsible for payment of all premiums, payee for return premiums

Authorized to cancel, receive notice of cancellation, make changes with insurer consent, responsible for payment of all premiums, payee for return premiums

Which of the following are Common Policy Conditions in an insurance policy? Cancellation, Changes, Examination of Your Books and Records, Inspections and Surveys, Premiums, Transfer of your rights and duties Cancellation, Changes, Examination of Your Books and Records, Inspections and Surveys, Premiums, Transfer of your rights and duties, Coverage Extensions Cancellation, Changes, Examination of Your Books and Records, Inspections and Surveys, Premiums, Transfer of your rights and duties, Endorsements Cancellation, Changes, Examination of Your Books and Records, Inspections and Surveys, Premiums, Transfer of your rights and duties, Additional Coverages

Cancellation, Changes, Examination of Your Books and Records, Inspections and Surveys, Premiums, Transfer of your rights and duties

Can the first named insured transfer their rights and duties under the policy without the insurer's consent? No, never Only with verbal consent from the insurer Yes, without any consent Only with the insurer's written consent

Only with the insurer's written consent

What does the commercial property coverage part declarations include? Effective date, Named insured, Description of Premises, Location, Construction, Occupancy, Endorsements Effective date, Named insured, Description of Premises, Location, Construction, Occupancy, Coverage Extensions Effective date, Named insured, Description of Premises, Location, Construction, Occupancy, Additional Coverages Effective date, Named insured, Description of Premises, Location, Construction, Occupancy

Effective date, Named insured, Description of Premises, Location, Construction, Occupancy

What are the 3 Categories of The Building and Personal Property Coverage Form? Building, Your business personal property, Personal Property of others Building, Your business personal property, Personal Property of others, Endorsements Building, Your business personal property, Personal Property of others, Additional Coverages Building, Your business personal property, Personal Property of others, Coverage Extensions

Building, Your business personal property, Personal Property of others

According to Part A Coverage, which of the following is not considered your business personal property? Office furniture Machinery and equipment permanently installed in the building Inventory Computers

Machinery and equipment permanently installed in the building

What is the purpose of Additional Coverages in an insurance policy? Extends the policy period Offers limited protection against specific types of losses or costs related to covered losses that would otherwise not be covered under the policy Provides full protection against all types of losses Covers only the deductible amount

Offers limited protection against specific types of losses or costs related to covered losses that would otherwise not be covered under the policy

Which statement about treaty reinsurance is true regarding financial capacity? Under an excess-of-loss treaty, the reinsurer pays losses in full only if they are less than the ceding insurer's retention limit. Using a quota-share treaty increases the ceding insurer's unearned premium reserve. Using a reinsurance pool provides financial capacity to write large amounts of insurance. Under a surplus-share treaty, 100 percent of the ceding insurer's liability must be transferred to the reinsurer.

Using a reinsurance pool provides financial capacity to write large amounts of insurance.

What does the unearned premium reserve of an insurer represent? an asset representing the investments made with premium income the portion of the insurer's net worth belonging to policyowners a liability representing the unearned portion of gross premiums on outstanding policies a liability representing claims that have been filed, but not yet paid

a liability representing the unearned portion of gross premiums on outstanding policies

What is the liability called on a property and liability insurance company's balance sheet for costs associated with settling and paying reserved claims? pre-paid expense reserve unearned premium reserve loss adjustment expense reserve loss reserve

loss adjustment expense reserve

Which statement about the combined ratio is true? It is equal to the loss ratio minus the expense ratio. A combined ratio greater than 1 (or 100 percent) means an underwriting loss has occurred. The combined ratio considers the company's investment income. A combined ratio less than 1 (or 100 percent) indicates an underwriting loss has occurred.

A combined ratio greater than 1 (or 100 percent) means an underwriting loss has occurred.

What are the 5 core aspects of marketing? Marketing affects various stakeholders, satisfies customer needs and wants, entails an exchange, creates value through product, price, place, and promotion decisions, and can be performed by individuals and organizations. Marketing is only about digital platforms, does not involve physical products, is only for B2C interactions, and ignores stakeholder relationships. Marketing is only about selling products, focuses solely on profit, is performed only by large corporations, and does not consider customer needs. Marketing is a one-time activity, does not involve communication, is only about advertising, and is not concerned with value creation.

Marketing affects various stakeholders, satisfies customer needs and wants, entails an exchange, creates value through product, price, place, and promotion decisions, and can be performed by individuals and organizations.