On the day Tom becomes eligible for insurance, he leaves work to take his expectant wife to the hospital. What will happen regarding his certificate of insurance? Will receive his certificate of insurance since he was not off work due to illness Will have to reapply for insurance Will receive a temporary certificate Will not receive his certificate due to absence

Will receive his certificate of insurance since he was not off work due to illness

Tom advised his employer that he would reduce his work hours after his child's birth. In this case, Tom _____. Remains eligible for full benefits Must reapply for benefits Is not eligible because he is no longer a full-time employee Will receive partial benefits

Is not eligible because he is no longer a full-time employee

For a contributory plan, if an employee does not apply within the eligibility period, he or she _____. May be required to take a medical exam even for a non-medical plan Will automatically be enrolled Can apply without any conditions Will lose eligibility permanently

May be required to take a medical exam even for a non-medical plan

Which of the following is not a circumstance under which a company will pay a death claim for less than the face amount? When premiums are unpaid When the policyholder dies in a war zone When the age of the insured has been overstated at the time the policy was issued When the policyholder commits fraud

When the age of the insured has been overstated at the time the policy was issued

An individual who has contributory group life insurance coverage at work typically enjoys _____ compared to individual insurance. lower premiums and usually doesn't have to prove insurability higher premiums and must prove insurability the same premiums but with more benefits fewer benefits but lower premiums

lower premiums and usually doesn't have to prove insurability

What is another name for Social Security benefits? _____ insurance. Medicare Medicaid Unemployment Old age, survivors, and disability

Old age, survivors, and disability

Which of the following are considered major advertising decisions? Objective Setting, Budget decisions, Message/media decisions, advertising evaluation Market segmentation, Product development, Pricing strategy, Distribution channels Supply chain management, Inventory control, Quality assurance, Customer service Customer feedback, Brand loyalty, Sales forecasting, Market research

Objective Setting, Budget decisions, Message/media decisions, advertising evaluation

What is an advertising objective and what types can it include? A market expansion strategy; Global, regional, local, niche A creative vision for the brand; Artistic, innovative, traditional, modern A financial goal for the advertising campaign; Cost-effective, budget-friendly, high-impact, low-cost Task to be accomplished with a target audience during a period of time; Informative, persuasive, comparative, reminder

Task to be accomplished with a target audience during a period of time; Informative, persuasive, comparative, reminder

Which methods are used for setting an advertising budget? Market analysis, consumer surveys, competitor analysis, trend forecasting Cost-plus pricing, value-based pricing, penetration pricing, skimming pricing Product lifecycle, brand positioning, customer loyalty, market share Affordable method, percentage of sales method, competitive parity method, objective and task method

Affordable method, percentage of sales method, competitive parity method, objective and task method

What does the affordable method entail in setting an advertising budget? Allocates a fixed percentage of profits to advertising Sets the promotion budget at the level the management thinks the company can afford Matches the advertising budget to the largest competitor Bases the budget on the previous year's sales figures

Sets the promotion budget at the level the management thinks the company can afford

How is the percentage of sales method used in setting an advertising budget? Allocates a fixed amount for each product sold Bases the budget on the number of new customers acquired Determines the budget based on market share growth Sets the promotion budget at a certain percentage of current or forecasted sales

Sets the promotion budget at a certain percentage of current or forecasted sales

What is the competitive parity method in advertising budgeting? Bases the budget on competitor's advertising frequency Sets the promotion budget to match competitor's outlays Allocates funds based on industry averages Determines budget by analyzing competitor's market share

Sets the promotion budget to match competitor's outlays

Describe the objective and task method for setting an advertising budget. Allocates a fixed budget based on historical spending Sets budget based on the CEO's discretion Uses a random allocation method for budget distribution Develops budget by defining promotion objectives, determining the tasks needed, and estimating the costs

Develops budget by defining promotion objectives, determining the tasks needed, and estimating the costs

What are the key components of developing an advertising strategy? Product design, pricing strategy Customer service, distribution channels Message and brand content, media Market research, competitor analysis

Message and brand content, media

What does message strategy involve in developing an advertising strategy? The distribution channels for the product. The customer service approach. Message that will be communicated to consumers. The pricing strategy for the product.

Message that will be communicated to consumers.

How is the message strategy executed in advertising? Focus on product features and benefits Emphasize customer testimonials and reviews Appeal to viewer through emotional or informational/rational tactics Highlight the company's history and achievements

Appeal to viewer through emotional or informational/rational tactics

What is the purpose of the Long Term Care Insurance Partnership? Encourage people to invest in health savings accounts. Encourage people to purchase more life insurance policies. Encourage people to buy more property insurance. Encourage people to preserve a portion of their personal assets while being eligible for Medicaid long term care coverage.

Encourage people to preserve a portion of their personal assets while being eligible for Medicaid long term care coverage.

Under what condition may an insurer pay commissions directly to the agency rather than to the agents? Each person who sells insurance is a licensed agent. The agency has been in operation for over 10 years. The agency has a special agreement with the insurer. The agents have requested direct payment to the agency.

Each person who sells insurance is a licensed agent.

The Georgia life insurance Replacement Rules apply to each of the following EXCEPT: Whole life policies Term life policies Credit life and Group life policies Universal life policies

Credit life and Group life policies

Which of the following may NOT receive an agency license? Corporation Limited Liability company An unlicensed corporate officer Partnership

An unlicensed corporate officer

An agent may split commissions with whom? Any agent in the same state Any agent within the same agency Any agent licensed with the same line of insurance Any licensed agent

Any agent licensed with the same line of insurance

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