Which statement below is NOT true regarding the insurance product development process? Most companies develop their rates on best estimate actuarial assumptions. Implementation involves developing and putting in place all information and other systems necessary to market and administer the product. Market research is used to monitor the external environment and forecast trends. The company needs to establish the product design objectives before developing a marketing strategy. Underwriting involves selection and classification. What is classification? Process of where the insured knows more about their situation than the insurer does. Process of assigning a proposed insured to a group of insureds of approximately the same expected loss probabilities as the proposed. Process of charging insureds rates that reflect their expected loss potentials with no planned subsidy between rate classes. Process whereby an insurer evaluates individual applications for insurance and determined the degree of risk represented by the proposed insured