Term
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Definition
| Grouping of customers with similar characteristics who can be expected to buy a product or service that satisfies their similar needs |
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Term
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Definition
| Similarity among individuals in a market segment as well as the similarity amoung insureds in the same rating class |
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Term
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Definition
| Process of identifying loss exposures and estimating the potential financial consequences of those losses |
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Term
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Definition
| Tailoring of an otherwise standard policy to meet the needs of a market segment |
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Term
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Definition
| Targets a specific market segment. Multiple lines of insurance are then targeted to that customer group. |
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Term
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Definition
| Communicates product information between the seller and the buyer and distributes the product |
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Term
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Definition
| Sales force in Property and Liability insurance |
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Term
| "Renewal" or "Expiration" |
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Definition
| Continuation of the policy at the anniversary |
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Term
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Definition
| trial of advertisement or a product to a limited group or area to determine whether the desired results can be achieved |
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Term
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Definition
| Potential customers who meet with a marketer. The marketer solicits their responses to ads or products |
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Term
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Definition
| Information gathered for a nonspecific purpose from sources within or outside the company |
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Term
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Definition
| Original information collected for the specific purpose of the market research project |
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