COURSE OBJECTIVES

In this course, you will learn to:

• Describe the division of insurance regulatory powers between the federal and state or provincial governments in the United States and Canada, particularly with respect to how each handles licensing of producers, prohibited sales practices, and oversight of sales promotion and advertising.
• Identify the functions of a marketing information system and how companies use internal databases, marketing intelligence, and marketing research to provide marketing information.
• Explain the classifications of consumer products and the concepts of product class, product line, product form, product item, and product mix, as well as the environmental, personal, organizational, social, and psychological factors that influence customer behavior.
• Understand the factors a company considers when selecting a distribution channel and the primary characteristics of the various distribution systems, including ordinary agency, multiple-line agency, personal producing general agency, home service, worksite marketing, location selling, brokerage, and salaried sales.
• Describe the methods producers use to identify, contact, and qualify prospects and explain how they generate proposals, make sales presentations, answer objections, and close sales.
• Describe four types of fraudulent, misleading, or unethical sales activities in which insurance producers are prohibited from engaging and specific regulatory oversight — from entities such as FINRA, the SEC, and NAIC — aimed at preventing these practices.

COURSE FORMAT

• Course portals include the following elements:
• All the assigned study materials needed for the course
• Interactive practice questions and sample exams
• Recommended study plans to help you set goals and manage your study schedule
• Additional media and features to help in the study and review process

EXAM FORMAT

• The LOMA 320 proctored exam has 60 questions and a time limit of 2 hours. It is available in I*STAR and paper exam formats.

STUDY MATERIALS

• Insurance Marketing, Second Edition (LL Global, 2017)

      ISBN 978-1-57974-457-1

• Test Preparation Guide for LOMA 320 (LL Global, 2017)

      ISBN 978-1-57974-458-8

TOPICS:

• An Introduction to Marketing
• How Companies Manage Marketing
• Market Segmentation and Target Marketing
• Marketing Information and Research
• Customer Behavior and Customer Relationship Marketing
• Basic Product Concepts
• Pricing Insurance Products: A Marketing Perspective
• Distribution Systems and Strategies
• Marketing Communications: Engaging the Customer
• Promotion Tools
• Regulation of Life and Health Insurance Marketing