Marketing and public relations — distribution, branding, customer relationships and communications for insurers.
These are 5 of the 275 IC-88 questions in Certena, taken from across the paper. Every answer key has been checked against a source — a printed answer key, a textbook extract, or arithmetic — not guessed. Reveal the answer and the explanation below each question. No sign-up needed.
Answer: C. Consistency, Integration and Leverage
Three important factors to be taken care of in planning programmes and activities are: Consistency: There has to be a logical and useful fit between all the elements of the mix. Integration: Focussing on active harmonious linkage among elements of the mix. Leverage: Each element should be used to best advantage in support of the total mix.
Answer: B. Reinsurance is done only for big risks
Reinsurance is not limited to any single line of business — insurers use it broadly to transfer risk exposure when the size or concentration of a risk exceeds what they want to retain, which typically applies to large or catastrophic risks rather than being restricted to life, marine, or aviation insurance alone. This is why "Reinsurance is done only for big risks" is the closest correct statement among the given options, since reinsurance is fundamentally driven by risk size and concentration.
Answer: D. Premium
The share which is collected in advance, is called the Premium. The premium would depend on the maximum that the person would expect to receive in the event of the loss.
Answer: E. Physical environment, Process, People
It was believed that Product, Price, Place and Promotion which are called the four 'P's, could deliver satisfaction and they were called the elements of the Marketing Mix. Three further 'P's have been added to the original four. These additions had been found necessary in the context of the marketing of services, which have different characteristics from the marketing of goods. The extended three 'P's are People, Process and Physical factors, insurance is a service business. Therefore, all the 7 'P's would apply to Insurance.
Answer: C. Geographic
Segmentation is usually done on the basis of one or more of the following factors: 1 • • • • Geographic like region, district, density of population, climate, rural, urban. Demographic like family size, religion, sex, income, occupation, language, education, incomes, etc. Psychographic like value systems, life styles, personality types, motivations Buying behaviours like volumes, frequency, delivery requirements, negotiated contracts, long-term short-term arrangements, shop or brand loyalties.
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