Answer to Question #166093 in Management for Kamal

Question #166093

Subject :insurance management

1.a)explain the role of agents in the marketing of life and general insurance products ?(please give at least 7 to 8 points for role in detail)

b)explain the role of development staff in the marketing of life and general insurance products ?(please give at least 7 to 8 points for role in detail )

2.explain the characteristics of an insurance contract ?(please give at least 8 to 9 points for characteristics in detail)

Expert's answer
  1. .Agents help in educating people about the products.
  2. They help in the marketing of the products.
  3. They connect people to life-saving opportunities in terms of insurance packages.
  4. They are the linkage between insurance companies and potential clients.
  5. They present potential clients with products that can help them with their health matters in future.
  6. They facilitate the sensitization of insurance products in the targeted communities.

7. They are the market creators.

  1. The development staff understand the market better.
  2. They facilitate the development of the products to appeal with the market conditions
  3. They act as the creative team behind the products
  4. They face the wrath of negative outcomes from the market
  5. They facilitate a connection between the potential clients and the company
  6. They ensure that the products meet the standards of the market
  7. They are the approval team of products to enter the market

  1. Insurable interest - Someone enters a contract if they have insurable interest in the life or property insured.
  2. Utmost faith - Both the insurer and insured have disclosed all details with regard to the contract.
  3. Indemio - In case death happens, the insurance company compensates.
  4. Mitigation of loss - The insured must ensure that their approach to loss is highly mitigated.
  5. Subrogation - A contract must understand the terms of the insured.
  6. Contribution - Insurance premiums are a must
  7. Causa proxima - Accidents are to be compensated if the insured finds an offense

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