Service

5. This technique relies on backups or spares
7. An interest in the subject of an insurance policy that is not unduly remote and that would cause the interested party to suffer financial loss if an insured event occurred.
8. Focusing marketing efforts on a specific group of consumers.

1. In general, the tendency for people with the greatest probability of loss to be the ones most likely to purchase insurance.
2. used by insurers and their representatives are conduits for contacting and establishing communication with their customers and prospective customers.
3. This variable characterizes behavioristic segments and classifies consumers as none, medium, strong, and absolute
4. Statistical and analytical techniques used to develop models that predict future events or behaviors.
6. isolates loss exposures by limiting the severity of a single loss.
9. also referred to as management general underwriters (MGUs), serve as intermediaries between insurers and the agents and brokers who sell insurance directly to the customer, similar to wholesalers in the marketing system for tangible goods.