Question

In: Operations Management

when a consumer purchases insurance several key decisions are made.what are these key decisions?

when a consumer purchases insurance several key decisions are made.what are these key decisions?

Solutions

Expert Solution

Key decisions made when a consumer purchases an insurance cover

  • One first identifies the need for an insurance cover by identifying the area that needs to be protected against unforeseeable risks.
  • Search for information, the consumer then goes on a limb and searches the particular covers that available to them or there might be a particular cover they might have had and thought of it as being formidable.
  • Product evaluation, obviously there are very many insurance covers out there so the consumer needs to make an evaluation criteria in order to narrow down the choices.
  • Product choice and purchase, the consumer decide which insurance cover to take and where to take it from that is the insurer to choose.
  • Post purchase use and evaluation, the consumer decides whether the cover taken is everything they needed and it serves them well.

keosha answered 1 year ago
Next > < Previous

Related Solutions

The representative consumer will consider the real price of goods when making decisions about how much...
The representative consumer will consider the real price of goods when making decisions about how much to spend. (true or false)?
What is the liability of MCO when it makes decisions about insurance coverage for hospitals stays?
What is the liability of MCO when it makes decisions about insurance coverage for hospitals stays?
A firm purchases a life insurance contract from a sick person, then collects the payout when...
A firm purchases a life insurance contract from a sick person, then collects the payout when he dies. These types of contracts are called viatical settlements. It is the sale of a policy owner's existing life insurance policy to a third party owner for more than its cash surrender value but less than the net death benefit (Wikipedia). These markets are also referred to as reverse insurance markets. Firms have an incentive to enter into such settlements if they expect...
A firmm purchases a life insurance contract from a sick person, then collects the payout when...
A firmm purchases a life insurance contract from a sick person, then collects the payout when he dies. These types of contracts are called viatical settlements. It is the sale of a policy owner's existing life insurance policy to a third party owner for more than its cash surrender value but less than the net death benefit (Wikipedia). These markets are also referred to as reverse insurance markets. Firms have an incentive to enter into such settlements if they expect...
A firm purchases a life insurance contract from a sick person, then collects the payout when...
A firm purchases a life insurance contract from a sick person, then collects the payout when he dies. These types of contracts are called viatical settlements. It is the sale of a policy owner's existing life insurance policy to a third party owner for more than its cash surrender value but less than the net death benefit (Wikipedia). These markets are also referred to as reverse insurance markets. Firms have an incentive to enter into such settlements if they expect...
As a business owner, financial decisions require careful planning and prioritizing, especially when large, capital-intensive purchases...
As a business owner, financial decisions require careful planning and prioritizing, especially when large, capital-intensive purchases are involved. As you establish a process to achieve your company goals, you will need to demonstrate your math skills, consider different investment options, and describe how different investment vehicles can be used effectively to accomplish business goals. You, as a small business owner, are interested in buying a lot for $38,000. You have a CD (certificate of deposit) worth $40,000 now, which earns...
View "Consumer Purchasing Decisions" and "Technology and Consumer Behavior." Based on your review of this chapter,...
View "Consumer Purchasing Decisions" and "Technology and Consumer Behavior." Based on your review of this chapter, you know that consumers demonstrate specific behaviors as they work toward purchasing a specific product. In addition, the text points out that consumers can arrive at a specific buying decision based on previous experiences with a specific product, a newfound awareness of the usefulness of a particular new product, positive reviews form customers who have previously purchased the same product, etc. Based on your...
Evaluate the key factors that you would consider when developing the components of your health insurance...
Evaluate the key factors that you would consider when developing the components of your health insurance coverage.
Review the "Consumer Purchasing Decisions" topic material. Describe the consumer decision-making process and the factors that...
Review the "Consumer Purchasing Decisions" topic material. Describe the consumer decision-making process and the factors that would most influence consumers when making their first purchase of each of the items below. Justify your selections using the topic materials. Chewing gum A smartphone A new car MUST BE MORE THAN 250 WORDS / PLEASE DO NOT RESPOND IF YOU CANNOT MEET THE REQUIRMENT
Discuss the key functions of insurance regulation.
Discuss the key functions of insurance regulation.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT