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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?

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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 2 years ago
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