By John M. Barron, Michael E. Staten
Consumer Attitudes towards credits Insurance offers the findings of a survey of roughly 3600 people who had the chance to buy credits lifestyles coverage together with all kinds of patron loans, other than first mortgages and charge cards. The survey that types the root of the e-book used to be performed in 1993 via the credits learn heart at Purdue University's Krannert Graduate college of administration. It replicates and expands upon 4 prior nationwide stories of credits coverage shoppers, performed among 1970 and 1985.
regardless of the widely confident findings of past learn with admire to customer attitudes towards credits coverage, a number of open questions stay of curiosity to coverage makers, in particular the query of even if coercion is serious about the sale of the assurance. ConsumerAttitudes towards credits Insurance addresses those impressive matters. It provides a profile of who's at the moment being served by way of the credits assurance marketplace, in addition to the explanations debtors buy the product and their event with the supply of credits coverage at aspect of sale.
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Additional info for Consumer Attitudes Toward Credit Insurance
For each equation, the sample was restricted to those who provided complete demographic information, reported that they purchased credit life insurance (perceived purchase, not actual purchase) and provided a response to that particular "reason-to-buy" question. Given this further restriction on sample sizes, the number of individuals in the Native American, Asian-American, and the other "ethnic groups" were at times too small to permit estimation. For comparability, all reported estimates thus exclude independent variables denoting these three ethnic groups.
A wealth-maximizing sales person whose compensation is tied to the volume of sales will try to sell products with the highest expected return (a function of probability of sale, size of transaction and commission percentage). As the potential compensation to an agent from selling credit insurance rises, more time and effort will be devoted to offering and explaining credit insurance, other things constant. Accordingly, in states with tighter restrictions on the income derived from selling credit insurance we should expect less time devoted to pitching credit insurance at the point of sale.
One way to deal with the issue is to ask supplemental questions about whether the sales person mentioned that insurance wasn't required, or whether the borrower thought that approval was linked to the purchase of insurance. In addition, a simple question about the timing of the offer of credit insurance can reveal much about the type of pressure felt, particularly if the insurance was not rrentioned until after the loan was approved. Such a question has been absent from previous surveys, but was included in our questionnaire.