By John M. Barron, Michael E. Staten
Consumer Attitudes towards credits Insurance presents the findings of a survey of roughly 3600 people who had the chance to buy credits lifestyles assurance along with every kind of shopper loans, other than first mortgages and charge cards. The survey that kinds the root of the e-book was once carried out in 1993 through the credits examine heart at Purdue University's Krannert Graduate tuition of administration. It replicates and expands upon 4 past nationwide reports of credits assurance shoppers, performed among 1970 and 1985.
regardless of the commonly confident findings of past learn with recognize to customer attitudes towards credits coverage, a number of open questions stay of curiosity to coverage makers, particularly the query of no matter if coercion is all in favour of the sale of the coverage. ConsumerAttitudes towards credits Insurance addresses those awesome concerns. It offers 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 adventure with the provide of credits assurance at aspect of sale.
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Extra resources for Consumer Attitudes Toward Credit Insurance
As one would expect, older borrowers who chose not to purchase are significantly less likely to use this as a reason, apparently recognizing that the "group insurance" aspect of credit insurance makes it very favorably priced for the elderly, compared to conventional insurance alternatives. Borrowers with other insurance in excess of $50,000 were also significantly less likely to cite cost as an important reason not to purchase. Presumably, this was because their primary reason for not purchasing was the ownership of sufficient other coverage.
Rates were those in effect as of January 1, 1993. Source of these figures is the Consumer Credit Insurance Association, Chicago, IL. 1993 eRe Survey Questionnaire and Sample Design 23 D. LOGISTICS OF SURVEY DISTRIBUTION CRC provided each participating institution with copies of the questionnaire, color coded to identify the three purchaser groups (credit life only, credit life plus other coverage, no insurance purchased), along with cover letters, mailing envelopes bearing the CRC return address, and postage-paid business-reply envelopes addressed to eRe.
The Credit Insurance Purchase Decision: Why Buys It and Why 29 In order to empirically estimate the demand for credit insurance, data gathered through the consumer survey described in Chapter 3 are used to construct proxies for the theoretical factors listed above. 1 below relates each empirical proxy variable to its theoretical counterpart(s). Note that in some cases, the interpretation depends on holding constant certain other variables, such as household income. Also note that some variables can serve as a proxy for more than one factor affecting the demand for credit life insurance'!