When the consumer purchases insurance, several key decisions are made. What are these key decisions?
What will be an ideal response?
When a consumer makes a purchase decision, the following factors influence the decision: the insurance company, the insurance agent, the policy, the amount of coverage, and the price paid. The insurance company is important because its reputation and financial stability ensure that the insured will be paid quickly. The insurance agent is important because he/she is the person who provides essential services to the insured. The policy contains all the aspects of the insurance, while the amount of coverage and the price paid are a trade-off between benefits and costs and are essential for the insured.
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