Question

What is Customer Lifetime Value in the insurance industry?

a.

The total number of customers an agent can serve in a lifetime

b.

The duration for which an agent serves a customer

c.

The sum of economic benefits derived from a long-term customer relationship

d.

The amount of commission an agent earns from renewals

Posted under IC38 Life Insurance Agent Exam

Answer: (c).The sum of economic benefits derived from a long-term customer relationship Explanation:Customer Lifetime Value in the insurance industry refers to the sum of economic benefits that can be derived from building a sound, long-term relationship with a customer.

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Q. What is Customer Lifetime Value in the insurance industry?
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