Question
a.
Sum of costs incurred while servicing the customer over his lifetime
b.
Rank given to customer based on business generated
c.
Sum of economic benefits that can be achieved by building a long term
relationship with the customer
d.
Maximum insurance that can be attributed to the customer
Posted under IC38 Life Insurance Agent Exam
relationship with the customer Explanation:Customer Lifetime Value (CLV) is the sum of economic benefits that can be achieved by building a long-term relationship with the customer. This value represents the total economic worth or benefits that a business can derive from a customer over the course of their relationship. It includes not just the immediate transactions but also the potential for repeat business, referrals, and other value generated through the customer's ongoing engagement with the company. CLV is a critical concept in customer relationship management and is used to assess the long-term profitability of maintaining a customer relationship.
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