Question

Why are insurance products mostly sold and rarely purchased?

a.

Due to high awareness among consumers

b.

Due to the simplicity of insurance products

c.

Mainly because of lack of awareness and several other factors

d.

Mainly because of the high demand for insurance products

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).Mainly because of lack of awareness and several other factors Explanation:Insurance products are mostly sold and rarely purchased mainly because of lack of awareness and several other factors.

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Q. Why are insurance products mostly sold and rarely purchased?
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