Question

What is an important consideration in identifying the target population for insurance products?

a.

Maximizing profitability

b.

Identifying groups with similar needs

c.

Adhering to regulatory requirements

d.

Ensuring simplicity in product design

Answer: (b).Identifying groups with similar needs Explanation:An important consideration in identifying the target population for insurance products is identifying groups of potential customers with similar needs, which assists in tailoring product features and benefits to meet those needs effectively.

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Q. What is an important consideration in identifying the target population for insurance products?

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