Question

What impact does the size of population eligible to buy have on insurance sales?

a.

Restricting the age range increases sales volume

b.

Expanding the age range limits the volume of sales

c.

Limiting the population eligible to buy limits sales volume

d.

All of the above

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).Limiting the population eligible to buy limits sales volume Explanation:The size of the population eligible to buy insurance can impact sales volume. If the eligibility criteria are restricted, such as limiting the age range for entry or maturity, it can limit the potential customer base and therefore sales volume.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What impact does the size of population eligible to buy have on insurance sales?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. How does an insurer's past track record in providing services impact sales?

View solution

Q. Which of the following regulations were issued by the regulator in India in the year 2013?

View solution

Q. How are participating products classified in terms of bonus accruals?

View solution

Q. Which of the following is NOT a category under Non-linked variable insurance?

View solution

Q. What is the significance of the regulations regarding product pricing?

View solution

Q. What type of products fall under variable insurance products?

View solution

Q. How are non-linked variable insurance products different from linked variable insurance products?

View solution

Q. What is the minimum frequency for the accrual of additional interest rates or bonus?

View solution

Q. When are bonuses with respect to par products declared?

View solution

Q. What does the policy account value represent in a variable non-linked insurance policy?

View solution

Q. How often is the shadow policy account value maintained?

View solution

Q. What does the shadow policy account value computation involve?

View solution

Q. What is the purpose of maintaining the policy account value?

View solution

Q. What is the minimum death benefit requirement for non-linked individual life insurance products?

View solution

Q. What is the minimum death benefit requirement for other than single premium products?

View solution

Q. When is the provision for minimum sum assured on death not applicable?

View solution

Q. How is the minimum sum assured calculated for linked insurance products?

View solution

Q. How is the policy term (T) determined for whole life products?

View solution

Q. What is the minimum policy term stipulated by regulations for individual products?

View solution

Q. What is the minimum premium payment term for individual products, except for single premium payment products?

View solution
View All MCQs on IC 92 Actuarial Aspects of Product Development

Recommended Subjects

Are you eager to expand your knowledge beyond IC 92 Actuarial Aspects of Product Development? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

Waste Water Engineering

Navigate the challenges of wastewater treatment and management with our Waste Water...

Environmental Engineering

Explore the critical field of Environmental Engineering with our dedicated category....

Enzyme Technology

Unlock the power of enzymes with our Enzyme Technology category. Explore enzyme...

Life Sciences

Delve into the diverse world of life sciences with our specialized category. Explore...

Electrical Measurement and Instrumentation

Unlock the world of electrical measurements with our dedicated category. Explore...

Marketing and Marketing Management

Uncover the strategies and tactics of marketing with our Marketing and Marketing...

Mechatronics

Enter the world of integrated engineering systems with our Mechatronics category....

Molecular Biology

Dive into the intricate world of molecular biology with our specialized category....

Dairy Engineering

Dive into the world of Dairy Engineering with our specialized category. Explore the...