Download Consumer Attitudes Toward Credit Insurance by John M. Barron, Michael E. Staten PDF

By John M. Barron, Michael E. Staten

Consumer Attitudes towards credits Insurance presents the findings of a survey of roughly 3600 people who had the chance to buy credits lifestyles assurance at the side of every kind of shopper loans, other than first mortgages and charge cards. The survey that kinds the foundation of the publication was once carried out in 1993 through the credits study heart at Purdue University's Krannert Graduate university of administration. It replicates and expands upon 4 past nationwide experiences of credits coverage shoppers, performed among 1970 and 1985.
regardless of the commonly confident findings of past learn with appreciate to client attitudes towards credits assurance, numerous open questions stay of curiosity to coverage makers, in particular the query of no matter if coercion is all for the sale of the coverage. ConsumerAttitudes towards credits Insurance addresses those awesome matters. It offers a profile of who's at present being served by way of the credits assurance marketplace, in addition to the explanations debtors buy the product and their adventure with the supply of credits assurance at element of sale.

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Surprisingly, neither income nor risk aversion were significantly related to the purchase of extra coverage. Finally, among ethnic groups, African-American respondents were unique in their higher likelihood of purchasing additional coverage, relative to all other groups. However, keep in mind that this restricted sample no longer contains individuals who did not buy credit insurance. We know from the credit life demand equation that the people who did not buy credit life insurance tended to have higher incomes, greater amounts of other insurance and higher education levels.

2 percent of those who purchased any credit insurance also purchased coverage in addition to credit life. 3 percent of the 3,046 respondents said they were not offered an opportunity to buy credit life insurance. 2 would influence the decision to purchase credit life insurance. These hypothesized relationships were tested by estimating an empirical model of the probability that a respondent purchased credit life insurance. Proxy for Demand Determinant(s) Higher income borrowers are less likely to purchase credit life insurance.

3 provide estimates of the independent effect of each of these variables on the likelihood of the purchase of credit life insurance, other variables held constant. 103 if the individual is over 45 years old. 4 illustrate the relationships between the purchase decision and selected variables for the entire sample. Note however that the charts are for illustration purposes only, as they simply report the proportion of the sample who purchased credit life, broken down by each borrower's characteristic, other insurance holdings, education, or income.

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