Introduction To Financial Products And Customer Needs Flashcards
1
Q
Benefits categories
A
Benefits on events that are unpredictable - both whether and when they might occur
Benefits on events certain to occur, but unpredictable in time
Benefits for immediate consumption
Benefits invents predictable in time
Benefits from the accumulation of disposable income and capital
2
Q
Insurance principles
A
Insurable interest
Pre-funding
Pooling of risk
3
Q
Customer needs
A
Differentiate between
• logical and emotional needs (what they think they need)
• current (triggered by an event and has immediate effect, e.g. protection in sickness) and future needs
A customer’s logical needs can be analyzed as follows
• maintaining a current lifestyle
• protection
• accumulation for a purpose
• accumulation for a purpose as yet unknown
