Summary of Prior Research

Part of the Innovations in Financial Markets and Institutions book series (IFMI, volume 10)


During the 21 year period following the passage of the Consumer Credit Protection Act of 1968, four major national surveys of credit insurance customers provided a body of empirical evidence regarding customer attitudes toward the product.1 The first and largest survey was conducted at Ohio University (Hubbard, 1973) to determine consumers’ attitudes toward and satisfaction with credit insurance (both life and disability), as well as the extent to which customers felt pressured into buying coverage. Successive studies by Huber (1978), Eisenbeis and Schweitzer (1979), and Cyrnak and Canner (1986) followed the same tack, but extended the questioning to explore other issues regarding sale of the product. Because the four studies utilized a common core of questions, but span 15 years of evolving financial services markets, they provide an opportunity to track changes in customer attitudes toward a product whose basic features remained fairly consistent over the period.2


Federal Reserve Credit Union Consumer Credit Credit Insurance Federal Reserve System 
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  1. 1a.
    These four studies are: Charles L. Hubbard, ed., Consumer Credit Life and Disability Insurance, Ohio University, 1973.Google Scholar
  2. 1b.
    Joel Huber, Consumer Perception of Credit Insurance on Retail Purchases, Monograph No. 13, Purdue University Credit Research Center, 1978. Robert A.Google Scholar
  3. 1c.
    Eisenbeis and Paul R. Schweitzer, Tie-Ins Between the Granting of Credit and Sales of Insurance by Bank Holding Companies and Other Lenders, Staff Study 101, Board of Governors of the Federal Reserve System, February 1979.Google Scholar
  4. 1d.
    Anthony W. Cyrnak and Glenn B. Canner, “Consumer Experiences with Credit Insurance: Some New Evidence,” Economic Review, Federal Reserve Bank of San Francisco, Summer 1986.Google Scholar
  5. 6.
    For more details about the 1977 survey see Thomas A. Durkin and Gregory E. Elliehausen, 1977 Consumer Credit Survey, Board of Governors of the Federal Reserve System, December, 1978.Google Scholar

Copyright information

© Kluwer Academic Publishers 1996

Authors and Affiliations

  1. 1.Department of Economics, Krannert Graduate School of ManagementPurdue UniversityUSA
  2. 2.Credit Research Center, Krannert Graduate School of ManagementPurdue UniversityUSA

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