The Credit Insurance Purchase Decision: Who Buys It and Why
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What factors influence a borrower’s decision to purchase credit insurance? As noted in the previous chapter, the sales effort made by the person handling the loan can certainly influence a borrower’s decision to purchase credit insurance. However, a customer’s decision to purchase insurance is also influenced by a variety of demographic and economic factors which determine the value of insurance coverage to each borrower. To isolate the impact of salesmanship on the probability that a customer will purchase insurance, we must first identify the underlying likelihood of purchase if there was no sales pressure.
KeywordsLife Insurance High School Diploma Credit Union Purchase Decision Demand Equation
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- 15.See Donald B. Rubin, Multiple Imputation for Nonresponse in Surveys, John Wiley and Sons, Inc., New York, 1987, and Arthur B. Kennickel, “Imputation of the 1989 Survey of Consumer Finances: Stochastic Relaxation and Multiple Imputation,” Proceedings of the Section on Survey Research Methods, American Statistical Association, 1991. For the SCF survey, we use the average of the five imputations in our calculations.CrossRefGoogle Scholar