The Influence of learning and knowledge on the decision to choose life insurance

Denkova, Jadranka and Denkova, Branka (2018) The Influence of learning and knowledge on the decision to choose life insurance. KNOWLEDGE – International Journal , 23.1 (1 ). pp. 371-377. ISSN ISSN 1857-923X (for e-version) ISSN 2545 – 4439 (for printed version)

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Abstract: We live in time where all citizens are exposed to the risk of occurrence of an accident which creates unavoidable need for life insurance. Life insurance occupies a central place in the insurance market and represents unique financial product that offers both insurance and savings. Life insurance has a very important role in the financial sector, especially in developed countries. Many empirical findings point out that life insurance has the capacity to mobilize long-term financial assets and by placing them in the financial markets, it can contribute to the development of the financial sector and the growth of economic activity. Generating awareness for life insurance ownership isfundamental to driving increased life insurance sales. More importantly, however, is the need to generate awareness at the moment when the need for life insurance is greatest. Consumer behavior is influenced by various psychological factors and the necessity for the analysis of these factors stems from the fact that consumer behavior changes over time. Life insurance in economically developed countries is developed,generally accepted and represents part of the system security of the population. Unlike the developed countries, the life insurance market in the Republic of Macedonia is not on a satisfactory level of development and there is extremely low level of life insurance among the population.In order to identify and detect the impact of consumer learning and knowledge on the decision to choose life insurance, a survey has been made. The results portrayed the need for greater information quantity and education about the life insurance concept. The findings of the research should be taken into consideration by life insurance companies especially in planning their distribution channels.Mainly, since consumer information and knowledge are relevant factors of insurance demand. Keywords: life insurance, consumers, behavior, information, learning, knowledge, education

Item Type: Article
Subjects: Social Sciences > Economics and business
Humanities > Other humanities
Divisions: Faculty of Law
Depositing User: Jadranka Denkova
Date Deposited: 01 Feb 2019 10:12
Last Modified: 01 Feb 2019 10:12

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