What Are the Differences Between an Individual and Group Insurance

question 45

Essay

What are the differences between an individual and group insurance contract?

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Definitions:

Determinant Attributes

Product or service features that are important to the buyer and on which competing brands or stores are perceived to differ.

Competing Brands

Brands that operate in the same market segment and target similar customer groups, often competing for market share and customer loyalty.

Considerable Alternative Evaluation

The phase in the consumer decision-making process where options are assessed against each other on various attributes and criteria.

Habitual Products

Consumer goods that are regularly purchased out of habit, with minimal decision-making process involved.