Using the Needs Approach to Determine the Amount of Coverage

question 7

Multiple Choice

Using the needs approach to determine the amount of coverage looks from the perspective of the

• A)policy owner.
• B)named insured.
• C)beneficiary.
• D)salesman.

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Definitions:

Non-Work Factors

Elements of an individual's life that do not pertain to their job or profession, which might affect their overall well-being or performance.

Personal Economics

The study of how individuals manage their resources, make financial decisions, and utilize economic principles in personal contexts.

Personal Affairs

Pertains to matters concerning an individual's private life, including financial, legal, and familial issues.

Psychological Contract

An unwritten agreement between employers and employees outlining mutual expectations, including beliefs, perceptions, and informal obligations.