Which of the Following Questions Are Important to Consider When

question 14

Multiple Choice

Which of the following questions are important to consider when choosing an insurance agent?

• A)Is your agent available when needed?
• B)Does your agent advise you to have a financial plan?
• C)Is your agent happy to answer questions?
• D)Does your agent keep up with changes in the insurance field?
• E)Consider all the questions in the other answers.

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Definitions:

Satisficing

A decision-making strategy that involves searching for and choosing an acceptable or satisfactory response to a problem or scenario, rather than an optimal solution.

Anchoring and Adjustment Heuristic

A cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered (the "anchor") when making decisions.

Representativeness Heuristic

A mental shortcut people use where the likelihood of an object belonging to a particular category is assessed based on how typical that object is thought to be of the category.

Availability Heuristic

A cognitive bias that causes people to overestimate the likelihood of events based on their ability to recall similar instances.