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:

Future Demand

The projected desire or need for a product or service in the coming period, based on current trends and data.

Profitable Business

A company or enterprise that generates more revenue than it spends in costs, leading to a positive financial gain.

Consumer's Want

The desires or needs that influence a consumer's decision to purchase a product or service.

Small Business Owners

Individuals who own and operate businesses that are typically smaller in scale in terms of revenue, employees, and operations.