An Insurance Agent Has Appointments with Four Prospective Clients Tomorrow

question 95

Multiple Choice

An insurance agent has appointments with four prospective clients tomorrow. From past experience the agent knows that the probability of making a sale on any appointment is 1 out of 5. Using the rules of probability, what is the likelihood that the agent will sell a policy to at least 3 of the 4 prospective clients?

• A) 0.0016
• B) 0.4096
• C) 0.0272
• D) 0.0256

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Definitions:

Perceived Value

The value a consumer believes a product or service has, which may not always reflect its actual price or cost.

4 Ps

Refers to the product, price, place, and promotion - elements considered essential in the marketing of goods or services.

Product Benefits

Refers to the positive outcomes or attributes that customers receive from using a product, enhancing their satisfaction or solving their problems.

S.A.V.E. Framework

A strategic approach focusing on Solution, Access, Value, and Education to guide marketing and sales efforts.