If Insurance Agents and Brokers Either Fail to Recommend the Purchase

question 36

Multiple Choice

If insurance agents and brokers either fail to recommend the purchase of the right kind of insurance to protect against a specific type of loss or fail to recommend appropriate amounts of coverage, then it amounts to:

• A) churning.
• B) negligence.
• C) malpractice.
• D) embargoes.

Grasp the concept of selective perception and its influence on information processing.

Understand the Big Five personality traits and their implications.

Recognize the importance and strategies of impression management.

Identify various perceptual errors and biases such as projection, selective perception, and the halo effect.

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Definitions:

Standard Deviation

A measure of dispersion in a dataset, indicating how spread out the data points are from the mean.

Variance

The average of the squared differences from the mean, used to measure the dispersion or spread of a set of data points.

Dispersion

Measures the spread of a set of data points around their mean or median value.

Standard Deviation

A statistical measure that represents the dispersion or spread of a dataset relative to its mean, indicating how spread out the data points are.