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Life Pricing Exam Old Individual Life & Annuities Design and Pricing Forum

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  #11  
Old 05-19-2020, 02:01 PM
FrancisY FrancisY is offline
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Just a reminder that the registration is open today. If you are looking to take the exam in July, don't forget to register!
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Old 06-02-2020, 10:29 PM
Coolkid22 Coolkid22 is online now
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Here's an article from RGA that covers some of the behavioral economics topics of this exam in the context of COVID. It also has some good commentary on distribution channels. Not 100% sure that I've labeled each behavior correctly below, though.

https://www.rgare.com/knowledge-cent...life-insurance

hyperbolic discounting and a touch of overconfidence
"Few people spend time thinking about the consequences of low-probability events and are therefore disinclined to consider the need for life insurance."

"the risk of COVID-19 may still feel distant and theoretical for many people."

mental accounting
"Most people do not view life insurance as an absolute essential, so if the primary breadwinner has lost, or is at risk of losing, his/her job, it is unlikely they will decide now is the time to spend what little money they may have on life insurance."

framing
"Now might be a bad time to be promoting life insurance. It is easy to forget many people have an instinctive negative reaction to talking about money in relation to death. We are hearing about an increase in complaints and negative comments in response to online ads for life insurance, even when they are seemingly innocuous and make no reference to COVID-19."

hot and cold states
"One of the main triggers for purchasing life insurance occurs when someone we know passes away, especially if that individual is young and leaves behind a family. This was highlighted earlier in 2020 with the death of basketball legend Kobe Bryant. The volume of life insurance application requests and submissions spiked by over 50% in the days after the 41-year-old’s death on January 26..."

and a nice summary to end it
"Or perhaps this crisis is just another reminder that the life insurance industry has not yet cracked the digital distribution challenge. Buying life insurance is not natural human behavior. In fact, from a behavioral science perspective, it is probably one of the hardest products to sell. We are drawn to personal, immediate, and certain rewards – but the rewards of life insurance are for others, seem distant, and often appear uncertain."
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