The approach to comply with the law that transfers the risk of significant

The approach to comply with the law that transfers

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in the event of an accident to legally drive in the United States[ CITATION DMV16 \l 1033 ]. The approach to comply with the law that transfers the risk of significant financial loss is an auto insurance policy. The Nature of the Product or Service
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ALLSTATE INSURANCE CORPORATION CASE ANALYSIS 3 The vast array of risks associated with modern life in the United States has propagated the creation of new and unusual types of insurance coverage offerings. These new and unusual types of insurance coverage offerings do not fall into the traditional or common insurance types. In particular, some companies offer customers insurance policies that insure against alien abduction, fantasy sports player injury and even falling coconuts (SunLife, 2016). Basically, there is a means to transfer the risk to just about any threat to a customer’s financial wellbeing. Nevertheless, such obscure insurance policies exist. In most cases an insurance contract can be classified as (a) health, (b) life, (c) property, (d) casualty, or (e) auto insurances. Information about Customers and Channels of Distribution The target market of the insurance companies is inclusive of a large group of customers. Individuals and companies of different (a) ages, (b) genders, (c) educational levels and (d) financial positions are interested in managing their life and preventing themselves from unexpected financial losses. Demographic features have an evident overall impact on the variable of buying insurance policies. This impact exists in the case of some specific types of insurance. For example, it is reasonable to think that the elderly market segment represents the highest risk for a life or casualty insurance policy. As such, the insurance company would likely have to charge the elderly customers significantly more than younger customers to assume the increased risk. The age demographic is a customer variable that has an effect the buying of insurance. Based on the cost prohibitive nature of higher cost life insurance for elderly customers. Laws, regulations and a basic human desire to avoid a variety of risks make it difficult to provide a portrait of a typical insurance industry customer in the United States insurance market. Thus, analysis of customers should be implemented in the case of some specific types of
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ALLSTATE INSURANCE CORPORATION CASE ANALYSIS 4 insurance. Otherwise, it is only possible to state that each individual that makes up the United States market who is capable of paying for a policy is a potential customer of insurance companies like Allstate Insurance. The need in ensuring safety by preventing the risks of financial losses is universal for all people. Therefore, the target audience of insurance products is very wide. In most cases, the various insurance policies are bought through either an issuer or an independent agent. Although each insurance policy provider has its own distributional channels, most of them use the instruments of captive agents and to a lesser degree online sales. Direct distribution channels ensure direct interaction between the company and its clients. In contrast,
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  • Fall '18
  • Notgrass

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