Please use this identifier to cite or link to this item: https://hdl.handle.net/10321/2425
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dc.contributor.authorRamchander, Manduthen_US
dc.date.accessioned2017-03-31T12:02:19Z-
dc.date.available2017-03-31T12:02:19Z-
dc.date.issued2016-
dc.identifier.citationRamchander, M. 2016. Measuring consumer knowledge of life insurance products in South Africa. South African Journal of Business Management. 47(2): 67-74.en_US
dc.identifier.issn2078-5585 (print)-
dc.identifier.issn2078-5976 (online)-
dc.identifier.urihttp://hdl.handle.net/10321/2425-
dc.description.abstractThe financial services industry is characterized by product suppliers having more information than consumers regarding product features and services. The purpose of this article is to explore this information asymmetry with particular reference to the life insurance industry. Financial advisors, acting as intermediaries, are charged with the task of resolving this asymmetry through mandatory disclosures demanded by regulation. In South Africa, the Financial Services Board (FSB) monitors, regulates and supervises the financial services industry through the Financial Advisory and Intermediary Services Act of 2002 and The Code of Conduct for Financial Advisors. This paper distinguishes financial products from other products and highlights the need for disclosures regarding product features, by financial advisors. Using multistage sampling a national survey was conducted to establish whether consumers are knowledgeable of the features of basic insurance products. The findings were that consumers have a low to very low level of understanding of the features of basic insurance products. The study makes an important contribution to insurers’ understanding of consumers’ knowledge regarding the features of basic life insurance products. Furthermore, the findings would also contribute to insurers understanding the level to which intermediaries resolve the information asymmetry between product suppliers and consumers.en_US
dc.format.extent8 pen_US
dc.language.isoenen_US
dc.publisherAssociation of Professional Managementen_US
dc.relation.ispartofSouth African Journal of Business Management (Online)en_US
dc.titleMeasuring consumer knowledge of life insurance products in South Africaen_US
dc.typeArticleen_US
dc.dut-rims.pubnumDUT-005630en_US
dc.identifier.doihttps://doi.org/10.4102/sajbm.v47i2.61-
item.grantfulltextopen-
item.cerifentitytypePublications-
item.openairetypeArticle-
item.languageiso639-1en-
item.fulltextWith Fulltext-
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
Appears in Collections:Research Publications (Management Sciences)
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