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The relationship of life insurance ownership with demographic and psychographic factors: a preliminary study in Alor Setar, Kedah

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Main Authors: Tan, Suang Sin, Lim, Chee Chee
Other Authors: tan_suang_sin@hotmail.my
Format: Article
Language:English
Published: School of Business Innovation and Technopreneurship, Universiti Malaysia Perlis (UniMAP) 2017
Subjects:
Binary logistic regression
Ethnicity
Demographic factor
Income
Life insurance
Psychographic factor
Risk attitude
Online Access:http://dspace.unimap.edu.my:80/xmlui/handle/123456789/50093
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spelling my.unimap-500932018-07-24T02:43:59Z The relationship of life insurance ownership with demographic and psychographic factors: a preliminary study in Alor Setar, Kedah Tan, Suang Sin Lim, Chee Chee tan_suang_sin@hotmail.my cclim@uum.edu.my Binary logistic regression Ethnicity Demographic factor Income Life insurance Psychographic factor Risk attitude Link to publisher's homepage at http://ijbt.unimap.edu.my The life insurance market in Malaysia still remains widely untapped as compared to other countries that have much higher market penetration rates. Therefore this study aims to examine the relationship of life insurance ownership with demographic and psychographic factors, and to identify which of them have a more important relationship with life insurance ownership. A preliminary field work has been carried out in early February to mid-March 2015 using a non-probability convenience sampling technique around Alor Setar, Kedah in Malaysia. A total of 108 respondents participated in this study. Binary logistic regression has been used for data analysis. The major findings show that demographic factors can better explain life insurance ownership among the respondents in Alor Setar relative to psychographic factors. Two demographic factors, namely ethnicity and income, are found to be the predominant factors of life insurance ownership. Life insurance policyholders in Alor Setar tend to be Chinese and those at higher income level. Meanwhile, the psychographic factor of risk attitudes only has a weak negative relationship with life insurance ownership. Risk attitudes are only found to have a significant relationship with life insurance ownership when demographic factors are excluded. Non-policyholders in Alor Setar tend to be individuals who are very likely to engage in risky behaviours or activities. They are risk takers, unlike risk adverse individuals who are more likely to own life insurance for assured protection against personal risks of premature death. 2017-10-24T08:21:36Z 2017-10-24T08:21:36Z 2017-06 Article International Journal of Business and Technopreneurship, vol.7(2), 2017, pages 117-134 2231-7090 2232-1543 (online) http://dspace.unimap.edu.my:80/xmlui/handle/123456789/50093 http://ijbt.unimap.edu.my en School of Business Innovation and Technopreneurship, Universiti Malaysia Perlis (UniMAP)
institution Universiti Malaysia Perlis
building UniMAP Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Perlis
content_source UniMAP Library Digital Repository
url_provider http://dspace.unimap.edu.my/
language English
topic Binary logistic regression
Ethnicity
Demographic factor
Income
Life insurance
Psychographic factor
Risk attitude
spellingShingle Binary logistic regression
Ethnicity
Demographic factor
Income
Life insurance
Psychographic factor
Risk attitude
Tan, Suang Sin
Lim, Chee Chee
The relationship of life insurance ownership with demographic and psychographic factors: a preliminary study in Alor Setar, Kedah
description Link to publisher's homepage at http://ijbt.unimap.edu.my
author2 tan_suang_sin@hotmail.my
author_facet tan_suang_sin@hotmail.my
Tan, Suang Sin
Lim, Chee Chee
format Article
author Tan, Suang Sin
Lim, Chee Chee
author_sort Tan, Suang Sin
title The relationship of life insurance ownership with demographic and psychographic factors: a preliminary study in Alor Setar, Kedah
title_short The relationship of life insurance ownership with demographic and psychographic factors: a preliminary study in Alor Setar, Kedah
title_full The relationship of life insurance ownership with demographic and psychographic factors: a preliminary study in Alor Setar, Kedah
title_fullStr The relationship of life insurance ownership with demographic and psychographic factors: a preliminary study in Alor Setar, Kedah
title_full_unstemmed The relationship of life insurance ownership with demographic and psychographic factors: a preliminary study in Alor Setar, Kedah
title_sort relationship of life insurance ownership with demographic and psychographic factors: a preliminary study in alor setar, kedah
publisher School of Business Innovation and Technopreneurship, Universiti Malaysia Perlis (UniMAP)
publishDate 2017
url http://dspace.unimap.edu.my:80/xmlui/handle/123456789/50093
_version_ 1643804059454406656
score 13.214268

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