A Study of the Role of Loss Aversion Bias in Loss Aversion Effort in Buying Life Insurance Product

This research framework provides a small sample-based comprehensive approach to studying the impact of loss aversion bias on life insurance product selection using neural network analysis and bootstrapping. By focusing exclusively on loss aversion as a latent variable, along with a few selective demographic profiles, the study provided deeper insights into the cognitive processes that drive consumer behaviour in the form of the degree of loss aversion bias along with demographic variables that impact buying insurance policies in the life insurance market. The findings are valuable for academic research in behavioural finance and practical applications in the insurance industry.