Business Law > EXAM REVIEW > C16 The Business of Insurance (All)
C16 The Business of Insurance
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at are FOUR general strategies related to achieving growth for an organization. – ✔✔1. increasing sales to existing customers 2. target new customers 3. diversify by market base 4. intensif... y sales efforts List the two fundamental principles of insurance. – ✔✔1. The premiums of the many are used to pay the losses of the few. 2. The premiums shall be commensurate with the risk. -Insurance fulfils a societal need -Provides consumers with financial security for particular types of accidental losses. Also underpins the economy facilitating economic growth and societal development -Insurance is the promise to indemnify another person against the possibility of a loss -Significant claim is paid based on a nominal premium [Show More]
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