Notes, summaries, assignments, exams, and problems

1. Insurance Agents

An insurance agent legally represents the insurance company (principal) and acts on its behalf. Their authority stems from express, implied, and apparent authority.

2. Insurance Brokers

A broker legally represents the insured. They don't have the authority to bind the insurer but can solicit and accept insurance applications, placing coverage with a suitable insurer. Brokers receive commissions from insurers where the business is placed.

3. Exclusive Agency System

In this system, an agent represents only one insurer or a group of insurers under common ownership. Agents may be contractually restricted from representing other insurers. They don't own policy expirations or renewal rights; the agency does. Renewal commissions are... Continue reading "Insurance Entities: Agents, Brokers, and Insurer Types" »

Fire Insurance: Understanding Risks and Coverage

In insurance policies against fire, the risks and losses insured against typically cover all losses or damages caused by fire. However, similar to marine insurance cases, coverage may be limited based on the items insured or the cause of the accident. Many policies specifically exclude fires caused by a mob or enemies of the commonwealth. Furthermore, the policy's own provisions limit its duration.

Essential Risk Management Strategies

Risk Avoidance

While it is often impossible to completely avoid risk, the possibility should not be overlooked. For example:

• During a severe blizzard, a Car Fleet may choose not to release vehicles for travel until the weather clears, thereby avoiding the risk of auto

Understanding Private Insurer Types

In terms of legal ownership and structure, private insurers can be categorized as follows:

1. Stock Insurers: A corporation owned by stockholders. The primary objective is to earn profits for the stockholders.
2. Mutual Insurer: A corporation owned by its policyholders, with no stockholders. The policyholders select a board of directors, who then appoint executives to manage the corporation.
3. Advance Premium Mutual: Owned by policyholders with no stockholders, this insurer does not issue assessable policies. Premiums charged are expected to be sufficient to cover all claims and expenses.
4. Assessment Mutual: Possesses the right to assess policyholders an additional amount if the insurer’s financial operations are unfavorable.

Contractual Capacity

Individuals Lacking Capacity

• Minors (under 18 years of age)
• Individuals suffering from a mental disability
• Individuals who are intoxicated

Misrepresentation in Contracts

Types of Misrepresentation

• Fraudulent Misrepresentation
• Innocent Misrepresentation
• Negligent Misrepresentation

Proving Duress

Elements of Duress

• Demonstrate that illegitimate means were used.
• The illegitimate means used were a reason for entering the contract.
• The evidence presented is honest and accepted.

Undue Influence

Presumed Special Relationships

• Parent/Child
• Guardian/Ward
• Doctor/Patient

Discharge of Contracts

Primary Methods of Contract Discharge

• By Performance
• By Agreement
• By Frustration
• By Breach

Discharge by Agreement Methods

• Mutual Discharge
• Release
• Waiver
• Substitution

Recovering

Quantitative vs. Qualitative Market Research Methods

Understanding the strengths and weaknesses of both qualitative and quantitative market research is crucial for effective decision-making. This analysis examines the pros and cons of each approach, using adequate examples to argue which method is ultimately better suited for specific research goals.

Defining Quantitative Research

Quantitative research is fundamentally based on numerical analysis and statistics. It is used to quantify attitudes, opinions, behaviors, and other defined variables. Quantitative analysis allows researchers to test specific hypotheses, and its statistical nature allows for generalization.

Quantitative Research Methods

• Online surveys
• Face-to-face interviews (structured)

Integrated Marketing Communications Explained

Integrated Marketing Communications (IMC) is a straightforward concept: it ensures that all forms of communications and messages are carefully linked together. At its most basic level, IMC means integrating all promotional tools so that they work together in harmony. These communication tools are far more effective when they operate in harmony rather than in isolation. Their collective impact is greater than the sum of their individual parts, provided they speak consistently with one voice, all the time, every time.

The Essence of IMC: Harmonized Messaging

The core principle of IMC is to achieve synergy across all marketing channels. This consistent messaging prevents disjointed communications that... Continue reading "Maximizing Marketing Impact with Integrated Communications" »

Selecting the Right Market Targeting Strategy

Once a company has selected the segment(s) it wishes to target, it must decide on the most appropriate targeting strategy: undifferentiated, differentiated, or focused. Understanding the details of each approach is crucial for determining when each one is most appropriate.

Differentiated Marketing Strategy

A differentiated marketing strategy is employed when a company creates campaigns designed to appeal to at least two distinct market segments or target groups. This approach allows the company to tailor its message and product offerings to maximize relevance across multiple audiences.

Key Characteristics and Examples:

• Differentiated strategies can target many segments (e.g., shoe companies marketing

The external environment significantly influences a company's operations and strategic direction. In Bosnia and Herzegovina (BiH), businesses like the retail giant Bingo are particularly susceptible to shifts in the political, economic, and social landscape. These external factors are crucial considerations in strategic planning, often analyzed through a PEST framework.

Political Factors and Business Impact in BiH

Changes in government and political leadership in BiH have a profound impact on businesses, especially those in the private sector. Given the country's complex political situation, even minor shifts in leadership can ripple through the business community. Governments establish the rules and frameworks within which businesses operate... Continue reading "Bosnian Business Environment: Bingo's Strategic Adaptation" »

Film Techniques: Shot Types and Camera Angles

Film Techniques: Creating Meaning in Cinema

Film techniques describe the methods used to create meaning in film.

Camera Shots: Framing the Scene

Camera shots refer to the amount of space visible within one film frame. Camera shots are used to convey different aspects of a film's setting, characters, and themes.

Types of Camera Shots

• Extreme Wide Shot: Contains a large expanse of landscape. It is often used at the beginning of a scene or a film to establish where the action will take place.
• Wide Shot: Shows the whole person and other characters, but the background dominates the shot. This allows the viewer to understand the relationship between the characters and their environment.
• Medium Shot: Contains

Jackson and Cox's Three Experimental Designs

Jackson and Cox describe three primary types of experimental designs:

Lab Experiments

Lab experiments are designed to manipulate both the social networks within which exchanges will be undertaken, as well as the form of social exchange.

Strengths:

• Manipulation of independent variables indicates cause-and-effect relationships.
• Increased control and accurate measurement.
• Standardized procedures allow for replication.

Weaknesses:

• Total control over all variables is not possible.
• Artificial conditions may produce unnatural behavior that lacks ecological validity.
• Results are likely to be biased by sampling, demand characteristics, and experimenter expectancy.
• May raise ethical concerns, such as deception.

Field Experiments

A... Continue reading "Understanding Experimental Designs: Lab, Field, and Survey Methods" »