Economic Systems
The Type Of Economy where there is Little to no Government intervention
Free Market
These are Guidelines that govern insurance contracts and ensure fairness between insurers and policy holders
What are the Principles of Insurance.
The Types of Production
Primary
Secondary
Tertiary
The 4 P's of the Marketing Mix
Product, Place,Price,Promotion
In a command economy, who decides what to produce, how to produce, and for whom to produce?
The Government
This principle states that the insured must have a financial or legal interest in the Subject matter of the insurance policy.
What is Insurable Interest
Subsistence
Domestic
Surplus/Export
this is all the consumers willing and able to buy a product
Wha is a 'Market'
In a mixed economy, some resources are owned by The Government, and some by this entity.
What are Private Individuals?
This Principle states that the insurer must take reasonable steps to reduce the severity of the loss or prevent further damage after an insured event occurs.
What is Loss Minimization
This is a small scale, home based industry where goods are produced by hand or with simple tools
What is a Cottage Industry
This strategy charges different prices to different groups of people for the same product.
What is Price Discrimination?
Command Economy is also called a?
Planned Economy.
Insurance encourages entrepreneurship, innovation and global_________.
Insurance encourages entrepreneurship, innovation and global trade.
this is a type of External Growth
What is Joint venture or merger or acquisition
This strategy prices a product belo its cost of production in order to encourage Consumers to come into shops to view and hopefully buy more items.
What is Loss Leader Pricing?
Public goods such as roads and parks in a mixed economy are funded through this.
What are taxes or public revenue?
This Type of Insurance covers ships, cargo and related liabilities against risks like accidents, or weather related damaged during transportation.
What is Marine Insurance
'Facebook buys Instagram' is an example of what type of growth?
External Growth/Acquisition
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