C16 - Business of Insurance - Chapter 2

C16 - Business of Insurance - Chapter 2
What is the role of insurance? –
✔✔- To provide peace of mind
- To offer financial security
- To encourage loss prevention
Insurance brings focus to the role of risk management.
What factors affect the selection of an organization structure? -
✔✔There are two organization structure types:
- Pyramid Structure
- Flat Structure
Selection of an organization structure depend on:
- How power & control are distributed
- How well systems are integ between departments
- How communication works
- How well services are coordinated
- The size of the company
Compare and Contrast : Pyramid Structure vs. Flat Structure - ✔✔A
Pyramid Structure offers opportunities for promotion, but the
drawback is the process to gain approval from hierarchal levels is very
time-consuming ; This is because of the top-down nature of the
structure.

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