C16 The Business of Insurance

C16 The Business of Insurance
What 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. intensify 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

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