Insurance is protection against an event that may or may not occur. Eg. I will insure my car, as there is a chance that I could get into an accident.
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JC Business Studies
- Market research involves gathering, recording and analysing information about a market.
The information gathered during market research could include:
- How much the consumer would be willing to pay for the new product or service.
- What they like or what they do not like about the new product or service.
- What products or services they consumer currently uses.
The information that is gathered during market research helps a business to improve its product or service to meet consumer needs and wants. This means that the product or service has a good chance of selling well.
There are 2 types of market... (More)
Visible trade, in economics, exchange of physically tangible goods between countries, involving the export, import, and re-export of goods at various stages of production. It is distinguished from invisible trade, which involves the export and import of physically intangible items such as services.
Principles of Insurance
All insurance is based on the following five basic rules or principles:
- Insurable Interest
- Utmost Good Faith
To insure something you must benefit from its existance and should suffer financialy from its loss.
Utmost Good Faith
You must answer all questions truthfully and reveal all relevant information when completing the proposal form or claim form.
The insured person should not profit from insurance. Insurance exists to put the insured person back in the same financial position they were in before the loss, not a better one.
Once an insurance company... (More)