Briefly explain the role of the courts and the law in providing consumer protection relative to insurance products
What will be an ideal response?
A great amount of consumer protection is provided by the laws (insurance code) and the courts. The role of the insurance code or law is to provide the rules of playing the game and tries to provide a "fair" playing field between the insurer and insured. The code therefore protects all consumers globally in this manner. The role of the courts is to address individual grievances. If the consumer feels an unresolved injury occurred, the courts are used.
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Refer to the following diagram. Which of the following answers provides the best interpretation of the multiplicities for the association between the Employees and the Product Categories classes?
A. Each employee can manage only one product category. B. Each product category has one manager. C. Each product category can have no managers or multiple managers. D. Each employee must be assigned to manage at least one product category.
A consequence of a separation of duties is that
a. operations become extremely inefficient because of constant training of employees. b. theft by employees becomes impossible. c. more employees will need to be bonded. d. theft is possible only when several employees are involved.
For years one through five, a proposed expenditure of $500,000 for a fixed asset with a 5-year life has expected net income of $40,000, $35,000, $25,000, $25,000, and $25,000, respectively, and net cash flows of $90,000, $85,000, $75,000, $75,000, and $75,000, respectively. The cash payback period is 5 years
Indicate whether the statement is true or false
Concerning the universal functions of marketing, it is true that
A. the functions must be performed in all macro-marketing systems. B. from a micro viewpoint, every firm must perform all the functions. C. responsibility for performing them can be shifted and shared-and some functions can be completely eliminated to reduce costs. D. the functions can be performed by producers or intermediaries-but not by consumers.