...supportive services responsive to the needs of its community. Consistent with this responsibility, the mission of the Insurance Studies degree program is to prepare individuals for productive and progressively successful employment in the insurance industry, one of the Ohio's top employers at nearly 200,000 jobs statewide. Goals and Student Learning Outcomes/Objectives, with Any Associations and Related Measures, Targets, Findings, and Action Plans G 1:Prepare Individuals for Career Success in Insurance Industry Prepare traditional and non-traditional students to enter the insurance business world with: • the knowledge and understanding gained through a broad-based liberal arts education, • the specific knowledge and skill sets associated with a thorough understanding of risk management and insurance, and • true respect for the role these disciplines play within our economic system. SLO 1:Achieve Liberal Arts, Risk Management and Insurance Comprehension Both in terms of liberal arts competencies, such as writing, mathematics, science, and communication, and business-specific knowledge, such as management, finance and operations, ensure program graduates can demonstrate in-depth comprehension of, and exhibit their ability to successfully apply that comprehension to, risk management in general and to both personal and commercial insurance disciplines specifically. These disciplines include, but are not limited to, underwriting, rate making, compliance...
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...that as a clutch. For example, John doesn't have insurance on his car, so he decides not to drive due to the risk of an accident. John then purchases insurance and begins driving again. Nevertheless, there is still a chance of John being in an accident. Just how John used car insurance as a clutch to drive again, students use extra credit as a clutch to get higher grades. However, there is...
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...1. What benefits do people get from the market for insurance? What two problems impede the insurance market from working perfectly? People benefit from market insurance it allows them to reduce the level they risk. Two problems that impede the insurance industry from working correctly are adverse selection and moral hazard. Adverse selection occurs because a high-risk person is more likely to apply for insurance than a low-risk person is. Moral hazard occurs because people have less incentive to be careful about their risky behavior after they purchase insurance. Gregory, M. (2012). The Basic Tools of Finance. Principles of Economics (7 ed., pp. 573-574). Stanford: Cengage Learning. 2. What is diversification? Does a stockholder get a greater benefit from diversification going from 1 to 10 stocks or going from 100 to 120 stocks? Diversification is the reduction of risk achieved by replacing a single risk with a large number of smaller unrelated risks. A stockholder will get more diversification going from 1 to 10 stocks than from 100 to 120 stocks. Gregory, M. (2012). The Basic Tools of Finance. Principles of Economics (7 ed., pp. 574-575). Stanford: Cengage Learning. 3. Comparing stocks and government bonds, which type of asset has more risk? Which pays a higher average return? Stocks have more risk because their value depends on the future value of the firm. So in return it will always have a higher risk; Stocks will have a higher return with the average of 8 percent...
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...1) The decision to buy pet insurance is not strictly an economic decision. Rather, it is a psychological decision also. The psychological factors that can come into play when making the decision to purchase pet insurance are learning and beliefs/attitudes. Learning is a factor that contributes to the psychological decision to buy pet insurance because as a child you learn to love and respect your pet and treat them like part of the family. Having learned this all your life and being very attached to your pet you learn to take care of it just like you’d take care of a human being. Thus, you are driven to buy pet insurance and have coverage for your furry family member because losing a pet you have had for years would be devastating. Through learning that you must care for your pet just like any other family member your beliefs of doing anything to have the best care for your pet emerges. You believe they deserve to live many happy years by your side and that contributes towards your decision to buy pet insurance. Attitude factors in because you are set on this idea and feel strongly about it and it is difficult for someone to change the way you feel. Your attitude will motivate you to find the best coverage for your pet and buy the insurance from the company you see fit as the best. Therefore, you are not just trying to make an economic decision; you truly want your pet to be treated like a family member and that involves looking out for their health and planning ahead to have...
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...Decision Making Blooms: Remember Difficulty: 1 Easy Learning Objective: 13-01 Develop an understanding of the inventory management process. Topic: Overview of Inventory Management Process 2. A receiving report records the shipment of goods to customers. FALSE AACSB: Analytic AICPA BB: Industry AICPA FN: Decision Making Blooms: Remember Difficulty: 1 Easy Learning Objective: 13-02 Be able to identify and describe the types of documents and records used in the inventory management process. Topic: Types of Documents and Records 3. Sale of finished goods is a part of the inventory management process. FALSE AACSB: Analytic AICPA BB: Industry AICPA FN: Decision Making Blooms: Remember Difficulty: 1 Easy Learning Objective: 13-03 Understand the functions in the inventory management process. Topic: The Major Functions 4. Once the controls in the inventory system have been tested, the auditor sets the level of control risk. TRUE AACSB: Analytic AICPA BB: Industry AICPA FN: Risk Analysis Blooms: Remember Difficulty: 1 Easy Learning Objective: 13-06 Know how to assess control risk for the inventory system. Topic: Control Risk Assessment 5. The major control procedure for preventing fictitious inventory transactions from being recorded is proper segregation of duties. TRUE AACSB: Analytic AICPA BB: Industry AICPA FN: Decision Making Blooms: Apply Difficulty: 1 Easy Learning Objective: 13-07 Know key internal controls and...
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...Chapter 08 Business Income, Deductions, and Accounting Methods True / False Questions 1. The Internal Revenue Code authorizes deductions for trade or business activities if the expenditure is "ordinary and necessary". True False 2. Business activities are distinguished from other activities in that business activities are motivated by the pursuit of profits. True False 3. The phase "ordinary and necessary" has been defined to mean that an expense must be essential and indispensable to the conduct of a business. True False 4. Reasonable in amount means that expenditures can be exorbitant as long as the activity is motivated by profit. True False 5. The test for whether an expenditure is reasonable in amount is whether the expenditure was for an "arm's length" amount. True False 6. Illegal bribes and kickbacks are not deductible as business expenses, but this prohibition does not include fines incurred in the ordinary course of business. True False 7. Although expenses associated with illegal activities are not deductible, political contributions can be deducted as long as the donation is not made to a candidate for public office. True False 8. When a taxpayer borrows money and invests the loan proceeds in municipal bonds, the interest paid by the taxpayer on the debt will not be deductible. True False 9. Employees cannot deduct the cost of uniforms if the uniforms are also appropriate for normal...
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...SEB 701 Work Integrated Learning 1 Student Number: | N8303398 | Student Name: | William Campbell | Urban Development Major: | Construction Management | Employer: | Rimfire Constructions | Assessment Number: | Assessment Number 1 | Due Date: | 22nd December, 2014 | Placement Duration: | 80 Days | Executive Summary Through out my time employed with Rimfire Construction, I have experienced many different facets of the construction industry and how the proceedings work in order to successfully build commercial and residential infrastructure. Having the opportunity to work alongside industry professionals has been an extremely rewarding experience that has expanded my knowledge and skill base through continued industry practices within my job responsibilities as a Construction Cadet. Rimfire’s outlined Cadet program aims to complement the university’s course structure by incorporating teachings from different components of the businesses structure. This provides a greater exposure to the necessary elements required in order to maintain the continued operations of a successful construction company. During my employment I have been able to cover sections including estimating, contracts administration, cost reporting, document control and involvement in developing tender packages. Experiencing this variety of works has enabled me to realize the area of work I wish to move into once I complete my degree and Rimfire’s cadet program. Without exposure to these...
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...of Investing, 11e (Gitman/Joehnk/Smart) Chapter 1 The Investment Environment 1.1 Learning Goal 1 1) Since 1900, the average annual return on savings accounts has been higher than the return on stocks. Answer: FALSE Question Status: New Question Learning Goal: Learning Goal 1 2) Land and buildings are examples of real property investments. Answer: TRUE Question Status: New Question Learning Goal: Learning Goal 1 3) Almost half of Americans own stock or stock mutual funds. Answer: TRUE Question Status: Previous Edition Learning Goal: Learning Goal 1 4) A Unites States Savings Bond is an example of an investment as defined in the text. Answer: TRUE Question Status: Previous Edition Learning Goal: Learning Goal 1 5) An example of a direct investment is the purchase of mutual fund shares. Answer: FALSE Question Status: Previous Edition Learning Goal: Learning Goal 1 6) Which of the following is an investment as defined in the text. A) Automobile insurance B) A new automobile C) A United States Saving Bond D) All of the above Answer: C Question Status: Previous Edition Learning Goal: Learning Goal 1 7) Stocks are a(n) ________ investment representing ________ of a business. A) direct; ownership B) direct; debt C) indirect; ownership D) indirect; debt Answer: A Question Status: Previous Edition Learning Goal: Learning Goal 1 8) Which of the following is an indirect investment? A) Stocks in foreign companies ...
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...Organizational Change in the Insurance Company The organizational change which will be discussed in this paper involves a large insurance company who wants to increase market share from the sale of their cutting edge variable annuity product. The outside sales force, known as wholesalers have set territories throughout the United States. Current studies have determined that many of the existing leads, who are Financial Advisors, are not being contacted and so therefore potential new business and new relationships are being missed. Upper Management has decided to institute a major organizational change in the form of creating smaller territories for existing wholesalers and hiring new, inexperienced wholesalers with the objective that there will be more effective penetration and an increase in business. The key stakeholders who will be involved are all employees, management and shareholders. The stakeholders with the most significant impact will be the existing internal and external wholesalers and the training department staff. These departments will have challenges such as maintaining current business while finding new business, hiring new people will create challenge for the managers and the training department. The existing wholesalers will need to restructure their business which will meet with resistance. This paper will address the change management approach, recommended action steps as wells as overcoming various obstacles in order to effect the change and increase...
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...learners in an under-resourced context. Teachers are expected to adapt to those changes and such changes impact heavily on the roles of teachers in the classroom. They must find a way to facilitate teaching, learning and assessment despite difficult conditions. The gap between curriculum as intention and curriculum as reality confronts teachers regularly. The aim of this essay will address the narrow and broad definitions of the concept curriculum, as well as the official, explicit, implicit, covert and hidden curriculum as they are viewed by different authors. Defining Curriculum Two views on curriculum: Narrow and Broad Many educationists argue that awareness of different interpretations is important in developing a Good understanding of what curriculum is (Booyse & Du plesis, 2014: 4). However they make a point that different approaches, either as a blue print or adaption approach, may be appropriate for different situations. Take a closer look at the various interpretations: Eisner (1985) defines curriculum as a series of planned events that are intended to have educational consequences for one or more learners, whereas Fraser (1993) interprets curriculum as the inter-related totality of aims, learning content, evaluation procedures and teaching-learning activities, opportunities and experiences that guide and implement didactic activities in a planned and justified manner (Booyse & Du Plesis, 2014:3-4). The above are narrower definitions as they focus on...
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...Explain how technology has changed the learning environment. New technology such as E-learning has the use of Internet technologies to enhance knowledge and performance. E-learning technologies have provided learners with the capability to have control over contents, learning sequences, pace of learning, and media database at their fingertips which saves time. It also allows them to tailor their experiences to meet their personal learning objectives. Noe’s thoughts on new technology depicted on p.358 that new technology training methods are superior to traditional methods in one way because they allow trainers to participate in courses at any time or places (Noe, p. 358). I once read a case study which depicted an insurance company who was looking for new ways to cut cost while simultaneously maintaining their competitive edge in the insurance marketing industry. In this scenario, the company was a giant amongst its competitors, and all their employees were grandfathered in as there were practically relatives or good friends of the CEO. When the CEO died, he left the company to his son. After the first year of running the company, his son realize that he could expand the company, increase sales, make a profit, and cut expenses at the same time by using new technology such as multimedia, and E-Services. This was a great idea; very innovative marketing strategy; however, it also meant lay-offs and unemployment for most employees. His concepts for change were based on the...
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...AICPA BB: Industry AICPA FN: Decision Making Difficulty: Easy Learning Objective: C1 2. The time period principle assumes that an organization's activities can be divided into specific time periods. TRUE AACSB: Communications AICPA BB: Industry AICPA FN: Decision Making Difficulty: Easy Learning Objective: C1 3. Interim statements report a company's business activities for a 1-year period. FALSE AACSB: Communications AICPA BB: Industry AICPA FN: Decision Making Difficulty: Medium Learning Objective: C1 4. A fiscal year refers to an organization's accounting period that spans twelve consecutive months or 52 weeks. TRUE AACSB: Communications AICPA BB: Industry AICPA FN: Decision Making Difficulty: Medium Learning Objective: C1 5. Adjusting entries are made after the preparation of financial statements. FALSE AACSB: Communications AICPA BB: Industry AICPA FN: Decision Making Difficulty: Easy Learning Objective: C2 6. Adjusting entries result in a better matching of revenues and expenses for the period. TRUE AACSB: Communications AICPA BB: Industry AICPA FN: Decision Making Difficulty: Easy Learning Objective: C2 7. Two main accounting principles used in accrual accounting are matching and full closure. FALSE AACSB: Communications AICPA BB: Industry AICPA FN: Decision Making Difficulty: Easy Learning Objective: C2 8. Adjusting entries are used to bring asset...
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...Lesson 13: Investing in Mutual Funds What is a mutual fund? * A mutual fund is a professionally managed pool of money invested in stocks, bonds and other securities. * By purchasing mutual funds, small investors can easily diversify their investments and enjoy the benefits of professional management. * Investors own units or shares in the fund and benefit proportionately from any increase in value and/or income earned by the investments owned by the fund. The Reasons Investors Choose Mutual Funds | Mutual funds have grown in importance in Canada over the last twenty-five years. As of February 2008, there were 2,038 mutual funds with a total worth of nearly $679 billion – up from only $3.5 billion in 1981.The two major reasons investors choose mutual funds are: 1. Professional management - although there is no guarantee that the fund will outperform the market. 2. Diversification - by asset class (i.e. by holding a mix of stocks, bonds and money market investments) or within each asset class (i.e. by holding a variety of securities within each class). The risk of mutual funds arises from the risks associated with the investments they hold. * For example, a bond fund will be subject to interest rate risk – as interest rates rise, the value of the bonds owned by the fund will decline. | Mutual Funds With and Without Loads A load is a sales commission. In a load fund, the investor pays a commission every time he or she buys units (front-end load)...
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...1.1Introduction to Training and Development Definition of Training: Training is a systematic development of knowledge, skills and attitudes required by an individual to perform adequately a given task or job. Training refers to efforts that help enhance employee skills for carrying out the present job. According to Edwin B Flippo, training is the act of increasing knowledge and skills of an employee for doing a particular job. Needs for training: • To improve the current job performance of employees • To familiarize employees with the policies and procedures of the organization. • To enhance the creativity, adaptability and versatility of the employees and to facilitate learning at the work place • To prepare employees for future job. • To change the skills, knowledge and attitudes of the employees on a permanent basis. • To help employees manage their careers. • To maintain knowledgeable work force. • To gain competitive advantage through a knowledgeable work force. • To promote organizational growth through individual growth. Areas of training: • Company policies and procedures • Human relations training • Skill based training • Problem solving training Onsite Workshops for Leadership Team Employees need more than bosses... They need mentors: Professionals skilled at assessing employee development needs and committed to guiding employees toward professional success. Leadership Training...
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...system to use in plotting strategic objectives through four perspectives. The financial perspective is determined by the outcome of management’s implementation of the internal processes perspective, customer perspective, and learning and growth perspective. Aon Corporation is the “leading provider of risk management, insurance and reinsurance brokerage” (Aon, 2014). Using the Balanced Scorecard my operating segment, Benefit Marketing Solutions, can examine an implement each of the four perspectives by obtaining information on how we can achieve Aon standards in the operation of our business segment. Implementing the Balanced Scorecard, I will assess how our financials can improve by achieving the objectives of maximizing company profits, increasing our gross profit margin per client, and decreasing our accounts payable days. The first factor I will investigate is our customer perspective and how increasing customer loyalty, customer exposure, and customer education will improve upon our financials. The second factor I will investigate is the internal perspective and how effective company alliances, effective customer service, and effective payment of claims improve upon our financials. Finally, the third factor I will investigate is the learning and growth perspective and how decreasing employee turnover, increasing employee satisfaction, and educating our employees will ultimately help us achieve our financial goals. The Balanced Scorecard An Overview of the Balanced...
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