Grand Idea One for Insurance

Some pals who graduated from Georgia State University and Georgia Tech are tired of the usual corporate world and decide they should start an insurance company. A few are from Snellville, Georgia, and think that would be good name for the company, the Snellville Insurance Company. They like doing things on their computers and phones and so assume that everyone else wants to do their business that way too. They are trying to think of what type of insurance to sell, and how to sell it. Some ideas they had while drinking and smoking last week are:

• Spoiled food (stuff in the ‘fridge goes bad and that seems bad)

• Pet damage to personal property

• Scooter rental liability

• High-Deductible medical insurance

• Stolen bicycles

• Drunk driving defense

Grand Idea Two for Insurance

Recent events have inspired recent RMI graduates to offer Student Insurance Bundles, with modular coverage that allows the student to select which coverages it wants. The modular coverage is like cyber insurance and crime insurance, where the policy is designed to allows separate coverage to be in one policy. The coverages contemplated are:

• Lost book insurance

• Substitute online courses from regular courses, with payment of 25% of the tuition if the university does not refund that amount or more

• Medical insurance for foreign travel on school events and study-abroad

• Scholarship balance assurance, if the university fails to provide scholarships in later years less than the year in which the student applies and has scholarships.

• Plagiarized papers reimbursement: if the student submits a ghost written paper for which the student paid, and gets caught, the insurance will reimburse the cost of the purchase price if the paper writing service fails to reimburse

• Copyright infringement liability insurance for claims against students for illegally copying music, videos, and other copyrighted materials, paying defense expenses, plus indemnity if the copyright was not intentional.

This insurance will be on a website, ideally on an app, so students can buy insurance as they need it, and cancel it if unneeded. Rates will be based on the university, student transcripts, student social media pages review, and SAT or ACT scores.

You are the consultants to this over-eager group. Give them advice on:

1. How to set up an insurance company

2. Where should the company be licensed and established

3. How to sell insurance, considering agent licensing requirements and marketing plans.

4. Insurance forms and rates

5. What they need to do for regulators

6. How they should handle the money that comes in

7. Work up the marketing studies, develop the plans.

8. Are the intended types of insurance acceptable? What are the problems, and opportunities, what else do you suggest?

Which of the following is an ethical market approach to environmental protection? a. Humans have a right to a livable environment b. Nonhumans have intrinsic value and must be protected. C. There are not remedies for justice when internalizing the cost of environmental protection. d. External costs violate utility, rights, and justice, so they should be internalized. Answer: 9. How can producers remedy external costs of production when they internalize the costs of pollution? a. By absorbing the cost when determining the price of its goods b. By imposing the costs to a third-party polluting agent C. By practicing lessons of the precautionary principle d. By maximizing the rule of probability theory Answer: 10. Which of the following says that if a practice carries an unknown risk of unknown proportions, the practice should be rejected until the risk is nonexistent or insignificant? a. Informed consent b. Utilitarian approach C. Maximum rule of probability theory d. Precautionary principle Answer: 1 11. Which of the following supports the idea of replacing the destruction of nature with the idea of nurturing our relationships with nature and all living things? a. Social ecology b. Ecofeminism C. Ethic of caring d. Lockean principle