Effectuation - Study guides, Class notes & Summaries

Test Bank For Entrepreneurship: The Practice and Mindset 1st Edition by Heidi M. Neck Christopher P. Neck ,Emma L. Murray Chapter 1: Entrepreneurship: A Global Social MovementTest Bank Multiple Choice 1. The authors define entrepreneurship as . a. a discipline that seeks to understand how opportunities are discovered, created, and exploited, by whom, and with what consequences b. starting a small business by finding investors and launching a product c. developing a new market by crea...

Unlock the secrets of entrepreneurship with this comprehensive summary of Effectuation, BHAG, Customer Discovery, Validation, and Value Proposition Design. Dive into startup strategy, learn the difference between causal and effective approaches, and learn how to turn ideas into successful companies. **Effectuation**: Embrace uncertainty, utilize resources, and focus on control. Explore five principles: Bird in the Hand, Crazy Quilt, Affordable Loss, Lemonade, and Pilot on the Plane. **BHAG...

Perils correct answer: the cause of loss Policy Owner correct answer: the person who has the rights and privileges in the policy Risk correct answer: Uncertainty or chance of loss -Pure Risk(Insurable) -Speculative(Uninsurable) Insured correct answer: the person covered by the insurance policy insurer correct answer: a company that issues an insurance policy Law of large numbers correct answer: the larger the number of people with the same exposure to loss, the more predic...

Nebraska State Life and Health Insurance Exam Terms 100% Correct Adverse Selection Insuring of risks more prone to loss than the average Agent/Producer legal representative of an insurance company Applicant/Proposed insured a person applying for insurance Hazard Conditions that increase the probability of a loss Moral tendency toward increased risk (driving fast) Morale indifference towards risk (not locking the door) Indemnity restoring the insured to the condition that ex...

Life and Health Exam Questions and Answers 100% Solved Chapter 1: Completing the application, underwriting, and delivering the policy: ️️ What is insurance? ️️Insurance TRANSFERS the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals.If there were no insurance mechanism, the cost of a loss would have to be borne solely by the individual who suffered the loss. What is included unde...

LICENSING the term insurance transaction includes any of the following (by mail or any other means): *solicitation or inducement *negotiations *effectuation of a contract of insurance *advising an individual concerning coverage or claims INDIVIDUAL PRODUCERS producers are individuals or business entities that are licensed to sell, solicit, or negotiate insurance. from a legal standpoint, producers represent their respective insurance companies, not their customers.

Study Guide for OHIO Life Insurance Exam 2024 Final Q&A Insurance: - CORRECT ANSWER-A contract in which the insurance company agrees to indemnify the insured party against loss, damage or liability arising from an unknown event. Insurance Transfers: - CORRECT ANSWER-The risk of loss from an individual or business entity to an insurance company, which in turn spreads costs of unexpected losses to many individuals. Direct response marketing: - CORRECT ANSWER-A direct response marketin...

Insurance: - ANSWER A contract in which the insurance company agrees to indemnify the insured party against loss, damage or liability arising from an unknown event. Insurance Transfers: - ANSWER The risk of loss from an individual or business entity to an insurance company, which in turn spreads costs of unexpected losses to many individuals. Direct response marketing: - ANSWER A direct response marketing system effectively bypasses the insurance agent. Business is conducted over the phone...

Adverse Selection correct answer: Insuring of risks more prone to loss than the average Agent/Producer correct answer: legal representative of an insurance company Applicant/Proposed insured correct answer: a person applying for insurance Hazard correct answer: Conditions that increase the probability of a loss Moral correct answer: tendency toward increased risk (driving fast) Morale correct answer: indifference towards risk (not locking the door) Indemnity correct answe...

adverse selection - answer-insuring of risks more prone to loss than average risk agent/producer - answer-a legal representative of an insurance company applicant/proposed insured - answer-a person applying for insurance hazard - answer-conditions that increase the probability of a loss; can be physical, moral, or morale; for example leaving matches in front of a child morale hazard - answer-indifference to loss moral hazard - answer-tendency toward increased risk physical haza...

An adjuster shall exercise _____ care when dealing with elderly clients - Extraordinary The cost of mediation is paid -Equally by both parties The settlement of a claim arising out of a contract of insurance is also known as -Transacting insurance An authorized insurer means one duty authorized by a -Certificate of authority Solicitation negotiation and effectuation of a contract of insurance are best described as - Transacting insurance

Entrepreneurship correct answers is activism in disguise SME Revenue correct answers Small medium enterprises - addressing local markets - low level innovation - non tradable jobs (restaurant, dry cleaners) -Linear growth IDE Revenue correct answers Innovation driven enterprises - addressing global markets - high level innovation - tradable jobs - hockey stick growth (exponential): company's start by losing a lot of money Types of entrepreneurship correct answers - Small/me...