Advertisement Introduction: A subject that all of us are very familiar with is Business Aspects in Banking and Insurance. The name of the subject itself comprises of words such as banking and insurance that we use in our day to day conversation and why not money forms the most...
Where a borrower has lodged securities as cover for an advance and if the banker applied the amount in satisfaction of the amount due and is left with a surplus, ha has a right of set-off against the surplus for an overdraft on another account even though maintained at...
Insurers: It goes without saying that the insurers are the first and foremost party to be interested in good corporate governance practices in the insurance companies. Hence, it is the responsibility of the regulators to impose the governance practices on insurers and it is the duty of the insurers...
Place Mix. Today you have to run faster to stay in the same place – Philip Kotler Place mix can be defined as the “Physical distribution i.e. the delivery of goods/ services at the right time at the right place to the customers.” Place decisions involve building...
Discount Pricing: In insurance sector, discount is offered if group insurance is opted for. Group Insurance Scheme is meant to provide life insurance protection to groups of people. Administration of the scheme is on group basis and cost is very low. Under Group Insurance Scheme, life insurance cover is...
Fire and Marine Insurance Pricing: The principle of utmost good faith is applicable even for fire and marine insurance. E.g.: If a trader while taking a fire insurance policy does not disclose the previous occurrence of fire in the factory, and subsequently after taking policy, there is another fire,...
Life Insurance Pricing: The pricing in case of life insurance is done on the basis of: Life Expectancy: In case of life insurance, the premium amount tends to be different for different customers. This differentiation is on the basis of age, medical history of a person. 1) Age...
STEP 1 In the first step, the company decides where it wants to position its market offering. The clearer the firm’s objective, easier it is to set the price. STEP 2 Each price will lead to a different level of demand therefore has a different impact on company’s...
Price Mix. Sell value not Price – Philip Kotler Price is one element in the marketing mix that produces revenue; all the other elements produce costs. Prices are easiest marketing mix elements to adjust; product features, channels and even promotion take more time. Price also...
Product differentiation may be referred to as the points or the qualities that a firm has in its product, which makes the product different from its competitors’ product. The product differentiation as far as the insurance sector and LIC in particular is concerned are as follows—- Bonus–...
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