Planning And Preparation Of A Great Plan - 1500 Words

Introduction In business as in life there is nothing that is definite. One would have a great plan and the will to accomplish that plan but what if all the planning and preparation came to not because one had forgotten to allow for one thing. Is there anything that one can do to mitigate or eliminate the one thing that one did not see when the plan was laid out? All the best mad plans all the anticipating and scrupulous planning one is bound to miss something that could potentially shot down ones plan. What can one do to protect one’s plans and dreams? The overwhelming answer is insurance (Sundstrom, Gendler, Writers, 1994). One might say that if you planned well enough, that one would not leave anything to chance and would have a†¦show more content†¦This protocol of most business and organizations normally has some way to protect the whole plan from going under because of one thing not being covered at the conception of the entire plan. This protocol most likely includes insurance as the catch all for things that might have been over looked at the initiation of the plans (Sundstrom, Gendler Writers, 1994). There is no single definition of insurance. In the course textbook by (Rejda, 2012), insurance can be defined from the viewpoint of several disciplines, including law, economics, history, actuarial science, risk theory, and sociology. But each possible definition will not be examined at this point. Instead, we will examine the common elements that are typically present in any insurance plan. However, before proceeding, a working definition of insurance one that captures the essential characteristics of a true insurance plan must be established. After careful study, the Commission on Insurance Terminology of the American Risk and Insurance Association has defined insurance as follows. Insurance is the pooling of fortuitous losses by transfer of such risks to insurers, who agree to indemnify insurances for such losses, to provide other pecuniary benefits on their occurrence, or to render services connected with the risk. Case Analysis Our course makes reference to many variations of the definition of insurance. This analysis