HIH Insurance Liquidation and Breach of Duty by Directors Background There are few surprises when it comes to insurance‚ but when they do come; they nearly always bring bad news. Such was the demise of HIH Insurance Limited (HIH): both a surprise (to many) and very bad news for many policyholders. On Thursday‚ 15 March 2001‚ HIH received approval from the NSW Supreme Court to place HIH into provisional liquidation. Tony McGrath of KPMG was appointed as provisional liquidator to HIH and 17
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Chapter 6 Progressive delivers the unexpected – Progressive Insurance Case description It’s a steamy Saturday in Houston‚ a day so piping hot that one would gladly consider diving into a vat of Texas chili for relief. But chili is a messy business‚ so instead‚ half the population seems to have taken refuge in their air-conditioned cars‚ choking Houston’s freeways as a result. For Kristen Botello‚ all those cars mean just one thing: lots of accidents. She’s not rooting for wrecks. But she knows
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1. Analyze the various players in the insurance markets. There are two kinds of players in the insurance market. They include: Those who want to sell their products and services‚ i.e. the insurance companies Those who would like to take advantage of the insurance and insure themselves or their products‚ i.e. clients. According to the differences in the behavior and attitude of clients‚ five consumer groups have been identified. They are as follow: The well-off crowd: these are mass clients
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Captive Insurance Companies Association Special Section Agency captives can provide additional revenue Great American has a long track record with this model By Michael J. Moody‚ MBA‚ ARM The captive industry has grown and matured significantly from the original concept that Fred Reiss introduced more than 60 years ago. Originally‚ the concept was primarily directed to provide an alternative risk financing approach for Fortune 500 corporations. The approach is one that allows corporations to be
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Dr. R. LeWayne Johnson‚ PHD Duffy’s Insurer’s Defenses Case Issue The issue in this fact pattern is whether an insurance company was justified in relying on the misrepresentation made by the insurance applicant in their application for insurance that their forty-eight-room lodging house in Worcester‚ MASS was protected by sprinklers‚ despite an earlier report in the insurer’s file indicating the absence of sprinklers. Rule of Law: The Massachusetts General Laws Chapter 175‚ §186 (Mass.
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Case: Manzana Insurance - Fruitvale Branch (Abridged) Harvard Business School Executive Summary Fruitvale ’s core management problem is the low performance due to an unacceptable long turnaround times (TAT). Especially because of the late Renewals many of Fruitvale´s customers are turning to its major competitor Golden Gate. The operating performance needs to be improved by eradicating the bottleneck in Underwriting. This will be achieved by restructuring and simplifying the process. Through
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FDI in Insurance Introduction The insurance sector in India used to be dominated by the state-owned Life Insurance Corporation and the General Insurance Corporation and its four subsidiaries. But in 1999‚ the Insurance Regulatory and Development Authority (IRDA) Bill opened it up to private and foreign players‚ whose share in the insurance market has been rising. As a part of overall financial sector reforms‚ the Government set up the Committee for Reforms in the Insurance Sector in 1992. In its
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Problems & prospects of insurance in Bangladesh Prospects: There should be vigorous campaign through out the country to make the people aware of the utility and prospects of buying insurance. Bangladesh is a densely populated country and most of the people in our country are poor. They would definitively go for insurance for the security and the risks covered by the insurance. Therefore‚ the prospects of Insurance are very high in Bangladesh if the following measures can be adopted. First
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1.1 Progressive Insurance Company offers its services to over 10 million people‚ making it one of the largest auto insurance companies in the U.S.A. There are various initiatives devised by Progressive to improve service quality under the five dimensions of service quality which are following. Reliability: a. Progressive offers a high-tech method for calculating auto insurance premiums on a pay-as-you-go basis to perform the promised‚ customized and differentiated services. b. Progressive group
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Motor Vehicle Insurance Course Tattle: Principles of Insurance Course Code: FIN 123 Motor Vehicle Insurance Introduction: Motor Vehicle Insurance is insurance purchased for cars‚ trucks‚ motorcycles‚ and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise there from. The specific terms of vehicle insurance vary with legal regulations in
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