Business Decision Making

This proves little if any about the real problem, though, because only about 1,000 claims were investigated in Kansas over five years (Lorenz), while over seven times that amount were investigated in New York and California in the same time period ("Insurance Fraud").

Based on your Week 3 collaborative learning team discussion, submit, individually, a 350- to 700-word summary of the work completed by your team.

Insurance companies are a business with the ultimate to goal to make more than they spend.

To try and get to the bottom of this Consumer Reports carried out an investigation by examining over 2 billion insurance quotations obtained from 700 auto insurance firms. They found (and published in their September 2015 edition) that, depending on which state you live in, if you are a single adult driver with a poor or just a good credit score, you may have ended up paying anywhere from between $68 to $526 extra per year for your insurance compared to drivers who had excellent credit scores. Taking the USA as a whole, on average, high credit rate scorers paid $214 less per year for their auto

The first mistake Foss did was titling his business. In order to avoid the premium for paying for extra insurance, Foss titled himself as a contractor instead of a roofing business (Gallagher). This in result made it so Foss did not have to pay as much to cover his employees. Realistically, insurance companies tend to cover more risk worthy jobs, but it cost more money to cover it; and Foss knew that. Foss lied and misinterpreted the nature of his business. According to Agency Checklist, “Mr. Foss misrepresented the nature of his business on an application for insurance through the Massachusetts Workers’ Compensation Assigned Risk Pool. Based on this misrepresentation, the WCRIB did not classify Mr. Foss’ policy properly as a roofing risk and Mr. Foss paid $120,000 less in workers’ compensation premiums than he would have been paid, if the policies had been properly classified at the higher correct premium… On Mr. Foss’ company’s website, Bob Foss Contracting, the company states that it is a “General Contractor in the Greater Boston

In the report, Griffin uncovered condemning evidence against the two biggest insurance carriers in the US, State Farm, and Allstate. The report states that these companies, and other giants like them, are saving billions of dollars by underpaying the victims of so-called minor car accidents.

The insurance companies in this video showcases the exercise and abuse of power. After hurricane Sandy hit many individuals were negatively impacted. Many of their belongings and houses were destroyed along with the chaotic storm. Even though the impacted individuals had home insurances, they did not benefit from it, because the insurance companies were not paying their policy holders the promised amount. Regardless of how much their home insurance policy was worth, they were not given enough money for the damages caused by the storm. That is because the insurance companies were not agreeing to pay and cover homeowners all the costs for all the disasters has caused because they believe the disaster was not “not structurally damaged by hydrodynamic

For example, if your car is destroyed by a fire or theft, comprehensive coverage will pay for it. Comprehensive coverage also covers floods. See why it’s important? It’s particularly important in California with car theft being at an all time high.

The rational decision-making model describes a series of steps that decision makers should consider if their goal is to maximize the quality of their outcome. In other words, if you want to make sure that you make the best choice, going through the formal steps of the rational decision-making model may make sense. The following are the steps taken to come to a rational decision: 1. Identify the problem, 2. Establish decision criteria, 3. Weigh decision criteria, 4. Generate alternatives, 5. Evaluate the alternative, 6. Choose the best alternative, 7. Implement the decision, 8. Evaluate the decision.

The victims of Super Storm Sandy were disappointed in their insurance agencies for claiming the damage to have been from previous causes and not the storm. Claims such as these should still be covered because insurance agencies lack the equipment to decide what is new or what has been occur to the foundation of a house or the marks on a

Thinking critically and making decisions are important parts of today’s business environment. It is important to understand how the decision making process works and the steps involved. The nine steps of the decision making process are: identifying the problem, defining criteria, setting goals and objectives, evaluating the effect of the problem, identifying the causes of the problem, framing alternatives, evaluating impacts of the alternatives, making the decision, implementing the decision, and measuring the impacts. (Decision, 2007.) By using various methods and tools to assist in making important business decisions an individual can ensure the decisions they make will be as successful as possible. In this paper it

So, you can see that there are a lot of reasons to buy the hurricane insurance. Analyzing Joe Martinez’s earnings (175 000$ annually), we can say that the total premium for $ 13 000 is quite large amount (7% of annual earnings). If we will compare this amount with his monthly earnings ($ 14 583) it is 89%. But from another point of view, his eventual losses from hurricane’s devastation maximum can be $648 390, in case of 5th and 4th categories of hurricanes. We would like to give an advice to Joe Martinez, to buy standard and wind coverage insurance for $13 000, and he should think about

stened to my stories that have demonstrated various concepts in decision-making regarding IS/IT decisions. Now, I want you to tell me your story. I want you to pretend that it is 2029 and you are finally getting the chance to start up your own company. BRIEFLY tell me about the business: the industry, the number of employees, and what service or product you will offer. Will your company be privately held or will it be publicly traded? If private right now, do you anticipate ever going public or working with any kind of government contracts? (Only 2-3 sentences here please.)

There are always events that occur in the world that are simply unavoidable, whether it be a catastrophic hurricane, or a health emergency, or a car crash. Of course, there are always insurance companies to “come to the rescue” by paying for claims and providing coverage. However, insurance companies can be villainous too, denying coverage and claims through racial and genetic discrimination, altering claims, and making incentives a bigger priority, all for the desire of greater profit margins. These reasons are why there needs to be a tighter leash on insurance companies in order to insure the security and safety of current and future, as well as honest, customers.

This report will discuss about the approach to rational decision making process. It discusses how an everyday problem faced by management can be tackled by using