School of Hospitality, Tourism and Entertainment Management
Principle of Marketing
1. Identify a local registered organization offering a service as its main offering.
• Sagicor Life Jamaica Limited
2. Briefly describe the service being offered. Include pictures/ samples or graphics.
Sagicor life Jamaica limited offers their most popular plans of insurance. They provide a wide range of products, to ensure that there is a plan for you (customers). The company commenced operations in 1970 as Life of Jamaica Limited, the first Jamaican-owned life insurance company and was the first life insurance company to be listed on the Jamaica Stock Exchange (JSE). Since its inception, Sagicor has gained a solid reputation as a pacesetter, innovator and a leader in the Caribbean life insurance industry. The company has been the market leader among life insurance companies in Jamaica. Some of the company's other services include: o Residential and commercial mortgages;
o Real estate development and management;
o Investments management;
o Lease financing.
St. Ann Bay Richmond Estate
3. Give a full description of the target market.
The company markets:
• An extensive range of ordinary long term and equity linked insurance products;
• Group life, group health and personal accident plans;
• Group pension plans, with a portfolio of over J$26 Billion under management, making Sagicor the industry leader in the management of pension
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On August 11, 1998, United States Amoco Corporation (Amoco) and The British Petroleum Company p.l.c. (BPC) announced the BPC merger with Amoco. With a combined number of participants of 40,000 and $7 billion investment assets under management, the merged pension and savings plan of the new company is viewed by both management and employees as a bellwether of the success of the merger. Therefore, the new investment team must be able to “harmonize” the very different two original plans.
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The Company’s team understands the intrinsic problem and needs in the areas of personal risk management and estate planning, because they have been doing it themselves for more than 15 years. This unique understanding, combined with the team’s technical expertise, have led to the creation of a strong product and a solid company.
On August 17, 2006 the Pension Protection Act of 2006 (the Act) was signed into law. The Pension Protection Act ("PPA") [P.L. 109-280] originated as a single-employer defined benefit pension funding reform bill to strengthen the DB pension system. However, it is best known for the number of provisions to enhance 401(k) and 403(k) plans, especially the auto enrollment feature. Among other noteworthy provisions are those intended to remove legal obstacles to, and create new incentives for, automatic enrollment 401(k) and 403(b) plans. It represents one of the most comprehensive pension reform legislation since ERISA was enacted in 1974. The Act has lead to many companies changing the way their plans are designed and administered, amend plan documents, increase plan funding, and make additional plan disclosures in regulatory filings and to plan participants. The Act made many sweeping changes but for the sake of brevity, only the automatic enrollment plan made by employers on the behalf of its employees is addressed in this report as to the rationale behind the passage of the PPA. Even though the provisions generally apply both to 401(k) and 403(b) plans, for explanatory purposes all references will refer only to 401(k) plans.
GAASB is proposing some major improvements to the reporting of pension plans. (GASB Proposes Major Improvements for Pension Reporting, 2011). Immediate recognition of more components of pension expense will be required, including the effect on the pension liability of changes in benefit terms, rather than deferred and amortization over as many as 30 years. Use of a discount rate will be required that applies the expected long term rate of return on pension plan investments where pension assets are expected to be available to make projected benefit payments and the interest rate on a tax exempt 30 year AA or higher rated municipal bond index to projected benefit payments where plan assets are not expected to be available for long term investment in a qualified trust. A single actuarial cost allocation method, the entry age normal, will be required. Governments participating in cost sharing multiple employer plans will be required to record a liability equal to their proportionate share of any net pension liability for the cost sharing plan as a whole. Governments in all types of covered pension plans will be required to present more extensive note disclosures and required supplementary information.
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Pension plan funding shortages for city, state, and federal employees, as well as employees in for-profit businesses, have stirred significant debate in recent years as government agencies and businesses struggle to manage revenues, expenses, and the key thread within the mix, the pension plan participants. The issues associated with pension plans present challenges to the management leadership in balancing the commitments to the pension plan participants and to the overall well-being of the city, state or federal entities, or the business shareholders.
We can learn a lot by analyzing, evaluating, discussing, and exploring the methods of high level companies and their strategy to reach success. Primerica Financial Service is a company that provides life insurance and investments that help and serve the middle-income costumer with the best life insurance. They called it term life insurance. Primerica has a different approach compared to other companies; they want to offer the best life insurance to the costumer. Primerica’s main goal is to help other people. It is important to evaluate our own companies without bias and determinate ourselves to reach excellence.
Public pensions are under attack as legitimized grifters on Wall Street seek ways to lay their hands on the hard earned money of those that actually save securely for retirement. Private pensions are virtually nonexistent, and the up-and-coming generation faces a monumental retirement crisis.
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Pension system faces serious challenges because of the number of beneficiaries increases while the numbers of contributors decrease at the same time. Currently, people have healthier lives which means the increase in life
Our company has been providing their employees with a pension plan for many years. However, these benefits plans have to be reviewed and possibly revised after the recent acquisition of XYZ Company. Through the use of a funding agency, payments are invested so that periodic payments can be made to the employee during retirement. Defined contribution and defined benefit are the two most common types of pension plans.
1).The relationship between Hospitality and Tourism: Tourism and hospitality go hand in hand, the hospitality industry offer services like accommodation, transportation, food and beverage, recreation and leisure. Tourism is the activity by the tourists where they engage in travelling to destinations where they want to experience recreational and leisure activities and most of the time avails of accommodation, food and beverage. The hospitality industry is the supplier of the services for tourism. The meaning of hospitality is providing a safe and enjoyable environment for patrons. It also means responsibly serving liquor, to ensure that patrons do not become unduly intoxicated and subsequently a problem for management, staff and the