Total Rewards Program Case Study Example | Topics and Well Written Essays - 1250 words

Total Rewards Program - Case chance Exampleg back to several millennia in ancient China and the fabled old city of Babylon under Hammurabi (1750 B.C.E.) a key concept of insurance as a form of entertainion against either financial losses has stayed the same all throughout from ancient times to modern times. Another snappy concept in modern insurance is the use of statistical data and probabilities to determine insurance rates, exploitation actuarial science. In this regard, it has become almost an entirely mechanical process, using powerful computers to determine the adventure premiums suitable for an insurable risk, to be able to produce a profit.The original use of insurance was to protect principals who transport their goods using the sometimes treacherous or dangerous river rapids in ancient China from a possible sinking of the boat carrying the goods. In the probability a boat had capsized, the indemnification a trader gets from the insurance result ensure he can rise again financially. In Babylon, the concept of insurance had a much different application. A sea merchant whose ship sinks in the Mediterranean sea can expect to recoup his losses, because he had paid a premium on the loan to pay his expedition. That extra premium will enable the lender to cancel the loan in case of a ship sinking. In todays capitalist, free-market environment, insurance coverage extends to many situations, such as life, car, boat, condominium unit, motorcycle, or anything of value, so far the health of a person.Insurance is a financial product that needs to be sold aggressively, as opposed to other consumer products which people simply buy on their own initiative. Unless it is mandated, as in the case of the new health insurance coverage as required by law under the health reform act, it is a product that most people would rather do without, as premium defrayment is an added expense. It is therefore important for an insurance firm to have a wide network of sale s agents who will push its insurance policies, preferably exclusively with