Tutor profile: Elizabeth B.
Subject: Risk Management and Insurance
What is indemnity?
Indemnity means to make whole. In insurance, the goal is to ensure clients with the right amount of coverage so that, should they experience a loss, the insurer can pay the client the monetary value of what they lost. If a client does not have enough coverage on their policy to cover their loss, the claim will not bring them back to whole. For example, imagine Susie Sue insures her home for $100,000 but the cost to replace her home is $150,000. If Susie Sue's house burns down, her insurance company will only pay her $100,000. She would either have to come up with the additional $50,000 to rebuild her home, or she would have to rebuild a less valuable home. Either way, Susie Sue is out $50,000 and not indemnified. Conversely, insurance companies do not want to overpay on a claim. Often when clients commit insurance fraud they are attempting to gain more from the insurance company than what they lost. In that case, the client would also not be indemnified. Here is an example of indemnity. Lucy Lou buys an insurance policy for her wedding rings. Lucy Lou has her rings appraised at a value of $5,000. She purchases a policy for $5,000 of coverage on the rings. Sometime later, the wedding rings are stolen. Lucy Lou's insurance company pays her $5,000. Lucy Lou was indemnified.
Little did he know, during the eighteen-fifties, Jacob W. Davis creates the 1st pair of jeans from denim fabric and copper rivets jeans becoming a stable in modern wardrobes.
During the 1850s, Jacob W. Davis created the first pair of jeans from denim fabric and copper rivets. Little did he know, jeans would become a staple in modern wardrobes. CLARITY: This thought is better expressed in two sentences because while the ideas are related, the two sentences have different subjects. Placing the phrase "little did he know" before the verb "create" implies that the subject, Jacob W. Davis, was unaware that he created jeans. More accurately, the phrase "little did he know" should be placed before the verb "become." SUBJECT/VERB AGREEMENT: Verbs can be written in different tenses. The tense a verb is written in should agree with the other words in the sentence. Because the sentence specifies the past, the verb "create" which is present tense should be rewritten as "created" which is past tense. In the second sentence, the word "becoming" should be rewritten in the future tense "would become." CORRECT WORD USE: The original sentence states "becoming a stable in modern wardrobes." The word "stable" should be rewritten as "staple." Stable refers to an enclosure that houses horses or other livestock. A "staple" refers to an important or necessary element. NUMBERS: In the original sentence, the year is written out as the eighteen fifties. This should be rewritten as a plural number: 1850s. The word 1st should be written out as first. In English, ordinal numbers under ten are written out e.g. first in line versus 16th in line.
In a SWOT analysis, what is the difference between a Strength and an Opportunity, and what is the difference between a Weakness and a Threat?
When constructing a SWOT analysis, it is important to understand the difference between internal and external factors affecting the subject. Strengths and weaknesses are categories of internal factors whereas Opportunities and Threats are external factors. Some examples of Strengths would be things like accessible location, patents, capital, or experienced employees. Weaknesses would be the opposite, for example, high turnover, inability to expand in the current location, or issues with cash flow. All of these things are examples of factors specific to the company being examined. Conversely, Threats and Opportunities describe the environment the company is in and not the company itself. These are external factors. For example, some opportunities may be new technologies, changing demographics, expanding to new locations, or horizontal/vertical integration. Examples of threats would include political climate, loss of market demand, or poor economic conditions. Threats and Opportunities are factors that affect all business in the industry. Whereas Strengths only benefit the specific company, Opportunities can be taken advantage of by any business in the industry. Weaknesses only apply to the business being analyzed, but Threats could damage any similar business.
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