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Individual and Commercial Insurance - Term Paper Example

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The paper 'Individual and Commercial Insurance' presents the strategies which are designed to enhance productivity as well as the reputation of the industry. The J. Paul Getty Museum is a good visiting place and it can easily be determined while going through the number of people…
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Individual and Commercial Insurance
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Download file to see previous pages I have selected the J. Paul Getty Museum as the visiting location. The location is situated in Los-Angeles. Los Angeles itself is blessed with beautiful landscapes and the building of the museum is made uniquely so that it would attract as many visitors as the museum can hold. On the other hand, the entry to the museum is absolutely free, while visitors are charged $15 for the parking. However, after 5 p.m the parking is free too. Museums are good places to find cultural, religious and ancient aspects of the location. Around 1.3 million people visit the museum each year (The J. Paul Getty Museum, 2012).
The most significant feature of the tourism business is the capability of the operators to deal with the risks and associated factors regarding the tourism business. It is equally viable for the operators to maintain a smooth, receptive and cost-efficient insurance that will ensure to meet the legal necessities and requirements.
Risk management ensures to make clear reduction in unnecessary and unintentional events. However, it is important for risk managers to develop such strategies to reduce the impacts of unplanned events. The third important perspective of risk management is to improve the capability to have full control of all the events and associated risks and maintain cost-efficient insurance within the business environment.
Risk management strategies will ensure to enhance the recognition of the risks, analyze the risks and make strategies to reduce the risk. It not only benefits the organization but also the individuals. On the other hand, risk management techniques will help to face the accident and help us to be prepared for any accidents. The techniques will also reduce the severity and the after-effects of the accidents. Financial damages are heavily influenced by the risk the tourism organization facing and risk management strategies are made to reduce the financial risks, the organization is facing. ...Download file to see next pagesRead More
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