Download file to see previous pages...
Training is a variable cost for the company. Variable costs of course are costs that can vary, or can be changed with changes in the external environment that is faced by the business. For example, at State Farm, the price of ingredients for a training seminar would be a variable, because the external market, however much State Farm is going to try to control the means of production and supply chain, is still going to show fluctuations in the price of raw materials used to make the training materials. And if there is a pandemic scare US, for example, the demand for insurance is going to go up regardless of whether the market shares are owned by State Farm or not, just because of general conditions of scarcity in the external business environment. Another variable cost for State Farm is how much it pays employees. For example, even though the insurance giant is very rich and powerful, it doesn’t have control over the external factors of inflation and federally mandated wages and benefits, so these costs vary flexibly.
Fixed costs are a different matter, because they are less a reflection of external variance and flexibility and more a reflection of the costs of investment goods that are used by State Farm. These investments are representative of a commitment made by the organization to long term growth over time using these goods, in a commitment that can be profitable for the company in response to how much it can use the investment goods to produce the product that it is selling. An example of a fixed cost for State Farm would be its maintenance of a marketing infrastructure.
In terms of performance, it is assumed in the current report that in terms of relationships between job satisfaction and performance, employees who are trained improperly at State Farm will treat clients differently in a state of burnout and they will have a reduced sense of accomplishment. This may affect the success of the
...Download file to see next pagesRead More
The average cost of hospital stays is approximately $10,000, whereas the average asset of uninsured families is $20 (UDHHS, 2011). Their assets, as well as those who belong to the 400% federal poverty level, cannot afford to pay for the price of health care services (UDHHS, 2011).
Any error in treatment to subjects in health care research may lead to political, legal and socio-economic problems. Prior to 1950s, the medical experimentation neglected the ethical principles where as the situation improved in later years. In USA, the establishment of National Commission for the Protection of Human Subjects of Biomedical and Behavioral Research has brought significant improvement in ethical standards of health care research.
Motor Vehicle Manufacturers’ Association of United States vs. State Farm Mutual Automobile Insurance Company 463 US 29 (1983): A Case Study Case Summary The facts in question in the iconic case of 1983 Motor Vehicle Manufacturers’ Association versus State Farm Mutual Automobile Insurance Company are, briefly, as follows.
The S-CHIP (State Children’s Health Insurance Program) is a US based program that is undertaken through the assistance of department of health and human services. Having been established by the balanced budget act of 1997, the program is aimed at providing health cover to children who are unable to afford Medicaid.
The United States insurance industry is characterized by a number of key dominant features that determine the nature of competition, entry of new players, nature of competition and the overall cost of insurance cover.
It has been determined that the risk involved in the insurance sector is minimized by agents such as James Raynor who vehemently follows the desired work ethics and demonstrates a strong sense of responsibility. Introduction State Farm Mutual Automobile Insurance Company is headquartered in Florida, United States.
Through Pay As You Go pricing the vehicle insurance is made more actuarially precise. This is because the costs of vehicles are better reflected by the premiums. It also allows the motorists to save money if they decide on reducing the mileage. This system can help attain many public strategy goals.
tation Paper 2007, the important focus was a potential law reform on misrepresentation and non- revelation at pre-contractual phase with the assured and mediators and as well violation of insurance warranties. Response to the proposals of the concerned parties have been called
The tower is always visible to the prisoners but they cannot fathom which specific spot they are being watched from (Michel 201). Foucault brings out the aspect of Agency as explains how the panopticon
a “pay-per-km (Pay-As-You-Drive or PAYD)” but has evolved in recent days to comprise the concept of “Pay-How-You-Drive (PHYD),” signifying that the insurance premium is calculated on the basis of “how” one drives the vehicle rather than “how far” one drives it
6 Pages(1500 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic State Farm Insurance Agency for FREE!