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3 years ago

The hawthorne studies found that employees in the experimental group:

1 answer:

8 0

The Hawthorne studies found that employees in the experimental group WERE MORE PRODUCTIVE THAN OTHER EMPLOYEES AND IT DOES NOT DEPEND UPON THE LEVEL OF LIGHTING.

The Hawthorne studies was conducted by Elton Mayo and his colleagues to determine the level of illumination and its relationship with the productivity.

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Mr. Isaac is lending Gh₵20000 to Mr. Hayford, to be repaid over five years. Mr. Isaac would like to effect a policy on Mr. Hayfo

Alla [95]

Question:

Mr. Isaac is lending Gh₵20000 to Mr Hayford, to be repaid over five years. Mr Isaac would like to effect a policy on Mr Hayford’s life to cover the loan should Mr Hayford die. Mr Hayford would like to insure Mr Isaac’s life just in case he dies and the beneficiaries of his will insist that the loan be repaid early.

(a) What is the extent of insurable interest in each case?

(b) Consider any necessary action if the loan was later repaid earlier than anticipated what happens to the policy?

Answer:

To answer the question (a), one must first understand the concept of <em>Insurable Interest.</em>

A policyholder is said to have an insurable interest in a subject matter whenever the subject matter of a contract provides some financial gain to them and would lead to a financial loss if damaged, destroyed, stolen or lost.

For example, if I purchase a car for my use for $10,000, theft of or damage to that car will translate to financial loss to me. Therefore, I have an insurance interest in the car. This qualified me to Insure the car against loss arising from any form of insurable damage, or theft.

In question (a) there are two cases.

<em>Case I - Mr Isaac would like to effect a policy on Mr Hayford’s life to cover the loan should Mr Hayford die.</em>

Mr Isaac, in this case, has full insurable interest on Mr Hayfords life. If Mr Hayford dies, Mr Isaac will be put in a financial loss to the tune of Gh₵20000.

<em>Case II - Mr Hayford would like to insure Mr Isaac’s life just in case he dies and the beneficiaries of his will insist that the loan be repaid early. </em>

Mr Hayford does an insurable interest on Mr Isaac's life. This insurable interest arises due to the possibility (as given in the question) that Isaacs family have the power to request for the loan earlier than it ought to have been paid.

The insurable interest arises because paying back the loan earlier than anticipated, may put Mr Hayford in financial distress and may lead to financial and economic loss. If the loan is meant for the running of his business, the business may fold up, and he may forfeit all the assets of the business.

In a real-life scenario, this can all be prevented by ensuring that the terms of the loan are documented in a contract which must be ratified by both parties. In this contract, clauses preventing the lender from cutting short the tenure of the loan can be inserted. This is less expensive and easier to administer.

(b) In each of the cases above, if the loan is paid back earlier than anticipated:

i. Under duress from the family: The provision of the policy protecting the interest of Mr. Hayford kicks in and makes good the loss to mitigate it and terminates afterwards.

ii. By volition by Mr Hayford: The policy terminates immediately as the insurable interest he has on Mr Isaac's life becomes extinct.

Cheers!

6 0

3 years ago

aylorism implies low-trust relations between employer and employees. therefore, direct control is needed to ensure that labor po

weqwewe [10]

Taylorism suggests low levels of trust between an employer and their workforce. To ensure that labor power purchased is converted into labor performed, direct control is therefore required. Managers are urged by this control question to identify methods of enforcing workers what they should do, how to perform it, within what parameters, and how quickly, and assess employee performance and impose penalties.

<h3>What is Taylorism in scientific management?</h3>

As a manager of mechanics, Frederick Taylor created the Taylorism tenet in order to achieve the most effective workplace practices.

Taylorism is a scientific management approach that divides up the many activities inside an organization so that workers can accomplish tasks as quickly as feasible. Therefore, the fundamental tenets of Taylorism as a scientific management system are best summarized as effective administration of workers and the requirement to take into account psychological and social factors as well as technical ones. It was developed as an industrial management philosophy in the nineteenth century to boost productivity. To do this, every stage of the industrial manufacturing process needs to be dissected, allowing for more specialized and efficient production.

To learn more about Taylorism, visit:

brainly.com/question/25089742

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8 0

1 year ago

What is the simplest layout for a cover letter? I need one for a resume but I don`t know how to write one.

Delvig [45]

Answer:

This is a short and direct template I used to get my job, and it works pretty well.

Explanation:

5 0

3 years ago

The tax incidence (A) is the manner in which the burden of a tax is shared among participants in a market. (B) can be shifted to

8090 [49]

Answer:

(A) is the manner in which the burden of a tax is shared among participants in a market

Explanation:

Tax incidence refers to the burden of a tax between buyers or sellers or other stakeholders.

When price elasticity of supply is greater than price elasticity of demand, i.e a change in price causes supply to change more than demand, the tax incidence is said to be more burdensome for the buyers and vice versa.

It represents the distribution of tax burden to various sections of a society such as producers, consumers, etc.

For example, if taxes and duties are raised on alcohol or cigarettes, the producers shall transfer such burden on the consumers by covering their margin and raising prices. Thus, in such a case, the tax incidence would be borne by the consumers.

4 0

2 years ago

U.s. national debt ______ when the federal government's ______.

aalyn [17]

d. Increases when outlays (payments) exceed revenue.

Outlays (or payments) are the expenses, and tax revenue is the income. So whenever the expenses outweigh the income you will add to the debt. If you earn $500 a month but spend $700 you will be adding that extra $200 to your debt each month.

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3 years ago