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Essay / Research Paper Abstract
This 5 page paper considers the role and benefits of keyman or key person insurance, and how it serves its target market. The writer concentrates on the Hong Kong market, but the ideas are transferable to other countries. The bibliography cites 8 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEkeyman.rtf
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Unformatted sample text from the term paper:
203 authorised insurers (correct on the 30th June 2002) (Office for the Commissioner of Insurance, 2002). The industry has been one of continued growth, with revenues of $64.4 billion (Hong
Kong dollars) in 2000 this was an increase of 11.4% on the previous year. This makes up 5.1% pf the GDP of Hong Kong (Office for the Commissioner of Insurance,
2002). This is made up of many types of insurance, each type of insurance may be seen as designed to meet the needs of a single segment of the market
or developed to met several segments. If we look at the commercial sector there are many needs, both in terms of general
insurance, such as insuring property and goods, as well as the less tangle insurance such as keyman insurance. In this paper it is the latter of these that we will
discuss. First we need to consider the market and the needs, and then we may consider how this type of insurance may suit the needs of the market.
In Hong Kong there is a commercial sector that has very high turnovers. With 85.6% of the GDP originating in services, concentrated into a single
area it become apparent that there is a heavy reliance on intellectual capital (CIA, 2002). This is the type of structure where there will be key people within an organisation,
without whom an organisations may face loss. This is true of many industries, however, in the service sector, where there are fewer levels of other resources that can be utilised,
as seen in the financial services industry, and more specialised services, the resource that is of value to the company is that of the knowledge and the contacts.
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