A Professor Knew a Colleague Who Was Quite Ill

question 28

Essay

A professor knew a colleague who was quite ill. The professor applied for life insurance on the colleague's life and named himself as beneficiary. Because of a similarity in the names of the professor and the colleague, an error was made and the policy was issued.?The professor also sold his car to a student. When the student drove away, it was clear that the student was an extremely reckless driver. The professor decided not to cancel his property insurance policy that he had maintained on the vehicle that he sold to the student. Shortly thereafter, the colleague died and the student demolished the car. The professor applied for insurance benefits under both policies and each of the insurers resisted payment. Decide both cases.

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Definitions:

Promoting

The act of advertising or pushing forward an idea, product, or service to increase awareness and generate interest among potential customers.

Positioning Stage

The phase in marketing where a brand defines and communicates its unique value proposition and how it differs from competitors to target consumers.

Commoditization

The process where products become indistinguishable from each other in the eyes of the consumer, leading to competition primarily on price.

Protectionism

Protectionism is an economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations.