Select a product with which you are familiar or interested in. What are its product liability issues? What measures may management take to prevent these issues from arising? How may they minimize legal risk?
a. A product that I am interested in is the product that I sell. Insurance. This is a product that if not signed or explained properly can jeopardize you and your assets. The product liability is that If the company does not exclude all the provisions and the company insures a risk that theyu do not know to much about. For the measures that a company can take from issues arising is that they need to make sure that the agents disclose everything to the fullest extent and the insured knows exactly the policy that has been written. The risk may be minimized by having all the proper paperwork signed and the agents inspecting all the vehicles that are being insured with the proper policy.
2. How do government regulatory agencies and laws affect organizations? Choose one or two specific regulatory requirements and explain what effect they have on organizations. How do they differ domestically and internationally?
a. A government regulatory agencies and laws affect are the Department of Insurance. This government agency regulates all the insurance brokers and agents in the state of California. The DOI regulates the agents heavily. When a complaint from a consumer is filed with the DOI the DOI will then send a letter to the agent that they have been given a warning about a complaint against them. Insurance is the same concept no matter where you go. Domestically and international. The only thing that can change is how the agents sell and their background also the minimum amounts in coverage. That is all that I believe will change Internationally. View More »