Term
|
Definition
| The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms. |
|
|
Term
|
Definition
| Large-scale action plans for interacting with the business environment in order to achieve long-term goals. |
|
|
Term
|
Definition
| An organization's purpose or ins fundamental reason for existence. |
|
|
Term
|
Definition
| Major planning components that are the target or end result that an organization wishes to achieve. |
|
|
Term
|
Definition
| A significant edge over the competition in dealing with competitive forces. |
|
|
Term
|
Definition
| A method of analyzingt an organization's competitive situation that invovoles assessing organizational strengths, weaknesses, opportunities and threats. |
|
|
Term
|
Definition
| The act of designing a set of meaningful differences to distinguish as insurer's products from the competitors' products so that the insurer's products occupy a distinct and valued place in the market. |
|
|
Term
|
Definition
| The combining of two or more companies into one organization. |
|
|
Term
|
Definition
| The purchase of all or party of one organization by another |
|
|
Term
STRATEGIC BUSINESS UNIT
(SBU) |
|
Definition
| A division within an organization that is defined for the purpose of measuring that diviion's productivity. |
|
|
Term
|
Definition
| An internal process in which each business unit begins with no debt or credit. Each unit begins every fiscal year new with no balance in the budget. |
|
|
Term
|
Definition
| The percentage of policies that are renewed at an anniversary |
|
|
Term
|
Definition
| A measurement of retained polcies over a long period of time |
|
|
