©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Credit and Insurance 18.1 18.1 Credit Principles and Practices 18.2 18.2 Managing.

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©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Credit and Insurance Credit Principles and Practices Managing Credit Insurance Principles Types of Business Insurance CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Credit Principles and Practices DLTs ● Describe three types of credit plans used by businesses. ● Identify several types of financial transaction cards and the main uses of each type. 2 CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Determining Business Credit Needs ● Accepting major credit cards ● Establishing a credit card acceptance system ● Comparing credit card plans ● Private credit card systems ● Consumer credit plans 3 CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Types of Financial Transaction Cards ● Bank and nonbank credit cards ● Co-branded credit cards ● Affinity credit cards ● Debit cards ● Smart cards 4 CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Managing Credit DLTs ● Identify the information on which decisions about credit applications is based and how that information is obtained. ● Describe the steps in collecting unpaid accounts. 5 CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Determining Credit Standing ● The four Cs of credit ● Character ● Capacity ● Capital ● Conditions ● Sources of credit information ● Applicants ● Credit agencies ● Federal laws and the credit card industry 6 CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Collections Management ● Collection procedures ● Analyzing credit sales 7 CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Insurance Principles DLTs ● Discuss several ways that businesses can attempt to reduce risks. ● Define important insurance terms. ● Describe several noninsurable risks facing businesses and how managers can respond to each. 8 CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Insurance and Risk Reduction ● When businesses need insurance ● Managing to reduce risk 9 CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Basic Insurance Concepts ● Insurance rate ● Cancellation of insurance ● Insurable interest in property ● Deductibles 10 CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Noninsurable Risks ● Risks for which there is no insurance 11 CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Types of Business Insurance DLTs ● Describe how insurance is purchased and several types of business property and vehicle insurance. ● Identify the types of business insurance for people associated with the business. ● Describe additional business insurance that covers special types of risks. 12 CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Selecting and Buying Insurance ● Property Insurance ● Fire insurance ● Burglary and robbery insurance ● Business income insurance ● Transportation insurance ● Vehicle insurance ● Collision insurance ● Comprehensive insurance ● Vehicle liability insurance ● Medical payments insurance 13 CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Insuring People ● Health and disability insurance ● Life insurance 14 CHAPTER 18

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Other Business Insurance Needs ● Business operations ● Liability insurance ● Malpractice insurance ● Bonding ● Insurance for international operations 15 CHAPTER 18