Key Terms
Entrepreneur
A business leader willing to risk starting a new company, offering a product or service, hoping to turn a profit.
Entrepreneurial culture
The combination of personality and management style that founders use to shape initial business practices and ethical en
Hubris
Excessive pride that can take hold after early success. A founder who beat the odds may start to believe the rules don't
Advertising
Commercial messages urging purchase of products or services across all media formats.
Psychological appeal
Advertising that targets self-esteem rather than product features; persuades consumers they will feel better about thems
Subliminal advertising
Embedded words or images that allegedly influence consumers below the level of conscious awareness.
Premium
The fee a customer pays for insurance coverage.
Claim
A request to the insurer for monetary compensation after a covered loss.
Redlining
The illegal practice of denying or overcharging for coverage based on the geographic neighborhood of the applicant, part
HISTORICAL ORIGIN
Insurance as a profession traces to 17th-century maritime trade. Merchants at Lloyd's Coffee House in London (1688) pool
Definition
Assigning or denying coverage, or charging higher premiums, based on the racial or ethnic composition of a neighborhood
Multipayer health care system
Patient, employer, and private insurer all contribute to cover the patient's care. Used in the U.S., Germany, France, an
Single-payer health care system
Government is the primary payer; funded through national tax revenues. Used in the U.K.
Universal health care
System that provides access to health services for all residents, regardless of income, funded through taxes.
Copayment
A fixed fee per service paid by the patient, negotiated between the insurer and the employer.