Explain the concept of social mobility and its various forms
What will be an ideal response?
Social mobility refers to the passage of individuals from one social class to another. There are three forms—upward (move up in social class), downward (moving to a lower social class), and horizontal (moving from one position to another [such as jobs] in the same social class strata).
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Scott had trouble obtaining auto insurance. After three companies refused to insure him, he called the state insurance department
A representative suggested he obtain coverage through Last Chance Insurance Company because "that's all they insure—high-risk drivers." Scott contacted Last Chance. He was not refused coverage; however, the premium Scott was required to pay was three times greater than the average premium in the market. Last Chance Insurance Company is a(n) A) reinsurance facility. B) automobile insurance plan. C) specialty auto insurer. D) joint underwriting association.
All the following are necessary for an ideally insurable loss exposure except:
A) large number of homogeneous exposures B) losses must be accidental and unintentional from the point of view of the insured C) losses must be measurable D) low probability of loss