use the classic and stakeholder models

Identify essential, relevant background information

Instructions/Question: Read the attached case. (Download it by clicking on the link to the PDF just above.) Briefly summarize it and evaluate it in terms of the concepts we learned about in class. Make sure to demonstrate your knowledge and understanding of each of the concepts you use, including nuances in their application to the case. Based on your evaluation, weigh your options and defend a position on what should be done, and why. You must include a discussion of the classic and stakeholder models, and their application to this case. Note: It is better to demonstrate your knowledge in depth than to name many concepts and just describe them in one or two sentences. Deep knowledge includes nuances and critiques. Insurers Are Giving Consumers a Break Amid Pandemic Policy perks include grace periods, refunds and waivers of in-person medical exams Many insurance companies are providing some needed assistance to consumers amid the coronavirus pandemic. Here are some of the efforts in more detail. Grace periods and flexible payments Many insurers have extended grace periods beyond the typical 30 days to prevent policy termination due to nonpayment, though the length of the extensions varies... Many insurers also are waiving premium late fees and offering flexible payment solutions, such as changing the frequency of payments, or interest-free payment deferrals for up to a year... People who are having trouble making premium payments (should] call their insurer... Premium refunds Many insurers have issued partial refunds and discounts to drivers logging fewer miles during shelter-in-place orders, according to the American Property Casualty Insurance Association... Digital push Insurers have also accelerated their use of digital tools to accept new applications, underwrite and bill customers, and process claims, says Sean Kevelighan, chief executive of the Insurance Information Institute, which helps educate consumers on insurance-related issues. ... more insurers are allowing customers to take their own photos for auto claims and are using drone technology to assess property damage, Mr. Kevelighan says. On the life insurance side, traditionally a face-to-face business, many insurers are seeing the number of online applications shoot up, and the use of digital signatures also has increased. Ameritas Life Insurance Corp. started accepting online applications last year, but the digital shift has accelerated, in part because of the pandemic. In December, 38% of new applications were made online; that figure climbed to 55% in March and 78% in April, says Ryan Beasley, executive vice president of Ameritas's individual division. Some life insurers say they haven't raised prices during this time; however, other carriers are making pricing and product adjustments. It's possible potential buyers may be turned away or 1 they may experience scaled-back policy sizes and reduced benefits as insurers adjust to the market environment. Additionally, applications could be delayed in certain cases, especially if applicants or their family members are traveling during the pandemic, or have contracted the virus. Insurers have different restrictions and underwriting guidelines, and some of these could have changed...so... shop around. Some life-insurance carriers are also making it easier for certain customers to obtain a policy, generally without the hassle of an in-person medical exam, making use of electronic data such as medical records, motor-vehicle reports, a physician statement and prescription data. Minimizing face-to-face interaction is especially attractive amid the pandemic, says David Levenson, president and chief executive officer of Limra, Loma and their parent, LL Global, a not-for-profit industry association. Northwestern Mutual Life Insurance Co. rolled out accelerated underwriting for life-insurance customers about two years ago and has seen usage pick up since the pandemic..., says John Grogan, executive [VP] and chief product ... officer. Ameritas, which had planned to roll out an expedited underwriting process to a subset of applicants in June, accelerated its timeline and is now offering the option to individual applicants between the ages of 18 and 60 seeking a maximum life-insurance benefit of $1 million. The company intends to monitor the program and determine how it can be expanded to a broader market over time. Prudential Financial Inc... is more broadly waiving the medical exam, in many circumstances, for people under age 60 seeking less than $3 million of coverage, says Salene Hitchcock-Gear, Prudential's president of individual life insurance. Pacific Life Insurance Co., meanwhile, expanded an existing pilot program and rolled it out more broadly to consumers between the ages of 18 and 60, for policy limits up to $5 million, depending on the product, says Dawn Trautman, executive vice president and head of the company's life-insurance division. Enhanced coverage options Many insurers have said they will cover employees who use their cars for commercial deliveries such as food and medicine under their existing individual auto policies. Standard personal auto policies typically exclude such coverage. Boston Mutual Life Insurance Co., which primarily works with agents and other third parties to provide workplace plans to employers, has been giving existing clients the opportunity to offer their employees additional life-insurance coverage or to process new applications, making exceptions to the normal enrollment period due to the extenuating circumstances, says Paul Quaranto Jr., chief executive. Prudential has offered employers the option, at no extra cost, to extend coverage for up to 90 days for workers who leave their company, whatever the reason. Erie Insurance Group, in Pennsylvania, has added or is adding gift-card and gift-certificate reimbursement coverage, at no cost, to its homeowners, condo and renters policies. The coverage will reimburse customers for remaining balances on eligible gift cards that can no longer be used at independently owned and operated local businesses due to business closures. Massachusetts Mutual Life Insurance Co., meanwhile, recently said it would provide free three-year term life-insurance policies of up to $25,000 to front-line health-care workers in Massachusetts and Connecticut who meet certain criteria. Ms. Winokur Munk is a writer in West Orange, N.J