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... a big problem. Here's an example: A businessman bought a Life policy for $250,000 and a second policy less than a year later. The application for the second policy contained some misrepresentations: (1 ) It indicated that the applicant (an avid mountain climber) had not climbed within the last three years. (2 ) It stated that the new insurance was not intended to be a replacement policy. (3 ) It stated that the preexisting policy was for $40,000 in benefits, rather than ... $250,000. When the second policy arrived, the insured discontinued paying premiums on the first. Within a year, he died in a mountain- climbing accident. The second insurer denied the Life claim on the grounds of the misrepresentations in the application. The decedent's widow sued the insurer, and a Washington district court ruled in her favor. The insurer appealed. The higher court found that the insurer could raise a misrepresentation defense. The appellate court noted that when the Life insurance policy was issued to the decedent, ... a big problem. Here's an example: A businessman bought a Life policy for $250,000 and a second policy less than a year later. The application for the second policy contained some misrepresentations: (1 ) It indicated that the applicant (an avid mountain climber) had not climbed within the last three years. (2 ) It stated that the new insurance was not intended to be a replacement policy. (3 ) It stated that the preexisting policy was for $40,000 in benefits, rather than ...

...ated that the applicant (an avid mountain climber) had not climbed within the ...e misrepresentations concerning his mountain-climbing by his signature. However, the hi...

...ld be like climbing a very steep mountain with no mountain gear. It would be far more cost effe...

...ng your business with climbing a mountain. When climbers set out, they never ...

... greater the recognition that "success without a well-developed plan is virtually unthinkable." Some companies won't even consider a new agency appointment unless there's a business planning process in place. If you view planning as a waste of time, compare operating your business with climbing a mountain. When climbers set out, they never know for sure what to expect. The weather can change suddenly. Equipment can break or be lost. Climbers fall and injure themselves. Planning for potential problems allows climbers to deal with setbacks and still reach their objective ... , the greater the recognition that "success without a well-developed plan is virtually unthinkable." Some companies won't even consider a new agency appointment unless there's a business planning process in place. If you view planning as a waste of time, compare operating your business with climbing a mountain. When climbers set out, they never know for sure what to expect. The weather can change suddenly. Equipment can break or be lost. Climbers fall and injure themselves. Planning for potential problems allows climbers to deal with setbacks and still reach ... objective. On the other hand, not planning can be disastrous. The more carefully you plan, the more likely you'll anticipate problems that might interfere with your objectives. Sure, there are a lot of things you can't control. But a well-written, well-executed strategic plan can mean the difference between reacting to what the future might hold and designing your own future. Business plans can be simple or complex. The key is to remember that planning is a process, not a one-time event. Some of the other Business Planning Best ...