Is Terrorism An Insurable Risk - 1719 Words

a) is terrorism an insurable risk? Terrorism is considered insurable until the insurmountable loss of the attack on the World Trade Center and the Pentagon. Prior to 9/11, terrorism did not consider a risk by insurance companies and was covered in most standard all-risks commercial and homeowners policies’ that covered property and contents damages. However, the extreme event of September 11 accumulated a loss of approximately $40 billion and the magnitude of this loss was too large for the insurance industry to handle and therefore the government agreed to share the loss. As a result, the US Congress passed the Terrorism Risk Insurance Act in 2002, with both the insurers and the federal government sharing the risk. Risk is defined as a potential for an unwanted outcome resulting from an incident, event, or occurrence, as determined by its likelihood and the associated consequences (Baranoff et al, 2011). In order for risk to be considered insurable, it must meet two conditions provided by the insurance industry. One is that the risk must identify and quantify or estimate the chances of an event occurring with the likelihood of losses incurred. Secondly, the insurance industry must be able to set premiums for each potential customer or class of customers (Groner, (n.d)). If these two conditions are met, then the risk is considered to insurable. To assess if terrorism is insurable within the context of these two conditions we will begin by analyzing the first condition. ItShow MoreRelatedCyber Crime And Cyber Terrorism1801 Words   |  8 PagesCyber risks can be divided into the following groups (Marsh, 2013): 1. Physical loss of systems – Physical information technologies systems, i.e., computers, servers and other electronic equipment are required for the cyber activity. Consequently, it is very important to consider the risks related to the damage or loss of the physical electronic equipment. Risks can be for example, internal water damage in the office building damaging the computers and other equipment or fire in server room as aRead MoreInternational Management 7e (Deresky) - Ch.1 : Discussion and Analytical Questions1585 Words   |  7 Pagesas energy. 2- Discuss examples of recent macro political risk events and the effect they have or might have on a foreign subsidiary. What are micro political risk events? Give some examples and explain how they affect international business. Answer: An event that affects all foreign firms doing business in a country or region is called a macro political risk event. In many regions, terrorism poses a severe and random political risk to company personnel and assets and can obviously interruptRead MoreAlumina Inc: Company Analysis612 Words   |  2 PagesProtection Agency. This body sets water quality standards, enforcement procedures, and aids state and local governments in developing their own pollution control regulations (Summary of the, 2012). Enterprise risk management (ERM) is rigorous systems approach that assesses and addresses the risks from all sources that threaten the achievement of an organizations strategic objectives . (Harb, 2008). In this way, everyone from the CEO on down is engaged in a company wide spin and damage controlRead MoreA Report For The Management Team Of An Organization Of My Choice1505 Words   |  7 Pagesorganisation. To help with my research I will be outlining the security risks, safeguards and contingency plans in case of a breach. The technological application I will be focusing on is Email. Executive Summary To summarise, I have researched the history of Lloyds Bank, the general overview of how the organisations information security is maintained and what methods and procedures they have in place. I have talked about the security risks and how the bank can ensure that their company is fully secure andRead MoreThe International Trade, It Is Necessary1465 Words   |  6 Pagesfor damages and loss of goods in the preloading period, it won’t consist of the act of God, incidents of terrorism, natural defect of goods, and act of the shipper. In any international transaction insurance has a significant role, which protects goods against losses. The insurance should cover any loss of goods in international transportation by sea or by air and it should contain insurable interest for the insured. There are number of insurances, Marine insurance is one, which is a crucial partRead MoreMarine Insurance8862 Words   |  36 PagesINTRODUCTION Insurance is a form of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation known as the premium. Insurance allows individuals, businesses and other entities to protect themselves against significant potential losses and financial hardship at a reasonably affordable rate. We say significant because if the potential loss is small, then it doesnt make sense to pay a premium to protect against the loss. AfterRead MoreReal1707 Words   |  7 Pagestheft DIVERSIFIABLE RISK: Affects individual or small groups (can be reduced or eliminated) ENTERPRISE RISK: All major risks faced by business firms STRATEGIC RISK: Uncertainty regarding firms financial goals OPERATIONAL RISK: Firms operation results FINANCIAL RISK: Uncertainty of loss due to adverse changes ENTERPRISE MANAGEMENT RISK: Single program all major risks faced by business firms (PSSOF) HAZARD: Condition that increases the chance of loss HEDGING: transferring risk to a speculatorRead MoreTypes of Insurance1899 Words   |  8 Pagesinsurance Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance policy will set out in detail which perils are covered by the policy and which are not. Below are non-exhaustive lists of the many different types of insurance that exist. A single policy may cover risks in one or more of the categories set out below. For example,  vehicle insurance  would typically cover both the property risk (theft or damageRead MoreCase Studies11079 Words   |  45 PagesRISK INSURANCE MANAGEMENT CASE – 1 a. With regard to the fuel oil prices risk: (1) Discuss how Juanita could use futures contracts to hedge the price risk. Futures contracts are one of the most common derivatives used to hedge the price risk. A futures contract is as an arrangement between two parties to buy or sell an asset at a particular time in the future for a particular price. The main reason that companies or corporations use future contracts is to offset their risk exposuresRead MoreInsurance and Lloyd Essay2263 Words   |  10 Pagesmarket, we need to understand what it really stands for. Being constant is about tradition, good faith, security and worldwide reputation for honoring its word Originality refers to the Lloyd’s creativity in coming up with innovative solutions for risks; its willingness to be different; and the adaptability that has enabled Lloyd’s to survive and prosper for over 300 years. These two words summarize all the best qualities that make Lloyd’s market really different. This brand idea is by far the

Mcv4ua Practice Test Essay - 1107 Words

Calculus and Vectors MCV4U-A Practice Test Time: 2 hours Total Marks: 101 Final Test Score _____ à · 101 Ãâ€" 100 = _____% Instructions †¢ There is a label attached to this page. Compare the course code on the label with the course code printed on the Final Test to make sure that they are the same. Inform the Final Test supervisor immediately if they are not the same. †¢ The Final Test pages are numbered 1 to 13. Check to see that all thirteen pages are attached. Inform the Final Test supervisor immediately if there are any pages missing. †¢ You may use a calculator during the Final Test. You may not use any books or notes. †¢ You must write your answers in the space provided. †¢ There are two parts to the test. A breakdown of the marks†¦show more content†¦(7 marks) d) Indicate the intervals where the graph is concave up and concave down. (2 marks) e) Sketch the graph of the function. (3 marks) www.ilc.org Copyright  © 2008 The Ontario Educational Communications Authority. All rights reserved. page 8 Calculus and Vectors MCV4U-A Practice Test 9. An open-topped cylindrical water reservoir has a volume of 320Ï€m3. 2 The material used for the bottom of the reservoir costs $5/m and the 2 material used for the vertical portion costs $8/m . Determine the radius and the height of the cylinder so that the cost is a minimum. 2 2 (Volume = Ï€r h and Surface area = Ï€r + 2Ï€rh) (8 marks) Copyright  © 2008 The Ontario Educational Communications Authority. All rights reserved. www.ilc.org Calculus and Vectors MCV4U-A Practice Test page 9 Part B: Vectors (39 marks) (approximate time: 40 minutes) 10. A chandelier with a weight of 100 N is suspended at a single point by two cables that make angles of 45 ° and 60 ° with the ceiling. Calculate the tension in each cable. (8 marks) → → 11. Find the angle between the vectors u = (–5, 1, 3) and v = (–2, 1, –2). (5 marks) www.ilc.org Copyright  © 2008 The Ontario Educational Communications Authority. All rights reserved. page 10 Calculus and Vectors MCV4U-A Practice Test 12. Determine the scalar, vector, and parametric equations of the plane that passes through the points A(1, –1, 2), B(0, –1, 1), and C(1, 2, 1). (9 marks) Copyright  © 2008 The Ontario Educational

Democracy America Free Essays

In the world today and in America, democracy is the most valued and the vaguest political terms in the current political times and campaigns. The term democracy by definition is a governmental system in which the citizens retain and exercise the political sovereignty. This means that the citizens of a country have a direct say and would contribute in the administration of the country through one of their elected representative. We will write a custom essay sample on Democracy America or any similar topic only for you Order Now The democracy in America is controlled by two major principles that has to be observed, these are; citizens have equal access to power and are guarded the same while the second one is that, the same power guards all members to enjoy the societal freedoms and liberties. Another very clear definition of democracy is that, it is a form of government which is constituted by the people of a country and in which the supreme power of that government is vested on the same people who constitute it. 3 This government by the people lack any form of hereditary or class distinction differentiation on class basis or privileges. True democracy is voted for by the majority and one that serves and works for the interest of the people, although in any country true democracy is not being experienced by the citizens, they have a voice during elections. This allows the citizens to elect whoever will represent their particular interest and standards. 4 In the world there are three major types of democracy that are well known, namely direct democracy, representative democracy and liberal democracy; Direct democracy is a form of democracy in which the citizens have the right and the responsibility to attend meetings the national assembly and participate in the making of policies. In this case all the directly contribute and affect the decision making process. This system has representatives who drew the agendas for such assembly meetings. In this kind of democracy all the citizens have the right to vote and hold offices and it is the duty of all the citizens in a country to actively participate in the decision making process which is determined by the majority. 5 Representative democracy is the kind of democracy that is used in the American Democracy. This form of democracy is characterized by the fact that the citizens elect their representatives who make the decisions on their behalf. Representative democracy is practiced both at the state level, local levels and eve n at the institutions levels. 6 The third form of democracy is liberal democracy which is a form of representative democracy in which the elected representatives that hold offices and have the power of decision making on behalf of the public are moderated by the rule of law (constitution). The rule of law in all circumstances emphasizes the protection of the individual rights and the rights of the minority groups in the society. The most basic rights to be protected by the rule of law are like the rights of assembly and speech, the rights to owe and use private property, the rights and freedom to religion and the right to be equal before the rule of law. This democracy is as well characterized by elections; it is also characterized multi party systems and also an independent judiciary. These forms of democracy are being practiced in different countries and they all have their advantages and disadvantages. 7 A society that experiences any kind of democracy among the ones discussed above must meet some of the minimum characteristics. Those characteristics have to be met for a society to be referred to as democratic. The main characteristic of a democratic society is to educate the whole society to understand what democracy is and to know their obligations, contributions and requirements as citizens in a democratic society. 8 After the education of the public about their democracy they should also experience that they have the power to choose and replace the government through free and fair elections, the citizens should be actively be involved in the politics and the civil life, the democratic government should have the ability to protect the human rights and in that society the rule of law (i. e. the laws and the procedures) to apply equally to al citizens. All these are the minimum qualifications for a democratic society. 9 A democratic society first is characterized by a political System by which there is competition for power. Democratic societies have the mandate of to choose their leaders and to ensure that they are held accountable for their policies and conduct in office. In this due process of election the people decide who will represent them in parliament and who will head the government at the national and local levels. This is done in a fee and fair elections. In this society the government is based on the decision of the citizens because they are sovereign. In this society the elected representatives at the national and the local levels are always consulting their electorate and work according to their needs and representatives. The principle of the public suggestion has to be observed since the public have the right and obligation to monitor their representatives business in the government and are free to criticize them. 10 This requirement for a democratic society demands that free and fair elections be held after a regular interval as prescribed by law, this elections are not to be influenced by the people in power who do not have any right to extend their time in office without asking the consent of the people. In all democratic elections al the candidates also have the right to campaign freely and to present their ideologies to the voters. The whole process must be monitored by independent electoral observers and a committee that is to resolve any electoral disputes. 11 The second requirement to be met by a democratic society is that the citizens have a bigger responsibility to participate in public life. The society have the mandate and the obligations to be informed about public issues, they have the obligation to watch carefully how their political representatives use the powers vested on them and to give their opinions and criticism on the same. This can only be achieved if the civil societies who represent a variety of interest and beliefs educate the public and especially women their democratic rights and responsibilities, improve their political skills, represent their common interests, and involve them in political life. In this system there is no one that should be forced to support any political party and the citizens should always be free to support any political party. 12 The third requirement for a democratic society is that every citizen in the society has some basic right that is guaranteed under the international law and the state cannot take away from them. The citizens have the rights to have their own beliefs and to communicate freely. They too have the freedom of religion; this states that everyone is free to chose their own religion and to practice their religious norms as they deem fit for them. The citizens in such societies have the right to associate with other people and to be incorporate and to be incorporated in the organizations of their own choice. With all these freedoms and others, the state puts it upon the citizens to exercise these rights peacefully, with respect for the law and for the rights of others. 13 The fourth and last basic requirement for democracy in a society is that it be recognized as the rule of law. This rule of law protects the rights citizens, help in the maintenance of orders and helps to limit the power of government. In such a society all the citizens are treated equally under the rule of law and are not being discriminated based on their gender, race, religion or even the ethnic group. In this society the citizens are being protected by law and should never be arrested arbitrarily, they have the right to know their charges and anybody charged with a crime has the right to a fair, open and speedy public trial by an impartial public court. 14 In a democratic society no one is above the law and the law treats people equally. Although these are the requirements of any democratic society, all the societies in the world do not prove to obey them and to defend them. Therefore democracy is only a political term which is not put into practice. Work cited http://www. wisegeek. com/what-is-a-liberal-democracy. htm Retrieved on 19th July 2008 Janda Kenneth and Et al (2004) The Challenge of Democracy: Government in America Houghton Mifflin Blaich Theodore Paul and Baumgartner Joseph Cornelius (1953) the Challenge of Democracy. Published by McGraw-Hill http://www. hewett. norfolk. sch. uk/CURRIC/POLIT/DEMOC. htm Retrieved on The 19th JULY 2008 http://college. hmco. com/polisci/janda/chall_dem/9e/student_home. html Retrieved on The July 19, 2008 How to cite Democracy America, Papers

Racial Prejudice And White Privilege Essay Example For Students

Racial Prejudice And White Privilege Essay Racism is still after 200 years one of the most dominant political/social issues of our time. The case of the white mother who had given birth to a half black baby as a result of a sperm bank mix-up really highlights the topics of racism and white privilege in the United States. The white mother has filed a lawsuit for damages for emotional distress against the sperm bank. There are several points to address: the white mother treating her black child different, the social and cultural surroundings that in part that are racist, and the validity of her law suit. White privilege is a result of the cultural/social background of the United States as well as the subtle racism that’s still exists. This case says a lot about the cultural background in the United States in relation to white privilege. I would argue that this case isn’t a problem of a racist couple, but rather a racial and intolerant society. The mother’s main concerns stem from the society and cultural pressure. Her fears of her parents judging the baby, the â€Å"black hair cut† Clifton (2014), and the white school are all valid concerns. She has the concerns of what a black mother would normally have. My problem with this statement is it generalizes once again. Racism and stereotypes are intertwined. By generalizing what all black mothers go through, it is using stereotypes to justify arguments. The child’s black hair cut situation really stuck in my head. The expectation of how a black girl should have her hair done is insane to me. According to Clifton (2014) â€Å"As just one example, getting a young daughter’s hair cut is not particularly stressful for most mothers, but to Jennifer it is not a routine matter because Payton has the typical hair of a African American Girl.†. . . weightless knapsack of special provisions, maps, passports, codebooks, visas, clothes, tools and black checks.† White privilege, racism, and cultural stereotypes are complex topics that ultimately are interconnected. As a result of the interconnection and its deep roots in American culture, ultimately it will take a countrywide effort to confront these issues. The racially intolerant societies in America, as well as the double-edged sword of white privilege, and the subtle racism that is all too common all have an impact on American people. The case of the women having a mixed baby is not the problem, the problem is the black hair cut style or the example of black children being sent to the office for less serious offenses then their white counterparts. In conclusion, I believe that white privilege exists because of cultural stereotyping as well as subtle racism.