antigun control essays

antigun control articles I. Intro. - Imagine you are sitting home one night with nothing to do. Your folks have left for the end of the week and there is positively nobody around. So you lounge around that late evening staring at the TV for a spell yet discover nothing on worth viewing. You go on upstairs to your room and prepare for bed. Mood killer the lights, set down, and close your eyes. Out of nowhere you here an accident of glass in your kitchen. You hurry to your feet and put your ear to the entryway tuning in to whats going on ground floor. You start to hear the voice of two men as they begin experiencing the family room, advancing toward the steps, directly outside your room. What do you do? You arent going to face them since its equitable you-recollect you thought you heard two of them right? Well you are truly stuck in your room and everything you can do is stay there trusting that they leave soon and dont hurt you. Presently in the event that it were at my home things would be somewhat unique. First of all I would get out my shotgun from my storage room and start to perceive what is gin on down steps. When those robbers saw me strolling around with a firearm, you better accept they would mull over staying any more. A. 39% of criminals prematurely ended a wrongdoing because of the casualty being outfitted B. 74% state they kept away from residences all together on the off chance that they believed they may be shot. One of the significant contentions against the hypothesis that weapon control would spare lives is that albeit 66% of all manslaughters are submitted with guns, gun controls would have no impact on crime, since human instinct is the thing that it is. Regardless of whether firearms vanished from the wrongdoing scene, crooks would supplant them with blades, clubs, tomahawks, or even clench hands. Firearms dont slaughter individuals, individuals murder individuals. Expressed basically, these violations happen on the grounds that a few people have come to abhor others, and they will keep on happening in some structure as long a ... <!

In Case Of and In the Event Of

In Case Of and In the Event Of In Case Of and In the Event Of In Case Of and In the Event Of By Maeve Maddox A peruser inquires as to whether there’s a distinction between these two expressions: Is there any distinction between in the event of and in case of? Some assume these two expressions are equivalent; others fight that if there should be an occurrence of is utilized when youre getting ready for something, for example Take an umbrella in the event that it downpours, while  in the occasion of while envisioning a spontaneous event, as in case of fire, utilize the crisis exit. What is your interpretation of this? The OED characterizes the combination â€Å"in case† as â€Å"in the occasion that; on the off chance that it ought to happen that.† On the Ngram Viewer, â€Å"in case of† is definitely more typical than â€Å"in the occasion of† from 1800 to 1917, yet then starts to plunge. In 2000, â€Å"in case of† is just marginally in front of â€Å"in the occasion of† in the English database. A Google search additionally demonstrates that â€Å"in case of† is increasingly normal: if there should be an occurrence of (290,000,000 results)â in case of (95,400,000 results)â With respect to â€Å"anticipating a spontaneous occurrence,† like a fire, a Google search shows that the expressions happen about similarly: in case of crisis: 28,400,000 resultsâ if there should be an occurrence of crisis: 29,600,000 resultsâ if there should be an occurrence of fire: 22,700,000 resultsâ in case of fire: 19,600,000 outcomes It appears to be evident that the two expressions are equal. Need to improve your English quickly a day? Get a membership and begin getting our composing tips and activities day by day! Continue learning! Peruse the Expressions classification, check our well known posts, or pick a related post below:7 Types of Narrative ConflictProbable versus PossibleTypes of Plots

My Entirely Unexciting IAP

My Entirely Unexciting IAP So, compared to my IAPs of years past which I spent studying abroad in exotic locales (okay, maybe not so exotic), this IAP had been REALLY low-key. I basically just went home for six weeks. But I had a reason for doing so, you see. In a little bit more than 48 hours, I will be taking the monster of a test known as the Medical College Admissions Test, or the exam that tests your ability to choose correct responses to 144 multiple choice questions in the realms of biology, chemistry, organic chemistry, physics, and English in four and a half hours. (oh, and write two essays while youre at it) FUNNNNNN. (especially after spending the entire IAP poring over thousands of pages* of prep material). * no joke. i read through at least 3,000 pages of material this break. if you think the SAT is bad, wait till you get to the MCAT. But thats enough complaining on my end. IAP (or also known as January Term in some other colleges but MITs is very unique!), is one of the many reasons why I love MIT. Our IAP gives us the flexible opportunity to pursue study abroad opportunities (like what I did in my last two IAPs), to work on projects (both abroad through things like D-Lab, and on campus in research labs through UROPs), to enjoy the multitude of craziness that goes on on campus (see our IAP listing, and Mystery Hunt!!, see this years), or to just go home, chillax, and do something that you always wanted to do (like backpack across Europe in 4 weeks, which is what one of my friends is doing). I actually havent to date had one IAP on campus, but rather spending three different IAPs in three different countries. I think itll have to be next year. (this class still calls!! and Im finally 21 :P) I only regret that I have but four IAPs to spend during my tenure at MIT. =p Anywhoo, Im writing right now from a Starbucks on OFarrell St. in downtown San Francisco, where Im spending the last 5 days of my IAP. I arrived here yesterday amidst the pomp and circumstance of the unveiling of the Apple iPad (which, by now, you should know about unless youve been living under a rock in a barren desert devoid of Internet connection). I went to Yerba Buena Center for the Arts to find out what the hype was about, but I realized that there wasnt much to see from the outside, so I left, haha. IMO, iPad is basically a glorified iPod Touch, so perhaps this article did had some merit after all =p (oh, Mad TV predicted the coming of the iPad 3 years ago. since the video has PG-13 content I cant post it here, so please go youtube it =p) I 3 SF. Its great being back.

Information Security It Risk Management - 1795 Words

ITC 596 - IT Risk Management Professor: Michael Baron Table of Contents 1. Information security is Information risk management 3 2. Information Security Risk Assessment: The Qualitative Versus Quantitative 5 3. Perception of Risk 7 Reference 9 1. Information security is Information risk management Introduction The present Information Security technology seems insufficient to totally deal with all the ICT problems of the organization. As per Bob Blakley, Ellen McDermott and Dan Geer, the present security technology available doesn’t reduce the risk very effectively (Blakley, McDermott, Geer, 2002). A need is imminent to totally revamp the approach if the Organizations aspire to deal effectively with the problem. Information Security is essential because the technology used for processing data and generating information creates risks. Description From the business organizations point of view, Risk is an event with probability of occurring between zero to one and the effect of such event happening would be an amount of diminution of the business value. As per Bob Blakely et al, Cost of Risk is measurable in terms of Annualized Loss Expectation (ALE) - which is the expected cumulative cost of risk over a period of a year as estimated in advance. Business Organizations manage risk through mechanisms such as liability transfer, indemnification, mitigation, and retention. Once the information risk is sufficiently known,Show MoreRelatedInformation Security and Risk Management1473 Words   |  6 Pagesactivity. This reversal in focus by both individuals and institutions may simply be a natural response to the reduced capabilities of al-Qaeda and other terrorist networks, as confirmed by the leading authority on terrorism and its effects, and national security analyst for the CNN network, Peter Bergen, who observed recently that th e Obama administration has played a large role in reducing terrorist threats by continuing and scaling up many of former President George W. Bushs counter-terrorist methodsRead MoreInformation Security Risks And Risk Management1883 Words   |  8 Pagesused by organisations and charities wishing to exterminate the possible risks by assembly information security risk assessment (information security risk assessment). The ISRA is able to resolve the amount of the potential risk associated with an IT system. An ISRA method identifies an organization s security risks and provides a measured analysed security risk profile of critical assets in order to build plans to treat the risks hand would beneficial in health and social care to insure things areRead MoreInformation Security And Risk Management926 Words   |  4 Pagesand ISOL 533- Information Security and Risk Management. I also got an internship opportunity of a part time CPT with Sapot Systems Inc as a Software Engineer. The kno wledge and interest I had along with these courses, helped me to go that extra mile in my day to day job responsibility. Course learnings and It s impact on the Internship: Through ISOL-633, I got an extensive knowledge of Information security encompassing the US legal system and federal governance, security and privacy ofRead MoreInformation Security Risk Management2820 Words   |  12 PagesDiscussion As observed at the 4th International Conference on Global e-Security in London in June 2008, Information Security Risk Management (ISRM) is a major concern of organizations worldwide. Although the number of existing ISRM methodologies is enormous, in practice a lot of resources are invested by organizations in creating new ISRM methodologies in order to capture more accurately the risks of their complex information systems. This is a crucial knowledge-intensive process for organizationsRead MoreInformation Security Risk Analysis and Management2195 Words   |  9 PagesInformation security refers to the protection of information and its critical elements, including the systems and hardware that use, store, and transmit that information. An ideal organization usually comprises of the following layers of security put in place to safeguard its operations:- physical, operations, communications, networks, personnel, and information security. A risk can be defined as the probability that something unwanted will happen. Risk analysis and management therefore refers toRead MoreEssay Risk Management in Information Technology Security795 Words   |  4 PagesIS3110 Risk Management in Information Technology Security STUDENT COPY: Graded Assignments  © ITT Educational Services, Inc. All Rights Reserved. -73- Change Date: 05/25/2011 Unit 1 Assignment 1: Application of Risk Management Techniques Learning Objectives and Outcomes You will be able to identify different risk management techniques for the seven domains of a typical IT infrastructure and apply them under different situations. Assignment Requirements Introduction: As discussed in thisRead MoreAn Evaluation of Information Security and Risk Management Theories1903 Words   |  8 PagesAn abundance of information security and risk management theories are prevalent; however, it can be difficult to identify valid and applicable theories. In the reading to follow, several information security and risk management theories are evaluated. These theories are presented and employed via various frameworks, models, and best practice guidelines. An assessment of sufficient research pertaining to these theories is addressed, along with a consideration of the challenges that arise from aRead MoreManaging Information Security Risks: The Octave Approach1635 Words   |  6 PagesAlberts, C. Dorofee, A.(2003) Managing Information Security Risks: The OCTAVE Approach. New York: Addison Wesley. This work is a descriptive and yet process-oriented book on the concept of security risk assessment with a specific focus on new risk evaluation methodology, OCTAVE. The term OCTAVE is used to denote f Operationally Critical Threat, Asset, and Vulnerability Evaluation SM.It is important that organizations conduct a security risk evaluation in order for them to effectively evaluateRead MoreRisk Assessment : An Essential Part Of A Risk Management Process1046 Words   |  5 PagesIntroduction The risk assessment is an essential part of a risk management process designed to provide appropriate levels of security for information systems. The assessment approach analyzes the relationships among assets, threats, vulnerabilities and other elements. Security risk assessment should be a continuous activity. Thus, a comprehensive enterprise security risk assessment should be conducted at least once every two years to explore the risks associated with the organization’s information systemsRead MoreIs20071634 Words   |  7 Pages 0 INTRODUCTION 0.1 WHAT IS INFORMATION SECURITY? 0.2 WHY INFORMATION SECURITY IS NEEDED? 0.3 HOW TO ESTABLISH SECURITY REQUIREMENTS 0.4 ASSESSING SECURITY RISKS 0.5 SELECTING CONTROLS 0.6 INFORMATION SECURITY STARTING POINT Information security is defined as the preservation of confidentiality, integrity and availability of information †¦ Information security is defined as the preservation of confidentiality, integrity and availability of information †¦ 0.7 CRITICAL SUCCESS FACTORS

Nathaniel Hawthorne s Young Goodman Brown - 978 Words

In â€Å"Young Goodman Brown†, Hawthorne explores darkness of human nature and its evil sources. The story explores a man journey as he tries to find himself in a society that has a high expectation on one’s morality. Young Goodman Brown represents innocent human being whose curiosity to see the other side of human morality exposes his own weakness. The story depicts a society that emphasize on good morals and values while at the same time there is a lot of immorality that happens in the darkness. Those in society, who are supposed to uphold high moral standards are the ones most corrupt and evil. Goodman Brown decides to journey through the forest despite his wife, Faith, warning him not to go until the sunrise. He instead says that he need to take the journey that night and come back by morning. His desire to go to the forest exposes his ego, which is a human nature, and the unconscious side of life. In the forest, there is a lot of evil things happening where the evil spirits are meeting and welcoming their new converts. He decides to leave behind his wife Faith, whom he knows very well, and instead decides to travel to unknown life. This shows the human nature of their hidden desire to the unknown. As he starts the journey, Faith pleads with him to postpone it but he does not want to listen to her which shows how humans behave when they desire overpowers their consciousness. There are voices or our conscious instinct that try to plead with people to not take the road theyShow MoreRelatedNathaniel Hawthorne s Young Goodman Brown1543 Words   |  7 PagesIn Nathaniel Hawtho rne s short story of Young Goodman Brown, the author uses symbolism and allegories in order to showcase the Puritan faith as well as man s conflict between good and evil. This analysis will break down the techniques that the author uses to critique the puritan society and to show the difference between how people appear to be in society and the true colors that they are hidden inside of them. There has been a lot of great authors in our time, but none more interesting thanRead MoreNathaniel Hawthorne s Young Goodman Brown1065 Words   |  5 PagesWhen it comes to the topic of Nathaniel Hawthorne’s Young Goodman Brown, most of us will readily agree that duplicity is a major theme in the piece, or the idea of different versions of reality. Where this agreement usually ends, however, is on the question of whether Hawthorne is implying that man is inherently evil. Whereas some are convinced that Young Goodman Brown was good until tainted by the Devil, others maintain that he was evil from the beginning and was completely aware of the evil heRead MoreNathaniel Hawthorne s Young Goodman Brown905 Words   |  4 PagesThough Nathaniel Hawthorne is an author of many great works, his short story â€Å"Young Goodman Brown† still stays relevant because it has themes and subjects that are relatable in today s world. In the story â€Å"Young Goodman Brown,† Good man Brown leaves his wife Faith, to go into the woods near Salem to have a meeting with the devil. Appearance vs. reality is shown in â€Å"Young Goodman Brown† through the plot, the character of Goody Cloyse, and the symbol of the maple staff. The characterRead MoreNathaniel Hawthorne s Young Goodman Brown1312 Words   |  6 PagesWithin Nathaniel Hawthorne s short story Young Goodman Brown (p.317), Young Goodman Brown travels through a dark and mysterious forest late at night. Ignoring the pleas of his pure wife Faith, he ventures deep into the woods with many dangers around him, only to emerge in the morning a changed man with bewildered views on his own Puritan life and the Puritan community around him. At the cause for this change in mindset, the dream of an old man symbolizing the devil appears, showing him the communityRead MoreNathaniel Hawthorne s Young Goodman Brown Essay1274 Words   |  6 PagesIn Nathaniel Hawthorne’s â€Å"Young Goodman Brown,† the devil says, â€Å"Evil is the nature of mankind† (â€Å"Young† 627). Since Adam and Eve ate the forbidden fruit and attempted to hide conceal their sin from God, humans have tried to hide their sin from others. Although ever yone sin is human nature, everyone has a different reaction to sin. While some acknowledge sin, others ignore it. In Hawthorne’s other short story, â€Å"The Minister’s Black Veil,† Father Hooper wears a black veil to represent the sin heRead MoreNathaniel Hawthorne s Young Goodman Brown Essay1449 Words   |  6 Pages â€Å"Young Goodman Brown† is a short story that is filled with symbols and mystery. Nathaniel Hawthorne provides plenty forms of symbolism for readers to digest. Hawthorne displays strong faith as the greatest virtue for a man or woman, and when the faith is compromised, one can be filled with skepticism and uncertainty towards the rest of the world. The story begins as a conventional allegory, creating the expectation that the characters will be able to consistently display the abstractions they symbolizeRead MoreNathaniel Hawthorne s Young Goodman Brown1695 Words   |  7 Pagesstory, Young Goodman Brown, by Nathaniel Hawthorne is set in Puritan New England. Hawthorne uses symbolism, description, scenery, and Goodman’s journey to illustrate and symbolize the battle of good versus evil. In the first scene, we see how Young Goodman Brown leaves his wife, Faith, to start on his â€Å"evil† journey through the woods. Though Faith asks him to stay with her, he chooses to continue on even though he knows the evilness lies ahead. As the story continues, we see how Hawthorne uses FaithRead MoreNathaniel Hawthorne s Young Goodman Brown1492 Words   |  6 PagesIn Nathaniel Hawthorne’s short story of Young Goodman Brown, the author uses symbolism and allegories in order to showcase the Puritan faith as well as man’s conflict between good and evil. This analysis will breakdown the techniques that the author uses to critique the puritan society, and to show the difference between how people appear to be in society and the true colors that they are hidden inside of them. There has been a lot of great authors in our time, but none more interesting than NathanielRead MoreNathaniel Hawthorne s Young Goodman Brown2532 Words   |  11 PagesNathaniel Hawthorne’s short story, â€Å"Young Goodman Brown,† demonstrates how Goodman Brown leaves his wife, Faith, to do an errand within the woods with a man that is believed to be the devil. During the time period in which this took place, the 1620’s, many of the people from the village were practicing Puritanism. Puritanism is an intense practice of religion retrieved from Protestants, only removing its Catholic influence. When Goodman Brown entered the woods to meet the devil, he soon turned intoRead MoreNathaniel Hawthorne s Young Goodman Brown894 Words   |  4 Pagesread. In â€Å"Young Goodman Brown†, I found several romanticism characteristics to be in this story. One being, the emphasis on feelings and emotions. Nathaniel Hawthorne writes, â€Å"The cry of grief, rage, and terror was yet piercing through the night, when the unhappy husband held his breath for a response.† The cry of anguish and pain are very applicable to the protagonist idea in this story. Brown also expresses feeling when he doesn t want to leave his wife Faith, but he feels that it s his role to

Dbq Us Constitution Free Essays

From 1781 to 1789 the Articles of Confederation failed to provide the United States with an effective government. It acted as though a loose confederation, or â€Å"firm league of friendship. † The Articles of Confederation created a weak central government that linked the thirteen states in common problems such as foreign affairs, and a judicial arm. We will write a custom essay sample on Dbq: Us Constitution or any similar topic only for you Order Now Although, there was no executive branch, which meant no leader to enforce laws. Also, the Congress was weak (it was designed that way), and therefore the government could merely advocate and appeal.The United States faced two main problems: the lack of the central government’s power, and its inability to collect and/or create revenue. Each state was in fact not very coherent with the central government. Nor were the states coherent with each other. The states possessed more control than the central government, as the Articles of Confederation forbade the government to command, coerce, or control. It could not act directly upon the individual citizens of sovereign states. Also, the government could only recommend laws, taxes, and other pieces of legislation to a state. Most often, when the government advocated for a law to be passed in a certain state, the state would reject the recommendation, like Rhode Island had done in 1782 (Doc. A). Moreover, the central government had no power to regulate commerce. This is due to how reluctant the states were to hand over control of taxation and commerce, after they had just won it from Great Britain. Without a central power to control these two aspects of the economy, the states were free to establish different, and often conflicting laws regarding tariffs and navigation. This led states to become only farther apart from each other, rather than more unified.Additionally, despite the weak, unsuccessful government, to make any change to the Articles of Confederation required unanimous ratification. Unanimity was near impossible, meaning that the Articles could never be amended. With a government this weak, people would lose confidence in it, and won’t realize the benefit of the liberty they won from the British (Doc. G). Next, the Articles of Confederation failed to allow the central government to collect revenue. In addition to the central government already being weak, it could not effectively collect taxes.Congress, dealing with a large war debt, could not even pay its own soldiers their promised money (Doc. C). Congress needed some form of revenue to get out of debt, so it established a tax quota for each of the states. It then asked each of them to contribute to their share on a voluntary basis. The government, lacking a president (executive branch), had no way to enforce this tax. Congress was lucky if they received one-fourth of their desired tax amount. Furthermore, Congress could not tax trade or any commerce; as for they did not set the regulations for it.Despite not fully â€Å"paying federal taxes†, states still scrambled to get money, and some ended up having to foreclose farms of debtors. Events like this in Massachusetts (along with the high taxes issued by the state), caused Shays’s Rebellion. This was occurred when a group of debtors demanded that the state issue paper money, lighten taxes, and suspend property takeovers. Even though the rebellion was crushed, it was a sign that in order for the United States to survive, a new constitution with a stronger federal government must be created.With a government so weak and ineffective, it is clear that the United States could not survive without a new constitution. This is evident through the lack of the central government’s power, and its inability to generate revenue. As time went by, more and more people began to realize this, which soon began the pursuit of the U. S. Constitution. Therefore, it is obvious that from 1781 to 1789 the Articles of Confederation did not provide the United States with an effective government. (American Pageant was textbook used) How to cite Dbq: Us Constitution, Papers

Life Insurance Risk and Pricing Components

Question: Discuss about theLife Insurance Risk and Pricing Components. Answer: Introduction This report gives a brief about an insurer or a re-insurer or a division of either. For this a particular division or a business class of an insurer has been taken that is currently underwritten. For that case, an analysis has been done on the risk exposures and pricing components related to that insurer or his/ her division. It is quite evident that insurance is one of the important sectors of business in todays volatile environment. In economic terms, an insurance policy refers to a contract between two parties- insured (policyholder) and insurer (insurance company). Policies may differ on the basis of the type of risk involved like insureds life, health, property, commercial, etc. Just like any other business, insurance business is also controlled by a regulating authority like Insurance Authority (IA) in UAE. In context of business, insurance policies are of critical significance due to various risks faced by them (Ć urak et al., 2009). The most important factors related to insurance policy are the cost of insurance and the risks involved. The cost of insurance is nothing but premium paid by the insured which is determined according to his risk profile. The risk is that component of insured for which he/ she needs protection. Being an insurer, he/ she have to face a pool of such risks. To be an owner of a profitable insurance business, he needs to hold a firm grip on these two components (Grossi, 2005). To undertake this research and analyse these factors of insurance, I have chosen facets of life insurance, in general. Before I start with the details of these facets, I would like to brief the concept of underwriting business in insurance sector with some insights of an insurers role and a re- insurers role. Insurer and Re-Insurer- A Brief Insurer Insurer is referred to as an entity who promises to reimburse pre- set losses or damages if they occur due to specified risks. This entity enters into a contractual agreement with counterparty (known as insured or policyholder) to indemnify his contingent liabilities by subrogating the insureds position. Generally, an insurer is an insurance company certified under the regulatory body of the country it is operating. Many a times, this insurer is also known as underwriter. An insurer has to perform several functions for its clients as well as for society. Reason being a robust sector of insurance in an economy is a barometer for development and modernisation. One of the core functions of an insurer is to facilitate risk management advices by providing superior insurance products and timely reimbursement of claims. As an insurer, they act as a pool of risk and large amount of funds. Hence, they are in a position to assist business people and even society to recover from losses. They also act as one of the largest employers and institutional investors in a country. Not only themselves, they have also encouraged business associates to invest in large volumes without caring about risk of loss. This accelerates an economys growth (Starc, 2014). Re- insurer The insurer or an insurance company which is discussed above is said to be a primary insurer. Such an insurer has to face unlimited risk. Hence, many times primary insurer also takes insurance from another insurance company to shift a part of its risk in return of premium. This other insurer is known as re- insurer. The process of taking re- insurance is also known as cession. The way to distinguish between an insurer and a re- insurer is that re- insurers generally have Re word after their names. Re-insurance helps in giving protection against natural disasters since primary insurer will not be able to reimburse such a large amount of claims alone. By shifting a part of their risk to re- insurer, they are able to benefit the entire society. The role of a re- insurer can be broadly classified under five heads, brief of which is given below. Facultative re- insurance: When primary insurance is large enough that it cannot be borne by a single insurer, then it requires re- insurance. Treaty re- insurance: a re- insurance taken for a basket full of similar risk. Proportional re- insurance: A proportion of premium and risk is pre- determined to be shared by primary insurer and re- insurer. Non- proportional re- insurance: The level of risk mitigated by the re- insurer depends on the size of loss incurred. Retrocession re- insurance: It is a situation when a re- insurer takes re- insurance from other. (Swartz, 2003) Underwriting- the concept Underwriting an insurance business simply means to undertake a business of insurance by critical evaluation of risk components. An insurer employs some officials or a team of them to gauge the intensity of risks associated with the clients on boarding or potential clients. Underwriters are responsible to calculate the risk associated with the insured and probability of claims that can occur in future. They carry out a detailed analysis to ascertain such factors and advise clients as to the coverage they need to optimally mitigate their risk. They also assist insurers to determine the cost of insurance policy or what should be charged from the insured in return of the protection given. They also advise whether to accept a particular risk or not. His main role is to safeguard insurers interests from taking too much risk. They hold a crucial importance in the application process of a policy. They divide all the clients of a company into various classes depending on their risk. They also have the responsibility to check frauds and misrepresentation on the part of clients. Hence, they give a critical component of pricing of policies (Murtaugh et al., 1995). Rationale of Life Insurance Business Life Insurance- Underwriting Features of the client Underwriters comments Advanced cancers, serious heart issues, diabetes and other chronic illness Table 16/P (400% surcharge) Table 9/I (225% surcharge) Multiple illness with high considerations Table 8/H (200% surcharge) Table 7/G (175% surcharge) Epilepsy, recent cancer- like serious disease that is resolved Table 6/F (150% surcharge) Table 5/E (125% surcharge) Highly overweight, hazardous health habits, diabetes, serious heart disease Table 4/D (100% surcharge) Table 3/C (75% surcharge) Overweight, cancer like serious disease that has been recently resolved, other chronic illness of family or client Table 2/B (50% surcharge) Table 1/A (25% surcharge) Little inferences on clients prior illness, family history- presence of chronic diseases, depression, anxiety, etc. are also present Standard (average premium) Obesity at a very mild stage, medical history of family says about possibility of death due to illness Standard plus (standard rates of premium are charged) Little inferences on familys medical history, general medicinal consumption for blood pressure, cholesterol, etc. Preferred (low premium) Appropriate weight, appropriate height, clients history of any ailment- Nil, familys history of chronic diseases- Nil Preferred plus (better than average risk, lower premiums are charged from this group) (Otlowski et al., 2007) Product Range Offered By a Life Insurer Although life insurance products are mainly concerned with giving protection against the life of an insured, but today, many other policies are also provided by life insurers. Annuities insurance Annuity insurance helps people to plan for their retirement. In such policies, insured or the policyholder has to pay some amount to insurer, may be in lump sum or may be in instalments, as desired by the insured. Interest is given on such payments. After stipulated period of time, insured will get regular income or a lump sum payment from these funds. Automobile insurance It is also known as auto insurance. If an automobile or a vehicle meets with an accident, then an auto insurer reimburses the losses to the owner under such a policy. Automobile owners pay an annual premium to insurer to avail such benefit where he/ she can get most of the losses recovered like damage to vehicle, etc. Flood insurance Such insurance gives protection against natural disasters. Often, cession is involved in such cases since the amount and number of claims will be large if contingent event occurs. Hence, these insurers give protection to the property owners against natural calamities like flood. Health insurance As the name suggests, health insurance gives protection on insureds health. It mitigates the expenses incurred in medical and surgical areas if any health issues are detected in the insured. Either they pay directly to care provider or they reimburse expenses to the insured. It is generally used in employee benefit packages. Typical life insurance Life insurance protects financial losses of the family of insured that may occur due to his accidental death. Beneficiary of the insured is entitled to all the claims. Hence, this insurer helps in safeguarding the adverse impact of premature death of the insured. However, the insured has to pay regular insurance premium. Travel insurance This insurance covers the contingent or uncertain expense related to a trip or while travelling. Such expenses may include expenses incurred due to trip cancellation, lost baggage, accidents or any other mis- happenings. They provide protection for international trips and as well as for in- border trips. Workmens compensation insurance Generally employers use such insurance as an employee benefit scheme to attract best talent pool in their organizations. During the job, if an employee meets with an accident or incurs any other type of expenses which are not certain, then they are payable by the employer. And, employer will get these expense reimbursed under this insurance (Gerber, 1997). Risk Components of Life Insurance Business If we talk about risk components of a life insurance business, we come to know that underwriters owe a major responsibility to evaluate all the factors that may pose a risk to insurance business. Being a protection seller, life insurer is exposed to unlimited risk which has been transferred by the insured. Not only that, like any other business enterprise, life insurance is also exposed to market risk and credit risk (Kawatkar Basu, 2013). The International Actuarial Association has embarked 5 major risks associated with life insurance division. They are liquidity risk, operational risk, market risk, credit risk and underwriting risk. Few of them are discussed below. Underwriting risk We have already discussed underwriting in detail. When an insurance company on- boards a client, i.e. an insurer enters into a contract with a policyholder, they carry a detailed research on the risk profile of the customer. This is what we call as underwriting. During this process, underwriters may make a mistake in analysis. It may also happen that a client misrepresents some facts and go undetected. These mistakes may lead to sever loss incurred by insurance companies. Such a risk of loss comes under the head of underwriting risk. If the hazards covered under the policy are not properly communicated or the underwriting process is not done effectively, then it may lead to serious consequences to the insurer (Kunreuther et al., 1995). Market risk Whatever business sector we discuss, market is a key component of every trade and business. And, it is also evident that market never seems to be placid. It is always so volatile and dynamic that it has consequences on businesses. Life insurance business is a no exception. The risk an insurer faces due to fluctuations in market facets like interest rates, prices of securities, etc. is known as market risk. Major components of market risk may include interest rate risk, equity risk, real estate risk, currency risk, basis points risk, re- investment risk, off balance sheet risk, etc. (Grosen Jrgensen, 2002). Credit risk If a counter party defaults to pay his/ her liabilities, then there is a risk to insurer to lose his stream of payments. Not only this, insurer has to incur some expenses even to send them legal summons to oblige to their duties. If there is a counter party default or a change in credit rating of counter party, then the risk faced by insurer is known as credit risk. Few examples may include business credit risk on the part of re- insurer, political risk, sovereignty risk or risk associated with non- performing assets (Lindskog McNeil, 2003). Recommended Steps to Mitigate Risk To mitigate the above listed risk factors, a life insurer must have a look of the following step by step guide on risk management. Step 1: Life insurers are generally big enterprises and they carry a big pool of risk. Hence, they have a critical need to have a separate risk management division in their business, which is responsible for mitigating the overall risk of business. Sometimes, this responsibility is given to senior managers. It should be kept in mind that they are risk takers and are also working as risk managers. These two conflicting roles may deter both the responsibilities. Hence, a separate risk management team is required. Step 2: Each department of a life insurance company must carefully analyse all the risk areas in depth and breadth that may affect their business adversely. A risk event is quite likely to trigger another risk event. So, all the cross- connections must be carefully identified. Step 3: Next step is to classify those risks under different heads as discussed above. For example, operational risk will require different strategy from that of a market risk. Therefore, risk facets should be organised under correct heads to give a correct direction to mitigation efforts. Step 4: Then is the stage to analyse the intensity of various types of risk that may have a severe financial impact and jotting down the results in quantitative terms. Step5: Lastly, those results are to be used to mitigate the risk and increase profitability. These results will help in formulating alternative courses of action that may reduce the companys exposure towards risk. Pricing of Life Insurance or Rate Making of Life Insurance Factors affecting price of insurance policy There are several factors that affect the pricing of a life insurance policy. Few of them depend on risk concerned, while few are based on demographic details of the client. Mostly considered components are age, gender, health habits, clients health records, medical history of family, lifestyle, driving record of the client and bottom line of the company. Generally, all the life insurers consider all of these basic components to decide the price of their insurance contract, which is known as premium. These factors determine the risk level of a client and hence suggests, to which category of underwriting a client belongs. Few of these components which are considered as most critical are discussed below. Age The most prominent and first question to be asked from a client is about the age. If the client is young, he is less likely to have chronic diseases and other health issues which are common at senior age. Besides that, the person is going to pay many premiums before there is a liability for the insurer to pay a claim, if arises. Hence, they are likely to pay low premium amounts. The case is vice versa for elderly people. Hence, it is recommended to the potential clients that they should take insurance at an early stage. Health habits Most common malpractice towards health is smoking and drinking. In context of insurance, a person who consumes alcohol or is a smoker is put under the head of high risk clients. This makes that person liable to pay more money for the same protection as compared to that of a non- smoker or a non- alcoholic. The difference is such that smokers have to pay double of what a non- smoker is paying. Your current habits depend on what you did in the past. So, an insurer is also keen to know about your past health records. They conduct a proper medical exam of a client in which all the health issues of the client are identified, whether they are related to past or present. A healthy person with clean health habits is likely to pay less and vice versa. Besides that, how much a person is concerned about his/ her life is also of utmost importance. If a client likes racing or trekking, then he/ she are likely to be a part of such things frequently and they are under a larger threat. Family medical history One cannot do anything with hereditary problems. But they impact a persons life. Insurers make sure that the family of the client do not have any history of chronic diseases. Only then, they will be allowed to pay lesser premium. Otherwise, as the intensity of such risk rises, the premium amount will rise in a direct relationship (Bacinello, 2003). Recommendations for Apt Pricing Policy of the Insurer Pricing is the only factor of business facets that is aimed at earning revenues, others incur costs. Hence, to maintain profitability, it must be critically analysed. No obtuse criteria should be used to determine premium of a policy. Premium rates should be determined after a rational statistical analysis of the losses that had occurred in past in the same risk area. The clients past records should also be checked thoroughly. But sometimes, past records analysis do not give best forecasts. So, stochastic and catastrophe modelling should be used by actuaries. Another important fact to be noted is that being a business enterprise, insurance company will set premiums to the level which can cover risk, loss, expenses and a good profit margin. Competition should not be avoided while determining pricing strategies. It should be kept at lower levels to attract customers. Hence, optimum level is to be decided to set premiums for all product ranges while complying with regulatory laws related to pricing of insurance. Conclusion Life insurance is one of the most prominent classes of insurance business. It includes cession as well. A life insurer, being a consortium of unlimited risks, takes insurance from a rather big insurer to shift a part of his risk exposure to re- insurer. Life insurance is typically about selling protection against life of the insured. But this business also involves a variety of other policies ranging from health insurance to travel insurance. Having such a diversified product range also increases the insurers risk exposure like market risk, credit risk, operational risk and underwriting risk. An insurance company needs to have a separate risk management team for controlling the adverse impact of these risks on business profitability. 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