Internal Control Research

To critically analyze the †¢To evaluate the importance of having Internal Control procedures within ‘The Bargain Centre’ Aims: †¢To investigate the number of different internal control procedures used within ‘The Bargain Centre’ †¢To gain knowledge of how the different internal control procedures help secure the business against theft and embezzlement etc. Data collection: In order to carry out my research on Internal Controls within ‘The Bargain Centre Supermarket’ I have observed over a period of time, while I was employed part time, the different type of Internal Control procedures set place.I have also interviewed the owner, and two (2) managers and also three (3) employees to get their views on the Internal Control that are effected within the business A secondary method that was also incorporated into this Internal Assessment (I. A) was the use of the internet to gain general information about internal control systems. I hav e chosen the use of interviews to gather my information because it allowed me to get more in depth information and allowed me to dig deeper and get more information that was really needed to complete the report. ? Data Analysis: According to ‘www. liffnotes. com’: â€Å"Internal Control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations. Safeguarding assets against theft and unauthorized use, acquisition, or disposal is also part of internal control. † Internal Control principles can be sub divided into a number of categories, a few important ones are: ? Segregation of duties: this requires that different individuals should be assign different duties, rather than one person be in charge of everything, as to reduce theft.For example the cashiers of a supermarket are not responsible for checking the money in their cash register. ?Establishing responsibilities: helps to ensure that all company activities adhere to guidelines unless other course of action is specified by a manager. For example there is a specific price list that has the price of every item with a store, only the manager can give authorization to change the price of a specific item. ?Documentation: provides evidence that financial statements are accurate and makes it possible to double check work.All records of sale and purchases should be kept safe and documented accordingly. ?Physical control: this should provide proper protection of company’s assets. Examples of physical controls are; †¢having fire proof safes and vaults to store cash before taking it to the bank †¢renting a safety deposit box for important papers like title deeds and insurance policies †¢having locked warehouse for inventories or stock †¢fencing company property †¢controlling computer facilities with a pass key which is access only by authorized personnel ?Mechanical control: i mprove accuracy and reliability of accounting information.These can come in the form of cash registers in shops, gasoline pumps in gas/petrol station and time clocks which employees use to show when they arrive at work. ?Electronic control: may be in the form of electronic burglar alarm system, television cameras to monitor thefts, as well as tags which must be removed or deactivated when the item is purchased or else they will trigger an alarm when the customer leaves the premises without having paid for the item. ?Independent internal verification: this is when an employee helps check the work of another to ensure it was done correctly.Internal Control over Inventory/Stock: In many businesses inventory is the most accessible assets, because of this it is made one of the prime target for theft. The business must there for have ways to protect inventory/stock from shop lifting from customers or even embezzlement by employees. A few ways to achieve this would be: †¢Use of survei llance cameras †¢Limiting access to store rooms and using physical control such as locks or vault to secure inventory/stock †¢Using sensitized tags on goods, which if not detached by sales clerk would trigger alarm, as to detour customers from shop lifting.Internal Controls over Accounts Receivable and Accounts Payable: One of the most important principals of internal control is that an employee that has custody over cash (or assets that can easily be converted into cash) should not be in charge of accounts receivable records, as to minimize fraud or theft. Records of names of creditors must be recorded and kept safe, while cash disbursements should be made quickly and whenever possible.

College Application Mistakes You Should Avoid

I met with Jeremy Spencer, former Director of Admissions at Alfred University, and asked him what he sees as the most common blunders made by college applicants. Below are six mistakes he encounters frequently. 1. Missing Deadlines The college admissions process is filled with deadlines, and missing a deadline can mean a rejection letter or lost financial aid. A typical college applicant has dozens of dates to remember: Application deadlines which vary from school to schoolEarly action and early decision deadlines, if applicableInstitutional financial aid deadlinesFederal financial aid deadlinesState financial aid deadlinesScholarship deadlines Realize that some colleges will accept applications after the deadline if they have not yet filled their new class. However, financial aid may be much harder to obtain late in the application process. (Learn more about senior year deadlines.) 2. Applying for Early Decision When It’s Not the Right Choice Students who apply to a college through Early Decision typically must sign a contract stating that they are applying to just the one college early. Early Decision is a restricted admissions process, so it is not a good choice for students who aren’t really sure that the Early Decision school is their first choice. Some students apply through Early Decision because they think it will improve their chance of admission, but in the process they end up restricting their options. Also, if students violate their contract and apply to more than one college through Early Decision, they run the risk of being removed from the applicant pool for misleading the institution. While this is not the policy at Alfred University, some colleges share their Early Decision applicant lists to make sure students haven’t applied to multiple schools through Early Decision. (Learn about the difference between early decision and early action.) 3. Using the Wrong College Name in an Application Essay Understandably, many college applicants write a single admissions essay and then change the name of the college for different applications. Applicants need to make sure the college name is correct everywhere it appears. The admissions officers will not be impressed if an applicant begins by discussing how much she really wants to go to Alfred University, but the last sentence says, â€Å"R.I.T. is the best choice for me.† Mail merge and global replace can’t be relied on 100% -- applicants need to reread each application carefully, and they should have someone else proofread as well. (Learn more tips for the application essay.) 4. Applying to a College Online Without Telling School Counselors The Common Application and other online options make it easier than ever to apply to colleges. Many students, however, make the mistake of submitting applications online without notifying their high school guidance counselors. Counselors play an important role in the application process, so leaving them out of the loop can lead to several problems: High school transcripts are delayed or never get mailedLetters of recommendation from teachers are delayed or never get sentThe college admissions decision process becomes inefficient and delayedApplications end up being incomplete because the counselor can’t follow up with the colleges 5. Waiting too Long to Ask for Letters of Recommendation Applicants who wait until the last minute to ask for letters of recommendation run the risk that the letters will be late, or they will not be thorough and thoughtful. To get good letters of recommendation, applicants should identify teachers early, talk with them, and give them as much information as possible about each program to which they are applying. This allows teachers to craft letters that match an applicant’s particular strengths with specific college programs. Letters written at the last minute rarely contain this type of useful specificity. (Learn more about getting good letters of recommendation.) 6. Failing to Limit Parents’ Involvement Students need to self-advocate during the admissions process. The college is admitting the student, not the student’s mom or dad. It’s the student who needs to build a relationship with the college, not the parents. Helicopter parents--those who constantly hover--end up doing a disservice to their children. Students need to manage their own affairs once they get to college, so the admissions staff wants to see evidence of this self-sufficiency during the application process. While parents should certainly be involved in the college admissions process, the student needs to make the connections with the school and complete the application. Jeremy Spencer’s Bio: Jeremy Spencer served as the Director of Admissions at Alfred University from 2005 to 2010. Prior to AU, Jeremy served as the Director of Admissions at Saint Joseph’s College (IN) and various admissions level positions at Lycoming College (PA) and Miami University (OH). At Alfred, Jeremy was responsible for both the undergraduate and graduate admissions process and supervised 14 professional admissions staff. Jeremy earned his BA degree (Biology and Psychology) at Lycoming College and his MS degree (College Student Personnel) at Miami University.

Defense of Socrates - 1888 Words

Apology: Defence Of Socrates By: Gregory Klima Apology Defense Of Socrates Plato s The Apology is an account of the speech Socrates makes at the trial in which he is charged with the following 1) Not recognizing the gods recognized by the state 2) Corrupting the youth of Athens For the most part, Socrates spoke in a very plain, conversational manner, as one would speak to a friend or lecture a child. He explained that he has no experience with courts and demeanor that comes with , he states that he will instead speak in the manner to which he is accustomed: with honesty and directness. He explains that his behavior is from a prophecy by the oracle at Delphi, which claimed that he was the wisest of all men, one that he was†¦show more content†¦The second charge is corrupting the youth of Athens, a very serious charge that parents to this day have similar feelings about. I found it very easy to relate this to two things, violent television, and the Hitler youth rally’s in Nazi Germany in the late 1930 s to early 1940 s. It is easy to see why things that our children our exposed to daily on television, might think that those things are okay and are the norm, it was the same for the youth in Germany. If everyone around me is doing it, can it really be wrong? Obviously I cannot say that Jersey Shore is as destructive as Hitler, although it seems close at times, but they are both great examples of what can happen when youth is lead astray and is not being watched and shown right from wrong. This is the fear that the court had against Socrates and is why they were so adamant in taking care of it as soon as possible and was handled as a very serious matter. This comes to a very important and very famous part of the argument, the oracle at Delphi. The Delphic oracle proclaimed that Socrates was the wisest of men because he knows that he knows nothing, which no doubt led Socrates to having an ironic standing when evaluating his own knowledge and intellect. After explaining the story of what the oracle told him and what happened after, he then resorts to explaining how he does not want to seem boastful, but thatShow MoreRelatedDefense on Socrates Essay1619 Words   |  7 PagesDefense on Socrate s There are times in every mans life where our actions and beliefs collideÂâ€"these collisions are known as contradictions. There are endless instances in which we are so determined to make a point that we resort to using absurd overstatements, demeaning language, and false accusations in our arguments. This tendency to contradict ourselves often questions our character and morals. Similarly, in The Trial of Socrates (Platos Apology), Meletus fallacies in reason and his eventualRead More Defense of Socrates Essay1590 Words   |  7 PagesDefense of Socrates There are times in every mans life where our actions and beliefs collide—these collisions are known as contradictions. There are endless instances in which we are so determined to make a point that we resort to using absurd overstatements, demeaning language, and false accusations in our arguments. This tendency to contradict ourselves often questions our character and morals. Similarly, in The Trial of Socrates (Plato’s Apology), Meletus’ fallacies in reason and his eventualRead More Socrates Defense Essay843 Words   |  4 PagesThey begin by telling everyone not to be deceived and to take caution because Socrates is a â€Å"clever speaker†. According to Socrates, the difference between him and his accusers is that he speaks the truth. He is on trial for two items, which include, corrupting the youth and impiety. Socrates tells everyone that he has no experience with the court and he will speak the way he is used to by being honest and direct. Socrates explains that his behavior is from the oracle of Apollo at Delphi. nbsp;nbsp;nbsp;nbsp;nbsp;Read MoreThe Socrates Defense Speech755 Words   |  4 PagesIn Socrates defense speech there were certain parts that could have influenced the jury to judge him as guilty and sentenced him to death. The first time Socrates words failed him in this way was when he said that there was no one wiser than him according to the Pythia (Lines 21a). The jury mostly likely interpreted this as, if a man who is of such low class is â€Å"wiser† than them then that must mean they know nothing. The jury probably took offense to this because they all felt they had known theirRead MoreThe Trial of Socrates: an Analysis and Construction of Socrates Defense2369 Words   |  10 PagesThe Trial of Socrates: An Analysis and Construction of Socrates Defense Understanding the decisions made by the jurymen in Socrates trial will always be a mystery, but one can perceive why some would have voted the way that they did. Politically and historically Athens was a thriving place of innovation and philosophical advancements. Athens could very well be divided, morally on various aspects, one of them being which â€Å"political† affiliation Athenians related themselves with. Some choicesRead MoreEssay about Defense of Socrates595 Words   |  3 Pages Plato’s â€Å"Defense of Socrates† follows the trial of Socrates for charges of corruption of the youth. His accuser, Meletus, claims he is doing so by teaching the youth of Athens of a separate spirituality from that which was widely accepted. nbsp;nbsp;nbsp;nbsp;nbsp;Socrates’ argument was unique in that he tried to convince the jury he was just an average man and not to be feared, but in actuality demonstrated how clever and tenacious he was. He begins with an anecdote of his visit to the OracleRead MoreSocrates (Defense), the Apology Essay1014 Words   |  5 PagesSocrates – â€Å"The Apology† or (Defense) Socrates had no written work, never had a job and there are questions of whether he was even literate. However, Plato was a student of Socrates and recorded what occurred at his death trial. Socrates asked lots of questions and made people with political power look stupid. At no time during his trial does he claim to be innocent. He (attacks his accuser instead) There were two types of charges brought against him. - The new or (Official) ChargesRead MoreSocrates Systematic Defense Essay2053 Words   |  9 PagesPlatos Apology begins with the opening statements of Socrates. The jurymens ears are still ringing with the sound of his accusers well-crafted arguments, and the stage is set for Socrates to defend himself. The reputable orator surprisingly begins his defense by stating that he is not going to â€Å"toy with words† but will argue his case with the first words that come to mind (17c). The tension becomes evident as Socrates systematic defense leads him to contradict his opening statements and undermineRead MoreThe Defense Of Socrates, Euthyphro, And Crito Essay2308 Words   |  10 PagesThe Defense of Socrates Essay In the book Plato: The Defense of Socrates, Euthyphro, and Crito, Socrates is accused and taken to court on the charges of corrupting the youth, impiety, and his slandering of orators. His accusers most notably Meletus, Anytus, and Lycon have all requested that Socrates be trailed and punished under the law for his crimes. During Socrates’ trail he is given a chance to explain himself against the accusations which he is being convicted under. IfRead MoreSocrates Defense Against The Criticism Of Plato s Apology2077 Words   |  9 PagesAfter the introductory remarks, Plato’s Apology continues with Socrates’ defense against the â€Å"First Accusations,† because his accusers are many, and of all ages: the older accusers have persuaded the youth to speak and think badly of Socrates, and given that they were at an age of influence, the lesson stuck. The old accusations that Socrates has to address first and foremost are: â€Å"Socrates is guilty of wrongdoing in that he busies himself studying things in the sky and below the earth; he makes

Nature vs Nurture Genes vs Environment Essay - 1490 Words

Introduction A debate between psychologist, scientists and philosopher thinkers on the spectrum of ‘nature vs. nurture’ arose concerning human development. In the nature versus nurture debate, the term nature refers to the genes we inherit while the term nurture refers to our outside environment (Nature vs. Nurture: Twin and Adoption Studies). This debate of ‘nature vs. nurture’ has existed for centuries and up to now it is still a topic of major discussion although at present time. Human development is the scientific study of age-related changes in behavior, thinking, emotions and personality (Boyd Bee, 2005). In order to understand cognitive, emotional, physical, social and educational growth that everyone experiences from†¦show more content†¦On the other hand, there are people arguing that our personalities our moulded purely by external factors such as family, friends, teachers, and society as a whole (Spaulding, 2009). What is certain is that our heredity and DNA can carry traits which make us susceptible to mental disorders and psychopathology, which can have serious affects on personality (Spaulding, 2009). For instance, Down syndrome children have difficulty in communicating and understanding thus, causing them to be slow learners and anti-socialites. A person with a hypothalamus lesion may experience obesity or underweight that is beyond his or her control. However, the aspect of environmental influence (nurture) should not be entirely excluded. For instance, a person who has two obese parents can grow to be healthy and slender as healthy food is available for him or her. Both nature and nurture plays a very significant role in the psychological and overall development of a child. Physical appearances and traits such as the colour of the hair or the height of an individual are normally acquired from generation to generation through genes. So much so, environment can change the physique of a person in many ways. For instance, a short boy who is eager to be tall may consume more protein and play more sports that require him to jump. Abnormalities such as Down syndrome and albinism occur due to genetic defects inShow MoreRelatedNature vs Nurture: Genes vs Environment1174 Words   |  5 Pagesquote remains a mystery. Appearance is in nature and character is nurtured. Which one is more dominant on the other is a question waiting to be answered. The widely explored nature vs. nurture debate is best examined by looking at, hereditary implications, environmental factors and their interdependency. Hereditary factors play an integral part in developing persons’ physical traits, emotional traits and social etiquettes. The nature/nurture debate will be explored further using theseRead MoreNature vs Nurture: Genes vs Environment Essay995 Words   |  4 PagesIn trying to understand human behavior, professionals for centuries have looked at the nature vs. nurture theory. While it is known that the physical traits such of eye or hair color have to do with nature, some strongly believe that genes play a part in the way we behave such as in personality and intelligence and others believe that we behave a certain way solely due to our environment. Professor Jerome Kagan, from Harvard opened up a brand new world and offers a deeper understanding for theRead MoreNature vs Nurture: Genes vs Environment Essay example555 Words   |  3 Pageswhich takes our minds to much further levels. The controversy is whether inherited genes or the environment influences and aff ects our personality, intelligence, behavior, development and abilities. This controversy is most often recognized as the â€Å"Nature vs. Nurture† conflict. Some people believe that it is strictly genes that affect our ways of live and how we are, while others believe that it is the environment that affects us, and some believe that both of these influence our behavior. EitherRead MoreNature vs Nurture: Genes vs Environment Essay1285 Words   |  6 Pagesgender identity develops, through the conditioning of our environments. The most influential factor of gender development, however, is still a very controversial issue. An analysis of the gender identification process reveals two main arguments in what factor most greatly contributes to gender development: biology differences (nature) or the environment (nurture). The first main factor that is said to influence gender is biology. â€Å"Nature doesn’t give a flea’s hind leg for our social theories, fadsRead MoreNature vs Nurture: Do Genes Or Environment Matter More? Essay1300 Words   |  6 PagesNature versus nurture has emerged as one of the most heated debates in the 21st century. It is more aligned towards the internal and external factors that comprise human beings behavior. The internal factors are innate and perceived to be genetically revolved as opposed to the external factors that are influenced by the environment and individuals’ experiences. However, scholars in different fields have researched on the relationship between nature and nurture without due success and this has createdRead MoreNature vs Nurture: Do Genes Or Environment Matter More? Essay936 Words   |  4 Pagesour genes, our environment, or in the way we are raised? For years, there has been an on-going debate between nature and nurture. T.H. Whi te, author of The Once and Future King, explores the debate through many of the book’s characters. The issue clearly appears in the relationship of Queen Morgause and her sons, the Orkney brothers. The debate caused people to pick a side, to pick nature over nurture, or nurture over nature. However, it does not have to be one or the other. Nature and nurture workRead MoreNature vs Nurture: Do Genes Or Environment Matter More? Essay example997 Words   |  4 Pagesan attempt to understand human behavior, professionals for centuries have looked at the nature vs. nurture theory. While it is known that the physical traits such of eye or hair color have to do with nature, some strongly believe that the way people behave such as in personality and intelligence, have to do with genetic makeup and some believe that people behave a certain way solely due to their environment. Professor Jerome Kagan, from Harvard opened up a brand new world and offers hope for thoseRead MoreNature vs Nurture: Do Genes Or Environment Matter More? Essay778 Words   |  4 Pagesto our environment and surroundings. We have all tried to hide our true personality in order to be accepted, and have imitated other people. A person’s personality changes as they are exposed to different situations. Since the person changed, one will find a new way to deal with different situations. After, they might influence their friends to change as well. However, the changes could be on the good side or the bad side. This is how nurture changes us over time. Nurture is the environment that weRead MoreNature vs Nurture: Do Genes Or Environment Matter More? Essay1037 Words   |  5 Pageswill be forever or if the society they grow in creates all of their attributes. This nature versus nurture debate affects many aspects of life, including the treatment of serial killers and psychopaths, and recognition of emotional and mental disorders, the acceptance of homosexuality, and even video game regulation. The nature theory states that only a person’s genes develop their personality, while the nurture theory states that personality is developed only because of the impact of societyRead MoreNature vs Nurture: Do Genes Or Environment Matter More? Essay566 Words   |  3 Pagesovercame my shyness and I changed into an outgoing person. As many people have begun to pay attention to formation of personality, the debate over nature vs. nurture has raged for a long time and this issue is still controversial. However, as shown the experience above, I believe that people’s personalities are determined by their environment rather than by their genetics for the following reasons. One reason is that people’s personalities are not eternal and their personalities constantly change

Ground proximity warning system in Aircraft Free Essays

Abstract Inventing an aircraft by The Wright Brothers at the beginning of the 20th Century had a huge impact on the world we live in now. It is generally accepted that their â€Å"Flyer† was the first powered and controlled airplane in the world. A decade later the first commercial flight took place marking the beginning of commercial air travel. We will write a custom essay sample on Ground proximity warning system in Aircraft or any similar topic only for you Order Now However, from the very beginning the most important aim was to make air travel as safe as possible. 1. Introduction Since the invention of the aircraft, one of the major causes of accidents was when a fully functional aircraft was unintentionally flown into the ground or water. The number of this kind of accidents prompted the engineers at Boeing to introduce a new term in the late 1970s called Controlled Flight into terrain or CFIT. According to Boeing, CFIT â€Å"is a leading cause of airplane accidents involving the loss of life. There have been over 9,000 deaths in different parts of the world due to this since the beginning of the commercial jet age.†[1] There have been fewer accidents thanks to the Terrain Awareness and Warning Systems (TAWS). The TAWS which is capable of alerting the crew if they fly dangerously close to the Earth surface has substantially and effectively reduced the number of accidents caused by CFIT. It has to be stressed that the invention of the Ground Proximity Warning System (GPWS) in late 1960 is widely credited to a Canadian engineer Charles Donald Bateman. Currently there are two types of TAWS used on the aircrafts. The first type is called Ground Proximity Warning System (GPWS). Admittedly, GPWS is an older system but in 1996 a second type which is an improved version on GPWS called Enhanced Ground Proximity Warning System or EGPWS was introduced. GPWS and EGPWS are one of the most vital systems on-board modern aircrafts. They are designed to alert the crew by means of aural and visual warning of immediate danger of colliding with the ground, water or an obstacle such as a mountain. 2. Principles behind how the GPWS work The Ground Proximity Warning System automatically and continuously monitors the clearance of the aircraft above the surface. The principle of work is based on Continues Wave Radar. Continues waves are transmitted towards the ground and once reflected they are picked by the receiver. The time taken for the waves to return is measured and it indicates the distance between the plane and the Earth surface. The heart of the system is a computer which collects data from the radio altimeter and predicts the future terrain features. As the radio altimeter only provides the distance between the aircraft and the surface directly below it, the computer has to keep track of the terrain features and predict terrain that is directly ahead of the aircraft. The above can only be achieved and done correctly if the surface does not have significant changes in heights, but in a situation when there is a dramatic change in terrain, then invariably GPWS fails. It is also referred to as a â€Å"blind spot†. However, the blind spot has been eliminated with the introduction of the Enhanced Ground Proximity Warning System. 3. The modes of GPWS The Ground Proximity Warning System operates in different modes. Depending on the situation, the GPWS responds in a particular manner and provides the crew with a specific aural alert or warning and visually by illumination of warning lights. By monitoring the aircraft’s flying path and its altitude, the computer determines the risk of collision with the Earth surface and based on that it provides crew with either of the two warnings: a Soft Warning or Hard Warning. The GPWS Alert or Soft Warning informs the crew that a potentially dangerous situation has been detected and it requires attention. It indicates that the dangerous situation may develop and it should not be ignored, but the aircraft is not in immediate danger. The GPWS Warning or Hard Warning informs the crew that the aircraft is threatened by grave danger and that immediate action is required. 3.1. Mode 1 – Excessive descent rate Readings from barometric altimeter and radio altimeter are combined together and the crew is informed of excessive rate of descent. When the rate of descent exceeds the limit an aural alert â€Å"SINK RATE† is issued and the amber warning light comes up. In a situation when the descent rate becomes even more severe the system generates an aural warning â€Å"PULL UP† and the red warning light illuminates in the cockpit. 3.2 Mode 2 – Excessive terrain closure Notifications are based on the readings taken from the radio altimeter. The System monitors the clearance between the aircraft and the ground. The crew is informed of the change of the terrain below and when the aircraft is flying into the slope of a mountain or across steep features. If the aircraft’s height above the ground decreases, an amber light illuminates and an aural warning â€Å"TERRAIN† is generated 90 seconds before the aircraft flying path and the earth surface crosses. However, if no action is taken and the clearance between the aircraft and terrain decreases even more then 30 seconds from the predicted collision an aural warning â€Å"PULL UP† is issued and a red light comes up. 3.3 Mode 3 – Excessive altitude loss after take-off or go-around Data collected from barometric altimeter, radar altimeter and indicated flight speed are combined together by the GPWS computer in order to detect an altitude loss after take-off or a missed approach. In such circumstances an aural alert â€Å"DON’T SINK† is generated and the amber light starts illuminating. During the decent this mode of the GPWS is not armed until the aircraft is 60 meters above the surface. 3.4 Mode 4 – Unsafe terrain clearance while not in landing configuration The computer generates alerts and warnings indicating that the clearance above the ground is insufficient for the current flight path while landing gear and flaps are not in the landing configuration. Consequently, there are two alerts issued by the system – â€Å"TOO LOW GEAR† and â€Å"TOO LOW FLAPS† depending on what is causing the problem. An amber warning light will also come up accordingly. However, if the aircraft altitude continues decreasing and the landing configuration is not corrected, the crew is issued with a voice message â€Å"TOO LOW TERRAIN† and the warning light will come up. 3.5. Mode 5 – Excessive descent rate below the instrument glide path. The GPWS monitors the flying path of the aircraft in a situation when crew uses an Instrument Landing System (ILS) for approach and landing. The system generates an aural alert in the event of the flying path exceeding 1.3 dot below the ILS glideslope and an amber warning light illuminates in the cockpit. As the deviation increases, the voice message â€Å"GLIDESLOPE† becomes more frequent and louder. 4. Enhanced Ground Proximity Warning System As technology advanced and so did the aviation industry. And with developed technology the basic Ground Proximity Warning System was proven to have a â€Å"blind spot† making it not 100% reliable. Therefore, inventing a new and better system capable of tracking and predicting terrain ahead of the aircraft, even with dramatic changes in the steepness of the ground became a necessity. The problem was solved with the introduction of the Enhanced Ground Proximity Warning System. The new system was mainly based on the GPWS but in order to avoid shortcoming of the original system EGPWS was also equipped with Forward Looking Terrain Avoidance system, allowing the computer to â€Å"see† what is ahead of the aircraft. The EGPWS computer has a worldwide digital terrain database containing natural terrain features as well as man-made obstacles and uses Global Positioning System to determine the position of the aircraft. The position of the aircraft, its altitude and ground speed is sent to the computer which combines all the information together and compares it with the map of the Earth terrain stored in the database. The information is then presented to the crew on the Terrain Awareness Display. There are different colours on the digital map each representing a different height of the terrain features relative to the aircraft current altitude (Figure 1). It has to be noted that the system is being continuously improved and some of the modern most sophisticated flight management computers are capable of analysing the whole route and inform the pilots of all potentially hazardous obstacles along the flying path. 5. The modes of EGPWS Since the Enhanced Ground Proximity Warning System is based on the basic GPWS, it has all the five modes same as its predecessor. However as EGPWS is more advanced than GPWS, in addition to five modes described earlier on it also introduces two new modes. 5.1Mode 6 – Excessively steep bank angle The purpose of this mode is to inform pilots of an excessive roll attitude for the flight conditions. The system generates an audible alert â€Å"BANK ANGLE†. If the situation worsens and the roll attitude is being increased to 40% above the original callout, the voice message â€Å"BANK ANGLE† repeats itself continuously. 5.2 Mode 7 – Excessive windshear protection This mode is designed to inform the crew of excessive wind shear during take-off and final approach. The warnings are provided between the altitudes 10 – 1500 feet above the ground level. If the wind shear exceeds the limits, the EGPWS generates an aural alert â€Å"WINDSHEAR, WINDSHEAR, WINDSHEAR† and the amber light comes up in the cockpit. 6. Conclusions It goes without saying that the introduction of Terrain Awareness and Warning Systems has significantly reduced the number of accident caused by Controlled Flight Into Terrain. Modern Systems installed on-board civil and military aircraft are able to predict terrain ahead of the aircraft without â€Å"blind spot† which was present in the first Ground Proximity Warning Systems. Unfortunately despite advancement in technology and modern equipment, the accidents caused by CFIT still happen. They are many reasons behind that and common among them would be bad weather, navigation system failure or more often pilot error. Most commonly these types of accidents occur during approach close to the airports. For instance in 2010 alone two major crashes took lives of many people. On 10th of April 2010, Polish Air Force Tu-154 Flight crashed during final approach in Smolensk airport in Russia killing 96 people including the president of Republic of Poland, his wife and many government and military leaders present on board that fatal flight. Three months later on 28th July 2010 another tragic crash happened in Pakistan. Airblue Flight 202 carried 146 passengers and 6 crew members. There were no survivors. Developing new systems and improving the existing ones may one day lead to complete remove of CFIT type of crashes. As for now however caution still should be executed during pilot training to ensure that every pilot flying the aircraft equipped with EGWPS is fully trained to use the system, understands the warnings and is able to properly react to the situation. 7. References [1]http://en.wikipedia.org/wiki/Controlled_flight_into_terrain#cite_ref-boeing_0-1 How to cite Ground proximity warning system in Aircraft, Essay examples

Abortion And Women Essay Example For Students

Abortion And Women Essay During the past century, abortion has joined race and war asone of the most debatable subjects of controversy in the United States. Theissue of abortion causes discussions about human interactions where ethics,emotions and law come together. There are many reasons why women decide to haveabortions. Some women have abortions because of health complications, some havemarital problems, and some lack responsibility. Whatever the reasons a womandecides to have an abortion, it seems only justified that she should be able tomake decisions in regards to her life and body. The decisions that she makes inregards to what she does with her body and the fetus will be beneficial to boththe woman and the fetus because it will prevent many problems from occurring inthe future. If a woman were to have an unwanted baby, she may neglect or evenabuse the child causing the child to go into the care of the government. Bringing an unwanted child into the world is unfair to the innocent child andthe woman. The government has no valid reason in bringing an unwanted life intothe world. Bringing an unwanted child into the world is not helpful to theparents, the child and the government, because if the parents cannot take careof the child, eventually, the government will be responsible for the child. Theright to have an abortion is personal and essential to a womans life, becausehaving a baby in ones life causes dramatic changes. Pregnancy and childbirthcan prevent women from keeping and getting jobs. When women are pregnant manyemployers do not want to hire them because when the woman has a baby, thecompany or employer must still pay her for the time that she is out of work bylaw. Also, raising a baby and providing for all the needs that a child has is alot of money, which can create an insufficient income for many women. Anotherfactor that imposes on women when they have children is the amount of time theyhave for themselves and others beyond the baby. Women feel that it prevents themfrom providing services for others and time for themselves. Sometimes after apregnancy and childbirth, many women have to give up their dreams on starting inschool or end up dropping out because they do not have the time for it. Theyhave to give up on something that will significantly influence her family andher future. Pregnancy has a great impact on the womans future and her futurerelationship with her family. In many cases of unwanted pregnancies, the womenare not married. These women inmost cases cannot go home and announce that theyare pregnant and be proud of it. Their pregnancy would be am embarrassment anddisgrace to the family. Some families would suggest to the pregnant woman aboutdisowning her, throwing her out of the house, and cutting off familycommunications and wealth. Many of these women cannot deal with loosing theirfamily and the new lifestyle that they have to face. So in order to preventlosing their family and leading a tough life, they look into the option ofabortion. Women should have the choice of deciding what would be best for theirfuture, whether or not they are ready to change their lifestyle and decide therelationship between themselves and their family. A woman is equal to a man. Butduring a pregnancy, when the woman does not have the choice to abort the fetusgrowing inside of her, she is not his equal. A man can simply withdraw from arelationship as soon as he finds out about a pregnancy. He has the choice ofstaying and supporting the pregnant woman, or the choice of leaving her and thedevelopment of a new life. He can simply say a sentence or pick up his bags andleave while a whole new life is growing inside of her, a life that she cannotget rid of unless she has professional help. Without the choice of abortion, awoman does not have the same choices that a man would have. With the right tohave an abortion, women like men have the right to fully use the powers of theirminds and bodies just like a man. A womans body is hers and hers alone. Noone has the right to make her do something that she does not want to do. TheSupreme Court has stated that it is a womans right to have an abortion if shechooses to. In the Roe V. Wade Decision, the judges stated that the right to anabortion is a womans right and choice by recognizing abortion as afundamental constitutional right and choice by recognizing abortion as afundamental constitutional right and made it legal in all states. The law nowpermits abortion at the request of the 14th amendments personalliberty, women are given the right to receive abortions. The personalrights included on the 24th amendment proves that a womans body is hersand hers alone, and what she chooses to do with it is her decision. If a womandoes not have the choice of bringing a fetus into the world may not onlyjeopardize the future of the mother, but it also has great impact on the futureof the fetus. Many ti mes when a fetus is not wanted by the parents but is forcedinto the world, the fetus may be given up for adoption, abused and neglected. .u5f2cd7f55098104c4e8751108897fd98 , .u5f2cd7f55098104c4e8751108897fd98 .postImageUrl , .u5f2cd7f55098104c4e8751108897fd98 .centered-text-area { min-height: 80px; position: relative; } .u5f2cd7f55098104c4e8751108897fd98 , .u5f2cd7f55098104c4e8751108897fd98:hover , .u5f2cd7f55098104c4e8751108897fd98:visited , .u5f2cd7f55098104c4e8751108897fd98:active { border:0!important; } .u5f2cd7f55098104c4e8751108897fd98 .clearfix:after { content: ""; display: table; clear: both; } .u5f2cd7f55098104c4e8751108897fd98 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u5f2cd7f55098104c4e8751108897fd98:active , .u5f2cd7f55098104c4e8751108897fd98:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u5f2cd7f55098104c4e8751108897fd98 .centered-text-area { width: 100%; position: relative ; } .u5f2cd7f55098104c4e8751108897fd98 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u5f2cd7f55098104c4e8751108897fd98 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u5f2cd7f55098104c4e8751108897fd98 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u5f2cd7f55098104c4e8751108897fd98:hover .ctaButton { background-color: #34495E!important; } .u5f2cd7f55098104c4e8751108897fd98 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u5f2cd7f55098104c4e8751108897fd98 .u5f2cd7f55098104c4e8751108897fd98-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u5f2cd7f55098104c4e8751108897fd98:after { content: ""; display: block; clear: both; } READ: Nero EssayThese children in most cases do not have the same kind of opportunities thatother children who were raised by parents that loved and wanted them have. Whena family has a newborn, the parents have great hopes and dreams for their baby. They hope and dream that their baby will have a successful life. They want theirchild to be a well-educated and respected aspect of society. No one hopes thattheir child will become a failure. But when a parent is not ready to raise ababy, she may have hopes and dreams for the baby, but may not know where tostart in making those dreams become a reality. She may decide that the bestsolution for herself and the baby might be to put the child up for adoption, inhopes that the foster parents would provide the baby a better life than thebirth mother would. With all good intentions, the outcome of each child isuncertain. The outcome of what will happen to the child who is out up foradoption is uncertain, because it is difficult to find good homes and parents. There are many children out for adoption, but not enough people looking intoadding another person into their family. Some children never get the chance ofeven becoming a part of a family. They are continually transferred from onefoster care to another lacking individual attention and needs. Some children mayfind a foster home to live in, but it may become a home, which actually becomesmore dangerous than the streets. There may be an alcoholic that becomes abusivewhen he is drunk, and the child may be abused. There may be a mother who cannothandle stress and releases her emotions on the child by telling the child thathe is useless and not worthy of anything. One the contrary, it is possible thata child may go into a good foster home with good foster parents. The fosterparents may provide the child opportunities that they may have never had withtheir birth parents. But it is still more common that children who are notraised by their birth parents are more likely to lead to lives of des tructionbecause their natural parents werent ready to take the responsibility ofraising a child that they created. The creation of unwanted children should nothappen. If there is any doubt that a parent cannot raise the child, theyshouldnt bring the child into this world because children that are not takencare of by their parents tend to end up in the hands of the government. Itbecomes the responsibility of the government to take care of these unwantedchildren. Unwanted children are put on the streets, the government needs to findhomes for them, and they need to find rehabilitation centers for children thatneed counseling because they have drug or alcoholic problems. The governmentneeds to supply these children with food, clothes, and an education, but mostimportantly, a place and the idea that the children are cared and loved for. Canthe government offer all these things to meet the needs of these children? Thegovernment cannot provide all the things that the children need, contrar y tothat, the children provide more than what the government can handle. Unwantedchildren who are left to be taken care of by the government grow up and providea lot of work for the government. It has been stated in the Young and ModernMagazine, that unwanted children raise the percentage of crime, pregnancies andgang activities. If the number of neglected children would decrease, there wouldbe a decrease in the numbers of crime, pregnancies and gang activities. Therewould be a smaller number of people that would be homeless, abused, and left onthe streets to be taken care of. With a smaller number of people with suchproblems, it would give the government the time and money to deal with otherissues and problems that society has created. Children can be a positive aspectto society, but the unwanted and rebellious also can be a burden to the peopleand the state. Children should not be a burden to anyone. But if there is achance that the children should ever become a burden or an innoc ent victimbecause they were never wanted, they should have never been brought into thisworld. Children are precious. They should not be made innocent victims. There isan argument that killing the fetus before it is born is makes the unborn childan innocent victim, but the children who know and understand the reality oftheir position will be bigger victims than a fetus who does not have the abilityto think and feel. If a fetus is unwanted, for the parents, the child, and thegovernment, it would be best to terminate the fetus before it is brought into heworld and is abused and neglected. .u252cc3d55e878c3eeaf58a8831027489 , .u252cc3d55e878c3eeaf58a8831027489 .postImageUrl , .u252cc3d55e878c3eeaf58a8831027489 .centered-text-area { min-height: 80px; position: relative; } .u252cc3d55e878c3eeaf58a8831027489 , .u252cc3d55e878c3eeaf58a8831027489:hover , .u252cc3d55e878c3eeaf58a8831027489:visited , .u252cc3d55e878c3eeaf58a8831027489:active { border:0!important; } .u252cc3d55e878c3eeaf58a8831027489 .clearfix:after { content: ""; display: table; clear: both; } .u252cc3d55e878c3eeaf58a8831027489 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u252cc3d55e878c3eeaf58a8831027489:active , .u252cc3d55e878c3eeaf58a8831027489:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u252cc3d55e878c3eeaf58a8831027489 .centered-text-area { width: 100%; position: relative ; } .u252cc3d55e878c3eeaf58a8831027489 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u252cc3d55e878c3eeaf58a8831027489 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u252cc3d55e878c3eeaf58a8831027489 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u252cc3d55e878c3eeaf58a8831027489:hover .ctaButton { background-color: #34495E!important; } .u252cc3d55e878c3eeaf58a8831027489 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u252cc3d55e878c3eeaf58a8831027489 .u252cc3d55e878c3eeaf58a8831027489-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u252cc3d55e878c3eeaf58a8831027489:after { content: ""; display: block; clear: both; } READ: Paintball: The Safe Sport EssayLegal Issues

Insurance as a Tool of Risk Management Essay Sample free essay sample

Hindu doctrine gives the self-evident truth of the nature of insurance â€Å"Yat bhavathi cheapness nasyathi’ which means whatever is created will be destroyed. Hazard is hence inevitable in life. Business is a class of life. so in life and concern there are assortment of hazards. The purpose of all insurance is to protect the proprietor from a assortment of hazards which he anticipates by switching the loss suffered by a exclusive person to a professional risk- carrier in consideration for a little sum of premium. The nature of insurance depends on the nature of the hazard sought to be protected. The main assortments of an insurance contract are life. fire. Marine and in modern times new assortments have been added from clip to clip like liability insurance and 3rd party hazard. Insurance is a method of distributing over a big figure of individuals as possible fiscal loss excessively serious to be handily borne by an person. We will write a custom essay sample on Insurance as a Tool of Risk Management Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Thus it serves the societal intent. It is a societal device whereby unsure hazards of persons may be combined in a group and therefore made more certain ; little periodic part by the persons supplying a fund out of which those who suffer losingss may be reimbursed. In modern times. the occurrence of any event may be insured against a premium straight relative to the hazard involved on its occurrence. An component of uncertainness must be present in the class of the occurrence of the event insured against. in some instances. in about all non- life insurance contracts. the occurrence of the event is unsure while in life insurance the event is bound to go on nevertheless the clip is unsure. The establishment of insurance serves a two- crease intent. the immediate. short scope and proximate intent is to protect the single assured from any loss or harm to his life or belongings by administering the loss among a assortment of individuals through a media of professional risk- carriers. The far- sighted intent is to speed up economic growing of the state by mobilising financess for capital formation and helps in the constitution of a public assistance province. History OF INSURANCEThe roots of insurance might be traced to Babylonia. where bargainers were encouraged to presume the hazards of train trade through loans that were repaid ( with involvement ) merely after the goods had arrived safely- a pattern which was given legal force in the Code of Hammurabi ( c. 2100 B. C. ) With the growing of towns and trade in Europe. the mediaeval clubs undertook to protect their members from loss by fire and shipwreck. and to supply nice entombment and support in illness and poorness. By the center of the fourteenth century. as evidenced by the earliest known insurance contract. ( Genoa. 1347 ) . marine insurance was practically cosmopolitan among the nautical states of Europe. In London. Lloyd’s Coffee House ( 1688 ) was a topographic point where merchandisers. shipowners. and investment bankers met to transact concern. By the terminal of the eighteenth century. Llyod’s had progressed into one of the first modern insurance companies. In 1693. the uranologist Edmond Halley constructed the first mortality tabular array. based on the statistical Torahs of mortality and compound involvement. The tabular array corrected in the twelvemonth 17556 by Joseph Dodson. made it possible to break claims. They may besides render their services in finding the consideration of liability affecting accountants’ carelessness and for other professional carelessness instances. They may besides supply their cognition in rendering aid of fidelity insurance differences and insurance accounting differences. STATEMENT OF PROBLEM: The proposed survey aims to analyse the significance of hazard. clip of beginning of hazard in an insurance contract. the different types of hazards covered by assorted types of insurance. its benefits and the function of the life insurance corporation in pull offing hazards. Nature OF INSURANCE CONTRACT1 ) Contract of insurance is non a wagering contract. It is sometimes argued that insurance is a chancing activity as there is uncertainness in both the instances and payment in both the instances is made on occurrence of some event. It is non so. there is a difference. The contract of insurance is a legal contract enforceable at jurisprudence. whereas beting contract is illegal and can non be enforced at jurisprudence. An insurance contract is a contract of extreme good religion but this component is losing in beting contract. Insurance contract has an component of insurable involvement but this is absent in a wagering contract. Insurable involvement is the involvement of such a nature that the owner would be financially insured by the happening of the event insured against. There has to be a capable affair to see in an insurance contract. Absence of insurable involvement renders the contract a nothingness. In instance of insurance contract. hazard of loss or amendss is bing whereas in instance of beting contracts. the hazard is created by both the parties. 2 ) Principle of insurance: All insurance contracts except the life insurance contract are contracts of insurance. The rule means that the insurance company undertakes to indemnify the insured against the loss suffered by the insured hazard. It means to do good the loss and to put the insured every bit far as possible in the same fiscal place in which he was before the occurrence of the insured hazard. This rule helps to maintain the premium at a low degree and helps in avoiding an anti- societal act. Meaning OF Hazard: A contract of insurance is a contract under which the insurance company undertakes to protect the insured from a specified loss it occurs. The insured is afraid of loss which is called the hazard of loss and the insurance company undertakes to indemnify him from the appreciated loss it occurs for a consideration called the premium. The insurance company calculates the premium harmonizing to the chance. nature and extent of hazard from which the insured desires to be protected. The hazard of loss is co – extensive with the value of the insurable involvement the insured has. The insurance company fixes the premium harmonizing to the nature. measure. quality and chance of the hazard desired to be covered by the policy. The finding of dimensions of hazard covered by the contract is of import to both the parties. Hazard remains the hazard till the occurrence of the eventuality. Once the eventuality happens it becomes a definite loss and against this loss the insurance company seeks to indemnify the assured. Scope OF Hazard The insurance company indemnifies the insured merely against the loss caused during the period insured. for which the direct and proximate cause is the hazard insured against. In The Wilson Son’s and Co v. Xantho the range of the hazard is described as: It is unfastened to the parties by understanding to widen or restrict the liability of the insurance company in regard of the operation of the hazard. In the absence of such an understanding: 1 ) The hazard includes a ) the loss caused. i. e. hazard brought approximately by the carelessness non merely of the insured but even by his retainers or aliens. and B ) hazard brought about wilfully or maliciously by the insured’s retainers or aliens. but 2 ) The hazard does non include a ) loss caused by the wilful misconduct of the insured or caused with the convenience whether it amounts to a offense or non. B ) loss due to ordinary wear and tear and degree Celsius ) built-in frailty of the topic affair insured as in vitamin D ) and e ) the hazard is such that it must go on and the hazard in insurances is that which may go on and non which must go on. In the instance of Vikram GreenTech Ltd v. New India Assurance Co. Ltd. where the plaintiff in error had insured his poly- houses in a flower gardening undertaking. The proposal form clearly mentioned that merely six poly houses were to be insured. The insured claimed losingss for houses 7. 8A every bit good as 8B which were non expressly mentioned in the proposal signifier. The Supreme Court opined that an insurance contract. is a species of commercial minutess and must be construed like any other contract to its ain footings and by itself. In a contract of insurance. there is demand of uberimma fides i. e. good religion on the portion of the insured. Except that. in other respects. there is no difference between a contract of insurance and any other contract. The four necessities of a contract of insurance are. ( I ) the definition of the hazard.( two ) the continuance of the hazard.( three ) the premium and.( four ) the sum of insurance. Since upon issue of insurance policy. the insurance company undertakes to indemnify the loss suffered by the insured on history of hazards covered by the insurance policy. its footings have to be purely construed to find the extent of liability of the insurance company. The enterprise of the tribunal must ever be to construe the words in which the contract is expressed by the parties. The tribunal while interpreting the footings of policy is non expected to venture into excess liberalism that may ensue in re-writing the contract or replacing the footings which were non intended by the parties. The insured can non claim anything more than what is covered by the insurance policy. The National Claim every bit good as the Supreme Court rejected the claim of the insured. TYPES OF RISKS COVERED BY INSURANCEPure RISKS: A pure hazard offers no chance of addition. It offers merely the possibility of loss. or at best the saving of position quo. Examples of pure hazard are fire. inundation. accident. decease. etc. These are the sorts of hazard which usually are the topic of insurance. Pure hazards are handled as operational and safety issues by professionals and finance forces have to turn to the hazards originating out of failure of above operational and safety steps. Such hazards can non be against public policy. Together they need to guarantee that the organisation is able to defy any hazards or failure of systems and can go on its operations without much battle. The Risk Management and Insurance Planning is required for any organisation to reexamine their hazard direction schemes and to choose for hazard transportation steps like availing insurance screen etc. Bad Hazards: besides known as entrepreneurial hazards. these offer the possibility of additio n or of loss. Trading hazards fall within this class. Generally such hazards are non insurable. Provision against the possibilities of loss with this type of hazard is normally made by commercial minutess or by specific direction determinations. such as diversifying concern activities. TYPES OF RISKS COVERED BY DIFFERENT TYPES OF INSURANCE Life Insurance: provides a pecuniary benefit to a deceased’s household or other designated donee. and may specifically supply for income to an insured person’s household. entombment. funeral and other concluding disbursals. Life insurance policies frequently allow the option of holding the returns paid to the donee either in a ball amount hard currency payment. or an rente. Marine insurance covers different types of hazard during the sea ocean trip. The insured can choose the different types of hazard. which may originate during the ocean trip and insurance company will merely liable to counterbalance the mentioned or selected hazard. The undermentioned types of hazards and hazard are by and large covered under Marine insurance 1 ) Hazards of sea: Hazards of sea agencies unknown or excess ordinary accident such as hit with sea hazard or other another ship. accident. in deficiency of pre-knowledge. sea air current. etc. which may damage the ship. The insurance company is apt to counterbalance the mentioned hazards of sea but ordinary gale. moving ridges. wear and tear and non included. 2 ) Hazards of fire: Fire hazards are related to loss or harm due to fire on history of coal. electricity. H2O used for snuff outing fire. lightening. detonation. etc. Insurance company covers harm merely if the fire occurs by chance. 3 ) Jettison: It means intentionally throwing off the lading or portion of ship into the sea to do the ship igniter. If this act is done for the safety of the ship so insurance company will counterbalance the loss but if this act is done with out any ground so insurance company will non liable to counterbalance the loss. 4 ) Simony: When a unlawful act volitionally committed by the crew is known as simony. Such as larceny. puting fire on ship. deceitful sale of lading. etc. The insurance compensate is labile to indemnify the loss against the simony hazard. 5 ) War hazard: Enemy state may damage the ship. capture t he ship during the war clip. Insurance company compensates the loss against war hazard. 6 ) Land hazard: Insurance company besides covers the land hazard and include â€Å"warehouse to warehouse† clause. It compensates the harm or loss through hazard while transporting goods from one ware house to another. Motor Insurance It is likely the most common signifier of insurance and may cover both legal liability claims against the driver and loss of or damage to the insured’s vehicle itself. Motor insurance is extended over autos. commercial vehicles. trains and dawdlers. every bit good as bikes. FIRE INSURANCE Fire: Destruction or harm to the belongings insured by its ain agitation. natural warming or self-generated burning or its undergoing any warming or drying procedure can non be treated as harm due to fire. For e. g. . pigments or chemicals in a mill undergoing heat intervention and accordingly damaged by fire is non covered. Further. combustion of belongings insured by order of any Public Authority is excluded from the range of screen. Lightening: Lightning may ensue in fire harm or other types of harm. such as a roof broken by a falling chimney struck by lightning or clefts in a edifice due to a lightning work stoppage. Both fire and other types of amendss caused by lightning are covered by the policy. Explosion/ Implosion: Explosion is defined as a sudden. violent explosion with a loud study. An detonation is caused inside a vas when the force per unit area within the vas exceeds the atmospheric force per unit area moving externally on its surface. Implosion means spliting inward or prostration. This takes topographic point when the external force per unit area exceeds the internal force per unit area. This policy. nevertheless. does non cover devastation or harm caused to the boilers ( other than domestic boilers ) . economizers or other vass in which steam is generated and machinery or setup topic to centrifugal force by its ain explosion/ implosion. These hazards can be covered in a Boiler A ; Pressure Plant Insurance Policy. which is specially designed to manage these hazards. Aircraft Damage: The loss or harm to the belongings ( by fire or otherwise ) straight caused by aircraft and other aerial devices and/ or articles dropped there from is covered. However. devastation or harm ensuing from force per unit area moving ridges caused by aircraft traveling at supersonic velocity is excluded from the range of the policy. Any loss caused by public violence. terrorist act. etc: Any loss or physical harm to the belongings insured straight caused by such activity or by the action of any lawful governments in stamp downing such perturbation or understating its effects is covered. Further the willful act of any striker or locked out worker. in connexion with a work stoppage or a lock out. or the action of any lawful authorization in stamp downing such act. ensuing in seeable physical harm by external agencies. is besides covered. Malicious act would intend an act with malicious purpose but excepting skip of any sort by any individual. ensuing in seeable physical harm to the insured belongings. whether or non the act is committed in the class of perturbation of public peace or non. Burglary. break-in. larceny or theft does non represent a malicious act for the intent of this screen. Entire or partial surcease of work or the retarding or break or surcease of any procedure or operations ; or. lasting eviction ensuing from arrogation. hijacking. requisition or devastation by order of the Government or any legitimately established authorization ; or permanent or impermanent eviction of any edifice or works or unit or machinery ensuing from the improper business by any individual of the same or bar of entree to the same. are non covered. Storm. Cyclone. Typhoon. Tempest. Hurricane. Tornado. Flood and Inundation: Storm. Cyclone. Typhoon. Tempest. Tornado and Hurricane are all assorted types of violent natural perturbations that are accompanied by boom or strong air currents or heavy rainfall. Flood or Inundation occurs when the H2O rises to an unnatural degree. Flood or flood should non merely be understood in the common sense of the footings. i. e. . inundation in river or lakes. but besides accretion of H2O due to clogged drains would be deemed to be flood. These ha zards are non thorough. Elements OF Hazard Hazard depends upon assorted elements of the event insured against in its go oning Oklahoman or subsequently. These fortunes must be disclosed by the insured and the insurance companies by and large calculate the premium with mention to these elements: In life insurance. the hazard depends upon: I ) Habits in life or manner of life.two ) Healththree ) Occupationfour ) EnvironmentV ) Position and position in life.six ) Fictional character.seven ) Heredity.eight ) Previous unwellness. andnine ) Opportunities for exposure to particular dangers.In belongings ( includes motor every bit good as fire ) insurance the hazard depends upon: I ) The nature of the belongings like movable or immoveable belongings. perishable or otherwise. two ) Character and fundamental law. three ) Area.four ) Situation and vicinity.V ) Exposure to outside dangers.six ) Inherent defect.seven ) Use and wonts of the assured.eight ) The rubric to the belongings.In Marine insurance the hazard depends upon:I ) Ocean trip and its nature.two ) The path of the ocean trip.three ) The air currents and the storms in the vicinity.four ) The danger of war. gaining control and ictus.V ) Pirates.six ) Mutiny of the crew.seven ) Rebellion of indigens and unsafe seashores. Beginning of hazard: On the portion of the insurance company the hazard commences when the insurance company accepts the proposal and the suggester deposits the first premium. In instance the insurance company gives acceptance conditionally. the original suggester has to follow with those conditions foremost so it becomes the clear credence by the insurance company. These conditions may be associating to payment of premiums or excess premiums or to follow with certain statutory demand. Mere aggregation of sum of premium does non mean that the proposal is accepted. Some formalities besides have to be completed before the payment becomes acceptable. In LIC of India v. Raja Vasireddy Komalavalli Kamba. contract of insurance was to be concluded merely when the party to whom an offer has been made has accepted it unconditionally and communicated its credence to the individual doing the offer. Silence does non ensue in a binding contract. CIRCUMSTANCES AFFECTING THE RISKThere are certain stuff facts which must be disclosed by the insured as it affects the hazard to be undertaken by the Insurance company. In instance of life insurance the age of the assured. his wellness. wonts. etc have to be considered while repairing the premium sum. The Insurance Act. 1938 in Section 45 says that. Nothing in this subdivision shall forestall the insurance company from naming for cogent evidence of age at any clip if he is entitled to make so. and no policy shall be deemed to be called in inquiry simply because the footings of the policy are adjusted on subsequent cogent evidence that the age of the life insured was falsely stated in the proposal. The wonts of life. past and present which tend to shorten life must be disclosed like usage of opium. baccy or intoxicant. Questions about past unwellness are to be treated otherwise with that of the present province of wellness. The latter are affairs of sentiment. Consultations done in ea rly childhood can non be regarded as stuff facts. Information sing the business is indispensable to understand the nature of the hazard. If it is a unsafe business like a soldier. crewman. pilot or a workingman in an ammo mill. the insurance companies charge a higher rate of premium. UTMOST Good FAITH PRINCIPLE The insurance contract is a contract ubberrima fide and hence if the assured has non disclosed all the material facts. the insurance company can avoid the contract. It is a pattern of insurance companies to infix a clause in the policies and proposal signifiers to declare that all the replies stated in the proposal organize shall organize the footing and portion of the footings of the contract in the policy. By such a declaration. the insurance company has a right to avoid the policy with a little fluctuation in revelation of material facts. This regulation was mitigated by Section 45 of the Life Insurance Act. It laid down that No policy can be challenged after two old ages from the day of the month of policy on the land that any statement made in the proposal or in any study of the medical officer or any papers is false or inaccurate unless it is material to unwrap and it was fraudulently made and the policy holder knows at the clip that it was false or he suppressed the fact which was stuff to unwrap. In Mithoolal v. Life Insurance Corporation. the respondent challenged the policy after two old ages of issue as the assured had fraudently suppressed facts. It was held that the latter was non apt. In Suresh. P. V v. Insurance Ombudsman and another MATERIAL FACTS:The ailment was filed by the suppliant as the ombudsman had rejected the claim of his asleep married woman under the Life Insurance Policy. The petitioner’s married woman took an insurance Policy for 50. 000 from Life Insurance Corporation of India. She died on history of cervical malignant neoplastic disease. Before her decease. she paid 10 quarterly premium due on her policy. On the decease of the life assured. the petitioner’ claim for the insurance sum as per the policy. was repudiated by the LIC on the land that the life assured had lied about non being admitted to any infirmary or nursing place for general check-up. observation. intervention or operation and was non enduring from any disease. The insured had undergone intervention at a infirmary for Rheumatoid Arthritis three old ages before the policy commenced. The Corporation alleged suppression of material facts. Cancer was detected merely after the policy was taken and it was the proximate caus e of decease. The Corporation under Section 45 of the Insurance Act. 1938 has to turn out that ISSUES RAISED I ) Whether there was non-disclosure is of a stuff fact? ( two ) Whether there was deceitful suppression made by the policy holder? ( three ) Whether the policy holder knew at the clip of doing the contract that the information given by the assured was false or that she has suppressed facts which it were material to unwrap? four ) Whether the renunciation of claim by Life Insurance Corporation was valid under Section 45 of the Insurance Act. 1938? Analysis The Kerala High Court referred to Mithoolal Nayak v. Life Insurance Corporation of India every bit good as Life Insurance Corporation v. Asha Goel instance. The High Court held that it is non sufficient to turn out that the statements were false. The Corporation has to turn out that the false statements made by the petitioner’s married woman were fraudulently made by her and that she must hold been cognizant at the clip of doing the statement that the same were false and there was in fact suppression of stuff fact. She was an illiterate adult female and she suppressed the fact of holding arthritic arthritis unwittingly and non fraudulently. Judgment: Finally the tribunal held that the renunciation of the claim of the suppliant was illegal and unsustainable. RISK MANAGEMENTBasic stairss in hazard direction are:a ) Identifying hazard:B ) Quantifying hazard:degree Celsius ) Recommendationsvitamin D ) Monitoring consequences.Risk direction ensures that an organisation identifies and understands the hazards to which it is exposed. Risk direction besides guarantees that the organisation creates and implements an effectual program to forestall losingss or cut down the impact if a loss occurs. A hazard direction program includes schemes and techniques for acknowledging and facing these menaces. Good hazard direction doesn’t have to be expensive or clip consuming ; it may be every bit unsophisticated as replying these three inquiries: 1. What can travel incorrect? 2. What will we make. both to forestall the injury from happening and in response to the injury or loss? 3. If something happens. how will we pay for it? Insurance is merely a portion of a entire risk- direction programme. While hazard direction and insurance are closely related. insurance entirely is non risk direction. Risk direction is far broader and includes the constructs of avoiding. forestalling. and minimising loss. In add-on. hazard direction references methods other than insurance for reassigning the fiscal effects of losingss that do happen. Risk Appraisal: Insurance requires the appraisal of hazards so that they can be recognized and priced. Risk Pricing: Insurance puts a pecuniary value on hazards. Insurance can assist reconstruct the well-being of a policy holder after a daze. Besides. if good designed. insurance can make inducements for policy holders to cut down hazardous behaviour. Risk direction provides a clear and structured attack to placing hazards. Having a cl ear apprehension of all hazards allows an organisation to step and prioritise them and take the appropriate actions to cut down losingss. BENEFITS OF RISK MANAGEMENT: Risk direction has other benefits for an organisation. including: * Salvaging resources: Time. assets. income. belongings and people are all valuable resources that can be saved if fewer claims occur. * Protecting the repute and public image of the organisation. * Preventing or cut downing legal liability and increasing the stableness of operations. * Protecting people from injury. * Protecting the environment.* Enhancing the ability to fix for assorted fortunes.* Reducing liabilities.* Assisting in clearly specifying insurance demands. An effectual hazard direction pattern does non extinguish hazards. However. holding an effectual and operational hazard direction pattern shows an insurance company that his organisation is committed to loss decrease or bar. It makes his organisation a better hazard to see. ROLE OF INSURANCE IN RISK MANAGEMENT Insurance is a valuable risk-financing tool. Few organisations have the militias or financess necessary to take on the hazard themselves and pay the entire costs following a loss. Buying insurance. nevertheless. is non risk direction. A thorough and thoughtful hazard direction program is the committedness to forestall injury. Risk direction besides addresses many hazards that are non insurable. including trade name unity. possible loss of tax-free position for voluntary groups. public good will and go oning donor support. The Courts in assorted judgements have opined that the staff of insurance companies should give prompt and effectual service to the people and efficaciously pull off the personal businesss of the life insurance companies. The instances are as follows: In the landmark instance of Life Insurance Corporation of India v. Asha Goel. the Supreme Court observed that â€Å"The Corporation has grown in size and at present it is one of the largest public sector fiscal projec ts. The policy-holders and the populace at big look frontward to motivate and efficient service from the Corporation. Therefore the governments in-charge of direction of the personal businesss of the Corporation should bear in head that its credibleness and repute depend on its prompt and efficient service. Therefore. the attack of the Corporation in the affair of renunciation of a policy true issued by it should be one of extreme attention and cautiousness. It should non be dealt with in a mechanical and everyday mode. † In the instance of Life Insurance Corporation v. Anuradha. the tribunal observed that Life Insurance Corporation is a societal public assistance establishment and it should believe of inventing a policy available in insurgence afflicted parts which would take attention of the assured and his household members in such countries. In short the Supreme Court hinted that the footings and conditions of the insurance policies in the insurgence affected countries should be suited in conformity with the demands of the people in such countries. In United India Assurance Co. Ltd v. Hasan Sultan Nadaf. the National Commission did non O.K. the pattern of the insurance companies to do feeble alibis in order to get the better of the echt claim of the insured. In this instance the claim of the insured was rejected on the land that the proprietor of the shed of the mill had no insurable involvement in it. This pattern was held to be indefensible and a square alibi to improperly reject the claim. The policy should hold been issued after inspecting the shed and if the factum of insurable involvement was non verified so it meant that the insurance company was foolhardy. flagitious and behaved in a manner that was damaging to the involvement of the consumer. Decision Hazard is a load non merely to the person but to the society every bit good. There exists several techniques for managing of hazard of which insurance is the most practical method for managing hazards. Insurance nevertheless does non ever to the full counterbalance the insured for losingss suffered. This may be the consequence of restriction of the liability accepted by the insurance company. hapless direction of case by the insured leading to breach in screen or uninsurable losingss. Insurance therefore reduces the frights of future hazard to the person insured and by capital formation it helps the growing of the industry. accelerates production. lubricates the machinery of production and distribution and improves the economic system of the state. It mobilizes the resources. accelerates and stabilizes growing and helps in the constitution of a public assistance province. After opening up of the insurance sector. Insurance Regulatory and Development Corporation. has monitored the ope rations of the insurance companies. It tries to protect the involvements of the consumers and helps in the fiscal soundness of the insurance industry. The insurance sector plays a critical function in the procedure of economic development of any state. It acts as mobiliser of nest eggs. as fiscal intermediary. as booster of investing activities. as stabilizer of fiscal markets and as a hazard director. Insurance services lead to efficient and productive allotment of capital resources. facilitate growing of trade and commercialism. replacement for authoritiess societal security programmes. and assist persons and houses in efficient direction of hazards. Post 9/11 onslaught the CEO’s of major companies in the universe have realized the demand for equal insurance in all perceptible countries impacting their company. It can be safely be assumed that the insurance market has enormously improved after globalisation. It will surely increase insurance incursion and all professionals every bit good as populace at big should work the chances offered by this sector. Bibliography * Murthy A ; Dr Sharma. â€Å"Modern Law of Insurance† . 4th edition. Lexis Nexis Wadhwa Nagpur. ( 2009 ) * Srinivasan M N. Principles of Insurance Law. Wadhwa A ; Company Nagpur. ( 2006 ) * Verma. Upadhyay. Srivastava. â€Å"Risk Management in Banking and Insurance† Deep and Deep Publications. ( 2007 ) * Ratanlal and Dhirajlal. ( 2004 ) â€Å"Law of Insurance† Lexis Nexis: Butterworths. Wadhwa. Nagpur. WEB RESOURCES hypertext transfer protocol: //www. manupatra. com/hypertext transfer protocol: //www. indiankanoon. org/doc/559952/hypertext transfer protocol: //www. ibc. ca/en/Business_insurance/risk_management/