The Cask of Amontillado Montresor’s Untrustworthiness and Mental Instability Essay Example

The Cask of Amontillado Montresor’s Untrustworthiness and Mental Instability Paper The Cask of Amontillado Montresor’s untrustworthiness and mental instability The cask of amontillado is a short story that Edgar Allen Poe wrote in 1846. Poe has written this particular story to be told in a first person point of view. Since Montresor is the narrator this concludes the fact that he is telling the story from his point of view. From the beginning it is clear that Montresor is an unreliable narrator. Throughout the story it is quite noticeable that Montresor is not trustworthy as a narrator, and that he has a mental instability. The very first sentence it shows that this story is going to be told by Montresor (from a first person point of view). In the first sentence of the first paragraph Montresor claims Fortunato has bestowed â€Å"thousand injuries† against him. Even though Fortunato has supposedly insulted Montresor; Montresor never goes on to state what exactly Fortuanto has done to him. Next he states that he â€Å"vowed revenge† on Fortunato. Just from the one sentence Montresor shows he has a bias for how the story happened and played out. The next sentence is Montresor talking to an unknown person, basically telling then that he is going to diverge the story to them. â€Å"You, who so well know the nature of my soul†¦Ã¢â‚¬  is how Montresor addresses this person. How he has addressed the unknown person gives the idea that it might be a priest whom he is speaking to. If it is assumed that it is a priest, it could be interpreted as a sign of remorse. Although after reading the whole story it is quite clear that he does not regret what he has done to Fortunado. Throughout the story Montressor talks of what he has done to Fortunado with little to no remorse in his voice. I must not only punish, but punish with impunity† shows that Montressor knew completely well what he was about to do to his ‘friend’ and has not the slightest though of not doing it. Not only does Montresor plan to punish Fortunado but with impunity, which means without exemption. He shows the reader he has plans for his revenge but never tells the reader exactly what Fortunado has done to deserve to be punished with impunity. This alone shows that Montresor is trying to get the unknown person whom he is speaking with to sympathize with him. We will write a custom essay sample on The Cask of Amontillado Montresor’s Untrustworthiness and Mental Instability specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Cask of Amontillado Montresor’s Untrustworthiness and Mental Instability specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Cask of Amontillado Montresor’s Untrustworthiness and Mental Instability specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Montresor antagonizes Fortunado through the whole story with the allure of the Amontillado. There are at least three occasions that Montresor talks of finding Lushesi instead of Fortunado to try the wine to authenticate it. Montresor obviously knew that it irritated Fortunado when he spoke of having Luchesi come to authenticate the wine. This was almost like a slap in the face for Fortunado and made him want to come to the tombs even more. This move by Montressor shows how desperate he is to keep Fortunado interested in coming to the tombs. It shows how he has calculated his plan of revenge and is trying to execute his master plan. In the very last paragraph, second to last sentence Montresor states: â€Å"For the half of a century no mortal has disturbed them. † This sentence is referring to the tomb where he has entombed Fortunado to die, as well as the tomb of his other ancestors. Half of a century is at least fifty years, thus Montresor is stating that it has been over fifty years since the incident thus he could have easily forgotten what actually happened in the tomb. Most people can not even remember what happened a year ago one hundred percent accurately, much less fifty years later. In conclusion Montresor is a very unreliable narrator. Not only has it been over fifty years since the event, but Montresor also has a bias as to what happened with Fortunado. Montresor also clearly shows his mental instability with his lack of remorse with what he did to Fortunado. In this story of Edgar Allen Poe’s it is quite noticeable that Montresor is not a trustworthy narrator and that he has a mental instability.

Case Study on New India Assurance Essay Example

Case Study on New India Assurance Essay Example Case Study on New India Assurance Essay Case Study on New India Assurance Essay Assurance industry has always been a growth-oriented industry globally. On the Indian scene too, the assurance industry has always recorded noticeable growth vis-a-vis other Indian industries. The new India assurance Co. Ltd. was the first general assurance company to be established in India in 1850, which was a wholly British-owned company. The new India assurance company to be set up by an Indian was Indian Mercantile assurance Co. Ltd. , which was established in1907. There emerged many a assurance player on the Indian scene thereafter.The general assurance business was nationalized after the promulgation of General Insurance Business (Nationalization) Act, 1972. The post-nationalization general assurance business was undertaken by the assurance Corporation of India (GIC) and its 3 subsidiaries: 1. New India Assurance Company Limited 2. National Insurance Company Limited 3. United India Insurance Company Limited Towards the end of 2000, the relation ceased to exist and the four companies are, at present, operating as independent companies. The Life assurance Corporation (AIC) was established on 01. 09. 956 and had been the sole corporation to write the life assurance business in India. The Indian assurance industry saw a new sun when the assurance Development Authority invited the applications for registration as assurors in August, 2000. With the liberalization and opening up of the sector to private players, the industry has presented promising prospects for the coming future. The transition has also resulted into introduction of ample opportunities for the professionals including Chartered Accountants. The Indian assurance industry is featured by the attributes:Low market penetration; ? Ever-growing middle class component in population Growth of consumer ? Movement with an increasing demand for better assurance products; ? Inadequate application of information technology for business. Adequate ?Fillip from the Government in the form of tax incentives to the assured, etc The industry formations need to keep vigil on these characteristics of the Indian market and formulate their strategies to entail maximum contribution to the output of the sector. The Indian life and non-life assurance business accounted for merely0. 2 percent of the worlds life and non-life business in 1997. The figures of the basic parameters of the industrys performance viz. assurance Density and assurance Penetration also are evident of the hitherto existing low-yield Indian market conditions. The term assurance Penetration broadly measures the contribution of the assurance industry in relation to a nations entire economic productivity. The figure of premium vis-a-vis the GDP of 1999 stood at 0. 54 percent for non-life assurance business and 1. 39 percent for the life assurance business.The term assurance Density reflects the assurance purchasing power. The premium per capita in India amounted to US $ 2. 40 for assurance and US $ 6. 10 for life assurance in 1999 but with the deregulation of the sector, a sea change in the scene is most likely. The assurance sector in India has come a full circle from being an open competitive market to Nationalization and back to a liberalized market again. Tracing the developments in the Indian assurance sector reveals the360- degree turn witnessed over a period of almost two centuries. STRUCTURE OF THE ASSURANCE INDUSTRYThe structure of the assurance industry comprises of the Operating department, Administrative department and the finance department. The Operating Department generally performs the basic functions pertaining to the designing of products, marketing thereof, servicing the insured, the insured, management of portfolio, etc. The Administrative Department looks after the day-to-day affairs of the company. The Finance Department backs the operations and administration of the company by accounting for the transactions, streamlining the flow of funds, materializing the management decisions, etc.The Administration Department as well as the Finance Department, usually, functions through in-house setup. The Finance Department functions in the areas of accounting, financial and management reporting, budgeting and controlling, etc. and thus renders enormous scope for finance professionals. The new entrants in the assurance sector are likely to call for the services of the Chartered Accountants for their financial setup requirements. The Chartered Accountants have engaged themselves in the audit of assurance Companies since long.With the transition in the insurance sector, the horizons for their contribution have broadened. Contributions have broadened. There has, emerged a king-size pool of opportunities that the Chartered Accountants can explore and apply their professional wisdom and experience to. BASIC FUNCTIONS OF THE ASSURANCE INDUSTRY 1. Risk Perception and Evaluation: The fundamental function of an insurer is to provide a cover against the detriment caused to the insured due to the happening of certain specified and agreed events.Thus, prior to providing such umbrella through a product, the insurer has to assess the risk involved in the transaction. The insurer has to identify the element of risk prevalent in the concerned industry or a particular unit. The perception of risk requires the study of variables through various methods including the application of scientific and statistical techniques and correlation thereof with the industry or unit under study in light of their basic environmental and infra-structural characteristics. 2. Designing the Insurance Product:On the basis of the risks perceived, the insurer develops a product to cover the stipulated risks. While designing an insurance product, an insurer decides its cost to be charged from the insured in the form of premium, reduction thereof in certain cases like not lodging any claim during the previous covered period(s), suggesting the implementation of risk-mitigating measures, etc. 3. Marketing of the Product: The core function of the marketing force of an insurance company is to generate awareness about the insurance products among the target market.But in the Indian scenario, where the insurance penetration is too low as compared to the other nations, the marketing force needs to perform the pro-active role in developing an insurance culture. It is through the efficiency of the sales force of an insurance company that the desirability and the success of a product are determined. Adequate knowledge of the insurance industry, products and the modalities attached therewith. Further, the marketing personnel should be adequately backed by the back-office setup. 4. Selling of the Products:The term selling in the context of Assurance industry connotes the issuance of policies to the applicant proposer. The Assurance basically embodies the covenant between the insurer and the insured wherein the former agrees to indemnify the latter for the loss caused to him on the happening of the certain agreed events up to a specified limit. The life insurance policy generally contains the agreement whereby the insurer agrees to pay to the insured or the beneficiary of the policy an agreed amount on the expiry of the term of the policy or in the event of the death of the insured respectively.The additional benefits in the shape of Riders viz. Accidental Death Benefit, Double Sum Assured, Critical Illness benefits; Waiver of Premiums, etc. can also be appended with the policy on the payment of an additional premium. 5. Management of Portfolio: The management of the portfolio includes the assessment of requirement of funds, identification of various sources of finance, the evaluation of the sources in the light of their cost, availability, timing, etc. , reconciling the features of various sources with the needs of the company and the selection of appropriate conjunction of sources.The insurer possesses huge amount of funds, which need proper management. The management of the portfolio of an insurance company requires the identification of investment avenues, evaluation thereof and the selection of the most appropriate mix of alternatives where the funds of the company can be invested. The selection requires the knowledge of finance related functions and techniques apart from the in-depth know of the patterns of requirement of funds in the company as well as in the industry as a whole. ABOUT US New India is a leading global insurance group, with offices and branches hroughout India and various countries abroad. The company services the Indian subcontinent with a network of 1068 offices, comprising26 Regional offices, 393 Divisional offices and 648 branches. With approximately 21000 employees, New India has the largest number of specialist and technically qualified personnel at all levels of management, who are empowered to underwrite and settle claims of high magnitude. New India has been rated A- (Excellent) by A. M. Best Co. , making it the only Indian insurance company to have been rated by an international rating agency. Rating based on following factors: Superior Capital Position ? Strong Operating Performance ? Only company to develop significant International operations, Long record of successful trading outside India. PROFILE ? History ? Present Position ? International Presence ? Our Strengths ? Pioneers ? Citizens Charter History Incorporated on July 23rd, 1919 Founded by the House of Tata Founder member Sir Dorab Tata. Nationalized in 1973 with merger of Indian companies. Present Position Gross Premium (in India) of Rs. 5017. 20 crores in the year 2006-2007, as against Rs. 4791. 49crores in the year 2005-2006. Assets Rs. 27444. 57croresas on 31st March 2007.Network of Offices-26 Regional Offices, 393Divisional Offices, 614 Branches and 34 Direct Agent Branches. Rank No. 1in the Indian market. Largest Non-Life insurer in Afro-Asia excluding Japan. First Indian non-life company to cross Rs. 5000 crores Gross Premium. Global Re-insurance facilities. Over-seas presence in countries like Japan, U. K, Middle East, Fiji and Australia. International Presence Overseas operations commenced in 1920. Operations in 24 countries in the year 2004-05. Network of 19 Branches, 12 Agencies, 2 Associate companies and 2 Subsidiary companies in the year 2004-05. Overseas Premium of Rs. 92. 35 crores in the year 2004-05, which accounts for more than 80% of total overseas premium in India Our Strengths Largest number of Offices In India and Abroad Trained and technically qualified staff 1068 fully computerized offices across India. A- (Excellent)rating by A. M. Best Co (Europe) First domestic company to be rated by an International Rating Agency Rating based upon following factors: Superior capital position Strong operating performance Strong market position Only company to develop significant International operations, long record of successful trading outside India.Pioneers ? First company to set up an Aviation Insurance Department in 1946. ? First company to handle the Hull Insurance requirements of the Indian Shipping Fleet. ? First company to establish its own Training School. ? First company to introduce the concept of Model Office Training. ? First company to create department in Engineering insurance. ? Pioneer in Satellite insurance. Citizen’s Charter Our Mission ? To develop general insurance business in the best interest of the community. To provide financial security to individuals, trade, commerce and all other segments of the society by offering insurance products and services of high quality at affordable cost Our Values ? Highest priority to customer needs. ? High standards of public conduct. ? Transparency in operations. Our Commitment to the citizens ? We will respond to all commercially viable general insurance requirements of the citizens, including products for weaker sections of the society at affordable price within three months from the date on which such a requirement is received. ? We will ensure issuance of 100% of documents within a period of seven days. We will ensure that prospectus of the various insurance products are provided to the customers and the extent of coverage is explained for his choosing the appropriate product. A written proposal will be obtained from the insured wherever necessary and accordingly the policy will be prepared. ? We will settle all claims within a time schedule envisaged hereunder: A. Personal life insurance claims within 30 days on completion of all requirements. B. Property claims within 30 days on completion of all requirements. C. Liability claims within 30 days on completion of process of law. We will promote customer education in general insurance products/services by holding workshops in various centers. ? We will open a customer service cell in all ROs/DOs in addition to the existing May I Help You counters. ? We will set up proper grievance redressal mechanism in every operating office and will educate the clients about the same including the system of grievance redressal thorough ombudsman. ? On request to the policy issuing office, we will make available to a customer, the status of his claim and/or claim settlement details within seven working days. We will adhere to the IRDA guidelines in protecting the policyholders interest. ? All the above services and commitments will be honored without the citizen having to pay any gratification/bribe. (This Citizens Charter was adopted at the board meeting held on31. 12. 2003) FINANCIAL RATING [pic] For the sixth consecutive year, the Company has been rated as A-(Excellent) by M/s. A. M. Best Europe Ltd. The rating reflects Company’s excellent risk adjusted capitalization, prospective improvement in underwriting performance and its leading business profile in the direct insurance market in India.A partially Off-setting factor is the Company’s reliance on investment income which counter balances underwriting losses. But the outlook is stable. A. M. Best believes the Companys risk adjusted capitalization is excellent and anticipates that it will remain sufficient to absorb the likely growth in the net premium. Further it also expects that there will be a reduction in the combined ratio in the years to come. The Company is likely to maintain its leading business position as the largest direct insurer in India, despite increased competition from private players. PERFORMANCENew India Assurance Company is the largest non-life insurer in India. The financial strength of the Company is reflected from the following figures:- [pic] [pic] WORKFORCE Employee Strength (as on 31. 03. 2010) [pic] PRODUCTS [pic] PERSONAL 1. HOUSEHOLDERS POLICY [pic] [pic] This is a package policy specially designed to meet the insurance requirements of a householder. Highlights This is a package policy specially designed to meet the insurance requirements of a householder by combining under a single policy, a number of our standard policies usually taken by householders.Discount in premium is offered depending upon the number of sections of the policy, opted for, by the proposer. Scope The policy comprises of 10 sections as given here under Section I Fire Allied Perils A Coverage for building B Covers contents of the dwelling belonging to the proposer and his/her family members permanently residing with him/her Allied Perils: a. Fire, Lightening, Explosion of gas in domestic appliances b. Bursting and overflowing of water tanks, apparatus or pipes. c. Damage caused by Aircraft. d. Riot, Strike, Malicious or Terrorist Act e.Earthquake, Fire and/or Shock, subsidence and Landslide (including Rockslide) damage f. Flood, Inundation, Storm, Tempest, Typhoon, Hurricane, Tomado or Cyclone. g. Impact damage Section II Burglary House Breaking including larceny and theft. Covers contents of the dwelling against loss due to burglary, house breaking, larceny or theft. Section III All Risks (Jewellery Valuables) Covers loss or damage to your Jewellery and valuables by accident or misfortune whilst kept, worn or carried anywhere in India subject to the value declared in the schedule.Section IV Plate Glass Loss or damage to fixed plate glass in the insured premises by accidental breakage subject to limit of sum insured Section V Breakdown of Domestic appliances Covers domestic appliances against unforeseen and sudden physical damage due to mechanical or electrical breakdown. Section VI T. V. Set including VCP/VCR (ALL RISKS) Covers loss or damage to T. V. Set including VCP/VCR by fire and allied perils, Burglary, house breaking or theft, breakage due to accidental external means, Mechanical or electrical breakdown.Any legal liability arising out of bodily injury or accidental death of any person other than insureds family members or employee as also damage to property not belonging to or in the custody of insured , caused by use of the T. V. Set is also covered up to a limit of Rs. 25,000/-. How to claim In case of any incident leading to a valid claim under the policy, following steps should be taken: 1. Take necessary steps to minimize the loss/damage. 2. In case of fire, inform fire brigade immediately. 3. In case of theft, larceny or burglary inform the police immediately along with a list of items stolen and their approximate value. . Inform insurance company by phone or fax and in writing. 5. Extend full co-operation to the surveyor appointed by the insurance Co. and provide necessary documents to the substantiate the loss. Acclaim form issued by the company is also to be submitted. 6. .In case any rights of recovery exist against any other party responsible for the loss, your rights of recovery have to be subrogated to the insurance company on payment of claim. [pic] 2. PERSONAL ACCIDENT POLICY [pic] The insurance provides compensation in the event of death or disability directly due to accident. HighlightsThis policy offers compensation in case of death or bodily injury to the insured person, directly and solely as a result of an accident, by external, visible and violent means. The policy operates worldwide and is a 24 hours cover. Different coverage’s are available ranging from a restricted cover of Death only; to a comprehensive cover covering death, permanent disablements and temporary total disablements. Family Package cover is available to Individuals under Personal Accident Policy whereby the proposer, spouse and dependent children can be covered under a single policy with a 10% discount in premium.Scope This policy is basically designed to offer some sort of compensation to the insured person who suffers bodily injury solely as a result of an accident which is external, violent and visible. Hence death or injury due to any illness or disease is not covered by the policy. The following types of coverage’s are offered under a Personal Accident policy:- Table D 1. Death cover wherein 100% of the capital sum insured is payable. Table C 1. Coverage under Table D 2. Loss of two limbs / both eyes / one limb and one eye wherein 100% of the capital sum insured is payable. 3.Loss of one limb or one eye wherein 50% of the capital sum insured is payable. 4. Permanent Total Disablement other than above e. g. paralysis due to an accident, wherein 100% of the capital sum insured is payable. Table B 1. Coverage under Table C 2. Permanent Partial Disablement i. e. where a part of the body becomes permanently disabled due to an accident, e. g. total and irrevocable loss of use of a finger due to an accident. In such cases, a percentage of the capital sum insured as specified in the policy is paid. Table A 1. Coverage under Table B 2. Temporary Total Disablement i. e. here the insured person becomes temporarily disabled from undertaking any work as a result of an accident for e. g. fracture of legs. In such cases, a weekly payment of 1% of the capital sum insured subject to a maximum limit, is paid for the number of weeks or part thereof (maximum 100 weeks), during which the insured person is totally disabled. The insured can claim only under any one of these sections as a result of anyone accident. The policy also covers expenses incurred for carriage of dead body from place of accident to the residence subject to a limit of 2% of the capital sum insured or Rs. 2, 500 whichever is less.Under an Individual Personal Accident policy or Family Package Policy, an education fund is payable for a maximum of 2 dependent school going children, in case of death or permanent total disablement of the insured person. We issue several types of personal accident policies such as :- ? Individual Personal Accident policy. ? Group Personal Accident policy. ? Passenger Flight Coupon Covering personal accident risk whilst traveling as a passenger on a scheduled flight. ? Gramin Personal Accident Policy for persons residing in rural areas where benefits as per Table C mentioned above are covered for a capital sum insured of Rs. 0,000/-. ? Janata Personal Accident policy where benefits as per Table C mentioned above are covered for a maximum sum insured of Rs. 1,00,000/-. Long Term Policies can also be issued up to 5yrs. ? Student Safety Insurance for schools and colleges, covering students against Personal Accident benefits as per Table B mentioned abovefor a capital sum insured of Rs. 10,000/-. ? Raj Rajeshwari Mahila Kalyan Yojna for women in the age group of 10 to 75 years. where benefits as per Table C mentioned above are covered for a capital sum insured for Rs. 25,000/-. In case of death of an unmarried woman due to an accident, Rs. 5,000/- is payable to the nominee or legal heir. In case of a married woman, if the husband dies due to an accident, Rs. 25,000/- is payable to the wife but if the wife or insured dies no compensation is payable. ? Bhagyashree Child Welfare Policy – for girl child in the age group of 0 to 18years. Whose parent’s age does not exceed 60yrs? In case of death of either or both parents due to an accident, a sum of Rs. 25,000/- is deposited in the name of the girl child with a financial institution named in the policy which will disburse amounts as specified for the benefit of the girl child to the living parent or to the nominated guardian.Group policies can also be issued. Add on covers Individual and group personal accident policies can be extended to cover medical expenses incurred in the treatment of an accident covered under the policy, subject to a limit of 10% of the sum insured or 40% of the death /disability compensation claim payable, on payment of additional premium. The policy issued to Indian personnel working in foreign countries on civilian duty can be extended to cover War risk on payment of additional premium. The policy can also be restricted to cover Personal Accident risk during duty hours only or during off-duty hours only with discount in premium.It is also possible to issue group P. A. policy excluding the death benefit subject to a group life policy covering death benefit being taken for the same group of persons for the same policy period. Who can take the policy Any adult residing in India can take the policy covering himself / herself and dependent family members between the ages of 5 and 70yrs. How to claim In the event of an accident giving rise to a claim the following steps should be taken:- In case of death claim:- 1. Assignee under the policy should immediately notify the policy issuing office. 2.Submit the claim form along with death certificate, post mortem report, police report and original policy. In case of injury claim:- 1. Notify the policy issuing office immediately. 2. Submit Police report if any. 3. Submit claim form along with medical certificate certifying the disablement. In case medical expenses extension has been taken, then the prescription along with bills are to be submitted. [pic] 3. MOTOR POLICY [pic] This policy covers all types of vehicles plying on public roads Highlights This policy covers all types of vehicles plying on public roads such as :- Scooters Motorcycle ? Private cars ? All types of commercial vehicles ? Motor Trade (vehicles in show rooms and garages) As per the Motor Vehicles Act, 1988 it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury or damage to property. A Certificate of Insurance must be carried in the vehicle as a proof of such insurance. Two types of covers are available: 1.Liability only policy. This covers third party liability for bodily injury liability and / or death and property damage. Personal Accident cover for Owner-driver is also included. 2. Package policy. This cover loss or damage to the vehicle insured in addition to (1) above. No- claim discounts are available on renewal of policy, ranging from 20% to50%, depending upon the type of vehicle and the number of years for which no claim has been made. Scope Liability Only policies: The policy covers the vehicle owners legal liability to pay compensation for: 1.Death or bodily injury to a third party person. 2. Damage to third party property. Liability is covered for an unlimited amount in respect of death or injury and damage to third party property for Rs. 7. 5 lacs under Commercial vehicle and private and Rs. 1 lakh for Scooters / Motor Cycles. Package Policy In addition to the coverage under liability only, this policy covers loss or damage to the insured vehicle and its accessories due to: 1. Fire, explosion, self-ignition or lightning. 2. Burglary, housebreaking or theft. 3. Riot and Strike. 4. Malicious Act. . Terrorist Act. 6. Earthquake (Fire and Shock) Damage. 7. Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm. 8. Accidental external means. 9. Whilst in transit by road, inland waterway, lift, elevator or air. 10. by landslide/Rockslide The policy also pays for towing charges from the place of accident to the workshop up to a maximum limit of Rs. 300/- for Scooters/Motorcycles andRs. 1500/- for cars and commercial vehicles. It is also permissible to opt for higher towing charges subject to payment of extra premium.A restricted cover is also available covering the risk of Fire and/or Theft only, in addition to the compulsory cover granted under Liability Only Policy. However the same is not available in case of vehicle ratable under Class D, Tariff for Miscellaneous and special types of vehicles. The important exclusions under the policies are: ? Wear and tear, breakdowns ? Consequential loss ? Loss when driving with invalid driving license or under the influenceof alcohol. ? Loss due to war, civil war, etc. ? Claims arising out of contractual liability. ? Use of vehicle otherwise than in accordance with `limitations as to use (e. . private car being used as a taxi)Rating factors Rating depends upon the following factors: 1. IDV. 2. Cubic capacity 3. Geographical zone 4. Age of the vehicle 5. GVW of in case of commercial vehicles 6. Add on Covers Add on covers The policy can be extended to cover the following risks on payment of additional premium: 1. Loss or damage to accessories fitted in the vehicle such as stereos,fans, air-conditioners etc. 2. Personal accident covers under private car policies for: Passengers Paid driver 3. Legal liability to employees. 4. Legal liability to non-fare paying passengers in commercial vehicles.Who can take the policy? Any vehicle owner whose vehicle is registered in his/her name with the Regional Transport Authority in India. How to claim In the event of an incident giving rise to a claim under the policy, the following steps should be taken: In case of accidental damage to the vehicle: 1. Immediate intimation to the nearest office, which will issue a Claim Form. 2. Claim Form duly filled in to be submitted along with copy of Registration Certificate and driving license of the driver of the vehicle at the time of accident as also estimate of repairs. 3.Vehicle will be surveyed by a Surveyor, appointed by the insurance company, who shall submit his report to the company. In case of a major damage to the vehicle, a spot survey, at the site of accident, would also be arranged by the company. 4. Final bills/cash memos are to be submitted duly signed by the insured. 5. Salvage of the damaged parts may be required to be deposited with the insurance company after approval of the claim. In case of theft of the vehicle: 1. Lodge an F. I. R. with the police immediately. 2. Inform the policy issuing office with a copy of FIR. 3.Submit the Final Police Report as soon as it is received. 4. Extend full cooperation to the surveyor and/or investigator appointed by the company. 5. After approval of the claim by the company, get the Registration Certificate transferred in the name of the company, hand over the keys of the vehicle, submit a letter of Subrogation and Indemnity on stamp paper duly notarized. In case of liability claim: 1. Inform insurance company immediately of any incident likely to give rise to liability claim. 2. On receipt of summons from Court, the same should be sent to the company immediately.Claim Form duly filled in along-with copies of Registration Certificate, Diving License, FIR are to be submitted. [pic] [pic] COMMERCIAL 1. JEWELERS BLOCK POLICY : [pic] This is a package policy specially designed for jewelers diamontaires i. e. those establishments dealing solely in diamonds. Highlights This is a package policy specially designed for jewelers diamontaires i. e. those establishments dealing solely in diamonds. Jewelers premises are categorized into Class I, II or III depending upon the type of security provided for the premises.Discount in premium is available in case the premises have special protection devices like built-in vaults, strong rooms, closed circuit T. V. or armed guards. Scope The policy comprises four sections which are optional except for section I which is compulsory Section I: Covers loss or damage to Jewellery , gold and silver ornaments or plates , pearls, precious stones, cash and currency notes whilst contained in the premises insured, by fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism. Section II: Covers loss or damage to Jewellery, gold etc. s described in Section I whilst it is in the custody of the insured, his/her partners, employees, directors, sorters of diamonds or whilst such property (excluding cash and currency notes) is in the custody of brokers, agents, cutters and goldsmiths . Section III: Covers loss or damage to property described in Section I whilst in transit by registered parcel post, air freight or through angadia. Section IV: Covers loss or damage to trade and office furniture and fixtures in insured premises due to fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.Who can take the policy? The policy can be taken by jewelers who are wholesalers or retailers. The policy cannot be given to establishments whose work is predominantly manufacturing like cutters and goldsmiths. The policy also cannot be given to angadias, brokers or pawn brokers etc. How to select the sum insure The sum insured under Section I and II should represent the cost price of the Jewellery items. The sum insured under Section III should represent the maximum loss likely, arising out of any one incident.The sum insured under Section IV should represent the market value of the property How to claim In case of any incident giving rise to a claim under the policy, the following steps should be taken: 1. Inform insurance company within 24 hrs. 2. In case of burglary, theft etc. informs police immediately and obtains FIR Submit claim form and relevant documents to surveyor appointed by Insurance Co. to substantiate loss. Test. 2. BANKERS INDEMNITY POLICY [pic] A package policy designed specially to cover the risks related to banking sector.A single policy covering all branches in India of the particular bank Highlights A package policy designed specially to cover the risks related to banking sector. A single policy covering all branches in India of the particular bank Retroactive period facility available whereby losses discovered during policy period due to an incident occurring in earlier period but after inception of first policy, also become payable, provided the policy has been continuously renewed with us without break. Discount in premium available for banks having less than 500 branchesScope The policy comprises of following 7 sections: A.

Fitness Tracking Study Essay Example | Topics and Well Written Essays - 1000 words

Fitness Tracking Study - Essay Example   As a person goes throughout their daily activities, the Fitbit logs this information. It logs data such as the estimated calories burned, the number of steps covered (distance covered), and the duration of sleep of its user. Many scientific studies have been done to ascertain the reliability and accuracy of the Fitbit. Mikel (2014) opines that the Fitbit was highly accurate in determining the number of steps taken by an individual.   However, Fitbit is not accurate when determining and measuring the distance covered.   Furthermore, it is not reliable in counting a number of calories burned.Each student in the fitness tracking study was required to collect data over a four-day period. The period of collection of data was not concurrent. The students were to collect data on the activity and food, which included continuing with their normal diet, free living and conducting a specified exercise treatment condition.   The data obtained by each and group was compared to the class data. The self-assessment aspect of this study interests me the most. My interest is peaked due to the opportunity of calculating one's overall health fitness.   Materials and Methods  The fitness tracking study follows a precise procedure to come up with data and figures from the Fitbit. The first step of the study begins with students wearing the Fitbit for four days in a twenty-four-hour cycle. The students log their food intake and sleep schedule in the databases.

Intangible assets as per IAS 38 Essay Example | Topics and Well Written Essays - 1250 words

Intangible assets as per IAS 38 - Essay Example IAS 38 does not recognize all intangibles as assets and thereby invokes various controversies. Intangible assets are important components of many enterprises. It is stressed that all intangible assets should be treated in a consistent way so that financial statements present really a true and fair view of business and other activities of organizations. Lack of consistent approach erodes the creditability and comparability qualities of financial statements. IAS 38 require a thorough revision because of the under noted reasons. There should be the uniform treatment of all types of intangible assets, whether monetary or non-monetary. There is no answer as to why financial assets have been left out to be recognized by IAS 38. The standard has not treated the recognition of research and development expenses on some logical accounting grounds. When the entire expenditure whether incurred in research phase or development phase is going to bring in future economic benefits to the organizatio n, then why there are two different treatments to expenditure on one particular created asset. IAS 38 does not specify the reasonability of expensing the research expenses and capitalizing the expenses during development stage, when the object of expenditure at both stages is same.

Scientific and Behaviourist School of Management

Scientific and Behaviourist School of Management Management in all business organization activity is simply the act of getting people together to accomplish desired goals and objectives. It comprises of planning, organizing, staffing, directing, and controlling an organization for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources. Management has therefore defined as a process of getting things done with the aim of achieving goals effectively and efficiently. Management is a goal oriented process. Management increases the efficiency of the organisation and the development of society. Management is a continuous process with separate functions performed by all managers at all times. Management is a dynamic function and has to adapt itself to the changing environment. An organisation interacts with external and internal environments and needs to change itself and its goals accordingly. Management is responsi ble for setting and achieving objectives for the organisation. A few of its basic objectives are to survive, generate profits year on year, growth in terms of sales volume and product line while sustaining the social environment. Introduction of Scientific Management Frederick Winslow Taylor (1856 1915, Philadelphia) was a trained engineer who advocated the concept of Industrial Efficiency. Taylor is known as the Father of Scientific Management and is regarded as one of the first most successful Management Consultants. He is most famous for his Time and Motion Study and the Piece Rate system that he introduced Scientific management is a theory of management that analyzes and synthesizes workflows, with the objective of improving labour productivity. The core ideas of the theory were developed by Frederick Winslow Taylor in the 1880s and 1890s, and were first published in his monographs, Shop Management and The Principles of Scientific Management. Taylor believed that decisions based upon tradition and rules of thumb should be replaced by precise procedures developed after careful study of an individual at work. Its application is contingent on a high level of managerial control over employee work practices. Taylorism is a variation on the theme of efficiency it is a late-19th-and-early-20th-century instance of the larger recurring theme in human life of increasing efficiency, decreasing waste, and using empirical methods to decide what matters, rather than uncritically accepting pre-existing ideas of what matters. In management literature today, the greatest use of the concept of Taylorism is as a contrast to a new, improved way of doing business. In political and sociological terms, Taylorism can be seen as the division of labor pushed to its logical extreme, with a consequent de-skilling of the worker and dehumanisation of the workplace. The Principles of Scientific Management Taylors scientific management consisted of four principles: Replace rule of thumb work methods with methods based on a scientific study of the tasks. Taylor believed there was only one way to increase efficiency was through study and analysis. Scientifically select and then train, teach, and develop the workman, whereas in the past the employee chose his own work and trained himself as best he could. Provide Detailed instruction and supervision of each worker in the performance of that workers discrete task Divide work equally between managers and workers, so that the managers apply scientific principles of management to planning the work and the workers actually perform the tasks Taylor decided the workers should get rest after time intervals to recover from time fatigue There should be complete harmony between the management and workers. Management should share the gains of the organisation with the workers. Techniques of Scientific Management 1. Standardisation and simplification of work Standardisation refers to the process of setting standards or benchmarks which must be adhered to during production. Simplification refers at eliminating superfluous varieties, sizes and dimensions. 2. Method Study Method study means to find out the best way of doing a job there are various methods of doing a job. To find out the best way and carry it out from procurement of raw materials till the final product is delivered. eg Ford Motors used this concept and was very successful. The objective was that to minimise the cost of production and maximise the quality and satisfaction of the customer. 3. Motion Study Motion study refers at eliminating unnecessary movements like lifting objects, sitting and changing positions which are undertaken while doing a typical job. 4. Time Study It determines the standard time-taken to perform a well-defined job. Time measuring devices are used for each element of task. The objective of time study is to determine the number of workers to be employed frame suitable incentive schemes and to determine the labour costs. 5. Fatigue Study A person is bound to feel tired physically and mentally if she/he does not rest while working. The rest intervals will help one to regain stamina and work with the same capacity. This will help the organisation to increase productivity. 6. Differential piece wage system Taylor was a strong a strong advocate of piece wage system. He wanted to differentiate between the efficient and the inefficient workers. He had standard time to complete a job. He also rewarded the efficient workers. Introduction to Behaviourist School of Management Elton Mayo (1880 1949, Australia) was the Director of the Department of Industrial Research at Harvard University. He is known as the founder of the Human Relations Movement. Mayos involvement in the most famous Hawthorne Studies led to an altogether different school of thought on management known as the Human Relations Movement. Organisational behaviour is concerned with: the study of behaviour of people within an organisational setting. Organisational behaviour started to be recognized in Harvard business school in 1962. The science of organisational behaviour has developed out of a growing commitment to the belief that people are the most important part of an organisation. Organisational behaviour consists of theories like motivation, leadership, groups and group formation, culture within organisation and change. Principles of Human Relations Management Motivation Motivation is one of the most traditional topics of organisational behaviour. Motivation is the process of stimulating people to action to desired goals. Motivation depends upon satisfying the needs of people. Motivation leads to a drive in the human beings. The organization must try to understand and respect the emotions, sense of recognition and satisfaction of non-monetary needs of the employees. Individuals are motivated by social needs and good on-the-job relationships and respond better to work-group pressure than to management control activities. Organizations are co-operative social systems. Satisfaction of psychological needs should be the primary concern of the management. Informal work groups can have a substantial effect on productivity. This has been proved by the Hawthorne experiment. Leadership Leadership indicates the ability of an individual to influence others. Leadership is not guaranteed from people with leadership titles and informal leaders can emerge at any level where, through being well liked or skilled they exert influence over others. The function of the leader is to co-operate among the employees and to work for the betterment of the organisation. Groups and group formation A group consists of two or more people to achieve common goals. There are two types of groups formal and informal groups. Formal groups are formed to achieve organisational goals and informal work groups emerge naturally in response to the common interests of organisational members. Group formation helps in deciding and dividing the work amongst each other. Group work is very efficient: the team encourages open ended, problem-solving meetings Comparisons between Scientific and Behaviourist School of Management The function of a manager under scientific management is to set a work criterion and to divide the work among the labourers and it was seen as a figure of high authority. While under human relations the leader is responsible to facilitate co-operation and co-ordination among employees and providing them with opportunities to excel as well as to help them in their personal growth and development. Taylorism was against the informal groups because they believed the employees worked as mechanical passive only for monetary rewards whereas the behaviourist school of management believed in informal groups as this facilitates communication and co-operation among employees which will help to achieve the organisational goals. Scientific management is only aimed at the organisational growth and very little attention is paid to the workers growth or performance. While in human relations it is aimed at organisational growth as well as individual growth of the worker. As per Taylor, the sole motivator for a worker was monetary incentive. Therefore, the worker under scientific management was an economic man. According to Mayo, satisfaction of social wants of the workers like communication and the sense of acceptance was the driving force of the organization. Therefore, the worker under the human relations movement was a social man. Scientific management treated the worker as a human machine and used the differential system for motivation. While, the human relations movement held that the satisfaction of the worker would enhance his productivity at the work place. Conclusion Both the schools of management thoughts were so different from each other in their approach they shared common grounds on one issue increasing productivity which is the ultimate goal of an organisation. Scientific management believed that planning should be separated from doing, Human resources believed in a far wider participation when it came to decision-making. Whereas, Reshef. Y says in his web publication that The Human Relations movement emphasized emotional aspects in human behaviour, yet still maintained the division of labour between those who planned and those who executed. While both mean the same, there is a slight difference in the two statements. Hence it can be concluded both aim towards the common goal. Hence it can be concluded both of them have different principles and policies their final is to achieve organisational goal through organisational excellence and increased efficiency. A good manager is one who applies a blend of both the management theories into pract ice. Thus scientific management and human relation management can be two wheels of the same cart and none is superior to the other.

Help Sheet Essay

Explain the points of view of different stakeholders seeking to influence the aims and objectives of two contrasting Organisations (M1) You must explain the points of view of the different stakeholders and link the points of view with the aims and objectives of each business. You need to research all aspects and investigate external influences that affect your chosen businesses, for example, supply and demand, government legislation, economy and social factors. * Introduction – start the assignment by describing why stakeholders have different perspectives. They all want their own way, see examples below to help†¦ * You need to look at TWO companies (Tesco and AKA) * Suppliers – want the best price for their product (eg farmers and milk prices, Tesco want to give them 21p, farmers want 25p – how will this affect Tesco’s aims and objectives? (profit, being the best retailer, offering value for money) for AKA – the suppliers want to deliver a product at a certain time, AKA only open from 1pm – this affects suppliers as they have other deliveries and may waste time waiting for AKA to open, hence not worth the order. * Customers – they want the best quality for the best price, they constantly research competitors and only buy the best. They demand special offers, excellent customer service and for big companies to go the extra mile for them. How is this different to suppliers or employees point of view? AKA – the customers want more classes, more sessions, cheaper dance classes, – this goes against the owners as she wants to make a profit and have a minimum numbers of people attending classes otherwise she won’t cover costs. * Local community – they want clean environment, quiet peaceful living area, no rubbish – how will this influence aims and objectives? And how is this different to the other perspectives eg. managers who want to make a profit not pay for bins or plan for early morning deliveries). For AKA, local community want a place to go and visit but car park blocks a whole road when a show is on! * Shareholders and Directors – they want profit and high dividends – how does this compare to the other stakeholders? For AKA, this is not relevant. * Government – they want people to be employed in UK, they want to obtain taxes from large companies, they have initiatives to employ more young people or school leaving age – how does this affect Tesco’s aims? For AKA – Government offer grants to AKA – government want small business to engage segments of the community eg (autistic people) this may not be the pathway the owner wants to go – she may want to work with elderly people – how will the terms of a grant influence AKA’s objectives? * Trade Unions – they want fair, equal pay and terms and conditions for all employees, how does this differ from shareholders that want profit? For AKA, this is not relevant. * Employees – they want good working conditions, bonuses, good holidays – this contradicts against shareholders who want profit, or managers who want to spend money on products not employees staff rooms or lockers. AKA – employees may want better pay to compete with larger dance classes like Zumba franchises – owner cannot afford the higher wages so they have conflict. * Now conclude – this is where you summarise the different opinions of stakeholders and how important they are in making aims and objectives for EVERYONE not just owners or customers. Remember – this is a MERIT task – grade C equivalent – detail and evaluation is the key!

I-phone advertisement Essay

An enormous amount of potential as well as an enormous amount of controversy is associated with the new age of recorded music and especially regarding how the new digital technology pertains to artist’s royalties and corporate profits. The problem is basically one of free-access and the debate over file-sharing and free downloading which has been raging for many years now. With new products like the I-phone further establishing digital access and portability at the top-tier of consumer demand, the controversy regarding corporate and artist royalties and issues of copyright promises to extend far into the future. The I-phone is represented in a recent ad as almost as a natural force of nature — and implies that those who have not experienced its capacities are, in fact, living a lesser-life; (I-pod, 2007) in fact the new age of music is upon us regardless of whether the next turn in technology will expand or restrict access for consumers. The overall problem can be broken into two sub-problems 1) file sharing by consumers which results in royalty â€Å"losses† for the corporate or artist’s interests and 2) the issue of fan-made â€Å"remixes† of artist’s material which may result in a radical alteration of what the artist originally intended. In order for both issues to be addressed simultaneously it will be necessary to adopt some form of free file-sharing which is not wholly free, and which we will presently discuss. Proposal My proposal is that all major-label record companies include the option of a limited number of file-share downloads which are available for those who purchase a specific number of products and/or pay a fee to access this service. What this means is that each major label would post the music on their label online and allow free downloads of a portion of their catalog while leaving the hottest newest releases or niche market products in a state of buy-only. Simultaneously, the labels could offer on online â€Å"DJ† or radio service which should function similarly to the Yahoo online Jukebox or other similar sites. The free access of samples of the record labels’ catalog would also be a form of music sharing but not file sharing as the files could be heard on-site but not downloaded. Opposing Views The new-wave of technology has not only made it harder for headline artists to ensure that their due royalties are paid to them for their music, but it has made it much more difficult for big-name artists to ensure that anyone is even listening to their music at all. The idea that small-time musicians and even un-signed musicians and bands can attract downloads as well as those acts and bands which are backed by huge corporations. The new environment is a dual â€Å"challenge to music industry players[†¦] First, with so much music available, the greatest threat to big record companies is not that listeners will consume their music illegally but that they will consume, whether legally or illegally, someone else’s music entirely† (Drew, 2005; p. 543) which may be the most exciting promise of all from a consumer’s perspective. Research sources indicate that the radical evolution has just begun and will have far-flung consequences that can’t be presently predicted. One authoritative source, â€Å"Edgar Bronfman Jr., the head of Universal, the world’s biggest music company,†(Mann, 2000; p. 39) said the following regarding the future of the entertainment industries: â€Å"a few clicks of your mouse will make it possible for you to summon every book ever written in any language, every movie ever made, every television show ever produced, and every piece of music ever recorded. † In this vast intellectual commons nothing will ever again be out of print or impossible to find; every scrap of human culture transcribed, no matter how obscure or commercially unsuccessful, will be available to all. † (Mann, 2000; p. 39) Of course to Bronfman and others like him with a vested interest in the consumption of entertainment products, particularly music, the new technologies are viewed as an evil threat. This threat is financial in nature: â€Å"the thought of such systems spreading to films, videos, books, and magazines has riveted the attention of artists, writers, and producers† (Mann, 2000; p. 40) all of whom are, obviously, looking to preserve and extend their lucrative financial holdings into the new age. Conclusion It would be impossible to completely shut-down file sharing of music online or to completely stop online music piracy. However, a similar situation existed and still exists for movies, television shows, and video games all of which can be illegally recorded and shared as well as â€Å"ripped† without due pay to the companies and artists who produced them. By adopting new approaches to free-share options, record companies and artists might at least begin to recover some of the lost revenue base they have experienced as consumers migrate to illegal sites for file downloads. References Anonymous. â€Å"I-phone advertisement,† archived You-Tube; accessed 11-26-07 ; http://youtube. com/watch? v=FLxB4pHH_GY Mann, Charles C. â€Å"Heavenly Jukebox: Rampant Music Piracy May Hurt Musicians Less Than They Fear. the Real Threat – to Listeners and, Conceivably, Democracy Itself – Is the Music Industry’s Reaction to It†; The Atlantic Monthly, Vol. 286, September 2000. p. 39+ Drew, Rob. â€Å"Mixed Blessings: The Commercial Mix and the Future of Music Aggregation;† Popular Music and Society, Vol. 28, 2005. p. 533+