Tuesday, August 25, 2020
Bookkeeping is established on the fundamental condition that expresses a companyÃ¢â¬â¢s Assets equivalent their complete Liabilities in addition to their all out OwnerÃ¢â¬â¢s Equity . This condition is summed up as ALOE . This isthe premise of the Balance Sheet. We will compose a custom article test on The Accounting Equation or on the other hand any comparable theme just for you Request Now Resources are the companyÃ¢â¬â¢s furniture, apparatuses and hardware, physical property, protected innovation and different assets. These properties incorporate the physical land just as the equipmentand building enhancements for the property. A companyÃ¢â¬â¢s liabilities are the entirety of the commitments that the organization has brought about. Thecompany needs to support these liabilities by making installments on them. These installments may takethe type of money pay or might be sourced from advanced monies. On the off chance that they obtain cash, this is anadditional risk. Risk is Ã¢â¬Å"money owed; obligations or monetary obligationsÃ¢â¬ (Dictionary. com,2009). Liabilities balance resources in the condition that is the Balance Sheet. OwnerÃ¢â¬â¢s Equity, otherwise called ownerÃ¢â¬â¢s/shareholderÃ¢â¬â¢s value, is the last factor in theequation. At the point when liabilities are deducted from resources, the rest of the parity is the ownerÃ¢â¬â¢s value. The term ownerÃ¢â¬â¢s value is utilized for exclusive organizations. In the event that the business is an incorporatedentity which gave normal stock in return for a level of organization proprietorship, at that point theownerÃ¢â¬â¢s value is named ownerÃ¢â¬â¢s/shareholderÃ¢â¬â¢s value. Money, stocks and held profit are allownerÃ¢â¬â¢s/shareholderÃ¢â¬â¢s value. E1-1 Urlacher Company gives the accompanying bookkeeping administration errands every year. Correspondence Ã¢â¬ Analysis and understanding of money related information. Correspondence Ã¢â¬ Interpretation of significance, uses and cutoff points of monetary information. Correspondence Ã¢â¬ Compiling a rundown of budgetary occasions. Correspondence Ã¢â¬ Accounting report arrangement. Recording Ã¢â¬ Maintaining a direct, ordered record of monetary information. Step by step instructions to refer to The Accounting Equation, Essay models
Saturday, August 22, 2020
Rundown - Essay Example The creator fights that verifiably, AmericaÃ¢â¬â¢s assumed attack and freedom of nations, for example, Philippines and Iraq frequently comes full circle to unacceptable results. AmericaÃ¢â¬â¢s endeavors at making abroad realms using power have consistently been calamitous as seen by the Spanish-American war. These endeavors have consistently brought about the making of hostile to American backfire that compromises the countryÃ¢â¬â¢s security. The Bush organization hated universal establishments and the possibility of a network of intensity, a methodology taken by previous President Wilson Woodrow. The administrationÃ¢â¬â¢s intrusion of Iraq looked to some extent like past attack endeavors of Philippines in 1900, Mexico 1913, and South Vietnam in 1961. BushÃ¢â¬â¢s Administration negligence for the countryÃ¢â¬â¢s verifiable encounters in the previously mentioned nations came about to produce against America kickback and stir a fairly lethargic Iraqi patriotism. The administ rationÃ¢â¬â¢s Ã¢â¬Ëwar on terrorÃ¢â¬â¢ saw the nation connect with itself in a grisly control of Iraq. It likewise served to fuel the clichÃ© perspective on America as the apparent Ã¢â¬ËsaviorÃ¢â¬â¢ of the world. This served to empower newcomers along foe lines. The September 11 2001 assault conveyed by Al-Qaeda on the US was completed by 19 people of non-US nationality by means of four commandeered US business traveler streams in Newark, Boston, and Washington (Murphy 239). The captured airplanes were collided with the World exchange Center New York, the Pennsylvania open country, and the Pentagon in Northern Virginia. The nineteen robbers had filled in as a solitary, coordinated gathering for a time of eighteen months. The six heads of the gathering were accomplished and prepared as pilot having entered the US sooner than the remainder of the gathering. The others were more youthful and less taught and served to control travelers on the plane. The gathering was approved and supported by Osama canister Laden, a Saudi Expatriate situated in Afghanistan working through his
Sunday, August 9, 2020
How Wrestling With Snapping Turtles Can Get You Into MIT As someone whose idea of Friday night fun in high school involved (a) spending three hours with a bunch of other nerds and a stack of pizza boxes, writing search algorithms to help fictional cows find salt licks in labyrinthine pastures, then (b) spending the next six hours buried elbow-deep in elbow grease, carcinogenic automotive lubricant, and a home-brewed mesh of gears, motors, and bike chain that could easily tear my scalp off as I debugged robot drivetrains, I was never completely sure what folks of different technical persuasions did for fun, until I came here. Let me introduce you to my next-door neighbor, Nora 12. An aspiring limnologist*, she works part-time at the New England Aquarium. In lieu of an interview, she jumped into the nearest tank and wrestled a rowdy octopus into submission.** The director gave her the job instantly. *limnology: the study of inland waters **DISCLAIMER: if you are anyone other than Nora, attempting to reenact this feat may result in serious injury, excessive brinyness, animal cruelty, or a restraining order. Any Chuck Norris Fact with his name replaced with Noras is true. If youre still having trouble visualizing her incredible badassitude, this picture should help. Here are just a few of the animals that Nora has housed during her stay at MIT: Yep, you get the picture. Whenever I interact with Nora, she smoothly beguiles me into poring for hours over topics like subtle differences in the anatomy of different whale subspecies, or the social behavior of catfish. If she ever decided to turn her powers against humanity, the world would probably be ruled by dolphins within a matter of weeks. Anyways, Nora was kind enough to do a QA for my blog, so enjoy! - Did other people from your high school know about MIT? What made you decide to come here? When people from my high school asked where I was going to college and I said MIT, I got a lot of blank looks. My school was in a small suburb outside of Madison, WI, and I was actually the first person to get into MIT. The major reasoning behind my decision to go here was that it was far away from my parents. For some reason, though, I think that inspired them to visit me more than they would have if I went to UW-Madison. What inspired you to get into limnology? Its like the (awesomer) freshwater version of marine biology. This field is notably much more prevalent back in Wisconsin. When I was little I took weekend classes where we would go ice fishing for northern pikes and then dissect them. How has being at MIT helped you in this regard? MIT has been really good for networking. It opens a lot of doorsfor example, my internship at the New England Aquarium last spring. Whats really great is that even though I have this really obscure interest in fish that MIT does not specialize in, I have had tons of great opportunities to pursue this interest through MIT connections. Also, I can keep fish tanks in my dorm room, which is a major plus. Tell us what working at the aquarium is like. Ridiculously awesome. I have gotten to do some of the coolest stuff: go swimming in some of the exhibits, sit in on a sea turtle surgery, and play with the octopus. The people there are also insanely awesome. Some of them spend most of their time swimming in Brazilian rivers or researching in Fiji. It doesnt get better than that. Do you have post-graduation plans, or any particular life goals? My parents said I couldnt take a job as a crab fisherman on Deadliest Catch, so I think I am going to settle for going to vet school after MIT and specializing in aquatic animal medicine. Im particularly interested in fish farm and hatchery management. However, if theres anything you learn during your time in college, its that plans change. Who knows what Ill be when I grow up. Tell us about your weirdest/funniest animal-related incident. I used to take my pet rats to class in the hood of my sweatshirt. They became proficient in differential equations, electricity and magnetism, and basic Python programming. It was always funny when they stopped sleeping during class (they were really bad about napping during lectures) and poked their heads out, because I would hear people behind me gasp and be like, What is that?!?! - That concludes this interview even as I type this, someone is outside Noras door asking for veterinary advice. It turns out were not so different at heart; were both willing to get mauled in pursuit of our interests, she by vicious animals and I by heavy machinery and segfaults. (Although we try our best to avoid such maulings.) So, to end on a sappy but true clichÃ© that the admissions site has reiterated many times, there is no rote set of actions that makes you a candidate to attend MIT. Just find things you love to do, and do them. Blogger out!
Saturday, May 23, 2020
The results showed depressive symptoms did not differ between the non-complicated bereavement group and the unbereaved control group, both groups displayed little to no depressive symptoms. Although the CG showed slightly higher ratings of depressive symptoms, the results showed only mild to moderate depressive symptoms were present on average in the CG group (OÃ¢â¬â¢Connor Arizmendi, 2014). These results demonstrate the participants who were suffering from CG were not suffering from MDD. Results from the Digit Span Backwards subtest and Wisconsin Card Sorting Task did not show any significant differences between the control group or the two bereaved groups (OÃ¢â¬â¢Connor Arizmendi, 2014). This indicates working memory and set shifting were notÃ¢â¬ ¦show more contentÃ¢â¬ ¦Despite there results OÃ¢â¬â¢Connor and Arizmendi (2014) acknowledged their study must be replicated using a larger sample size to increase the studyÃ¢â¬â¢s reliability. The authors also suggested an fMRI would be useful to measure what neurological processes are distinctly different in those suffering from CG. Nonetheless, their study and two previous studies have shown attentional biases are present and affect the cognitive functioning in individuals experiencing CG. Attachment-based Model Shear et al. (2007) focused their studies on an attachment-based model of complicated grief with an emphasis on the contribution of avoidance. The attachment-based model assumes the loss of an attachment figure causes an interruption in an individualÃ¢â¬â¢s attachment working model. Shear et al. (2007) references BowlbyÃ¢â¬â¢s theory of attachment, which stated at a young age a baby develops an attachment bond to their caregiver or loved one. Shear et al. (2007) reported Bowlby theorized, as a child ages the attachment relationship is translated into an internalized working model. This working model provides a secure base, which allows an individual to utilize his/her exploratory system to discover new experiences and attain certain goals (Shear et al., 2007). Shear et al. (2007) postulated the loss of a loved one disrupts this attachment working model which can lead to
Tuesday, May 12, 2020
Sample details Pages: 3 Words: 849 Downloads: 8 Date added: 2019/07/03 Category Ethics Essay Level High school Tags: Utilitarianism Essay Did you like this example? Act utilitarianism is an action that is morally required just because it does more to improve overall well-being than any other action you could have done in the circumstances. The principle of utility states that you should always perform the action that maximizes overall utility. Act utilitarianism and the principle of utility is a large portion of what I am going to refer to in this essay. DonÃ¢â¬â¢t waste time! Our writers will create an original "Utilitarianisms Principles And Moral" essay for you Create order The moral worth of any action is determined by outcome or consequences which explains why utilitarianism is a version of consequentialism. Utilitarianism is a form of teleological ethics. This idea is defended by John Stuart Mill (a hedonist), and an important British philosopher. A hedonist is a person who believes that the pursuit of pleasure is the most important thing in life; a pleasure-seeker. According to his beliefs, we are required to maximize the greatest good for the greatest good for the greatest number of people. I am defending an objection to this claim that utilitarianism has no real way to account for rights and that there is no action that is ruled immoral under this argument. In addition to this the argument of utilitarianism is ambiguous. The objection that I am defending states that (1) If utilitarianism is true, then it will never require us to commit serious injustices. (2) Utilitarianism sometimes requires us to commit serious injustices. So, (3) Utilitarianism is not true. Just because something makes all people happy does not make it right for all people. It is also wrong to harm certain individuals in order to make other people happy. The objection I am defending calls attention to problems to justice and in the rights of the individual and democratic equality. The first justice-related objection I am going to defend is problem of the violation of rights, for example, if there is a religious group whose practices are seen as offensive to the rest or majority of society. In a utilitarian population, members can decide that preventing the minority group from performing their religious acts would be proper for the well- being of the members. Consequently, because it would maximize the overall utility of the society. This can be seen as a problem because the group who holds different practices from the majority has their rights violated and impeded upon. According to the theory, if there is an event that occurs, that is not recognized as important or mandatory to the overall happiness of a given society, then it will not be supported. The principle is a selfish one because it is only having an interest in magnifying utilitarianism. This is can be demonstrated as negative principle for example, as shown in the television show, Black Mirror third season episode Men Against Fire. Soldiers are inserted with an implant called MASS, that distorts their reality. through their eyes, aliens are infected and steal from the citizens in the community, this results in the soldiers killing the infected people given the name roaches. One soldiers MASS glitches from a device made from the roaches. He then makes a discovery that after all the creatures he saw as monsters are just human. The military he works for is using the MASS to promote genocide. Utilitarianisms principles would categorize the scenario that takes place in the television show as plausible to make the genocide morally right, because it promoted happiness for the larger and powerful population of the community. While we know that genocide is morally wrong and cruel, in the position of utilitarianism, it would be seen as fitting. Another reason I am defending the objection of injustice is because it calls attention to problems pertaining to the violation of individuals religious and socioeconomic statuses as well as the rights appertaining to a person. I deny utilitarianism because it does not protect individuals against opinions of the majority. If the happiness of the people is increased enough, it can justify making one (or a few) miserable in service of the rest(psychology today.) Another component to take into account is that status of the person making the decisions. There could be a doctor who is known as a public figure who decides the fate of his/her patients. Suppose the doctor has to choose between five patients, and one has to have a heart transplant, two both need one lung each, one needs a liver, and the other a kidney. If a healthy candidate comes into the office the doctor could ponder to decide to inject him/her with a deadly solution, so they could contribute to the lives of the five unhealthy patients. He would consider this option because that is the option that would be viewed as doing the most good. In addition to that, because of the status and prestige of the person that can make the decision there would be no one to intervene with the deciding process. Utilitarianism can require that one commit unjust actions in certain situations, and because of this it is fundamentally flawed. We know that cruelty is wrong to do to an innocent person even if it can benefit others in the end.
Wednesday, May 6, 2020
BUAD 490 3/14/13 Team Written Case Analysis (Concise) Biodel, Inc. BIODEL INC. EXECUTIVE SUMMARY BiodelÃ¢â¬â¢s use of biotechnology expertise in the three prime areas of Cell Biology, Molecular Biology, and Immunodiagnostics has led their company into some great opportunities. We will write a custom essay sample on Biodel Inc or any similar topic only for you Order Now Biodel created a synthetic serum to replace fetal calf serum and horse serum, and provide a more consistently available product for scientific researchers. BiodelÃ¢â¬â¢s Molecular Biology division used DNA technology to gain 60% of the market share of growth factors and stock the largest collection of commercially available synthetic nucleotides, which was 50% of their sales. BiodelÃ¢â¬â¢s research and development in Immunodiagnostics led to the invention of DEMA, a non-radioactive method for measuring a wide array of biologically important substance. The intelligence and vision of Dr. Oscar Feldman drove Biodel to a position of leadership in the biotechnology industry. Dr. Feldman has applied innovations in Cell Biology, Molecular Biology and Immunodiagnostics to increase market share for BiodelÃ¢â¬â¢s products. Dr. FeldmanÃ¢â¬â¢s scientific friends and academic contacts offered Biodel high-quality technological advice and links to scientific community, and led to sophisticated research and development advances. Now the company is at a crossroad with decisions and direction necessary. In addition to strategic planning, the company would benefit from a modest re-structuring to streamline operations and prepare for unexpected events. Their future investments should be in areas where patent protection is likely, and in directions and projects that exploit their native expertise in molecular biology and genetic engineering. These technologies seem likely to transform health care in the next two decades. Having survived the threat of bankruptcy, Biodel now has a more balanced contract research portfolio and is poised to develop an even greater impact in the future. CURRENT SITUATION BiodelÃ¢â¬â¢s projected revenues for 1980 consist of $1 million in contract research, and around $1. 5 million in research products. The contract research revenue was split 70% from industrial research, and 30% government research. This research included work in BiodelÃ¢â¬â¢s three main fields (molecular biology, cell biology, and immunology) as well as cancer chemotherapy and enzymology. These contracts are secured by Dr. Feldman through his relationships with other scientists. The revenue from research products also comes from the three main fields of Biodel. Nucleotides from the molecular biology area account for 50% of revenues, cell growth factors from the cell biology field account for 40%, and immunodiagnostics products account for the other 10%. Research product sales have been growing 35% over the last few years, even with limited marketing efforts. However, Biodel is being outcompeted in the immunodiagnostics market and further growth is not being pursued. Biodel has a very small staff, with the company split up into five different sections: the comptroller, advertising and sales, and then an experienced scientist manages each main field of the company. The scientists who manage their fields are all in charge of research and development, production, and even have some marketing responsibility. Dr. Feldman does not employ a marketing manager or a research director, instead filling both roles by himself. FeldmanÃ¢â¬â¢s style of management is very informal, preferring to walk around and talk to his employees rather than have them do unnecessary paperwork. The company itself is run more like an academic facility than a business, with the atmosphere more leaning towards challenging each other and making technological advances. In addition, employee turnover is very low so most of the staff is very experienced with the work that the company is doing. The staff is led by Dr. Feldman, who represents the main reason for low employee turnover. Biodel employees describe him as a unique and enthusiastic man, and the reason why the company is so successful. Marketing had been a very inconsistent department, with Dr. Feldman usually assuming all of the major marketing responsibilities. But when Dr. Feldman decided that he needed to market his company more aggressively he hired Mr. Steve Kaplan who had been a marketing manager at a large pharmaceutical company. However, Mr. Kaplan and Dr. Feldman soon disagreed on who should direct BiodelÃ¢â¬â¢s marketing strategy. Kaplan proceeded to spend a large amount of money on marketing, including hiring additional salespeople and other staff. These changes resulted in a 65% increase in sales, but marketing costs increased by 500%, which resulted in profits dropping from $95,000 in 1978 to $17,000 in 1979. As a result, Dr. Feldman is reconsidering Mr. KaplanÃ¢â¬â¢s direction in the marketing department. OPPORTUNITIES First, Biodel had under development a synthetic serum that would be used to satisfy growth requirements in cells. This would be an innovative product that could be a substitute for natural fetal calf serum and horse serum. However, a major problem with the fetal serum is the unstable fluctuation in cost. The cost is determined by the supply of the serum and the supply is determined by the number of calves that are slaughtered. The synthetic serum could offer a steady rate. The market is projected at $50 to $80 million. Biodel would have a competitive advantage over the competition and could attain 20% of the market share if they pursue this project. A big problem with this project is the uncertainty that Biodel will be able to receive a patent. That provides a major risk in this investment. Second, another project is available that is extremely intriguing to us. Biodel has the opportunity to produce a new product called DEMA. DEMA is a testing technology based on enzyme membranes rather than radioactivity. This product could be used to test for pregnancy, syphilis, hepatitis, cancer, toxins in food and carcinogens in the environment. DEMA is a healthier, safer, faster and cheaper way of testing than the radioactive method. There are no hazards or side effects to DEMA and it can provide the same results as radioactive tests. The problem with this project is the financial aspect. It is more expensive than the synthetic serum. Investments could total in the millions and the R costs could range from $1 to $3 million. However, this project has drawn the attention of major drug companies who are willing to participate in a joint venture with Biodel, which would help with the costs of the investment. Third, Biodel has been thinking about joining the genetic engineering field. The company has basic but not wide experience if this field but they have been a major supplier of molecular biology products. At the moment, there are four major competitors in the market; Cetus, Genentech, Genex and Biogen. The basic purpose of this field is to engineer a cell to produce a specific biological product. Competitors use the bacterium E. coli as their host cell, for the most part. Biodel has the opportunity to enter the market with a new strategy that involves the use of yeast as the host cell instead of E. coli. He and three other scientists believe that yeast would be a better host cell than E. coli. Yeast has a biochemical machinery that can allow the growth of medically relevant glycoproteins such as Interferon and Urokinase. These glycoproteins are used to inhibit the multiplication of cancerous cells and to disrupt blood clots. The investment costs for this project would be high, including salaries that Biodel would pay for Dr. Ballantine and three other highly successful scientists to work for them. However, the return on such an investment could be immense. RECOMMENDATIONS 1. The Biodel Board of Directors should hold annual or semi-annual Board meetings to review company progress. Dr. Feldman should delegate more. The Board should be expanded by 1 or 2 people to achieve greater diversity and breadth of expertise. Succession planning should be considered in case Dr. Feldman died, or a division head left. 2. Mr. KaplanÃ¢â¬â¢s marketing group should be streamlined and asked to focus on a marketing strategy for DEMA. The marketing group can probably be reduced to lower costs while maintaining the increase in research product sales. Challenge Kaplan to analyze the marketing group to understand the most valuable parts versus parts that are expendable. 3. Among the growth opportunities to pursue, the synthetic growth factor option does not seem likely to succeed. Although it is the least expensive investment, there is uncertainty that the patent protection can be obtained. Furthermore, researchers accustomed to fetal bovine serum may be unlikely to abandon a tried and true method. In contrast, the DEMA technology is a unique opportunity for Biodel. It eliminates the risks and hazards associated with radioactivity, which researchers would appreciate. There is a high likelihood of patent protection. Based on the information in the case, the company needs a better understanding of how to bring this product to market. This could be a great project for KaplanÃ¢â¬â¢s smaller marketing group. 4. Pursue Genetic Engineering, with the advice and guidance of the four academic experts. This is an important initiative and BiodelÃ¢â¬â¢s connections with the prize-winning scientists are important. They should be paid per diems and offered stock options. One of the four also should be invited to join the Biodel Board of Directors. APPENDIX A SWOT Analysis S- Strengths Biotechnology special expertise by the 1970Ã¢â¬â¢s in Ã¢â¬â (three prime areas of focus/ other fields) 1. Cell biology Ã¢â¬â culture technology paid off 60% share growth factor market 40% offspring sales 2. Molecular biology Ã¢â¬â DNA paid off 60% share growth factor market Ã¢â¬â stocked largest commercially available synthetic nucleotides (50% of sales) 3. Immunodiagnostics biology a. Sub categories Ã¢â¬â Cancer chemotherapy Ã¢â¬â Enzymology Offered high-quality technological advice, numerous links to scientific community, highly sophisticated research and development service Feldman was able to secure contracts with his personal relationships with scientists in the government and industry Low employee turnover W Ã¢â¬â Weaknesses Molecular biology Ã¢â¬â Ã¢â¬â researchers used numerous substitutes Immunodiagnostics biology large firms aggressively entered and has not expanded since 10% of sales of research products -1980 Ã¢â¬â profitability varied on depending on intensity of product research and development By the 1980Ã¢â¬â¢s 60% of companyÃ¢â¬â¢s revenue was from commercializing research Reliant on government contracts when they started making cut backs Ã¢â¬â 85% contracts are government Ã¢â¬â forcing Biodel into 1st layoff (damaging to long-term otential) 55 employees scientists and technicians Ã¢â¬â no marketing manager or research director hired (Feldman filled both positions with widespread contacts and scientific expertise) Staff meetings rare and no regular reports required from subordinates Poor Marketing Ã¢â¬â Products sold by mail Depends on word of mouth Ã¢â¬â trade shows, advertising, direct mail, ad phone solicitation Ã¢â¬â customer service Ã¢â ¬Å"almost laughableÃ¢â¬ O Ã¢â¬â Opportunities Goal to manufacture and market biochemical products developed through their own research Cell Biology Ã¢â¬â synthetic serums to satisfy growth requirements in cell lines of tissue culture Ã¢â¬â replacing natural fetal calf serum (most widely used, horse serum was 2nd most widely used). Market of 50 million domestically and 80 million worldwide growing at 15%Ã¢â¬â no systematic analysis of serum market done Immunodiagnostics- opportunity to enter the market Ã¢â¬â new test technology based on enzyme membranes rather than radioactivity Ã¢â¬â new product DEMA Ã¢â¬â simpler, faster, and less expensive. Market in excess of $100 million and has potential to be over $1 billion. High possibility for a patent and a joint venture with a major drug company. Genetic engineering Ã¢â¬â exciting advantages/high return on investments Supplier of molecular biology products Ã¢â¬â nucleotides and synthetic genes sold Ã¢â¬â supported by genetic engineers Ã¢â¬â some cases biodel was soul supplier T Ã¢â¬â Threats Relying on government contracts lead them to the threat of bankruptcy BiodelÃ¢â¬â¢s spending strategies APPENDIX B How to cite Biodel Inc, Essay examples
Saturday, May 2, 2020
2006 Hurricane Risk Case Study Essay 1. How profitable are property and casualty insurance companies? Answer: Property and casualty insurance protects property (houses, cars, boats, and so on) against losses due to accidents, fire, disasters, and other calamities. Property and casualty policies tend to be short-term contracts and, thatÃ¢â¬â¢s why the subject to frequent renewal is, and one more characteristic feature is the absence of savings component. Property and casualty premiums are based on the probability of sustaining the loss. To estimate the key determinant of the price of an insurance policy, i. . risks, insurance companies take third-party proceedings that develop models of catastrophe loss probabilities. Based on the numbers form Exhibit 5 of the case we see that according to AIR Worldwide which provides information on the loss probability that Insured Loss if the listed Hurricanes Recurred in 2006 is 151. 2% more than the case writer estimates of Actual Reported Damage in 2006. As you see from the table below differences in monetary terms and percentage change between these two different sources are huge except those figures with minus sign. So, we can say that prices are not fixed and depend on the third-party vendorsÃ¢â¬â¢ probability calculations which are much higher than actual estimates suggested by casewiters. Consequently, the profits of property and casualty insurance companies can be high. * Casewriter estimate ** Source: AIR Worldwide Besides, Reinsurance may reduce their risk exposure by allocating a portion of the risk to another company in exchange for a portion of the premium. Reinsurance allows writing larger policies because a portion of the policy is actually held by another firm. Also, profits of these companies strongly depend on unforeseen risks due to unpredictable nature of accidents, fire, natural disasters like hurricane, tsunami, etc. However, from the Exhibit 7 of the case we see that Investment Income is vitally important to continue operations of property-casualty insurance companies. To see the importance of the income from these companiesÃ¢â¬â¢ investments and to see how it affects Net Income we put zero in the line on Investment Income holding other numbers constant (based on Exhibit 7: Income Statistics): We see that without property-casualty companiesÃ¢â¬â¢ Investment Income the Net Income is negative. So, we can say that Insurance Losses is offset by Investment Income from which these companies only gain. 2. Purchasing insurance: what should Joe Martinez do? Answer: According to the statistical data in the Exhibit 1 (see the 2006, Hurricane risk case study) about the frequency of US Hurricanes by state of Landfall (1900-2004), we can say that, unfortunately the most frequent hurricanes happened on the Southeast of US, especially in Florida. But the most of them have only 1-3 categories. This means that hurricanes may cause damages trees, shrubs and average damage to the building. There was only one hurricane in the Florida, which had 1st category and seven of them had 4th category. The problem of Joe Martinez is that insurance rates are on the rise. These increases have been driven by a combination of higher than expected hurricane-related claims as well as increased costs related to reinsurance (i. e. , insurance sold to other insurers to mitigate the risk of losses). Beyond this, the recent economic turmoil has put additional strain on insurance companies, resulting in pressure to increase premiums. The bad thing is that Joe Martinez might be in need of hurricane protection. From the case, we know that his house near the beach and it was no match for direct hit from hurricane, and this is good thing. But there is a high probability that the hurricane will destroy or damage his house at the next time. In many cases, the damage caused by hurricanes will be covered by basic homeownerÃ¢â¬â¢s insurance policy. An increasing number of policies actually exclude hurricane-related damage, in which case heÃ¢â¬â¢ll need to buy additional coverage. Note that, even if he does have coverage, heÃ¢â¬â¢ll still need to keep a decent amount of cash on hand to protect himself. Is Counselling An Art Or Science EssayIn Diagram #1 (see the attachment 1 at the end of the document) you can see the portion of Property insurance premiums in the General insurance sector for 2007, 2008, 2009 years. Casualty insurance is included into General insurance sector. So in Diagram #2 (see the attachment 1 at the end of the document) you can see who the main players in this sector of insurance are. Kazakhstan insurance market for the first time showed growth during last two years. Kazakhstans insurance companies collected 74. 9 billion tenge in premiums in January-June 2010, or a 33. % increase compared to the same period last year, says a press release issued by the Kazakh Financial Supervision Agency (FSA). Within the overall volume of premiums, mandatory insurance amounted to 15. 8 billion tenge (up 21. 5% as compared to the same period last year), voluntary private insurance totaled 16. 4 billion tenge (up 56. 2%), and voluntary property insurance made 42. 7 billion t enge (a 31. 4% increase). According to the statement, the volume of insurance premiums collected for life insurance increased by 100% and totaled 7. 6 billion tenge as at July 1, 2010. Life insurance premiums accounted for 10. 1% of all the insurance premiums (6. 8% as at July 1, 2009). According to the State Financial Supervision Agency (FSA), with the purpose to better protect the interests of the insurance customers, to develop life insurance services, to introduce a consolidated supervision over the insurance companies, to develop the infrastructure of the insurance market on July 18, 2010 Kazakh President Nursultan Nazarbayev has signed the law On Amendments to Some Legislative Acts of the Republic of Kazakhstan Concerning InsuranceÃ¢â¬ . The document bans bonds issue by insurance companies, restricts their borrowings and imposes additional requirements for the intermediary services. The new law also bans any payments in cash to the insurance agent by the client against the insurance contract starting January 1, 2012.