Assignment2 Essay Example | Topics and Well Written Essays - 1750 words - 2

Assignment2 - Essay Example It notes various legal backgrounds that recognize the link between culture and natural resources, in addition to citing the role they can play in managing the river as well as the impacts it may have on their lifestyle. Table of Contents Abstract 2 Introduction 4 Discussion 5 Background 5 Ownership concepts surrounding the Waikato river saga 5 Maori’s right to resources 9 Conclusion 10 Introduction The Maori community feels their interest is not catered for in the deal involving Waikato River which they feel they have ownership and guardianship rights to, based on the Treaty of Waitangi claims. This claim has been elicited by the signing of deal between the Crown and Waikato-Tanui. This paper therefore explores the case of struggles surrounding of the Waikato River which lies at the center of tribal identity and the troubles surrounding its ownership and guardianship rights. Through analysis of the competing discourses, the emerging tensions and interpretation issues are discu ssed in depth and on their basis, a conclusion derived. Waikato River is known as being the longest River in New Zealand. It is believed to officially start at Nukuhau close to Taupo Township and through its course it is served by various streams and smaller tributaries (Mataira, 1983). The river runs in the North West direction and goes via several forests and rural settings. Based on the activities surrounding the places it passes, it is currently affected fertilizers originating from farmlands, wastewater from industries and urban settings including those from the turbines at the electro power stations. In general, Waikato River is a vital resource to the communities and organizations surrounding and hence its usage impacts on a broad population. Logically, any issues affecting it must therefore be subject to reaction from those affected. Discussion Background The ownership concept in relation to Waikato River is one which brings together people from different backgrounds and que stions their understanding of both leadership and authority in context of natural resources found within their localities. The level of emotions elicited in the quest to claim of ownership of the river cannot be best described than by the words of ‘Iwi,’ the principal negotiator for Waitangi Treaty who asserted that, â€Å"We don’t need a bloody court document to tell us we own the river, we know we do (Field notes, 2000).† It’s one that no doubt puts to battle, beliefs of a society and the Crown. This is what might be termed as a populist statement in the face of crisis. Nonetheless, it does eliminate the possibility of the communities claim for ownership being true. The concept of ownership as expressed by tribal leaders basically centered on the interests of the community. Ownership concepts surrounding the Waikato river saga Virtually each and every society has its concepts which are considered kin to the western ownership theory. Nonetheless, w hat one culture considers ownership is not the same as what another culture would consider as ownership. In essence, ownership concept differs from one sphere to another. According to Stokes (1994) the ownership of Waikato River within context of land claim by the locals was not a claim for exclusive right of ownership of the River but rather they primarily wanted to participate to the river’s management, within precincts of the Maori values. This view is entrenched in the words of

Women in the Workforce Essay Example for Free

Women in the Workforce Essay As a young a woman living in the 21st century I can only believe that women have every reason to be part of the workforce. In today’s world advancement we have all the technology needed to be able to create balances between our family and work life. In the old days women were viewed to be weak compared to men, because jobs required more physical abilities then mental and critical thinking abilities. Therefore, men were given the working part of the family’s establishment and women were given the care giving for the children part. Today, things are different. Jobs have turned from being only physically oriented to rather more problem solving and thinking oriented. And this makes more opportunities for women to join the workforce. Moreover, I think women should join the labor force because it is proven that when a woman in a family is working it is more likely that the family will rise above the poverty line. Studies done in Bangladesh by Mohammad Yunus, the founder of the micro financing Grameen Bank, show that when the woman in a family is given a chance to generate income for her household she always does a better job with helping her family out of poverty. Women are care givers in nature, and when given the chance to improve the living standard of their children’s lives they will do a better job managing the money and finances. My final reason is that I think in the end, woman or man, we as humans should be given equal opportunities to explore our full potential. No matter what kind of job or craft or hobby we might be doing, we should all be given the chance to thrive and prosper in this life with no restrictions. No matter what race gender or ethnicity we should all be able to do what we love.

Salem Witch Trials Essay -- essays research papers fc

Many of the American colonists brought with them from Europe a belief in witches and the devil. During the seventeenth century, people were executed for being witches and follower of Satan. Most of these executions were performed in Salem, Massachusetts in 1692. Mostly all of the accused were women, which makes some modern historians believe that the charges of witchcraft were a way of controlling the women who threatened the power of the men. During the witchcraft trials, hundreds of arrests were made, and some were even put to death on Gallow’s Hill (Karlsen 145). In 1698, the villagers of Salem won the right to establish their own Church. They chose the Reverend Samuel Parris as their minister. Many of the villagers were then sorry that they had done so because of his harsh demands. They then vowed to force him out. There was much pressure surrounding the Parris family. The children of the family would entertain themselves by listening to stories told by Tituba, their slave (National Geographic). January of 1692 is when the mass hysteria of the Salem witch trials first began. The Puritans of this time were very harsh, unyielding, and quick to judge. They condemned innocent women on the basis of intangible evidence, confessions, and such things as "witchmarks" (Hill). As Dorcas Hoar said, "I will speak the truth as long as I live" (Salem Home Page). Nine year old Betty Parris and eleven year old Abigail Williams, the daughter and niece of Reverend Parris, were the first to start to display signs of strange behavior. Some of this behavior included profane screaming, convulsive seizures, trance-like stages, and unexplainable animal-like noises. Shortly after this, other Salem girls began to demonstrate this same behavior. (Salem Home Page). The girls’ torment "could not possibly be Dissembled", stated Cotton Mather (National Geographic). Unable to determine any physical cause for the symptoms and behavior, doctors con cluded that the girls were under the influence of Satan. Prayer Services and community fasting were organized by the Reverend Samuel Parris in hopes of relieving the evil forces that supposedly plagued the community. Efforts to expose the witches were also performed. The first three women to be identified as the source of the problem were Tituba, an Indian slave, Sarah Good, and Sarah Osbor... ...ace. Years went by, and apologies were given and restitution was also given to the families. This incident in American history has left a great impression on present day lives. Bibliography Armstrong, Karen/ Hill, Frances. A Delusion of Satan. The Full Story of the Salem Witch Trials. New York: Bantam Doubleday Dell Publishers, 1995. Ashley, Leonard R.N. The Devil’s Disciples. New York: Barricade Books Inc., 1996. Briggs, Robin. Witches & Neighbors. New York: Penguin Books Ltd.,1996. Brown, Richard D. Massachusetts, A History. New York: W.W.Norton and Company, Inc., 1978. Ferres, John H. (Ed.) 20th Century Interpretations of The Crucible.Englewood Cliffs, NJ: Prentice-Hall, Inc., 1972. Karlsen, Carol F. The Devil in the Shape of a Woman. New York:Vintage Books, 1987. The Salem Home Page. The Salem Witch Trials 1692. www. salemweb. com/memorial/. September 25, 1998. Famous American Trials. Petitions Relating to the Trials of Rebecca Nurse. www. law. umkc. Edu /faculty /projects /ftrials/ salem/ ASA_ LETT.htm American Fanaticism. Witch Hunts and Special Persecutions. www.rjeib.com/thoughts/puritan.html Salem Witch Hysteria. Salem Witch Trials. Salem@nationalgeo graphic.com

Essay --

Proposal for a Uniform Dress Code Pickerington School District should require students to have a uniform dress code. The current dress code policy is very minimal and is not adhered to by the students. Faculty overlook the students who don’t abide by the current dress code as it would take away from their teaching time. One of the main concerns that is brought up when the topic of school uniforms is discussed is freedom of expression. Many people worry that not allowing children to wear certain clothing will â€Å"stifle their creativity† (p. ) or restrict their First Amendment rights (Nevada, 2008). There are many reasons for having uniforms in public schools. School uniforms have been shown to improve test scores, raise school pride, increase attendance, reduce violence, and teaches students to dress professionally. School uniforms can also avert the wearing of gang colors (Wilson, 1998). Self-Expression vs. Safety The most common argument against school uniforms is that they take away the students right to self-expression. Yes, school uniforms limit what the students have to wear, but students can still have their own ways of self-expression. Students can still express their style of choice with their hair and what accessories they wear. Their shoe choice is also a form of self-expression. Students can make the uniforms their own style without breaking the dress code. School is a place to learn. Outside of school, self- expression is limitless. Some parents also believe that it could interfere with students' natural behavior to experiment with different identities. Having uniforms in schools helps erase the defined line of the social classes. Typically, popular kids in the higher social classes wear the trendiest clothing... ...h the cost of a year's worth of school uniforms. The cost of a year's worth (Five tops and five bottoms) of school uniforms or standardized dress code clothing is $150. The savings add up plus students who don’t have to focus on what to wear to school are going to focus more on academics, which leads to improved grades. States Laws on Uniform Dress Codes The State of Ohio has a law that permits school districts to implement uniform dress codes. The school district must advise parents and students 6 months prior to any such implementation. This law also allows for any feedback from administrators, faculty and parents. A uniform dress code policy must fall under the guidelines of a districts discipline policy. The law requires that religious garb like yarmulkes and head scarves cannot be prohibited. The actual dress code is at the discretion of the school board.

How has the role of the nation-state changed in a globalised society?

Introduction There has been considerable debate about whether globalisation has changed the role of the nation-state. While a somewhat nebulous concept, a nation-state can be defined as a geopolitical entity deriving its legitimacy through the service of a sovereign population or nation (Holton 2011; Croucher 2004). Globalisation can be loosely understood as the increasing political, cultural, and economic interaction of international populations (Al-Rodhan et al. 2006). This essay will look at the changing role of the nation-state in the modern period of globalisation (post-WWII), although there is certainly much to be said about earlier periods. In terms of structure, it will begin by considering economic, political, and cultural changes. This will be juxtaposed by the following section outlining arguments that downplay the relationship between globalisation and the nation-state. It will be concluded that the nation-state has undergone substantial change in the globalised world, but that there remains a great deal of structural continuity. Globalisation has the changed the economic role of the nation-state in several respects. Cerny (1995) suggests an erosion of the ability to provide all three main kinds of public good: regulatory, productive/distributive, and redistributive. One ‘good’ in the first category is a stable currency, the control of which has traditionally fallen within the remit of the national banks or their equivalents. This is still theoretically true, but today foreign governments, organisations, or even individuals can play a critical role because of globalisation. One need only consider Black Wednesday (16 September, 1992) in Britain, when George Soros ‘broke the Bank of England’ by short-selling the pound, or the gradual accumulation of American dollars by China due to the latter’s trade surplus, to see how globalisation has stripped the nation-state of much of its power in terms of controlling currency. In the world o f rapid communication, especially via the internet, the situation has become even more difficult to control (Goksel 2004; Evans 1997; Cerny 1995). In addition, globalisation often means the presence of numerous foreign firms within national borders, which can lead to currency fluctuations as a result of foreign remittances. The rapid transfer of economic instability across borders, as was the case during the global financial crisis (2007-8) or the financial crisis in East Asia (1997-8), shows how the role of the nation-state in maintaining economic order has been eroded more generally (Goksel 2004). It is argued by Strange (1997) and others that the balance of economic power has shifted in favour of multinational corporations (MNCs). They believe this process began in earnest in the 1960s and 1970s because of foreign direct investment (FDI) from the USA, but that it has increased since the 1980s due to the influence of Japanese and Western European FDI. The recent revelation that th e Trans-Pacific Partnership might bring in legislation allowing MNCs to override American national laws, by appealing to an international tribunal, suggests that there might soon be a significant reduction in the economic powers of the nation-state (Carter 2012). It is impossible to speak of the economic effects of globalisation without also discussing the political consequences. The most important forces in this respect are the supranational bodies to which many nation-states now belong, such as the EU (European Union), which regulates the labour markets, industrial organisation, business practices and trade conditions of its member states. Moreover, the majority of member states have relinquished their former currencies in favour of the Euro, which has meant transference of monetary policy over from sovereign national banks to the European Central Bank (ECB) (Goksel 2004). There are a significant number of other trade blocs (customs unions, common markets, monetary unions) across the globe, such as NAFTA (North American Free Trade Agreement) or the SAARC (South American Association for Regional Cooperation), which operate under similar conditions. These are symptoms and perpetuators of globalisation, all of which represent a diminishment of the economic independence of nation-states. In the 20th century there has been a blossoming of trade blocs, but it should be noted that they go back long before the era of modern globalisation, with the first probably being the 13th-century Hanseatic League (Milner 2002). Large political collectives have had a significant effect on the role of the nation-state in other respects. The state’s role in the globalised world often now includes broader, international objectives focused on sweeping environmental, social, economic or other concerns (Evans 1997). The EU has a budget to which member states must contribute, which further reduces the economic sovereignty of participating nation-states (Wolf 2001; Holton 2011; G oksel 2004). Likewise, groups such as the G7, G8, and G20, which consist of the largest economies in the world, impose new obligations on nation-states, related to issues such as energy consumption, ozone depletion, or acid rain, among others (Goksel 2004). Some of obligations date back many decades, such as the United Nations’ (UN) Universal Declaration of Human Rights, adopted by the UN General Assembly in December 1948. The importance of supranational political actors in particular can perhaps best be seen in the security sphere. Historically, the defence of the populous has been one of the central roles of the nation-state, and to certain extent the main justification for its power (Held 1998; Held and McGrew 1998). It is noted by Strange (1997) that this obligation has largely been removed in some cases from the hands of individual nations, which rely instead on multilateral agreements. As Goksel (2004: 2) puts it, ‘Armies are often kept not so much to enforce terr itorial claims or to extend them, but rather to maintain civil order.’ The state’s role in providing defence has been altered in order to allow it to fit into a new system of global defence agreements. The traditional military role of the nation-state, which focused on ‘the acquisition, employment and use of military force to achieve national goals’, has been abandoned in many cases today (Held 1998: 226). In a certain sense this is fitting because there are now many global security concerns, such as terrorism, that require multilateral cooperation in matters of intelligence gathering. This has diminished the traditional role of the nation-state in guiding its own defence policy, but in some cases it has enhanced its position. For example, Hobsbawm (2007: 137) believes that by exaggerating the terrorist threat American has been ‘inventing enemies that legitimise the expansion and use of its global power’. Globalisation has perhaps expanded and diminished the security role of the nation-state, depending on where one looks. In either case, however, there has been change. There is also a cultural argument to be considered. The nation-state has been an important locus of identity for individuals and communities for centuries. How long exactly is a matter of fierce controversy, and this topic has divided IR (international relations) scholars into three dominant schools: the primordialists, the ethnosymbolists (e.g., Smith 1987, 1995, 2009), and the modernists (e.g., Hobsbawn 1990; Anderson 1983; Gellner 1983). In any case, it is argued by modernists such as Hobsbawm (1990) that the nation-state’s role as a cultural and social identifier is gradually being eroded as supranational alternatives emerge. This is supported by the fact that in a globalised society flows of information and ideas are rapid, unpredictable, and unrestricted by national boundaries. Platforms such as the internet, for example, are the great facilit ators of new forms of indentify that chip away at the traditional position of the nation-state (Hobsbawm 1990). It is not universally accepted, however, that the role of the nation-state has changed in the globalised world. There has been particular criticism of the idea that globalisation might lead to the ‘end of the nation-state’ or otherwise drastically diminish its role, arguments synonymous with the modernist school of International Relations (e.g., Evans 1997; Strange 1997; Ohmae 1995; Hobsbawm 1990; Gellner 1983). Holton (2011) argues that nation-states are still the most important of the actors in the global sphere, despite the influence of supranational organisations. For Holton, it is simply the case that the role of the nation-state has to be reframed in global terms. He does, however, acknowledge that some have experienced a curtailment of their economic and political role through a lack of bargaining power, as the cases of the budgetary crisis in EU member states, such as Greece, Portugal, Ireland and Spain, reveal. Hirst and Thompson (1996) do not believe that any trend towards a more globalised world (something they are sceptical of in the first place) has had a significant impact on the nation-state. They note that while decisions are often passed on to multinational bodies, it falls to individual countries to make decisions within this framework. One might argue, however, that arguments such as this underestimate the independence of self-contained, highly secretive governing bodies such as the European Commission. Hirst and Thompson (1996) are particularly critical of the suggestion that globalisation has diminished the role of the nation-state, contending instead that the enhanced ‘possibilities of national and international governance’ have actually strengthened it. Gilpin (2000) takes a similar line, arguing that many of the changes in the role of the nation-state cannot be attributed to increasing globalisation. Rather, they are part of a pattern dating back to before WWI when the Gold Standard was in place. Indeed, the Gold Standard is a relic of the pre-globalisation world, yet it stripped the state of currency control nearly to the same extent as modern monetary unions (Gilpin 2000). Through this lens, the ‘state may be reverting to its 19th-century role in the economy’, which suggests that many of the changes seen today would be equally operative in the ‘pre-globalisation’ world. Goksel (2004) argues that although globalisation has changed the role of the nation-state, it is important not to view this as something that was guaranteed to happen. In this sense he argues against the ‘deterministic approach’ of scholars such as Strange (1997). This is valid observation with reference to certain elements of globalisation, and it is true that in theory no nation-state is obliged to submit powers to supranational organisations. However, it is not valid wi th regard to issues such as the dissemination of technology, where the role of the state in controlling national information was always going to be diminished as the world become more globalised. Goksel (2004: 11) also points to the fact that in a very basic way the role of the nation-state has remained the same as ‘there are structural obstacles to the withering away of the state. Votes have to be cast somewhere, taxes have to be paid to particular authorities, which can be held accountable for public services such as education and health. Moreover, states continue to create a regulatory environment for their economies.’ Arguments such as these highlight the importance of not overstating the case for globalisation as a force for change. In conclusion, the role of the nation-state has been reformed by the globalised world. There are a few possible exceptions to this, such as the highly insular North Korea, but such cases are anomalies. In economic terms, there has been a tendency either for the state to lose power to supranational bodies, or to have it eroded by global forces largely beyond its control. The same is true of the political sphere, in which nation-states have generally found their freedoms curtailed by wider forces, or in some cases extended due to advantageous positioning within multinational organisations, such as is the case with the United States and the UN. Nevertheless, there has been an element of structural consistency in the role of nation-states insofar as they are still the predominant actors in international politics, and most of the functions of supranational and other bodies rely on them. The nation-state remains indispensible and arguments that suggest its demise are overstated. The boundaries of this debate, however, are far from fixed, as the proposed legislation related to corporations and the Trans-Pacific Partnership demonstrates. No doubt it is too early to predict the future of the nation-state in the globalised world, but it has certainly undergone change so far. Word count: 1986 Reference List: Al-Rodhan, R.F. Nayef and Stoudmann, G. (2006). Definitions of Globalization: A Comprehensive Overview and a Proposed Definition http://www.sustainablehistory.com/articles/definitions-of-globalization.pdf [Retrieved 06/01/2014] Carter, Z. (2012) Obama Trade Document Leaked, Revealing New Corporate Powers and Broken Campaign Promises. Huffington Post http://www.huffingtonpost.com/2012/06/13/obama-trade-document-leak_n_1592593.html [Retrieved 05/01/2014] Cerny, P. G. (1995) Globalisation and the Changing Logic of Collective Action, International Organization, 49 (4), pp. 595-625 Croucher, S. L. (2004) Globalization and Belonging, Lanham, Md.: Rowman &? Littlefield. Evans, P. (1997) The Eclipse of the State?: Reflections on Stateness in an Era of Globalisation, World Politics, 50, pp. 62-87 Gellner, E. (1983) Nation and Nationalism, Blackwell: Oxford Gilpin, R. (2000) The Challenge of Global Capitalism, Princeton, NJ: Princeton University Press Goksel. N. K. (2004) Globalisation and the State, Centre for Strategic Research http://sam.gov.tr/globalisation-and-the-state/ [Retrieved 06/01/2014] Held, D. (1989) Political Theory and the Modern State, Stanford California: Stanford University Press Held, D. and McGrew, A. (1998) The End of the Old OrderReview of International Studies, 24 Hirst, P. Q. and Thompson, G. (1996) Globalisation in Question: The International Economy and the Possibilities of Governance, Cambridge: Blackwell Hobsbawm E. (1990) Nations and Nationalism since 1780, Cambridge University Press Hobsbawm, E (2007) Globalisation, Democracy and Terrorism, London: Abacus Holton, R. J. (2011) Globalization and the Nation State, (2nd ed.) Basingstoke: Palgrave, Macmillan Milner, H. V (2002) International Trade in Carlsnaes, W.; Risse, T., Simmons, B. A., Handbook of International Relations. London: SAGE Publications. Ohmae, K. (1995) The End of the Nation State: The Rise of Regional Economies, London: Harper Collins Shaw, M. (1997) The state of globalisation : towards a theory of state transformation. Review of International Political Economy, 4, 3, pp. 497-513 Smith, A. D, (2009) Ethno-symbolism and Nationalism: A Cultural Approach, Routledge Strange, S. (1997) The Erosion of the State, Current History, 96 (613), pp. 365-369 Wolf, M. (2001) Will the Nation-State Survive GlobalisationForeign Affairs, Vol. 80, 1, pp. 178-190

Writing and Tim O Brien Essays

Writing and Tim O Brien Essays Writing and Tim O Brien Essay Writing and Tim O Brien Essay Essay Topic: The Things They Carried Annotated Bibliography Brosman Savage, Catharine. The Functions of War Literature. South Central Review. Vol. 9, No. 1, Historicizing Literary Contexts (Spring, 1992), pp. 85-98 This article talks about how this type of war literature is related to Tim OBriens story of The Things They Carried. It relates how soldiers use different kinds of items to make themselves fell secure in the time of war. It was very useful because it gives us another point of view in order to what pertains of what is really going on in a war and ow our soldiers react to it. It was useful to find other perspectives on how writing about war fiction can have different ways of being written. Chen, Tina. Unraveling the Deeper Meaning: Exile and the Embodied Poetics of Displacement in Tim OBriens The Things They Carried. Contemporary Literature, Vol. 39,No. 1 (Spring, 1998), pp. 77-98 This article explains how its trying to find the deeper meaning of the story The Things They Carried. It tries to reveal the authors point of view of how the ar has affected the soldier s and how they are trying to make themselves safe and how most their men are dying by enemy surprise attacks. This article tries to unravel the real meaning of why OBrien wrote about a war fiction and about soldiers having different things during the war so that they can feel safe and secure. Its trying to explain why OBrien writes in way that remarks people about war. Naparsteck, Martin. An Interview with Tim OBrien. Contemporary Literature, Vol 32, No. (Spring 1991), pp. 1-11 . This article is about an interview with Tim OBrien and talks about his literacy work and how his point of view of a war has change a few people minds on how a war can change a soldiers life. It talks about how his life work has become famous for his various writings, especially when it comes to fiction about war or action. Silbergleid, Robin. Making Things Present: Tim OBriens Autobiographical Metafiction. Contemporary Literature. Vol. 50, No. 1 Spring, 2009, pp. 129-155 This article talks about the way OBriens way of fiction has made readers mind, be part of the writing he has made. It tells us how OBrien is very interested in action fictions and it one of his various way of writing. I found it to be useful because it goes into detail of OBriens type of writing and it challenges readers mind to go into further detail of what is happening in the story. Writing and Tim O Brien By eJtrilla14

Study Guide Exam 1 fin 317 Essay

Study Guide Exam 1 fin 317 Essay Study Guide Exam 1 fin 317 Essay Study Guide Exam 1: FIN 317 PPSet 1: ïÆ'˜ï€  List the four steps of the traditional risk management process. 1. Identify risk 2. Evaluate risk 3. Select a RM for each risk a. Risk avoidance b. Loss control c. Risk retention d. Risk transfer 4. Implement and review ïÆ'˜ï€  Understand Evolution of Enterprise Risk Management (ERM) from Traditional Risk Management (TRM) at a very simple level. Enterprise Risk Management - ERM - It considers all risks simultaneously and manages risk in a holistic or enterprise-wide (and risk-wide) context ïÆ'˜ï€  Where does insurance fit into the Risk Management Process? At the base of the financial pyramid ïÆ'˜ï€  Understand parts of the Personal Financial Planning Pyramid. Covers life, health , loss of income and property-liability income Wealth distribution wealth accumulation risk management (protection) Wealth accumulation: Speculation: investments like futures and commodities and real estate Growth and diversification: investments like bonds and stocks Savings and accumulation: regular savings and ownership of your house and education Risk management: Life, health, disability , long term care, property , liability insurance ïÆ'˜ï€  What professional exams is this course useful in preparing you for? Chartered Property Casualty Underwriter (CPCU) exams Associate in Risk Management (ARM) exams Certified Financial Planner (CFP) exams Chartered Life Underwriter (CLU) exams ïÆ'˜ï€  What is Gamma Iota Sigma (GIS)? An international business fraternity Promotes student interest in insurance, risk management, and actuarial science A place for students to gain leadership experience Prepares students for employment in the insurance and risk management professions. Provides networking opportunities for students to meet with various insurance and risk management professionals. PPSet 2: ïÆ'˜ï€  Risk Definitions Risk – uncertainty concerning loss, 2 types speculative and pure. ïÆ'˜ï€  Understand different classes of risk: pure, speculative, subjective, objective, diversifiable, and un-diversifiable Pure – Exists when there is uncertainty as to whether loss will occur Two possibilities: loss or no loss. Home and car, fire and flood risk Speculative – Exists when there is uncertainty about an event that can produce either a profit or a loss. investment risk, reputational risk, strategic risk Subjective – refers to the mental state of an individual who experiences doubt or worry as to the outcome of a given event It is essentially the psychological uncertainty that arises from an individual’s mental attitude or state of mind Objective – differs from subjective risk in the sense that it is more precisely observable and therefore measurable Often measured as probable variation around expected loss. Diversifiable – Un-Diversifiable - ïÆ'˜ï€  In general, what kinds of risk are insurable? Pure objective risks Risks covered: possibility that one of these perils may interrupt the individual’s income or cause medical expenses. Perils: death accidents and sickness living too long unemployment ïÆ'˜ï€  What are the Two Main Categories of Insurable Risks? Property can include all your land, house, apartment, contents (your stuff), car and so on. Liability is coverage for law suits you or your property may cause to others. When you insure your home this is how the property policy is layed out. Everything is a percentage of the dwelling or structure so what you have for a property limit on the structure affects everything else. Any you have deductibles you have to pay in a loss and the company wants you to insure close to the value and cost to rebuild that is co insurance usually about 80% or greater of the home’s cost to rebuild is required. Coverage A - Dwelling Coverage B – Other Structures 10% of A Coverage C – Contents 50% to 70% of A Coverage D – Loss of Use 10% of A Coverage E - Liability Coverage F – Medical payments Property liability risk - hazards such as wet roads, oily rags or things that might lead to a peril or loss