Insurance and Hedging Processes Essay Example | Topics and Well Written Essays - 2250 words

Insurance and Hedging Processes - Essay Example The role of insurance management in regards to risk transfer is influentially great, and this is in regards to risk management in particular; risk management is basically considered as being defined as the executive decisions that surround the management of pure risks, and "As such, risk management is a much broader concept than insurance management because insurance is only one of several methods for dealing with risk. Risk management attempts to identify the pure risks faced by the firm or organization, and uses a wide variety of methods, including insurance, for handling these risks" (Goto, 1997). Insurance in incredibly important and in fact critical in regards to this particular situation, and it is a basically statistics-based type of pooling instrument which is used for risk management based on the law of that of especially large numbers; furthermore, it has a certain essence which, if used appropriately, seems to be rather similar to that of an option contract. Then there is hedging, which, in finance, is "an investment that is taken out specifically to reduce or cancel out the risk in another investment. Hedging is a strategy designed to minimize exposure to an unwanted business risk, while still allowing the business to profit from an investment activity" (Wikipedia, 2007). Hedging basically allows for the control of risk, as although risk is basically inherent to any type or form of business activity, much of this risk is unwanted and it cannot be avoided without hedging. "Someone who has a shop, for example, can take care of natural risks such as the risk of competition, of poor or unpopular products, and so on. The risk of the shopkeeper's inventory being destroyed by fire... Hedging basically allows for the control of risk, as although risk is basically inherent to any type or form of business activity, much of this risk is unwanted and it cannot be avoided without hedging. â€Å"Someone who has a shop, for example, can take care of natural risks such as the risk of competition, of poor or unpopular products, and so on. The risk of the shopkeeper’s inventory being destroyed by fire is unwanted, however, and can be hedged via a fire insurance contract† (Wikipedia, 2007). From this example we can quite clearly see the difference between wanted risk or risk that can be handled, and unwanted risk, and thus the importance for a process such as hedging. Catastrophic risks are very important to take into consideration here, and these types of losses in particular are considered as being in the upper layer, in that they occur rarely for the most part and yet they are the most devastating, and the severity overall is of such a scale that the viabili ty of the entire enterprise is actually threatened. â€Å"The reason why catastrophic risks are considered to be unavoidable insurable risks lies in their nature, which tends to make the pooling technique break down and become unworkable. Catastrophic risks, such as hurricanes or earthquakes, are classified as unknown risks and are characterized by a fundamentally non-linear phenomenon in which chaotic patters emerge easily, and it is also very easy to predict the probability of the expected loss† (Goto, 1997).

National Security Council Essay Example for Free

National Security Council Essay The recent trend characterizing the US security policy is the gradual strengthening of the National Security Council. Under G. Bush administration this body gained significant power and influence. In this paper I’m going to investigate the reasons for this trend as well its advantages and disadvantages. In the international practice, National Security Council is generally defined as an executive body coordinating national security issues. National Security Council consists of the heads of departments involved in diplomacy and defense with a relatively small number of staff members. The US National Security Council was established in 1947 and substantially amended in 1949; the same year it was placed in the Executive Office of the President. The powers and influence of the US NSC has been gradually increasing during the second half of the 20th centuries; this trend is evident presently, too. As for the structure of the council, it is chaired by the President and encompasses Vice President, the Secretary of State, the Secretary of the Treasury, the Assistant to the President for National Security Affairs, the Secretary of Defense, the Chairman of the Joint Chiefs of Staff as the statutory military advisor to the Council, the Director of Central Intelligence as the intelligence advisor. The Chief of Staff to the President, Counsel to the President, and the Assistant to the President for Economic Policy have a right to be present at any meeting of the Council; others can be invited to attend NSC meeting if appropriate. The functions of the NSC are â€Å"considering national security and foreign policy matters with his senior national security advisors and cabinet officials. † (National Security Council official website, http://www. whitehouse. gov/nsc/) Every President made major or minor change in the powers and functions of the NSC in order to adjust it to his own management style. The ultimate goal of the NSC under Bush administration is to ensure collegiality among different departments coordinating military and diplomatic issues. But the functions of the NSC nowadays are much wider. The expert report that â€Å"the NSC today conducts ongoing relations with the media, Congress, the American public, and foreign governments. † (Daalder Destler, 2000, A New NSC for a New Administration, http://www. brookings. edu/comm/policybriefs/pb68. htm) Even the official sources define the Council as â€Å"as a means of controlling and managing competing departments† and it’s functioning â€Å"depended in no small degree upon the interpersonal chemistry between the President and his principal advisers and department heads. † (Office of the Historian, Bureau of Public Affairs, History of the National Security Council, http://www. fas. org/irp/offdocs/NSChistory. htm) The NSC is refered to as the â€Å"key foreign policy player in every administration since John F. Kennedys. † (Daalder Destler†¦) I strongly deem that the trend of NSC becoming more influential reflects the general trend of Presidential power becoming more authoritative. The fact that Condoleeza Rice rivals Colin Powell in influence is to a certain extent causes to the relations between Condoleeza Rice and the President. Another reason is that she had been an influential public figure in academic and political circles before joining the NSC. Karl Inderfurth and Loch Johnson (2004, p. 180) in their book Fateful Decisions: Inside the National Security Council states that â€Å"Rice perhaps most closely resembles McGeorge Bundy, of the Kennedy Administration, who was the first non-invisible national-security adviser†¦Ã¢â‚¬  George Bush in the first National Security Presidential Directive stated that â€Å"The NSC shall meet at my direction. † (National Security Presidential Directive, 2001, http://www. fas.org/irp/offdocs/nspd/nspd-1. htm) The positive side of it is that the President can quickly obtain a qualified advice when needed. The negative side is that the NSC is an easy tool for controlling and redefining diplomatic and military policy of the county without consulting other major defense bodies. The same Directive states: â€Å"Except for those established by statute, other existing NSC interagency groups, ad hoc bodies, and executive committees are also abolished as of March 1, 2001, unless they are specifically reestablished as subordinate working groups within the new NSC system as of that date. † George Bush adjusted the Council to his own needs approximately after a year in the office. This is one more important reason why the President relies more on the NSC than on traditional bureaucracy. The structure of the NSC is relatively transparent and clear; it includes a limited number of members, although it has grown in size recently and resembles a governmental agency rather than an advisory committee. I would like to elaborate on another factor that contributes to the situation with the NSC. After the tragic events of 9/11 George Bush established the Office of Homeland Security under the governance of Tom Ridge, the President’s close friend. The functions of the NSC and the OHS often overlap; the possibility of the NSC becoming hegemonic in the sphere of homeland security decreased. Still, its role in the national security is hard to overestimate. Daalder Destler (2000) propose a clear list of reasons why the NSC evolved in the key agent in defence and foreign policy. They state that it was caused by â€Å"the half-century development and legitimization of the NSC as presidential coordinator for mainstream national security issues†¦[and]†¦the post-cold war expansion of the foreign policy agenda, with more issues that require coordination across more agencies†¦[and]†¦the deepening of partisanship in Washington, particularly over the last decade. † It’s hard to give a solely positive or negative evaluation of this trend. From one angle, the NSC is flexible and is able to react rapidly to any security threat. It may seem rational to grant excessive powers to the NSC. There would be no need to employ the bureaucratic machine of numerous agencies dealing with diplomacy, military aspects and homeland security. The NSC should be organized in such a way so that â€Å"the president can make clear foreign policy choices in a timely manner. † (Daalder Destler ) Daalder Destler study emphasises that the NSC major task is integrating the US foreign and defence policy, and it’s of high importance in the era of global terrorism. From another angle, the NSC is powered by the President, and there exists much space for manipulation. Recently, the NSC doesn’t manage efficiently with coordinating the national security bodies. For instance, some tension exists in relations between the NSC and the agencies like CIA. Now let me proceed with drawing the final conclusion of the paper. There exists a clear trend of the National Security Council becoming more influential and powerful under the George Bush administration; this happens for compelling reasons. The positive or negative evaluation of his trend largely depends on the degree of efficiency of the NSC organization and functioning. References 1. The White House, National Security Council http://www. whitehouse. gov/nsc/ Last accessed: 15 Oct 2004 2. Office of the Historian, Bureau of Public Affairs, United States Department of State, History of the National Security Council, 1947-1997 http://www. fas. org/irp/offdocs/NSChistory. htm Last accessed: 15 Oct 2004 3.National Security Presidential Directive, February 13, 2001 http://www. fas. org/irp/offdocs/nspd/nspd-1. htm Last accessed: 15 Oct 2004 4. The Brookings Institution, Foreign Policy Studies, Daalder, I. H. , Destler, I. M. , A New NSC for a New Administration, Nov 2000 http://www. brookings. edu/comm/policybriefs/pb68. htm Last accessed: 15 Oct 2004 5. Inderfurth, K. F. , Johnson, L. K. 2004. Fateful Decisions: Inside the National Security Council. Oxford University Press.

Acupuncture: Treatment for Stress :: Medicine Research Medical Essays

Acupuncture: Treatment for Stress Acupuncture involves the insertion of tiny needles into "acupuncture points," specific nerve endings under the skin. These needles are extremely small, so small in fact that ten to fifteen acupuncture needles can fit in a regular hypodermic needle (http.//www.acupuncture.com/Acup/Acupuncture.htm). There are three claims for why acupuncture is effective: reflexes, hormones, and energy transfer. When the needle is inserted into the skin, the nerves send signals that travel up the spinal cord, into the brain, and block the pain center in the brain. This prevents pain and other signals from entering and exiting the brain and severity of the symptoms is suppressed. This allows the body to heal itself while the individual is unaware of any pain or other distress (http://www.acupuncture.com/Acup/Works.htm). After the needle is inserted into the skin, the surrounding area becomes red. This may be a result of the release of hormones into the bloodstream. These hormones may be the body's natural pain killers, which stimulate blood circulation as well reduce pain (http://www.acupuncture.com/Acup/Works.htm). The third explanation is the ancient Chinese explanation that the acupuncture points are doors to energy channels and that by inserting the needles into these points, one can open and close these doors. This brings about energy circulation and harbors energy balance, resulting in improved health (http://www.acupuncture.com/Acup/Works.htm). Acupuncture is believed to be highly effective. In a nation-wide survey of acupuncture users, conducted by Dr. Claire M. Cassidy, 91.5% reported "disappearance" or "improvement" of symptoms after their treatment, 84% see their MDs less often, 79% use fewer prescription drugs, and 70% were able to avoid previously recommended surgery (http://www.acupuncture.com/Acup/AcuStats.htm). Said one man from San Francisco: Acupuncture had immediate effects on my levels of stress. I simply was not the same person at work. Co-workers could not believe the difference in my disposition. Clients continually comment on my relaxed nature given the stressful environment I have put myself in (CPA, working with taxes). I believe it has helped me stay healthy over the last 9 years... (http://www.acupuncture.com/Acup/AcuStats.htm). Acupuncture is a treatment with few, if any, reported side effects. The most common side effect is deep relaxation and a slight, temporary heaviness. In the treatment of stress, the side effect of deep relaxation is often a desired result. In these cases, very few side effects are noticed. Most of the information on acupuncture is circulated by acupuncture therapists and clinics, with one such therapist being Dr.

Diary Of A Survivor: Literary Analysis :: essays research papers

Title: Diary of A Survivor: Nineteen Years in a Cuban Women’s Prison Authors: Ana Rodriguez and Glenn Garvin Published: St. Martin’s Press Type of Book: Assisted auto-biography Plot Summary Diary of a Survivor follows nineteen years of Ana Rodriguez’s life, a Cuban woman arrested by Cuba’s ‘State Security’ in her late teens. As a teenager she had been an activist against the Batista dictatorship which governed Cuba, and at first welcomed Fidel Castro’s take-over of power. Gradually, however, she realises that Castro has no intention of leading Cuba democratically and joins the fight against him. She is betrayed to the authorities by an informant, is arrested, tried and convicted, and is sentenced to thirty years in prison. Diary of a Survivor tells of Ana Rodriguez’s continuous resistance against political intimidation that eventually ‘breaks’ her captors rather than them ‘breaking’ her. This strong will and courage earns her legendary among fellow political prisoners and civilians as a ‘plantada’; one who cannot be broken. Themes/ Thematic Statements The ill-effects of communism/ dictatorships on a society is explored through the entire book as it was a constant part of Ana’s life, in fact it is what caused her imprisonment. Human rights abuses in Cuba and in communist countries in general Cuba’s corrupt government hierarchy and legal system also feature throughout the books, like the continual rapes and beatings the prisoners face. People who betray one group of people will end up betraying anyone they come into contact with. This is shown in Isis Nimo, the spy who initially gets Ana sent to prison but eventually gets fired from all her government jobs because of her untrustworthiness. Racism can work in reverse but still produce adverse effects. There are two mentions of black political prisoners (most are white). They are considered unusual because Fidel Castro’s regime was meant to favourable to black people in general. Even people who are said to have firmly set ideas can have doubts, like the ‘hard-line communist soldiers’ who do not join in when the women are being attacked and the guards that in one particular incident slip the starved prisoners food. The pros and cons of the chivalrous Cuban idea that women are considered good and passive, and therefore only the most offensive women criminals are jailed in Cuba, and the disregard of it by some officials. This is touched on whenever there is contact with the common prisoners, and in an especially disturbing scene where a group of female common prisoners are let into a cell where a young girl is held as a ‘traitor’ to the Fidel Castro regime.

“Glory and Hope” by Nelson Mandela Analysis Essay

Nelson Mandela gave a speech at his inauguration as president of the Democratic Republic of South Africa on May 10, 1994. His speech is named â€Å"Glory and Hope†, which hints at the content of it. In â€Å"Glory and Hope†, Nelson Mandela expresses his gratitude towards those who had aided them thus far and reminds everybody of the hardships they suffered, their successes, and their goals for the future. Mandela also tries to communicate the message that cooperation had brought them hope and to their glory and hopes to continue to do so. He conveys his appreciation and message through his word choice, tone, sentence structure, and use of rhetorical devices. Nelson Mandela’s word choice helps him convey his gratitude towards the audience and message that they must continue to work together to build and better society. He begins by addressing his audience with â€Å"Your Majesties, Your Highnesses, Distinguished Guests, Comrades and Friends†. His audience c omprised kings, queens, important government officials, and so on. However, through his word choice, Mandela is able to bring a sense of belonging and togetherness, regardless of their race, age, gender, and position. He uses words like â€Å"compatriots†, â€Å"we†, and â€Å"us†, making the audience feel and realize that they are all human beings and therefore equals in such a sense. Mandela uses tone and sentence structure to communicate his main message and express how thankful he is. His tone is appreciative, formal, hopeful, and passionate. Mandela constantly expresses his thanks to those who aided them. Near the end of the speech, he is also hopeful and passionate about their newfound freedom, equality, and democratic government. Mandela says â€Å"We are both humbled and elevated by the honour and privilege that you, the people of South Africa, have bestowed on us, as the first President of a united, democratic, non-racial and non-sexist South Africa, to lead our country of the valley of darkness.† While Mandela’s tone is appreciative, hopeful, and passionate, he is also able to keep his speech formal. In addition to tone, Mandela’s sentence structure contributes to both tone and conveying his message. He uses lengthy sentences with occasional short and clipped sentences to emphasize a certain point. Mandela says â€Å"The time for the healing of wounds has come. The moment to bridge the chasms that divide us has come. The time to build is upon us.†

Dont Make English Offical Ban It Instead

Heather Schmitt English 1010 Mrs. Zeleznik 2 December 2012 â€Å"Don’t Make English Official – Ban It Instead† The article â€Å"Don't Make English Official – Ban It Instead† by Dennis Baron focuses on the idea of Congress considering to make English the â€Å"official language† of the United States. Baron uses the academic approach in portraying English as a tradition, a functional system of codes that enables people to interact with each other in the society. Using this as his primary thesis, Baron argues that English should not be implemented as the country's national language, since â€Å"it's hardly even English anymore. They clearly state in the article that even though English isn't the official language non-English-speaking immigrants are still picking up. Many people in America want English to be the official language that everyone should speak. I do not completely agree with this. It would be too difficult for everyone to follow th is request. Also, many people learn two different languages, which ultimately increases their knowledge. Dennis Baron's idea is that banning English would have the opposite of effect, that people that speak English would still continue to speak English and those who do not yet speak it will be more tempted to try it out.If we were to ban the English language then people would be more eager to learn it because people want what they cannot have. I personally find the idea of this humorous in a way. It's relating it to a bigger theme or main idea that it is almost human nature to try or do the things we are not suppose to do. Not that Congress would ever ban the English language or really any language in general, I think this piece is really aiming towards the idea of human nature rather than actually wanting to ban the English language.

Critical Speech In The Perils Of Indifference By Elie Wiesel

Writer Elie Wiesel in is Critical speech â€Å"The Perils of Indifference,† sheds lights on to world we live in today has evolved into a society of indifference That stripes us form are sense of human characteristics to help others in need of assistance. He supports his claim by illustrating the affect the U.S indifferences had towards the jews led to the death of countless amount of jews perishing during the holocaust seen in paragraph 2 and 18. In addition; In paragraph 8 of â€Å"The Perils of Indifference,† it states that people who believe in indifferences become â€Å"inhuman† showing no form of sympathy towards others. Finally, In paragraph 11, the author draws the connection towards the countless amounts of death during the meinel with all†¦show more content†¦The word of Wiesel was taken for granted to the highest degree possible, in which we wish to leave the past behind us and start a new. Nevertheless, we are humans that will always have th e need to show no signs of remorse towards genocide that may not involve are well being due to showing differences being painless then taking action. Yet those who did not accept their fate, took control of their own destiny during the Holocaust. These heroic individuals never had indifferences and took matters into their own hands. Three teens know as â€Å"The White Rose† decided to spread the word of possible â€Å"freedom by creating and distributing pamphlet†(â€Å"PROTEST OF YOUTH†). Yet upon the guards discovering of their plans, they were sentenced to death for their crime they have done. This correlates to Wiesel speech which all â€Å"gave into indifferences† including his own â€Å"God†(The Perils of Indifference). With no form of guidance and hope driven from others to show human emotion, the teen’s came to the realization that the only way they may be able to stand a chance seeing freedom from the camp was herself. Thus, with the knowledge of the teens fate, we must come to a understandment that to see hope for a future world without indifferences.We must learn showing a he lping hand in signs genocide such as the holocaust and not wait. Wiesel believesShow MoreRelatedThe Perils Of Indifference By Elie Wiesel1093 Words   |  5 PagesHuman rights activist, Holocaust survivor, Nobel Peace Prize-Winner, and writer Elie Wiesel in his influential speech, â€Å"The Perils of Indifference,† emphasizes that indifference is an inhumane quality that affects the success and failure of the millennium. Wiesel develops his message by recalling his experiences in the Holocaust and how it cast a â€Å"dark shadow over humanity.† This event caused the pain and suffrage of many victims and filled him with â€Å"gratitude† towards the â€Å"American people† forRead MoreGeorge Orwell s The Perils Of Indifference : Lessons Learned From A Violent Century954 Words   |  4 Pages407) and Elie Wiesel’s â€Å"The Perils of Indifference: Lessons Learned from a Violent Century† (Wiesel 289) both examine the effect of human actions. Wiesel’s speech is the more persuasive due to the emotiona l element as well his plainly stated view upon indifference, whereas Orwell’s narrative leaves the reader questioning his action. Elie Wiesel born in 1928 is a Jewish holocaust survivor, who later in life won the noble peace prize and published over 40 different books. The speech The Perils of Indifference:

David Berkowitz A True Psychopath Essay - 1639 Words

According to the â€Å"Hare Psycopathy Checklist† a psychopath is a person who knows right from wrong in our society but often feels no guilt, remorse or empathy when they engage in wrong actions. They lie easily, blame others for their actions and often hurt people who are close to them. David Berkowitz meets the criteria of Hare’s checklist and is believed to be a true psychopath. Berkowitz is known as the â€Å"Son of Sam†, a thrill seeking serial killer who terrorized the city of New York for over a year. Information about David Berkowitz’s background, personality traits and lifestyle and his serial killer profile help to prove that he is in fact a psychopath. In conclusion, this essay will prove to readers that David Berkowitz is a notorious†¦show more content†¦He was also known as a bully and he often hated school. The only person Berkowitz did not isolate himself from was his adoptive mother. He adored his mother although he was often very cruel to her. An important and devastating moment in Berkowitz’s life was when his mother died from breast cancer. This impacted Berkowitz because his mother was his only friend and because the last words he had said to her before she died were â€Å"I hate you†. After the death of his mother Berkowitz finished out high school and in 1971 he joined the army. He was stationed in Korea and was honorably discharged after three years. When Berkowitz returned from the army he found out that his father had gotten remarried and moved to Florida leaving Berkowitz behind. This made Berkowitz angry and lonely so at the age of twenty one Berkowitz set out to find his birth family. Once Berkowitz found his birth father he found out that his birth mother was actually still alive. After a year of searching Berkowitz was reunited with his birthmother but his expectations were shattered. Berkowitz’s mother told him that she had to give him away because she had an affair with a married man and they did not want any accusations towards them. This made Berkowitz angry and bitter about life because he felt that he was a â€Å"mistake.† This was a major moment in Berkowitz’s life because he felt unwanted and started feeling a strong hatred towards life. After his bad experience with his mother heShow MoreRelatedSchizophrenia And Schizotypal : Mental Personality Disorders889 Words   |  4 Pagesas dangerous and violent psychopaths. While the majority of people who suffer from these disorders are never violent, there are some very infamous serial killers who suffered from the disorder. The most famous of these violent serial killers who suffered from schizophrenia, may be David Berkowitz or the â€Å"Son of Sam†. Berkowitz would eventually be diagnosed with paranoid schizophrenia, after a killing six people in New York City from 1976 to 1977. When asked why, Berkowitz told authorities that heRead MoreSerial Killer Essay2790 Words   |  12 Pagesdeciphers the reaction from the amygdala. When the connection between these two areas is low, processing of negative stimuli in the amygdala does not translate into any strongly felt negative emotions. This fits well into the picture we have of psychopaths. They do not feel nervous or embarrassed when they are caught doing something bad. They do not feel sad when other people suffer. They are incapable of experiencing empathy and love. Even though they can feel physical pain, they themselves are notRead MoreEssay about The Importance of Aggression in Animal Existence4326 Words   |  18 Pagesunderstand its source one must apply a working definition of aggression. Aggressive behavior is defined by Encyclopedia Britannica as any action of an animal that serves to injure an opponent or prey animal or to cause an opponent to retreat. (7) David G. Myers states that aggression is any physical or verbal behavior intended to hurt or destroy.(9) There are many types of aggressive behaviors, which can be differentiated from the factual act to the hidden motives. For example, an aggressive behaviorRead More The Psychology Behind the Serial Killer Essay3244 Words   |  13 Pagesthe â€Å"visionaries,† the killers who act in response to instructions from inner â€Å"voices† or alter egos. They may claim to be demon possessed, or to be receiving instruction from God, and use this to justify or rationalize their acts of murder. David Berkowitz (The Son of Sam) is a classic example of a delusional personality type. When police searched his apartment in Yonkers, they found scribbled all over the walls the message â€Å"Kill for My Master,† a command he allegedly received from â€Å"the voices†