Business Organizations Summary - 1574 Words

THE LAW OF BUSINESS ORGANIZATIONS Chapter 16 – Law of Sole Proprietorship and Partnership * Sole proprietorship – A business where the sole owner is responsible for the management and debts of the business. * Registration/licensing issues; Flexibility * Partnership – Partnership Act (Ontario) defines partnership as a relationship that subsists between two or more persons carrying on business in common with a view to profit. * Differences between partnership and co-ownership * Joint and several liability * Partnership agreement – checklist of issues * Liability of partner for acts of employees * Rights and duties of partners to one another as set out in the Partnership Act (Ontario) * Dissolution†¦show more content†¦As a general rule, in any transaction with the corporation, a director must disclose his or her interest in a particular contract and refrain from discussing or voting on the matter at the directors’ meeting. Shareholder approval of contracts in which a director has an interest may be required. A director must disclose a conflict of interest. Canadian Aero Service v. O’Malley et al (1973) * Directors’ Liabilities - Numerous heads of director liability under various pieces of legislation: sell shares at a discount contrary to governing legislation; declare a dividend that impairs the capital of the corporation; environmental liabilities; employees wages in the event of a bankruptcy; failure to file corporate notices; Fraud charges under the Criminal Code; proceeds of crime and money laundering charges * Directors’ Defence of Due Diligence - Due diligence: the obligation on the directors of a corporation to ensure that effective systems are in place to comply with legislation, and to monitor legislative systems to ensure compliance. R. v. Bata sets out the criteria for the defence of due diligence. Ani Abdalyan, B.A. LL.B. LL.M. Member of the Ontario Bar Lead Instructor ALW 380 Business Law for Accounting * Business judgment rule - A court would be reluctant to interfere with the decisions of the board of directors. The rule is limited to circumstances where the directors can demonstrate they informed themselves of the issue andShow MoreRelatedBMGT 110 Final Paper Kelly S Sandwich Shop Case Study 11731 Words   |  7 Pagesgrowth strategy, business forms, short and medium term goals, financing assistance, organizational structure and staffing needs, customers and promotion, and ethics and social responsibility. In this paper will to discuss how the different factors alter the advancement of small businesses. Kelly’s sandwich concession has been selling sandwich and other lunch items to her customers for the past five years. Though small, her business has been a very optimistic and fast growing business. Applying differentRead MoreTESOL english answers Essay8761 Words   |  36 Pagesclear idea of learners needs in Business TESOL than in General English? 2.Describe the difference between an organization’s need and the cognitive needs of an individual? 3.Why is it important to consider the learners cultural background and interest when planning a class? 4.How can online sources and other electronic tools play important roles when designing and delivering a business class? 5.How can the lexical method be used to teach grammar points with business vocabulary in context. 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The following paper discusses an article titled â€Å"IntranetsRead MoreFXT2 Task3 Essay1451 Words   |  6 PagesINFORMATION Information Needed Text goes in text boxes below. Name of Organization: LPHG Type of Organization: 501(c)(3) charity Region: (Coastal, Inland, or Southern) Coastal Completed by: Darian DeSombre Date report completed: 03/24/2014 Type of event, training, or exercise: (actual event, table top, functional or full-scale exercise, pre-identified planned event, training, seminar, workshop, drill, game, etc.) Actual Event Summary of the Disaster: An Earthquake that registered 7.8 on the RichterRead MoreAn Effective Marketing Plan For A New Product1037 Words   |  5 Pagesand appropriately (U.S. Small Business Administration). Some of the main objectives of an effective marketing plan include knowing and understanding the customer’s needs, ensuring the businesses strategy is in line with meeting those needs, developing a mission statement and strategy around meeting those needs, utilizing advertising activities that lead to successful interactions with customers, and having effective communication between the customers and the organization (Tanner Raymond, 2012). TheRead MoreWorkplace Diversity : The Visible Or Invisible Differences Among Employees Of An Organization1653 Words   |  7 Pagesof an organization and could be divided in to three major components such as Primary, Secondary and Organizational and Community. Factors such as Age, Gender, Sexual Orientation, Ethnicity represents Primary while Appearance, Educational Background, Marital Status, Work experience represents Secondary and Job position, Specialization, Nationality, Life stage represents Organizational and Community. In recent years, organizations spend more in diversity management as most of the organizations consistRead MoreA Report On The Cyber Security1320 Words   |  6 Pages EXECUTIVE SUMMARY According to Gartner Inc., the market for cloud-security services is expected to reach nearly $4 billion in revenue in 2016, up from $2.1 billion last year. As more businesses move to the cloud, it’s essential that we understand best practices of cloud security and provide transparency when it comes to the solutions. The Cyber security in cloud computing is aimed at reducing the security threats in cloud environment. The project involves building a knowledge base to establishRead MoreBoeing Company : The Largest Aerospace Company On The Globe Essay1633 Words   |  7 Pages Executive Summary The Boeing Company Brittany Randall UMUC Dr. John Yelle September 24, 2016 Introduction The Boeing Company is the largest aerospace company on the globe, currently ranking number 24 on the Fortune 500 listing. (Boeing Fortune 500, 2016). Boeing is the largest manufacturing exporter in the United States and is a leader in the manufacturing of commercial jetliners and defense along with space and security systems. The company works with customers in over 150 countries most

Love and Hate in Jamestown Essay - 1657 Words

David A. Price, Love and Hate in Jamestown: John Smith, Pocahontas, and the Heart of a New Nation (New York: Alfred A. Knopf) As a young child many of us are raised to be familiar with the Pocahontas and John Smith story. Whether it was in a Disney movie or at a school play that one first learned of Jamestown, students want to believe that this romantic relationship really did occur. As one ages, one becomes aware of the dichotomy between fact and fiction. This is brilliantly explained in David A. Prices, Love and Hate in Jamestown. Price describes a more robust account of events that really did take place in the poorly run, miserable, yet evolving settlement of Jamestown, Virginia; and engulfs and edifies the story marketed by†¦show more content†¦The dominance of wealthy gentlemen and their lack of working man survival skills and motivation to do the hard work took its toll rather quickly. By 1609, only two years after the crews landing, food was scarce and the death toll was mounting. John Smith surprised many by becoming a significant leader and a ray of sunshine in an otherwise increasingly desperate situation. He strategically involved the Indians in order to increase the chance of survival of the colonists. This strategy caused him to develop personal relationships with Indians; some good, some bad. Although captured and sentenced to death twice by Chief Powatan, he was saved by Powatans daughter Pocahontas. Many historians however, believe that Pocahontas did not actually save John Smith; they believe he was mistaking an adoption ceremony for his execution. David Price writes that there is no way to describe what happened other than an impending execution. Nothing is known about seventeenth-century Powhatan adoption ceremonies, nor is any other tribe in North America known to have had an adoption procedure comparable to what was undergone by Smith.(pg.243).Either way, the romance between Smith and Pocahontas emphasized in childrens stories is seemingly impos sible; Pocahontas would have been eleven years old upon acquaintance with John Smith. PocahontasShow MoreRelatedLove and Hate in Jamestown838 Words   |  4 PagesDavid Prices reason for writing Love and Hate in Jamestown is to demystify the historical legends of John Smith and Pocahontas, and portray both as the reason why the Jamestown colony survived in the New World. Price supports this thesis by describing the people that inhabited the New World with the settlers at Jamestown, describing the leadership skills Smith possessed, and describing his method for saving the colony from disaster. Price wants to portray Smith and Pocahontas in the correct lightRead MoreLove And Hate In Jamestown Summary938 Words   |  4 PagesForbes, Business 2.0, and Inc. Price’s career background consist of being a reporter for the Washington, D.C bureau of Investor’s Business Daily. Price has researched Jamestown in multiple occasions. Based on these credentials, I believe David A. Price is a qualified author. David A. Price is the author of Love and Hate in Jamestown; John Smith, Pocahontas, and the Heart of a New Nation. This is the history of early America and how it became the country it is now. The chapters in this book are organizedRead MoreLove and Hate in Jamestown: John Smith, Pocahontas, and the Start of a New Nation929 Words   |  4 Pageswere anchored in London’s River Thames waiting to depart to a new settlement. The three ships were the Susan Constant, the Godspeed, and the Discovery. 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Internet Marketing

Questions: 1. You are required to investigate how digital communication mix ( email marketing , mobile marketing , SEO, Search Engine Marketing , Display Advertising ) can be used as marketing techniques to target potential customers.2. You are required to identify how the features of E-Commerce can be used to reinforce brand identit. Answers: Introduction Nowadays, with the advancement of information and communication technologies and usage of internet across the globe, companies have also started integrating such technologies for doing business, promoting their products and services, targeting potential consumers and reinforcing their brand identity. In this regard, it is notable that digital marketing and e-commerce are significant strategies used by companies in the current competitive era. With this respect, this report is mainly focussed at elucidating the use of digital communication mix as a marketing technique for targeting potential customers. It will discuss how different techniques of digital communication mix are helpful to target consumers in a better manner. In addition to this, the report also discusses the use of the features of features of e-commerce to reinforce brand identity. The report clearly details out the usefulness of the unique features of e-commerce for strengthening the brand identity in front of customers . 1. Use of Digital Communication Mix ( email marketing , mobile marketing , SEO, Search Engine Marketing , Display Advertising ) as Marketing Techniques to Target Potential Customers It is vital to take into consideration that communicating the brand positioning of the company and delivering it to the target audience is the basis of the marketing strategy of any company. Companies need to deign potent sales and advertising messages that will attach brands with their customers instantaneously and successfully highlight the products quality and differentiation from other brands. However, with the advancement of internet usage in business and by consumers also, companies have to rely on digital communication mix for better targeting potential customers (Brown, Broderick and Lee, 2007). Digital communication mix can be used as marketing techniques to target potential customers as digital channels like blogs and social media can be used to engage with their customers. Using e-mail marketing or display advertising of digital communication mix, companies can promote the purpose of the organisation in manifold languages with better cultural sensitivity (Brown, Broderick and Lee, 2007). Customers do belong to an eco-system where they are lead by an irresistible feeling of belonging. Engaging customers of different demographics in their personal language and with details which is pertinent to them increases their brand perception. For instance, YouTube videos can also be dubbed and subtitled in native language of the target markets and also the content can be localised on the basis of culture to better target the potential customers. User guides, video testimonials, and buyer guides are some of the numerous options available for generating a better customer experience usi ng digital communication mix and increase the consumer base of the company (Labrecque, Markos and Milne, 2011). Email marketing is the earliest type of digital marketing. It comprises of database marketing, i.e. segmenting the customer data and offering personalised, targeted messages to customers at the right time. Companies can use e-mail marketing for targeting potential customers by mailing them all the current information related to products and service, related to latest offers, discounts and details that help in targeting customers in a better manner (Taiwo, 2010). Similar to this, using mobile marketing also companies can send text messages to customers about the current offers and deals, which in turn will be highly helpful in targeting potential customers and enhancing the customer base. In addition to this, SEO (search engine optimisation) is the technique of enhancing the visibility of the website in the search engines. This can be performed by enhancing the ranking of a specific keyword, or enhancing the volume of keywords that are ranked by a site (Brown, Broderick and Lee, 2007) . There are a range of SEO techniques, ranging from on-site technical study and improvement, to content generation, blogging, outreach, and link-building. Thus, whenever customers type those specific words to search engines they will get the company website in results and will directed to the company e-commerce website. Hence, it is useful as a marketing technique for targeting potential customers (Affinito and Mack, 2016). Other digital marketing techniques like PPC (pay per click), social media advertising, online advertising or display advertising is helpful in brand awareness, offering customer service and interacting more with customers. Display marketing is offer target marketing advantages to companies because display advertising can influence consumers at every stage of the marketing channel from knowledge, education and assessment to proposal and function. Other digital marketing means, like email marketing, are inclined to be focussed on particular areas, but the reason displays are more significant is that, they can build brand awareness rapidly, since individuals are more likely to keep in mind what they see as compared to what they read or listen (Labrecque, Markos and Milne, 2011). In the end, the amalgamation of displays and informative SEO content that gain attention of niche markets aids in educating consumers and increases trust and loyalty in brands. Thus, digital communication mix is helpful in targeting the potential customers in better manner. 2. Use of the Features of E-Commerce to Reinforce Brand Identity E-commerce or Electronic commerce means conducting any form of business, transaction or transfer of information via internet. E-commerce enables customers to electronically exchange products and services without any time and distance barriers. In the present ear, e-commerce has expanded at a rapid rate and is also forecasted to continue at the same rate, or even hasten. Therefore, companies have to integrate e-commerce effectively in their business not only for expanding their customer base, but also for strengthening their brand identity. The brand identity of a company is the way it wants to get perceived by customers. E-commerce has some unique and influential features, which companies can use for reinforcing brand identity. One of the significant features of e-commerce is its ubiquity, which means that it can everywhere, and thus it helps companies in targeting more number of customers, anytime and anywhere. Companies can reinforce their brand identity by using ubiquitous feature of e-commerce as they can appeal a large number of customers. Moreover, an e-commerce website aids a company in focussing on making sales, and enhancing those all-significant conversion rates (Korper and Ellis, 22009). Using e-commerce website, brands can convey who they are as well as what they do. This in turn contributes in the overall brand experience, and aids in generating return customers. The e-commerce customer service, the offerings, as well as the general order process all contributes in the reinforcement of brand identity, if used properly and effectively (Mller and Chandon, 2003). A website allows companies to not just be tremendously informative about the brands, but also to influence customers by using pictures and videos that can reinforce their brand identity. It is notable that e-commerce allow brands to deliver audio, video, animation, signs, billboards, and so on to customers with incredible amount of information, and thus, it can be used to reinforce brand identity and to show customers the logo, tagline, tone and typeface of the brand in a more prominent manner. Interactivity is another pertinent feature of e-commerce as it enables two-way communication between consumers and b usinesses (Daniel, 2011). This feature plays a significant role in reinforcing brand identity because companies can inform customers about the brand values determine the way they perceive brand by interacting with them and can also influence their present perception or a better brand identity (Mohapatra, 2012). In addition to this, the electronic commerce technology also brings down the information collection, gathering, communication and processing expenses, and hence using e-commerce brands can transfer more accurate and current information to customers and that too at low cost so as to strengthen their identity in front of customers. Personalization is also one of the important features of e-commerce as in e-commerce business can be attuned for a name, for the interest of a person and marketing message can be adjusted to a particular individual. The e-commerce technology enables for custom and merchants can also modify the product or service on the basis of user predilections or prior behaviour (Burt and Sparks, 2003). This highly contributes in reinforcing brand identity because when customers can more tailored and specific services their perceptions for the brand definitely gets improved. Hence, companies can use e-commerce to not just give information about the brand to customers, but also about the lifestyle they promote and services they are entailing to deliver and by utilising the unique and influential features of e-commerce (Turri, Smith and Kemp, 2013). It is considerable that e-commerce can be used to promote brand identity not just by informing about brand values to customers also by interacting with them. Conclusion To conclude, it can be stated that the aforementioned discussion in the report has clearly highlighted the importance of digital communication mix for targeting potential consumers. It has been discussed in this report how email marketing, mobile marketing, SEO, Search Engine Marketing, Display Advertising and other forms of digital marketing allow companies to target consumers in a more effective manner. Also, the report has discussed the usefulness of e-commerce for reinforcing brand identity and the way companies can use e-commerce to strengthen their brand identity. References Affinito, L. And Mack, J. 2016. Socialize Your Patient Engagement Strategy: How Social Media and Mobile Apps Can Boost Health Outcomes. Routledge. Brown, J., A. J. Broderick, and Lee, N. 2007. Word of Mouth Communication within Online Communities: Conceptualizing the Online Network. Journal of Interactive Marketing, 21 (3), pp. 2-20 Burt, S. and Sparks, L. 2003. E-commerce and the retail process: a review. Journal of Retailing and Consumer Services, 10, pp. 275286. Daniel, I. 2011. E-commerce Get It Right!: Essential Step-by-Step Guide for Selling and Marketing Products Online. Insider Secrets, Key Strategies and Practical Tips - Simplified for Start-Ups and Small Businesses. NeuroDigital. Korper, S. and Ellis, J. 2009. The E-Commerce Book: Building the E-Empire. Morgan Kaufmann. Labrecque, L. I., Markos, E. and Milne, G. R. 2011. Online Personal Branding: Processes, Challenges, and Implications. Journal of Interactive Marketing, 251(1), pp. 37-50. Mohapatra, S. 2012. E-Commerce Strategy: Text and Cases. Springer Science Business Media. Mller, B. and Chandon, J. 2003. The Impact of Visiting a Brand Website on Brand Personality. Electronic Markets, 13 (3), pp. 210-221. Taiwo, R. 2010. Handbook of Research on Discourse Behavior and Digital Communication: Language Structures and Social Interaction: Language Structures and Social Interaction. IGI Global. Turri, A.M., Smith, K.H. and Kemp, E. 2013. Developing Affective Brand Commitment Through Social Media. Journal of Electronic Commerce Research, 14 (3), pp. 201-214.

Zoo Story Existentialism Essay Example For Students

Zoo Story Existentialism Essay In a crowded city such as Manhattan, it was no wonder that a man like Jerry felt lonely. He was without a friend, a mother and father, and the typical wife, two children, and a dog,; that many others had. Jerry was thrown in a world that he felt did not want him, and his human flaw of wanting to escape loneliness led to his tragic death. In Edward Albees play, The Zoo Story, all Jerry wanted was to be heard and understood, and in the end, after sharing his life story with a complete stranger, he got his final wish death. The Zoo Story not only tells of the alienation of man in modern society, but also reflects the philosophy of twentieth century existentialism. We will write a custom essay on Zoo Story Existentialism specifically for you for only $16.38 $13.9/page Order now Jerry made a conscious choice of wanting to end his life, while Peter, a man that chose to act as the guinea pig; and stayed and listened to Jerrys story, made a conscious choice of picking up same knife that killed Jerry. Although it was Peter who held the knife that killed Jerry, it was Jerry who took the responsibility to despite great effort and pain #8211; wipe the knife handle clean of fingerprints; to allow no trace of the murderer. However, although Peter escaped without responsibility, he had to deal with the guilt that it was him who held the weapon that ended the life of Jerry. Peter had to face the rest of his life being aware of how others lived, and how one can feel so indifferent to the world yet live in the very same part of the city. Both Peter and Jerry had to accept that the world they lived in was a hostile universe. Peter led his life playing by the rules while Jerry decided to accept the cruelties of life the way they were. Peter found that to live in this hostile world, it was better to conform with society and, as Jerry accused him, make sense out of things and bring order.; Both the mens acceptance, however, led to the isolation of the individual, where Jerry felt alone not by choice, while Peter, even though he lived according to the rules of society, still managed to isolate himself because he lived in a household of females. He achieved his sense of satisfaction with the world by coming to the same part of the park to read. Ive come here for years; I have hours of great pleasure, great satisfaction. And thats important to a man.;Although both Jerry and Peter came from the same city, both encountered different experiences. Each had a different way of interpreting lifes mishaps, and the way that they cho se to handle certain situations led to the ultimate conclusion of their well-being. Jerry found that his death was appropriate in order to escape the unforgiving world, while Peter found it difficult to perceive that one would think of such a deadly solution to ones feelings of isolation. Peter was shocked when he saw Jerry on the bench slowly dying ;#8211; replying nothing more than oh my god; ;#8211; while Jerry, on the other hand, replied with thank you.; Even though life was unexplainable, Jerry did not try to reason his life out, but rather he accepted that it was his fate to die. It was his destiny to be born in a household that lacked love a terribly middle-European joke, if you ask me.;The Zoo Story was also a classic example of the I-thou relationship. The I-thou relationship is only experienced in rare moments, and in the Zoo story, there were two. In one case, it was the incident with Jerry and the dog. Jerry and the dog shared a solitary moment in which the only thing t hat mattered in the world was the two. Neither the Jerry nor the dog established an effective form of communication with one another, but at one point, they learned to live with the other. Another I-thou relationship moment was between Jerry and Peter, and as a result of Jerrys death, Jerry would live immortally in Peters mind because Jerry would be remembered. .ua8b28a79cb1315f62588aa8f89cacdfc , .ua8b28a79cb1315f62588aa8f89cacdfc .postImageUrl , .ua8b28a79cb1315f62588aa8f89cacdfc .centered-text-area { min-height: 80px; position: relative; } .ua8b28a79cb1315f62588aa8f89cacdfc , .ua8b28a79cb1315f62588aa8f89cacdfc:hover , .ua8b28a79cb1315f62588aa8f89cacdfc:visited , .ua8b28a79cb1315f62588aa8f89cacdfc:active { border:0!important; } .ua8b28a79cb1315f62588aa8f89cacdfc .clearfix:after { content: ""; display: table; clear: both; } .ua8b28a79cb1315f62588aa8f89cacdfc { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ua8b28a79cb1315f62588aa8f89cacdfc:active , .ua8b28a79cb1315f62588aa8f89cacdfc:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ua8b28a79cb1315f62588aa8f89cacdfc .centered-text-area { width: 100%; position: relative ; } .ua8b28a79cb1315f62588aa8f89cacdfc .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ua8b28a79cb1315f62588aa8f89cacdfc .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ua8b28a79cb1315f62588aa8f89cacdfc .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ua8b28a79cb1315f62588aa8f89cacdfc:hover .ctaButton { background-color: #34495E!important; } .ua8b28a79cb1315f62588aa8f89cacdfc .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ua8b28a79cb1315f62588aa8f89cacdfc .ua8b28a79cb1315f62588aa8f89cacdfc-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ua8b28a79cb1315f62588aa8f89cacdfc:after { content: ""; display: block; clear: both; } READ: Drug Abuse in the NFL EssayThe Zoo Story is a classic example of how a man can feel existentialism in the world ;#8211; how he can feel so lonely and desperate for recognition in society that can lead to the tragic result of his innocent death. The story depicts the human flaw of wanting to be accepted in a busy world, and, as in the case of Jerry, how such feelings of isolation can lead in a tragic deterioration of self-happiness in the world.

Applying for Federal Loans for Online College Students

Applying for Federal Loans for Online College Students Federal student loans offer distance learners the opportunity to pay for their online class tuition without draining their bank accounts or seeking additional employment. By filling out a single online application, you might qualify for federal student loans with reasonable interest rates and terms. Federal Student Loan Benefits Many banks offer private student loans. However, federal student loans are almost always the best choice for students who qualify. Federal student loans generally offer the lowest interest rates available. Federal loan borrowers are also given generous terms and might be able to defer loan payments if they return to college or are facing hardship. Types of Federal Student Loans The federal government offers several financial aid opportunities for students. Some of the most common federal student loans include: Federal Perkins Loans: These loans offer a very low interest rate and are available to students who demonstrate â€Å"exceptional financial need.† The government pays the interest on Federal Perkins Loans while the student is enrolled in school and for a nine-month grace period following graduation. Students begin making payments after the grace period.Federal Direct Subsidized Loans: Federal direct loans feature a low interest rate. The government pays the interest on subsidized loans while the student is enrolled in school and during a six-month grace period after graduation. Students begin making payments after the grace period.Federal Direct Unsubsidized Loans: Unsubsidized loans also feature a low interest rate. However, these loans begin accumulating interest as soon as the loan money is dispersed. After graduation students have a six-month grace period before their first payment is due.Federal Direct PLUS Loans: The Parent Loan for Undergraduate Students is available fo r parents who intend to pay for their child’s education. Parents must pass a credit check or have a qualified cosigner. The first payment is due after the loan is disbursed. Federal Direct PLUS Loans for Graduate and Professional Degree Students: Adult students may also take out PLUS loans after exhausting the limits for other federal loan options. Students must pass a credit check or have a cosigner. Interest begins accumulating after the loan is disbursed. However, students may ask for a payment deferment while they are in school. In the case of a deferment, the first payment is due 45 days after the end of the deferment period. Online School Student Loan Laws Before 2006, many online students were unable to receive federal aid. In 1992, Congress enacted the 50 Percent Rule, mandating that schools qualify as financial aid distributors by offering more than 50 percent of courses in traditional classrooms. In 2006, the law was overturned. Today a growing number of online schools offer federal student aid. To offer aid, schools must still meet requirements, but the percentage of online courses no longer applies. Online Schools Offering Federal Student Loans Keep in mind that not all online schools offer federal student loans. To find out if your school is able to distribute student loans, call the school’s financial aid office. You might also search for the college’s federal school code on the federal financial aid website. Qualifying for Federal Student Loans To be eligible for federal student loans you must be a U.S citizen with a social security number. You must have a high school diploma, a GED certificate or have passed an alternative exam. You must be enrolled as a regular student working toward a certificate or degree at a school that is eligible to offer federal aid. Additionally, you must not have certain drug convictions on your record (convictions that happened prior to your eighteenth birthday don’t count, unless you were tried as an adult). You cannot currently be in default for any student loans you already have, or owe the government refund money from grants you were awarded. If you are a male, you must register for Selective Services. If you don’t meet these qualifications, it’s still a good idea to discuss your situation with a financial aid counselor. There is some flexibility with the rules. For example, some non-citizens are eligible to apply for federal aid, and students with recent drug convictions may be able to receive aid if they attend drug rehabilitation. How Much Aid Will You Receive? The type and amount of federal aid you receive is determined by your online school. Aid amount is based on several factors including your financial need, your year in school and the cost of attendance. If you are a dependent, the government will determine an expected family contribution (how much your family should be expected to contribute, based on your parent’s income). For many students, the entire cost of college attendance can be covered by federal student loans and grants. Applying for Federal Student Loans Before applying for federal student loans, set up an in-person or phone appointment with your online school’s financial aid counselor. He or she will be able to offer advice for applying and suggestions for alternative sources of aid (such as scholarships and school-based grants). Once you’ve collected the needed documents such as social security numbers and tax returns, it’s easy to apply. You will need to fill out a form called the Free Application for Federal Student Aid (FAFSA). The FAFSA can be filled out online or on paper. Using Student Loans Wisely When you receive your federal aid award, the bulk of the money will be applied to your tuition. Any remaining money will be given to you for other school-related expenses (textbooks, school supplies, etc.) Often, you will be eligible to receive more money than is necessary. Try to use as little money as possible and return any money you do not need. Remember, student loans must be repaid. Once you finish your online education, you will begin student loan repayment. At this point, consider refinancing your student loans so you have one monthly payment at a lower interest rate. Meet with a financial counselor to discuss your options.

Animal Euthanasia in Zoos

Animal Euthanasia in Zoos While zoos in the United States favor contraception as a means of keeping their resident populations under control, other zoos around the world take a different approach: euthanasia. Dave Morgan, chairman of the Population Management Committee at the World Association of Zoos and Aquariums explained to the New York Times that international guidelines on the ethics of breeding zoo animals are sketchy. Apparently, since ethics and philosophies are so diverse among countries of the world, its tough to make blanket regulations. For instance, both the European Association of Zoos and Aquaria and the African Association of Zoos and Aquaria generally consider routine euthanasia a viable management and breeding strategy, while the Central Zoo Authority of India has recommended that euthanasia of zoo animals may be carried out only in the specific circumstances when any animal is in such an agony or pain that it is cruel to keep him alive. How Euthanasia Is Used for Population Control Zoos that favor euthanasia over contraception generally allow animals to mate naturally and permit mothers to raise their young until an age at which the family groups would instinctively separate in the wild. At that point, zoo officials employ lethal injection to kill young animals that exceed the zoos carrying capacity, dont fit into breeding plans, and are unwanted by other zoos. In the spring of 2012, the Copenhagen Zoo euthanized a pair of leopard cubs who were approaching two years of age as part of their breeding management plan. Each year, the zoo puts approximately 25 healthy animals to death, including chimpanzees, whose similarities to humans make opponents of euthanasia particularly squeamish. Arguments in Favor of Euthanasia Contraception (pills, implants, injections) can pose health risks to animals.Euthanasia allows animals the natural experience of bearing young and parenting.Terry Maple, the former director of Zoo Atlanta and co-editor of Ethics on the Ark, knows of no definitive research that assesses the importance of raising young to animals health, but he has said that observation indicates that most zoo animals are motivated and protective parents that play frequently with offspring.Euthanasia imitates animals survival in the wild, where high percentages of young die early in life as a result of predation, starvation or injury.According to longtime zookeeper and curator Peter Dickinson, There is nothing wrong in killing an animal if it is done quickly and with forethought and kindness. When animals are euthanized for the correct reasons, then it is morally right and justified. The uninformed will often level accusations of being heartless and not caring when precisely the opposite is true. Good zoos with managed populations can see the bigger picture †¦ it is the species which is being managed and not individuals. Arguments Against Euthanasia Opponents of euthanasia suspect that the killing of adolescent animals is a convenient way for zoos to maintain a continual supply of their cutest inhabitants (babies), which draw crowds and generate more money.Contraception is a more humane way to limit populations while allowing animal family groups to coexist naturally.Cheryl Asa, director of the Association of Zoos and Aquariums Wildlife Contraception Center at the St. Louis Zoo, does not believe that euthanasia is a feasible option for zoos in the United States. On an emotional level, I cant imagine doing it, and I cant imagine our culture accepting it, she said.Worldwide breeding networks and genetic planning can be used to avoid a surplus of offspring while still ensuring that many animals breed and raise offspring, claims Terry Maple, former director of Zoo Atlanta and co-editor of Ethics on the Ark. I am not saying management euthanasia is wrong. It is just not the best solution.Killing animals in zoos because they dont figu re into breeding plans is not euthanasia, its zoothanasia, and is a most disturbing and inhumane practice. Using the word euthanasia seems to sanitize the killing at least for some people and makes it more acceptable. While one might argue that many, if not all, animals in zoos suffer, killing animals who arent needed isnt mercy killing; its really a form of premeditated killing, argues Marc Bekoff, Professor Emeritus of Ecology and Evolutionary Biology at the University of Colorado, Boulder.

Combining Content, Argument, and StructureThe Workshop Research Paper

Combining Content, Argument, and StructureThe Workshop - Research Paper Example As such, she or he is unable to perform optimally in the workplace. Similarly, the anti-harassment policy will ensure that all workers operate on a level-playing ground where they all enjoy their rights as they work. Infringing a worker’s rights hampers their output. For example, the workers will not feel at ease while visiting some of the offices in the workplace. This is equally important to the CEO in ensuring the performance of workers improves (Strauss, 2011). For example, when workers are treated fairly and equally, it hugely boosts their morale thereby leading to higher output per worker. Where there is harassment, unfairness and inequalities it is difficult to instill teamwork resulting in overall organizational failure. It is critical to instill sexual harassment policies in a working environment owing to a number of reasons. First, people have rights which should be upheld and duly protected. Sexual harassment interferes with a person’s rights (Baker, 2007). Secondly, sexual harassment goes a long way in negatively affecting people’s lives both the perpetrator’s and the victim’s. Without respect for individual workers an organization will experience high staff turnover as workers seek better working environments. Communicating about sexual harassment or other forms of disrespect should not be a problem. The CEO should first sensitize the workers on the need for a firm anti-sexual harassment policy. Above all, this is a criminal offense that is punishable by law. After sensitization, the CEO should give a memo listing and elaborating the need for the anti-sexual harassment policy. The CEO could also indulge occasional emails and letters to update the workers on how the p olicy is changing the

4.How convincing is Porters model of national competitive advantage in Essay - 1

4.How convincing is Porters model of national competitive advantage in explaining the characteristics and performance of the business systems of major economies - Essay Example This paper will shed some light on how the nations achieve competitive advantage by using Porter’s Diamond model. This model highlights the influencing factors of national competitive advantage. The paper will discuss about the issues and loop holes of the Porter’s diamond Model and how they fail to answer certain circumstantial problems. Porter (1990) explained the competitiveness of a nation based on the four different parameters, which are factor conditions, demand conditions, supporting or related industries and firms’ strategy, structure and rivalry. Factor Conditions: The factor conditions include the production factors of a nation, like human resources and human capital, physical resources, knowledge base, financial strength. The quantity and quality of the available human resources determine the national production capabilities. Physical resources like availability of raw materials, power supply, etc increase the competitive advantage by reducing the operating cost of production. Moreover, the skills and overall knowledge base of the country helps it to involve in innovative product development. Demand Conditions: The demand conditions explain the level of demands of products in the home country. The higher level of demand influences the pace of product innovation and improves service quality. Porter (1990) described that the home demand level is based on three major factors: needs of the customers, growth rate of the customers’ needs and transferring domestic preference in the foreign market. A nation can thus achieve competitive advantage if the domestic demand trend can be predicted by the domestic suppliers faster than the foreign ones. This as a result will allow them to cater to the needs of the domestic customers thereby improving the national economic structure of the country. Firms’ Strategy structure

Aristotle and Piety Essay Example for Free

Aristotle and Piety Essay The Euthyphro is a much studied text of Plato’s, which unfortunately has left many people with some very serious questions. Primarily, why does the Euthyphro end in failure? Socrates was the wisest man alive, and for some reason his quest for understanding falls short. Yet somehow, I doubt that this has anything to do with a fault in the argument, but rather, the reason for the failure lies with Socrates main line of questioning. The problem is introduced with the idea of an â€Å"essence. † As Euthyphro comes to understand, it is a nigh indefinable idea. At the end of hours of looping questions, the only thing anyone has accomplished is a kind of hazy confusion about things you once thought you, understood. To be frank and realistic, I question whether anyone can define an â€Å"essence. † I personally tried to define the essence of something simple, anything would do. Unfortunately, now I’m no longer quite sure what a biscuit is. To try and define the â€Å"essence† of anything, especially something as complex as piety confuses the issue. Socrates is presented with Euthyphro’s idea of piety. That, in and of itself would not be enough, in my mind to define piety. Yet I’ll assume that Socrates, being the curious individual that he was, asked others about piety, and that should be enough to find a definition. Ethical relativism, an idea that Socrates uses to make several arguments, is in a sense, the â€Å"essence† of piety. Piety is different from person to person, so much so that there cannot be a standard to measure it by. The only universal standard of piety is that it is relative to each individual. Yet Socrates refuses to accept this conclusion, no matter which argument is presented to him, or no matter how clearly the answer is laid before him. Take for example, the argument that piety is defined as ‘that, which is dear to the gods’. Euthyphro believed he had identified the â€Å"essence† of piety by bringing up the fact that the actions and things loved by the gods. Socrates refuted this argument quite skillfully by saying that the gods disagree, thus leaving one with a dilemna. Yet people picked which gods to worship above the others (for example, Socrates worshiped Apollo above all other gods), and thus people also picked what was pious. For Euthyphro, to a degree, that was in fact piety, as defined by his religious convictions. Yet as was proved in other arguments by Euthyphro, it was not all that comprised his ideals. Another prime example of the varied ways which piety can be defined by an individual, is when Socrates and Euthyphro discuss the trial of Euthyphro’s father. To Euthyphro, phillial piety is not an issue. In this example, loyalty to law and order is a direct reflection of Euthyprho’s ideals of piety. It is again relative, and Socrates can illustrate quite artfully, how it doesn’t reflect the â€Å"essence† of piety. However, I can see no better example of piety, or at least of ethical relativism. For in this instance Euthyphro is following his own personal ideal of piety, with no regard for anything beside that. The basis of Socrates questioning is why the whole argument falls apart. If you persist in a line of questioning that cannot have an answer, you’ll never reach a conclusion. Even more to the point, if you constantly dispute the answer which recurs in every angle of your arguments, you’ll be hard pressed to find an answer which makes sense. What Socrates did in the Euthyphro would be like a mathematician refusing to accept pi as a number, while still using it in calculations. There is however a chance that Socrates understood all of this, ultimately wanted people to figure it out for themselves.

Dog Dreams :: essays research papers

Dog Dreams For the past five years my dream has been to own a male Saint Bernard pup out of my old Saint Bernards, Samson and Delilah. Patty, the woman that owns my old companions called and informed me that Delilah was pregnant and was expected to deliver within the next week. I knew that my dream was coming true and I would get my pup. That whole week I was on cloud nine all I could think about was this dog. I went ahead and made plans to pick out my new bundle of joy the following Monday after they were born. Everything was going great, until I received the most disturbing telephone call I had ever received. This call informed me that Delilah had given birth to six beautiful puppies, but a disease in the mother’s milk called milk fever had instantly killed three of the pups and the other three were in critical condition. I asked if I could come and see the three living pups, but she said to wait and see if they survived. Patty told me to call her Saturday night and check on the pups. A s Saturday approached I worked up the nerve and called her. I soon learned that two more had passed away and only one pup was still holding on. Patty told me that the one pup that was still holding on was a male, and he looked just like his father, Samson. This information rekindled my dreams and I began to have some hope. She told me that if anything happened she would give me a call. Sunday went by along with Monday and most of Tuesday. Then around 9:30 while I was at work, one of the servers informed me I had a telephone call. My heart began to race, as I answered the telephone. As I expected it was Patty, she wanted to tell me that the pup had passed away. It felt like a hundred pounds of bricks hit me in the chest. We talked a bit, I thanked her for everything she had done, and I hung up the telephone. All I could think about was that my pup was dead. After so many years of waiting and wanting this pup in the matter of days, it was gone.

The Temple of Heaven

Autqem Neter Sh. Nu Au Mu Samga History May 20, 2012 The Temple of Heaven The Temple of Heaven is located in the southern area of Beijing. Occupying an area of 273 hectares, it is three times the area of the Forbidden City. It was built in 1420 A. D. , for emperors to worship Heaven. The main buildings include the Altar or Hall of Prayer for Good Harvests, Imperial Vault of Heaven and Circular Mound Altar. In 1998, the Temple of Heaven was added to the UNESCO World Heritage List. Beginning in 2005, the Temple of Heaven underwent a 47 million Yuan (6 million USD) renovation that was completed on May 1st, 2006.The Altar or Hall of Prayer for Good Harvest, 38 meters tall and 30 meters in diameter, stands on a round foundation built with three tiers of marble stone. This large hall is under a three-story, cone-shaped glaze-tile roof in blue color crowned with a gilded knob. A circular wall of polished bricks known as the Echo Wall encloses the Imperial Vault of Heaven. The Circular Mount Altar, south to the Imperial Vault of Heaven, is where the emperor prayed to heaven. At the center lies a round stone called the Center of Heaven Stone that echoes when a visitor speaks loudly when standing on the stone.The Temple of Heaven is enclosed with a long wall. The northern part within the wall is semicircular symbolizing the heavens and the southern part is square symbolizing the earth. The northern part is higher than the southern part. This design shows that the heaven is high and the earth is low and the design reflected an ancient Chinese thought of ‘The heaven is round and the earth is square. The Temple is divided by two enclosed walls into inner part and outer part. The main buildings of the Temple lie at the south and north ends of the middle axis line of the inner part.The most magnificent buildings are The Circular Mound Altar (Yuanqiutan), Imperial Vault of Heaven (Huangqiongyu) and Hall of Prayer for Good Harvest (Qiniandian) from south to north. Also, t here are some additional buildings like Three Echo Stones and Echo Wall. Almost all of the buildings are connected by a wide bridge called Vermilion Steps Bridge (Danbiqiao) or called Sacred Way. The Circular Altar has three terraces layered with white marble. During the Ming and Qing Dynasties (1368 A. D. – 1911 A. D. ), the emperors would offer sacrifice to Heaven on the day of the Winter Solstice every year.This ceremony was to thank Heaven and hope everything would be good in the future. The picture below is of The Hall of Prayer for Good Harvest, a big palace with a round roof in three layers. Inside the Hall are 28 huge posts. Four posts along the inner circle represent four seasons-spring, summer, autumn and winter, 12 posts along the middle circle represent the 12 months; and 12 posts along the outer circle represent 12 Shichen (Shichen is a means of counting time in ancient China). The roof is covered with black, yellow and green colored glaze representing the heaven s, the earth and everything on earth.The Hall has a base named Altar for Grain Prayers which is made of three layers of white marble and has a height of six meters. The numbers 3 and 9, in particular, recur in the layout and design; these are important or ‘lucky' numbers in Chinese numerology. The number 9, being the highest value digit is associated with the emperor. Its square root, 3, has a natural occurrence in terms of beginning, middle and end. The Hall of Prayer for Good Harvests was constructed relying only on carpentry, with no nails employed. This building was commissioned by Qing dynasty emperor Qian Long (reign: 1736-1795) in 1775.

Assessing The Suitability Of Tolworth Farm Field Environmental Sciences Essay

Dirt can be referred to as a relatively soft, loose sedimentations which can be excavated by manus or tool Sutton, 1993. Soil comprises of two different constituents, minerals derived from enduring stones and organic minerals derived from workss and micro-organisms ( Michael & A ; Donald, 1999 ) . Contaminated dirt by hint of metals is an issue that requires attending because of the consequence it might do on to planetary environment and human wellness ( Abrahams, 2002 ) . Expert in the survey of dirt provinces that there are differences between rural and urban dirt by measuring the sum of hint metals ( Kabata-Pendias, 2001 ) . Application of inordinate chemicals for illustration fertilisers, weedkillers or sewerage sludge from intervention works for more outputs without sing the short or long term consequence has made dirt to go a limited resource particularly in towns and metropoliss for largely allotment holders. These chemicals contain important sum of hint metals which bit by bit accumulate in the dirt over clip and finally pollute the dirt rendering it useless for development ( Adriano, 2001 ) . Allotment dirts which are largely for cultivation of harvests and veggies for human ingestion requires serious attending. This is true for Marsh lane allocations in London which is extremely contaminated with heavy metals ( Jeffries & A ; Martin, 2009 ) .Heavy metals and organic contaminations on dirt surface can present menaces to human wellness in the close hereafter for allotment holder if redress is non put into consideration instantly ( London Development Agency, 2005 ) . It is hence necessary to measure dirt belongingss for any dirt hazard or suitableness appraisal for lodging with workss, grass, bushs and trees. This is because all dirt belongingss can act upon the behavior of hint metals every bit shortly as the heavy metals are absorbed by dirts and workss. 1.1 AIM The purpose of this study is to entree the sum of metal taint and bioavailability/mobility of selected hint of elements at Tolworth Court Farmland, for suitableness of the intended land usage. 1.2 Aim The aims of the study are: To study and take samples from Tolworth tribunal farm. To find dirt PH value. To find dirt organic affair. ( SOM ) To find cation exchange capacity ( CEC ) To find the entire hint metal component from dirt utilizing HNO3 and ICP-AES. To find the possible bioavailability of hint component with IM HN4NO To find suitableness for land intent. 2.0 MATERIALS AND METHODS 2.1 Description of site 2.2 Soil Sampling A figure of quality composite samples were gotten through the usage of satisfied random trying method. The equipment was exhaustively clean before continuing to each intended country to avoid taint from one point to another and samples were collected at the deepness of 10cm utilizing a manus plumber's snake. All dirt samples collected in paper bags were labelled. 2.3 Soil Preparations. Dirt samples were grinded. Prior to analysis samples were air dried at 40oC for three yearss and exhaustively through a 2mm nylon screen to take any possible works dust harsh fragment and dead foliages. The dirt pH and entire organic affair were analysed at Kingston University Laboratory, London. 2.4 Soil pH. Bullock and Gregory ( 1991 ) suggested that to find dirt pH the best practical method could be the usage of H2O pH method. Duplicate oven dried dirt samples, weighing 10g each were added with 25 milliliters of de-ionize H2O, and utilizing a pH metre which was calibrated at pH 4, 7 and 9.2. 2.5 Soil organic affair [ SOM ] For the finding of dirt organic affair, Walkley-Black method was used ( walkley, 1947 ) 10 ml solution of K bichromate was added to three replicate of grinded dirt samples weighing 0.4 g and 20 milliliter of sulfuric acid added to it and left for 30 proceedingss. Thereafter, 200 milliliter of de-ionize H2O and 10 milliliter of concentrated orthor-phosphoric acid was added to the dirt sample solution. Several beads of index solution [ Ba diphenylamine sulphonate ] , titration of dirt solution with 0.5M-ammonium ferric sulfate solution. Soil sample was carefully observed at the terminal point as it changes its coloring material from bluish to green. 2.6 Cation Exchange Capacity [ CEC ] Determination of CEC, was done by a suspension of 4g of dirt sample in 33ml of IM Na ethanoate solution thrice. Ethanol was used for taking of extra impregnation in the dirt solution. Sodium ion [ Na+ ] exchange index was displaced with NH4+ ion so finding was made utilizing flame emanation spectroscopy for cation exchange capacity of dirt sample. 2.7 Entire metal content For entire metal concentration, the usage of azotic acid [ HNO3 ] for decomposition process was applied. 1.5g of dirt sample was introduced into three different acerb clean 100ml conelike flask, and 20ml of concentrated azotic acid was added from a dispenser. After heating at 50oC for 30 min. dirt samples were allowed to chill before reassigning into 100ml volumetric flask utilizing Whatman filter paper No. 541. At this point sample was ready for finding of hint component by inductively coupled plasma atomic emanation spectroscopy [ ICP-AES ] . 2.8 Potential bioavailability hint component For this facet, IM NH4NO3 was used to measure the metal mobility in dirt sample. 1M NH4NO3 of which 50ml was added to dirty sample weighing 5g, it was agitate for 60 min. at 200 revolutions per minute. After agitating, samples were filtered utilizing whatman 41 filter paper. The infusion was used for finding of potentially bioavailability hint component by ICP-AES 2.9.0 Quality Control 2.9.1 Quality Assurance Measures The research lab activities of this study was closely examine to be able to detect any taint or malfunction so that if any occur it could be identified and corrected. Measures were taken to do certain that all laboratory equipment were exhaustively clean before and after each usage. 2.9.2 Reproduction In this study, three dirt samples were used throughout the same trial. 2.9.3 Certified Reference Material [ CRM ] This stuff enables traceability to the International System of unit. CRM contains known dirt belongingss and mineral measures by weight ( Mackay & A ; Kazlauskas, 2011 ) . This was provided in the University research lab and was really utile for digestion of acid in entire heavy metal extraction experiment from samples without being cognizant of how efficient the is during the digestion. 2.9.4 Reagent space Reagent spaces were besides included in the finding processes, and treated the same manner the dirt samples were treated. The consequence of the reagent spaces were subtracted from the samples to take any signifier of divergence which might hold been present in the chemicals used in the research lab work. 3.0 Consequences and Discussions 3.1 Soil pH Soil trial Mean Standard divergence pH 5.165 0.06363 Table 3.1 dirt pH Soil pH of country A, B and C are reasonably acidic as shown in the above tabular array 3.1. The values are 5.12 and 5.21. The sites have merely little differences in which country A is has the highest pH value and C has the lowest country. Crops can really turn on the investigated site ; this is support by Alloway ( 1990 ) the pH degree for cultivable harvests is 6.5 on mineral dirts and 5.5 on peaty dirts. Miller and Gardiner ( 1998 ) besides agreed that most agricultural workss can turn at its best in somewhat acidic dirt. Strongly acidic dirt status will increase the solubility and mobility of heavy metals that are present in the dirt, this will expose workss to put on the line as metals will be absorbed through works roots, workss finally become contaminated with high degree of heavy metals, this is true for elements like Zn, Co and Cu ( Mattina et al. , 2003 ) . Nitrification seem to be absent in acid dirts, microorganisms can non accommodate to acidic environment and finally its metabolic rate is reduced and C disrupted ( Alloway & A ; Ayres, 1993 ) . Soil sourness can be regulated by application of calcium hydroxide to dirty to increase the pH degree to 6.5 ( Blevins et al. , 1978 ) . 3.2 Soil organic affair 3.3 Cation exchange capacity Ion exchange is said to be an exchange between counter-ions that balances surface charge on dirt colloids whether the dirt is organic dirt, clay dirt or mineral dirt and the ion in the dirt solution, nevertheless, cation exchange capacity is the extent to which dirt components can move as cation money changer ( Alloway & A ; Ayres, 1993 ) .

Proposal - change of employee car policy essayEssay Writing Service

Proposal - change of employee car policy essayEssay Writing Service Proposal change of employee car policy essay Proposal change of employee car policy essayThe purpose of this memo is to address the companys existing practice of using private cars of employees for work-related needs. The intention of this document is to review existing policies and to suggest another approach providing corporate cars to employees instead of using their private cars. The strategy of using employee cars has a number of flaws: it limits the number of employees to those who own cars and are willing to use personal cars for work-related travels, it creates a need to track mileage and depreciation associated with work-related travels and might lead to insurance invalidation. Furthermore, some companies offer corporate car as additional benefit, therefore gaining an advantage in the process of hiring and retaining talented employees. These reasons indicate that there is a need to change the approach and offer company car to employees.BACKGROUNDCars are intensively used by the workers of our company both for privat e and corporate purposes. Current corporate policy is the following: employees need to have own car and they have to use this car to fulfill their work responsibilities. Currently the company reimburses the expenses on a per-mile basis, and in addition compensates car depreciation and car damage that happened while fulfilling work-related duties. While such strategy is relatively flexible and allows new employees to start quickly, it has a number of serious flaws that affect the companys competitive position.First of all, such strategy is discriminatory against those persons who do not own a car but have the necessary characteristics for doing the job successfully. In fact, the existing corporate strategy filters out those who are not willing to use personal car for work purposes or cannot do it on some reason along with people who currently do not have a car. In this way, the company might fail recruiting talented people simply because of ineffective car policy. Secondly, since the companys employees sometimes have to carry goods in their cars, which is classified by insurance companies as livery and in most cases invalidates insurance coverage (Gitman and McDaniel 36).It was also determined that some employees elevate depreciation expenses and/or travel expenses to get higher reimbursement and to finance own personal expenses. The company should either improve the process of tracking expenses or adopt a different approach to using cars. One more disadvantage of the current policy is the fact that it can hardly compete with corporate cars offered as benefits by competitors, so the companys HR managers have fewer opportunities to attract talented people or retain them.SCOPEThe analysis of the shortcomings of the current car policy shows that a new policy should be implemented. It is recommended to offer corporate cars to employees. This approach will help to resolve problems with depreciation and fuel expense tracking as all depreciation will be considered wor k-related as well as fuel expenses. Minor personal uses will be also covered. The company will be able to provide decent insurance and to take care of car maintenance and repairing in order to reduce the chances of work-related accidents or injuries (Cushway 56).The new policy will be more attractive to people who currently do not have a car, who do not want to use a personal car for work purposes or who cannot do it on some reasons. Furthermore, the new policy will be more attractive for new employees since they might be able to minimize car-related expenses and maintenance efforts. Corporate car can be offered as an additional perk by the companys HR managers (Armstrong and Murlis 464). This benefit might be used for motivating existing employees and for attracting new talents.CONCLUSIONIt is recommended to change the policy of personal car use by employees for work-related purposes to the policy of offering company cars to employees. In this way, the company will be able to attra ct more efficient employees, will optimize the costs of fuel and depreciation tracking, will manage the parks of car in a more efficient way and will have an additional benefit for recruiting new candidates.

8 Convenient Life Hacks for the Workplace

8 Convenient Life Hacks for the Workplace How do those people at work who always seem to have the right thing to say or do in any situation do it? How do people seem so confident and polished, when you always feel like you’re falling apart at the seams? Their tricks might be simpler than you think. It’s often the littlest things that make the biggest impact. Here are some convenient life hacks, pulled from real people who’ve used them in actual offices, to help you navigate your work life and come out on top.1. Dropbox your resumeEver been caught with your pants down and not had a copy of your resume when you really needed one? If you’re on the go, you can rest assured that you can email or print your resume directly from your phone if you use a service/app like Dropbox.2. Always type in the address lastYou’re writing an important professional email. You’re nervously wording everything perfectly. Make sure you don’t accidentally hit send before you’ve had a chance to lo ok it over. Make the address part the very last thing you type in. That way you always know you’re sending out a perfect, proofread product. No accidents! You can also set up (in Gmail based clients, anyway) a 5-10 second send delay, which gives you the chance to â€Å"undo† when you’ve sent too soon.3. Be the whiteboard heroSome numpty wrote on the office whiteboard in permanent marker? Rather than stare at whatever they wrote for the rest of your career, go over each mark with a normal whiteboard marker. Something magic happens between the two ink types that will make it possible to erase both together. For bonus points, charge admission to your magic trick.4. Take a chill pillIf you’re starting to feel overwhelmed and exhausted, even before you get to work, try building 2-5 minutes to yourself into your morning routine. Just sit with a cup of water, juice, or coffee and do nothing. Don’t even strategize about your day. Just be. You’ll fee l more rested and invigorated when you actually get back to your routine.5. Pay it forward–for yourselfWe’ve all had it happen: finish a job interview, walk outside, and realize immediately all the brilliant things you should have said. Write them down! Immediately and thoroughly. Then keep them for your next interview. 99.9% of it will be reusable, and very valuable. If you don’t get this job, you’ll have a great boost for the next.6. Hold your tongueIf we screw up, or we’re five minutes late, or we don’t have the document ready, it’s a knee-jerk reaction to preemptively apologize and offer up an explanation (read: excuse). Next time, hold on to it unless you’re asked for one. They might not have even noticed you were unprepared and the excuse will only serve to highlight what you did or didn’t do. Plus, nobody wants a reputation for making tons of excuses.7. Do the dirty deedOne way to distinguish yourself at work- and make yourself a hero- is to figure out the particular task or set of tasks that everyone else seems to avoid or hates to do, and do that. Well. Your niche in the office will be secure- even indispensable. And you’ll be the most popular employee around.8. Treat others how you would treat your bossSeriously. It is a little bit about popularity. Treat all of your coworkers, even your subordinates, as though they were the ones deciding about your raises and promotions and vacation requests. You never know who will make the difference in your career as it develops.â€Å"flair:’Careers Work

Ethical boundaries of undercover policing and authorized criminality Essay - 1

Ethical boundaries of undercover policing and authorized criminality - Essay Example of concession once the fellow group discovers about it ( Sullivan, 2005 ) .Again, engaging in a situation whereby it would involve revolutionary offenses and commission of executing since this would be against the legal framework of police laws and this would deny me the trust from the public at large ( Kephart, 2007 ). Also, engaging in an activity that involves drug rewards to the clunk, since it puts one in a position of conflicting judgment as a law enforcer. I would ensure my authorized criminality included the following: â€Å"Buy-bust†: this involves making orders for the drugs and using the marked money to purchase the drugs. The covert police then flees from the scene which opens an opportunity for the plain clothed police to swoop in and detain the supplier. Then the confiscated cash is used as evidence that the deal had indeed taken place ( Sullivan, 2005

The Reformation of Christianity in Late Medieval and Early Modern Essay

The Reformation of Christianity in Late Medieval and Early Modern Europe - Essay Example At the time the Christian faith was developed in Antioch, and the apostles of Jesus Christ first called Christians, the church was a single community of believers proclaiming the same faith and doctrines. Despite the existence of opinion differences among the faithful, there were amicable solutions to the questions of faith and ethical teachings that were mainly borrowed through inference to the work of Jesus. After setting of the first church in Vatican, Christianity remained as single religion of the same church, with Catholic being the church of Christ at the moment; it was not until the 16th century that eminent cracks developed among the followers and leaders of the church resulting to reformations within the church Reformation of Christianity can thus be termed as a religious revolution that that took place in the 16th century. The greatest leaders of reformation were Martin Luther and John Calvin. With highly developed social, economic and political effects, the Reformation became the foundational basis of the Protestantism that is one of the branches of Christianity. Reformation in the late medieval Europe resulted from a complex intricate of the factor with the office of the papacy pointed as the pinnacle of the genesis of the Reformation. Over the years before actualization of reformation ideas, the office of the papacy had become deeply involved in the political affairs of the Western Europe .

Leadership Styles Assignment Example | Topics and Well Written Essays - 750 words

Leadership Styles - Assignment Example The leadership style is based on the situations and challenges faced by the organization and requirements of people who are involved in the group. That means a leader must be flexible in his style. For instance, in the event of a crisis in an organization, it is most likely that an authoritarian leadership will be beneficial. If a decision is very hard and complex like development plans, handling risks, etc we need different ideas, experiences, and different areas of expertise and inputs from everybody. In such cases, democratic leadership style will be beneficial. If increasing the motivation and encouragement of the creativity of workers is important, a leader should adopt laissez-faire leadership style. In short, a leader must know which style he has to adopt to deal with the situation. Whatever it is the main objective of the leader and the group is the profit maximization of the company. For this, either the leader has to change his own approach or he must have the ability to ch ange the situations to suit him. Your leadership style; advantages and disadvantages I fall in the category of democratic leadership style. Democratic leadership style is the most suitable leadership style in today’s business environment. The advantages and challenges of this leadership style in today’s business environment are described as below:- Advantages 1. Today’s business environment demands higher contribution in terms of innovation creativity. Innovation and creativity does not always come from a single person. It might require sharing of ideas. Therefore, a democratic leadership style helps to gather ideas and opinions from a group of people. 2. As competition is higher, financial rewards are not the only reason behind an employee’s commitment to an organization. An important role is played by motivation and job satisfaction. A democratic leadership style will help to improve the motivation of employees are they feel that their opinions are bein g accepted. 3. Achieving the common goal as an entire group is very much important for an

Prospects and Perception of Islamic Life Insurance

Prospects and Perception of Islamic Life Insurance Chapter 1 Introduction Background to study: Insurance is a financial industry which has surfaced as a colossal industry for both in Muslim and Non Muslin world. In Conventional Insurance there are many elements, activities and procedures which are considered unethical, unlawful and unislamic by majority of Islamic scholars. Elements such as uncertainty, gambling and excessive interest are the main culprits. (Khair Bakhsh, 2009). For the satisfaction of Muslim concern, market experts and Islamic scholars introduced an insurance with the name of Takaful.The increase in demand of Takaful system and the presence of large markets for its products is compelling the entitled authorities to introduce it in Pakistan as soon as possible. Problem Statement: What are the prospects and perception of Islamic life insurance in Peshawar? Purpose of the study: To review why convention system is prohibited in Islam To compare Islamic Life Insurance (Takaful) with Contemporary Life Insurance. To find out justification of an Islamic Life Insurance (Takaful) Analysis of prospects of Takaful in Peshawar City. Methodology Applied Research: In this research I will be studying existing Islamic life insurance system and adding no new finds to body of knowledge. Scheme of study Type of investigation: This is a descriptive study: The format, which will be followed in this study, is to find out justification of an Islamic Life Insurance and what are its prospects in Peshawar. Cross-sectional Data: In this research I will observe and study secondary data regarding Islamic Life Insurance and Conventional life Insurance system. Unit of Study: My research unit of analysis will be organization Study Settings: Field Study: Study will be done in natural settings in which variables will not be controlled. Researchers interference: In this study researchers interference will be minimal and has no direct interference with the Islamic life insurance organizations because I am not allowed to interfere in the organizations. Methodology: The methods I will be using in the report are both Primary and Secondary data collection. Secondary Data: For this research I will use secondary data. Sources: Internet Leading newspaper articles Books related to Islamic life Insurance (Takaful) Research instruments: The instruments which will be used in my research to collect primary data are: Observations Questionnaires. Sample Size: I will be distributing questionnaires. Sampling Techniques: The sampling technique will be simple random sampling that will help in reducing the biasness factor in the research. Limitations: The scope of my research will be limited to students of universities in Peshawar because of time and other limited resources. Scheme of the report: The report will consist of the following parts. Introduction Literature Review Findings Analysis Conclusion and Recommendations Literature survey Meaning of Takaful: Takaful is a form of mutual assistance (Taawun) strengthened by aiding the ones who are in problems and deserve to be helped.(Dr.Masum) (2009). According to him, Islamic Scholars have begun to accept and conclude to the viewpoint that Takaful is according to Shariah principles. Numerous Islamic conferences are being held and Shariah Councils are emphasizing by creating awareness amongst the Muslims that Takaful operations are free from unIslamic elements thus the development of Takaful in the market is to cater to the needs of Muslim by providing them products and services in accordance to Islam. â€Å"Overtime, greater understanding on the concept of Islamic Insurance has emerged as the concept of Takaful, based on the contract of Tabarru (donation) and Mudarabah profit sharing.† â€Å"Takaful is an alternative form of Conventional Insurance based on the concept of trusteeship and cooperation inspired by the beliefs of the followers of Islamic teachings. Murtaza Ali (2007). It can be concluded that takaful is an Islamic way of dealing with uncertainties via mutual assistance and it is social scheme developed on the principals of brotherhood, solidarity and mutual assistance. Takaful is rooted from an Arabic word Kafal, which means that ones needs should be taken care of. According to this scheme participants jointly agree to bind themselves against damages caused by hazards. â€Å"Takaful is a legally binding agreement between all the participants of the scheme to pay any of the members who suffers a loss as specified in the Takaful certificate†. (Dr.Masum)(2009). Muhaimin Iqbal (2005), Abdul Rahim, Wahab and Kabir Hassan explain Takaful as a scheme that is derived from the concept of Taawun and the concept of Takaful is similar to Conventional mutual risk sharing. Takaful has a fixed maturity period and is considered long term saving tool. Apart from giving benefits of return it also provides a mutual financial assistance among participants. â€Å"A Programme that pools efforts to help the needy in times of need due to immediate deaths or mishaps resulting in personal injury or disablement†. (Bank Negara Malaysia) Scholars like Dr.Yusof Qaradawi (July 2007) state â€Å"Our observation that the modern current practices are objectable Islamic ally does not mean that Islam is against Insurance: it only opposes the means and methods.† According to the author the Islamic insurance companies will use the contract of donations and provide compensation and the operation of the company shall not get engaged in any unislamic elements. HISTORICAL PERSPECTIVE; â€Å"Muslims were involved in Marine activities in the Mediterranean and Indian Ocean from the seventh century on†. Chaim-Vardit (2009).† â€Å"The rough model of Takaful was practiced by Arabian tribes, holding to the principal of pooled resources to help the needy on the voluntary basis† Masum Billah (2001). Tamim become the first insurance term in Arabic only in 20th century and it is believed that Ibn Abidin, a Hanafite Jurist who died in 1836,is the First Muslim to coin name Insurance Sukara (security) influenced by Italian term Siguare and Turkish Sigorta. Chaim-Vardit (2009). Merchants of Mecca used to form a group of Mutual funds with a purpose to help the victims or survivors of natural hazards during their commercial ventures into Syria, Iraq and other countries. Such a practice was supported and even contributions were made by Prophet Muhammad (P.B.U.H) while trading with the capital of Hazrat Khadija. Aziz-Abdul (2005) â€Å"The period lasting from the fall of Rome until the Dawn of Islam was the darkest, most corrupt and unsettled period in the known history to man. Hence the Dawn of Islam removed darkness from the face of life and brought the environment of security and stability to the areas which came under the influence of Islam.† According to Chaim-Vardit, Shariah recognizes several transactions and institutions which function in a way similar to certain type of Insurance. The typical ones are: Daman (guarantee) is synonymous to â€Å"Kafala† is used with risk or responsibility that one bears with regard to property of which one enjoys profit. Daman Khatar al Tariq (guarantee against travel hazards). In this type of transaction, the person himself wishes to be compensated for a future possible loss. Wala al Muwalat-This type of transaction was prohibited by Prophet Muhammad (P.B.U.H). The problem was this type of transaction established new ties, as strong as blood ties, outside the family was unbearable. Diya (blood money)-compensation to victim or victims family for unintentional killing or bodily injury. Mudaraba-is not mentioned in Quran and there is much doubt whether it is mentioned in Hadith Zakat-means growth and purity. It is often mentioned as equal to modern social Insurance and there have been modern attempts made in Islamic states as Saudi Arabia and Pakistan to apply Zakat. The institution of Waaf (endowment)-the property endowed as Waaf was intended to support the poor, staff of mosques, hospitals, to maintain city facilities and the two holy cities. Jizya-tax levied on non-Muslims residing in Islamic State and provides then with security for their lives and property. Holy Prophet (P.B.U.H) emphasised that a Muslim should protect itself from hazards and risks via transfering the risk through Takaful Model.The life of a muslim is Controlled and destiny by Allah (S.A.T) but it does not mean that a Muslim cannot protect itself but indeed a Muslim in Islam should gurad itself from misfortunes, hazards, risks and uncertanities.Dr.Masum (2001). Types of Takaful Structures: â€Å"There is no single â€Å"best† model that exists for takaful. Shariah scholars worldwide concur on fundamental components that characterize a takaful scheme, yet in their judicial opinions (fatwas), operational differences are tolerated as long as they do not contradict essential religious tenets.† Ms Shakun Ashoka Raj (2007). There has been a tremendous research done on the takaful models which includes work of prominent authors like Dr.Masum (2001), Hassan, Rahim and Wahab (May June 2007). According to Hassan, Rahim and Wahab (2007) for the Mudarabah contract to be allowed and carried in Islam requires a number of elements to be present: The capital provider (participant); The entrepreneur (takaful operator); Capital an appropriate activity; Profit and loss sharing and offer and acceptance. In the mudaraba contract, the two parties know as provider (rab ul maal) and the entrepreneur or takaful operator (mudarib) operates on a joint venture basis. †An investment on a Mudarabah basis of 100 should at the end of the period give more then 100 to be termed as profit and for the operators to share that.† The other takaful model is known as agency or wakala model. On the basis of this principal, a person delegates his right or business to the other people/person to act as his agent or wakil. The agent is responsible to contribute his knowledge, skills, and abilities in performing the tasks assigned to him in the best manner. According to Dr.Masum (2001) in the Wakala model the salary of the agent who rendered the services is subtracted against the fool of funds. The net funds will be used for the purpose of investment and profits will be distributed accordingly. Similarly author Rahim, Wahab and Hassan â€Å"Under a typical wakala model, the Tabarru (donation) remains the property of the participants unless consumed, as they have the right to receive the surplus back and therefore it becomes a conditional gift.† Tijari model (business) commonly uses both the pure Mudarabah and modified Mudarabah approaches. Dr.masum is of the opinion, that modified Mudarabah approach is used where deduction of expenses is taken into consideration and as result more expensive premium is charged from the participants in order to cover the operational expenses while on the other hand Pure mudarabah approach is used where there are no operational expenses charged. Waqf model-this model operates on non-profit basis that collects donation from individuals or firms who willingly want to contribute something positive to the society. Social organizations and enterprise are engaged in such type of activity. Shakun Ashoka Raj (2007). Concepts of beneficiaries in Takaful It is vital to test the beneficiary in the policy inorder to find that whether the beneficiary is the right person to be tranferred the benefits.In order to do so the following concepts are under taken : Al-Wasiyah (bequest) Al-Mirath (inheritance) Al-Milkiyah (ownership) In the Takaful Model if the policy holder outlives the policy duration then under such circumstances the policy holder is entitled for the benefits and he is the only owner but in Waqf model the sole owner is Allah (S.A.T) and no one can claim the property or benefits. Dr.Masum (2001). After death of the policy holder the following stages are inoccured before the distribution of benefits of the policy. Wealth heald by the policy holder is adding with total benefits If there are any debts left by the policy holder then from the total weath those debts are paid off . For the remaining the funeral expenses will be deducted. The remaining property or any thing left is disrtibuted under the principals of Al wasiyah and Al mirath. Al Wasiyah Under the islamic principal the policy holder can give away via will 1/3 of the property. This is to reduces injustice that may be caused by the policy holder by giving his benefits not to his legal heirs . Al Mirath After making payments of loan taken by Policy holder, excluding funeral expenses from the remaining property and cash left by the deceased and executing his will, the remaing benefits ,property and cash left is distributed among the legal heirs of the policy holder via Islamic methods. CONVENTIONAL LIFE INSURANCE INSURANCE: Insurance is a medium via which people transfer the burden of uncertainty (financial loss) to the insurer, for an agreed financial attention known as â€Å"Premium†. In return, the issuer promises to provide financial compensation to the insured for particular loss occurring. The clients of the policy are known as policyholders. Human life is exposed to risks of death and disability due to natural disasters and accidents. Property possessed by man is exposed to various man made and natural hazards. Simultaneously man himself is exposed to different diseases, deadly viruses, the cure for which involves huge expenses. A family might have to face serious financial and moral hazards as a human life is lost or a person is disabled temporarily or permanently. If an individuals property is damaged, it might result in decline in income of the individual. Life insurance gives protection to an individual during his/her lifetime and after his death too. So we can say that it is an agreement that guarantees the payment of agreed amount of monetary benefit to the insured. There are number of companies offering Life insurance policies. The more the time period of the policy the greater its benefit e.g. if a person purchases a policy for the period of 10 years, he will get its benefit after 10 years but if he dies during this time frame, his family will get its benefit. The insurance company reviews variables that are likely to affect the health and how long and individual lives after receiving an application by individual for life insurance policy. Actuarys Statistical Analysis is performed by a person know as â€Å"Actuary† who determines whether the individual is a good â€Å"risk† to insure. Insurance premium is calculated, the older an individual, the higher the life insurance premium to be paid. Insurance premium can also be higher if an individual has health issues like higher cholesterol. If the insurance company agrees to provide insurance the agent will deliver the life insurance contract. The contract will include: The amount of money to be paid when the policyholder dies. How long the contract lasts. The amount of premium that needs to be paid by the policyholder. The policyholder will need to name the beneficiary to whom the benefit of the policy will be transferred in the event of death of policyholder. HISTORICAL DEVELOPMENT OF INSURANCE: Insurance is as old as the development of human society. In a society there are two types of economies Money economy Natural economy. Natural economy is more old then the money economy where people form community to help each other. For example if the house of a person gets burnt, the community members will pool in funds and reconstruct the house. Money economy practiced the transfer or distribution of risk by the Chinese and the Babylonian traders in the 2nd and 3rd millennium B.C. Achaemenian monarchs of Iran were the first to insure their people and that process was registered in the governmental notary offices. Life Insurance primarily established to provide protection against risk and catastrophes to people who were dieing very early, people who were aged and people who as a result of accident were disabled. This was practiced made possible by sharing and transferring risk with other individuals of the society. The idea of insuring oneself against risk is as old is mankind. Early times in England, societies were formed. Relief to the family of members of the societies would be given by making little sum of payments, if the grains of the farmers were damaged. The first life insurance company was established in England in 1705 and named the Amicable Society for Perpetual Assistance. Life insurance developed from these small beginnings into colossal industry, which gives people sense of security they require to maintain financial stability, moral and faith against inflation, deflation, wars, boom, panic and all sort of devastation. Life insurance gives individuals sound financial back up to move forward as it is based on scientific principles. Life Insurance companies were the only companies to pay their dues fully and survive the crisis of recession while the banks and other investment companies failed to do so. The purpose of selling life insurance is to make sure that it provides fresh air to people to start a life. In the larger view the life insurance policy becomes the reason for the beneficiary to begin a new life. Life insurance does active saving, utilization of funds and reserves for hazards and opportunities. It is a medium of savings, protection and growth and it has given people peace of mind and financial soundness. TYPES OF LIFE INSURANCE There are many different classification of life insurance each satisfying different need of individuals. Life insurance can be broadly divided into two main types: Term Assurance Whole Life Assurance Term Assurance: It is the least expensive Insurance and is available in various forms. This form of insurance is opted if the individual cannot afford other types of insurance or when temporary protection is needed. The premium from this type of insurance is free from element of investment. Term Assurance policy in case of death of policy holder during the specified years is bounded to provide lump sum amount of agreed money but if the individual outlives, then in such circumstances the contract is ceased and no money is to be provided to the policyholder. Term Life Insurance policy lengths for: One-year term policy- promises to pay the beneficiaries of the policyholder the agreed amount of money if the insurer dies within one-year tem policy. Five years promises to pay the beneficiaries of the policyholder the agreed amount of money if the insurer dies within five-year term policy. Ten years, fifteen and twenty year term policy is also known as long term policy. TYPES OF TERM ASSURANCE: Renewable term life policy –In this term life policy, the policyholder automatically qualifies to continue the policy when the specified time of the policy ends. Non-Renewable term life policy- this term life policy, the policy holder does not automatically qualifies to continue the policy when the specified time of the policy ends instead the individual has to re-qualify for the policy by undergoing physical examination in order to determine the health condition. Convertible term life policy-In this type of term policy the insured has the choice to covert this type of policy into permanent life insurance policy into variable insurance, whole or universal life insurance. Non-Convertible term life policy- simply means that policyholder cannot switch the policy to another type life insurance policy. WHOLE LIFE INSURANCE: This policy last the whole (entire) life of the insured. If the policyholder stops paying the premium he/she can get the benefit paid till date. Because of this reason it is an expensive life insurance policy. For example the funeral policy in which expenses are covered for the funeral of the person passed away. Full payment for the policy is taken at the time of purchases of policy. Whole life insurance policy can be divided into two types: Ordinary Life Insurance Limited Payment Life Insurance Ordinary life insurance: It is also know as straight life insurance. In this type of insurance policy the insurer is give lifetime security. For example if the insurer is alive at 100, then he is to be paid the benefit if the policy or the agreed amount of money. Under this policy of life insurance the policyholder is charged high premiums in the start of the policy and charged less premium during the last years of the policy. The life insurance company invests the premium of the policyholder to accumulate a cash surrender value. The policyholder can withdraw from the policy by taking the cash value or borrowing cash value at lower interest rates. The cash value is relatively small in the start of the year and increases with years. LIMITED PAYMENT LIFE INSURANCE: This life insurance policy is also known as â€Å"limited pay life insurance† in which individual pays for the specific time period and enjoys the policy for the rest of his/her life. The face amount of the policy is paid tax free to the beneficiaries the policyholder mentioned. This face amount can be paid on monthly basis or in lump sum amount. If the Policyholder mentioned to make payment to the beneficiary on monthly basis then the policyholder has four options to choose from: Life Income-In this policy the beneficiary of the policyholder is paid on the monthly basis as long as the beneficiary lives. Fixed Period Income-In this type of policy, the policyholder asks the insurance company to pay the beneficiary after his death the proceeds in equal amount over the period of ten years. The years determined are dependent on the wish of the policyholder. Fixed Amount Income-In this type of policy the policy holder asks the insurance company that after his death the nominated beneficiary should be paid lets suppose Rs.1000 a month till the proceeds are exhausted Interest Options-In this the policy holder asks the insurance company that after his death the benefit of the policy should be reinvested by the insurance company and the interest from the investment made should be provided to the nominated beneficiary each year. OTHER FORMS OF LIFE INSURANCE: Endowment Life Insurance- This policy is for a specific time period. The face value is paid to the nominated beneficiary if the policyholder dies during the specific period but if he is alive then the policyholder is paid the benefit of the policy. Variable Life Insurance-This policy is for the whole life. The policyholder is given option to decide the amount he wants to invest in life insurance and the amount he wants to invest in other investment opportunities like buying stocks. It has a guaranteed death benefit, which is based on forecasted interest rates. Theses rates are not fixed indeed vary from company to company. Universal Life Insurance-This policy charges less premium in the start but does not provide death benefit or cash value as this policy is flexible in terms of premium payments and timing. Second To Die Life Insurance- This policy is designed for couples.(married).The benefit of the policy is provided to the heirs of the policyholders only when the surviving spouse dies. Juvenile Life Insurance-The purpose of this policy is to provide safeguard to the children. The guardian or the parent of the child purchases policy in order to secure the minor from mishaps. Modified Life Insurance Policy-In this life insurance policy higher premium are charged at the later years of the specified time. It is suitable for those individuals who believe that their salary/income will increase in the future. METHODS FOR PROVIDING LIFE INSURANCE PROTECTION: There are two methods that are actively used to provide life insurance to individuals. Annual Renewable Term Level Premium method Annual Renewable Term: This type of life insurance policy has overcome the challenge of insurability simply meaning that the policyholder can renew the policy without under going medical examination or providing sound health evidence. Because of poor health or other mishaps the insurer might not be allowed to renew the policy. So annual renewable policy (ART) ignores the insurability element, they simply pay the renewal premium. The policy period varies from 10 to 30 years and for the till the age of 95 mostly. In such policy the premium to be paid is much higher then other life insurance policies. The more the age the higher the premium to be paid and thus the greater the return on the policy. The premium is calculated by determining the death rate of each age group. For Example: A group of 1000 males (non-alcoholic) at the age of 40 wants to get a life insurance for $1000.The death rate of males at the age of 40 is .332% out of 1000.This means that the insurance company would have to pay $.3220 for the death claim. The insurance company would have to collect $.3.20 from each policyholder in order to cover the death claims. The yearly renewable insurance premium increases, as the individual gets older. Premium sharply rises during the later years, because as the age grows the death rate also grows. LEVEL PREMIUM METHOD: In this type of life insurance policy the premium remains the same for the agreed number of years. The time frame varies from 10, 15, 20 to 30 years. This life insurance policy provides insurance to age 100.If the insurer survives till the age of 100 then the face value of the policy is paid to the policyholder. The premium charger in the early age is higher in order to cover for the morality expenses. Level Premium method is also know as ‘Legal Reserve† because the money invested by the company is according to the state law. The state requires the company to maintain a minimum amount of liquid so that it is able to pay for the agreed claims. The legal reserve that the insurance company maintains is equal to the present value of the future death claims minus present value of future premiums. The main objective of the legal reserve is to provide lifetime security. The policyholder has an option to withdraw from the policy by just taking the cash value which is less then the legal reserve because of deductions of expenses like sales. UNISLAMIC ELEMENTS IN CONVENTIONAL LIFE INSURANCE Conventional insurance contains the elements that are unacceptable in Islam which include Riba Maisir Gharar Riba –also termed as interest, is present in conventional life insurance. Loans granted by companies are charged on interest. An insured upon his death receives greater then he has paid. This is not permissible in Islam. Insurance funds stocks/bonds contain the element of interest Those who eat riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say, Trading is only like riba or usury, whereas Allah has permitted trading and forbidden riba. So whosoever receives an admonition from his Lord and stops eating riba shall not be punished for the past; his case is for Allah (to judge): but whoever returns to riba, are dwellers of the Fire they will abide therein. â€Å"Al-Quran, Al-Baqarah (2). 275 Maisar- It refers to gambling or game of chance. Gambling of all forms/types is prohibited in Islam. The gambler tries to win mass wealth without making an effort. When the policyholder dies after only paying a small amount of premium his/her nominated beneficiary receives the benefit in term of monetary, which the policyholder has no idea where the amount has come from. Al-Maisir is referred to in the Quran as follows: O you who believe intoxicants (all kind of alcoholic drinks) and gambling, and Al-Ansab (ways for seeking luck) are an abomination of Shaitan (Satan). So avoid strictly all that (abomination) in order that you may be successful. Al-Quran, AI-Maidah (5): 90 Uncertainty -It is an element which is termed as gharar, is prohibited in Islam. In business terms gharar means undertaking business deals which are riskier and individuals do not posses sufficient knowledge about them. A contract which contains uncertainty due to: Occurring time is not known. The amount payable is not known. Whether the payment will be accepted as agreed. HARAM/HALAL-Islam does not allow individuals to invest money in unIslamic activities. Insurance companies may invest in bonds or tobacco companies or any unethical activity which is not permissible in Islam then taking insurance from such companies is considered haram. ISLAMIC LIFE INSURANCE The transaction of an Islamic life insurance system aims to protect the life of widows, orphans and the dependents of the deceased against future risks and hazards. It follows the principal of Al-Mudaraba financing. Under this principal the insured and insurer mutually agree to co-operate. The insured dependants are protected of future hazards as well as donations are made for the uplift of poor individual who face accidents in Islamic society. This concept was present and practiced during the times of Holy Prophet (P.B.U.H). In Islamic life Insurance policy the nominee is just acting as a trustee and is not considered the absolute beneficiary. The purpose/responsibility of the individual nomination (nominee) by the assured is to distribute the benefit to the heirs of the deceased under the principal pf Mirath and Wasiyah. In Islamic life insurance policies there are two situation in which the benefits of the policy are transferred i) the insurer can claim from the insurer the benefi ts if he outlives the time mentioned in the policy a) the paid premiums b) the profits made upon the paid premiums and c) the dividends/bonus made according to the company policy. In the other situation if the insured is not alive or passed away during the policy, the benefits are transferred to the nominee (selected by insured) and it is mandatory for the nominee to distribute the benefits of the policy among the heirs of the policyholder. The benefits include a) paid premium b) profits made on the paid premiums c) bonus/dividends make the company policy and d) donations from the companys charitable funds according to the policy selected by the assured. The benefits of the Islamic life insurance policy are not just claimed by individuals who face natural death/accidents but the benefit are also provided to people insured and passing in unlawful death example suicide/murders. The reason for that is life and death can only be det Prospects and Perception of Islamic Life Insurance Prospects and Perception of Islamic Life Insurance Chapter 1 Introduction Background to study: Insurance is a financial industry which has surfaced as a colossal industry for both in Muslim and Non Muslin world. In Conventional Insurance there are many elements, activities and procedures which are considered unethical, unlawful and unislamic by majority of Islamic scholars. Elements such as uncertainty, gambling and excessive interest are the main culprits. (Khair Bakhsh, 2009). For the satisfaction of Muslim concern, market experts and Islamic scholars introduced an insurance with the name of Takaful.The increase in demand of Takaful system and the presence of large markets for its products is compelling the entitled authorities to introduce it in Pakistan as soon as possible. Problem Statement: What are the prospects and perception of Islamic life insurance in Peshawar? Purpose of the study: To review why convention system is prohibited in Islam To compare Islamic Life Insurance (Takaful) with Contemporary Life Insurance. To find out justification of an Islamic Life Insurance (Takaful) Analysis of prospects of Takaful in Peshawar City. Methodology Applied Research: In this research I will be studying existing Islamic life insurance system and adding no new finds to body of knowledge. Scheme of study Type of investigation: This is a descriptive study: The format, which will be followed in this study, is to find out justification of an Islamic Life Insurance and what are its prospects in Peshawar. Cross-sectional Data: In this research I will observe and study secondary data regarding Islamic Life Insurance and Conventional life Insurance system. Unit of Study: My research unit of analysis will be organization Study Settings: Field Study: Study will be done in natural settings in which variables will not be controlled. Researchers interference: In this study researchers interference will be minimal and has no direct interference with the Islamic life insurance organizations because I am not allowed to interfere in the organizations. Methodology: The methods I will be using in the report are both Primary and Secondary data collection. Secondary Data: For this research I will use secondary data. Sources: Internet Leading newspaper articles Books related to Islamic life Insurance (Takaful) Research instruments: The instruments which will be used in my research to collect primary data are: Observations Questionnaires. Sample Size: I will be distributing questionnaires. Sampling Techniques: The sampling technique will be simple random sampling that will help in reducing the biasness factor in the research. Limitations: The scope of my research will be limited to students of universities in Peshawar because of time and other limited resources. Scheme of the report: The report will consist of the following parts. Introduction Literature Review Findings Analysis Conclusion and Recommendations Literature survey Meaning of Takaful: Takaful is a form of mutual assistance (Taawun) strengthened by aiding the ones who are in problems and deserve to be helped.(Dr.Masum) (2009). According to him, Islamic Scholars have begun to accept and conclude to the viewpoint that Takaful is according to Shariah principles. Numerous Islamic conferences are being held and Shariah Councils are emphasizing by creating awareness amongst the Muslims that Takaful operations are free from unIslamic elements thus the development of Takaful in the market is to cater to the needs of Muslim by providing them products and services in accordance to Islam. â€Å"Overtime, greater understanding on the concept of Islamic Insurance has emerged as the concept of Takaful, based on the contract of Tabarru (donation) and Mudarabah profit sharing.† â€Å"Takaful is an alternative form of Conventional Insurance based on the concept of trusteeship and cooperation inspired by the beliefs of the followers of Islamic teachings. Murtaza Ali (2007). It can be concluded that takaful is an Islamic way of dealing with uncertainties via mutual assistance and it is social scheme developed on the principals of brotherhood, solidarity and mutual assistance. Takaful is rooted from an Arabic word Kafal, which means that ones needs should be taken care of. According to this scheme participants jointly agree to bind themselves against damages caused by hazards. â€Å"Takaful is a legally binding agreement between all the participants of the scheme to pay any of the members who suffers a loss as specified in the Takaful certificate†. (Dr.Masum)(2009). Muhaimin Iqbal (2005), Abdul Rahim, Wahab and Kabir Hassan explain Takaful as a scheme that is derived from the concept of Taawun and the concept of Takaful is similar to Conventional mutual risk sharing. Takaful has a fixed maturity period and is considered long term saving tool. Apart from giving benefits of return it also provides a mutual financial assistance among participants. â€Å"A Programme that pools efforts to help the needy in times of need due to immediate deaths or mishaps resulting in personal injury or disablement†. (Bank Negara Malaysia) Scholars like Dr.Yusof Qaradawi (July 2007) state â€Å"Our observation that the modern current practices are objectable Islamic ally does not mean that Islam is against Insurance: it only opposes the means and methods.† According to the author the Islamic insurance companies will use the contract of donations and provide compensation and the operation of the company shall not get engaged in any unislamic elements. HISTORICAL PERSPECTIVE; â€Å"Muslims were involved in Marine activities in the Mediterranean and Indian Ocean from the seventh century on†. Chaim-Vardit (2009).† â€Å"The rough model of Takaful was practiced by Arabian tribes, holding to the principal of pooled resources to help the needy on the voluntary basis† Masum Billah (2001). Tamim become the first insurance term in Arabic only in 20th century and it is believed that Ibn Abidin, a Hanafite Jurist who died in 1836,is the First Muslim to coin name Insurance Sukara (security) influenced by Italian term Siguare and Turkish Sigorta. Chaim-Vardit (2009). Merchants of Mecca used to form a group of Mutual funds with a purpose to help the victims or survivors of natural hazards during their commercial ventures into Syria, Iraq and other countries. Such a practice was supported and even contributions were made by Prophet Muhammad (P.B.U.H) while trading with the capital of Hazrat Khadija. Aziz-Abdul (2005) â€Å"The period lasting from the fall of Rome until the Dawn of Islam was the darkest, most corrupt and unsettled period in the known history to man. Hence the Dawn of Islam removed darkness from the face of life and brought the environment of security and stability to the areas which came under the influence of Islam.† According to Chaim-Vardit, Shariah recognizes several transactions and institutions which function in a way similar to certain type of Insurance. The typical ones are: Daman (guarantee) is synonymous to â€Å"Kafala† is used with risk or responsibility that one bears with regard to property of which one enjoys profit. Daman Khatar al Tariq (guarantee against travel hazards). In this type of transaction, the person himself wishes to be compensated for a future possible loss. Wala al Muwalat-This type of transaction was prohibited by Prophet Muhammad (P.B.U.H). The problem was this type of transaction established new ties, as strong as blood ties, outside the family was unbearable. Diya (blood money)-compensation to victim or victims family for unintentional killing or bodily injury. Mudaraba-is not mentioned in Quran and there is much doubt whether it is mentioned in Hadith Zakat-means growth and purity. It is often mentioned as equal to modern social Insurance and there have been modern attempts made in Islamic states as Saudi Arabia and Pakistan to apply Zakat. The institution of Waaf (endowment)-the property endowed as Waaf was intended to support the poor, staff of mosques, hospitals, to maintain city facilities and the two holy cities. Jizya-tax levied on non-Muslims residing in Islamic State and provides then with security for their lives and property. Holy Prophet (P.B.U.H) emphasised that a Muslim should protect itself from hazards and risks via transfering the risk through Takaful Model.The life of a muslim is Controlled and destiny by Allah (S.A.T) but it does not mean that a Muslim cannot protect itself but indeed a Muslim in Islam should gurad itself from misfortunes, hazards, risks and uncertanities.Dr.Masum (2001). Types of Takaful Structures: â€Å"There is no single â€Å"best† model that exists for takaful. Shariah scholars worldwide concur on fundamental components that characterize a takaful scheme, yet in their judicial opinions (fatwas), operational differences are tolerated as long as they do not contradict essential religious tenets.† Ms Shakun Ashoka Raj (2007). There has been a tremendous research done on the takaful models which includes work of prominent authors like Dr.Masum (2001), Hassan, Rahim and Wahab (May June 2007). According to Hassan, Rahim and Wahab (2007) for the Mudarabah contract to be allowed and carried in Islam requires a number of elements to be present: The capital provider (participant); The entrepreneur (takaful operator); Capital an appropriate activity; Profit and loss sharing and offer and acceptance. In the mudaraba contract, the two parties know as provider (rab ul maal) and the entrepreneur or takaful operator (mudarib) operates on a joint venture basis. †An investment on a Mudarabah basis of 100 should at the end of the period give more then 100 to be termed as profit and for the operators to share that.† The other takaful model is known as agency or wakala model. On the basis of this principal, a person delegates his right or business to the other people/person to act as his agent or wakil. The agent is responsible to contribute his knowledge, skills, and abilities in performing the tasks assigned to him in the best manner. According to Dr.Masum (2001) in the Wakala model the salary of the agent who rendered the services is subtracted against the fool of funds. The net funds will be used for the purpose of investment and profits will be distributed accordingly. Similarly author Rahim, Wahab and Hassan â€Å"Under a typical wakala model, the Tabarru (donation) remains the property of the participants unless consumed, as they have the right to receive the surplus back and therefore it becomes a conditional gift.† Tijari model (business) commonly uses both the pure Mudarabah and modified Mudarabah approaches. Dr.masum is of the opinion, that modified Mudarabah approach is used where deduction of expenses is taken into consideration and as result more expensive premium is charged from the participants in order to cover the operational expenses while on the other hand Pure mudarabah approach is used where there are no operational expenses charged. Waqf model-this model operates on non-profit basis that collects donation from individuals or firms who willingly want to contribute something positive to the society. Social organizations and enterprise are engaged in such type of activity. Shakun Ashoka Raj (2007). Concepts of beneficiaries in Takaful It is vital to test the beneficiary in the policy inorder to find that whether the beneficiary is the right person to be tranferred the benefits.In order to do so the following concepts are under taken : Al-Wasiyah (bequest) Al-Mirath (inheritance) Al-Milkiyah (ownership) In the Takaful Model if the policy holder outlives the policy duration then under such circumstances the policy holder is entitled for the benefits and he is the only owner but in Waqf model the sole owner is Allah (S.A.T) and no one can claim the property or benefits. Dr.Masum (2001). After death of the policy holder the following stages are inoccured before the distribution of benefits of the policy. Wealth heald by the policy holder is adding with total benefits If there are any debts left by the policy holder then from the total weath those debts are paid off . For the remaining the funeral expenses will be deducted. The remaining property or any thing left is disrtibuted under the principals of Al wasiyah and Al mirath. Al Wasiyah Under the islamic principal the policy holder can give away via will 1/3 of the property. This is to reduces injustice that may be caused by the policy holder by giving his benefits not to his legal heirs . Al Mirath After making payments of loan taken by Policy holder, excluding funeral expenses from the remaining property and cash left by the deceased and executing his will, the remaing benefits ,property and cash left is distributed among the legal heirs of the policy holder via Islamic methods. CONVENTIONAL LIFE INSURANCE INSURANCE: Insurance is a medium via which people transfer the burden of uncertainty (financial loss) to the insurer, for an agreed financial attention known as â€Å"Premium†. In return, the issuer promises to provide financial compensation to the insured for particular loss occurring. The clients of the policy are known as policyholders. Human life is exposed to risks of death and disability due to natural disasters and accidents. Property possessed by man is exposed to various man made and natural hazards. Simultaneously man himself is exposed to different diseases, deadly viruses, the cure for which involves huge expenses. A family might have to face serious financial and moral hazards as a human life is lost or a person is disabled temporarily or permanently. If an individuals property is damaged, it might result in decline in income of the individual. Life insurance gives protection to an individual during his/her lifetime and after his death too. So we can say that it is an agreement that guarantees the payment of agreed amount of monetary benefit to the insured. There are number of companies offering Life insurance policies. The more the time period of the policy the greater its benefit e.g. if a person purchases a policy for the period of 10 years, he will get its benefit after 10 years but if he dies during this time frame, his family will get its benefit. The insurance company reviews variables that are likely to affect the health and how long and individual lives after receiving an application by individual for life insurance policy. Actuarys Statistical Analysis is performed by a person know as â€Å"Actuary† who determines whether the individual is a good â€Å"risk† to insure. Insurance premium is calculated, the older an individual, the higher the life insurance premium to be paid. Insurance premium can also be higher if an individual has health issues like higher cholesterol. If the insurance company agrees to provide insurance the agent will deliver the life insurance contract. The contract will include: The amount of money to be paid when the policyholder dies. How long the contract lasts. The amount of premium that needs to be paid by the policyholder. The policyholder will need to name the beneficiary to whom the benefit of the policy will be transferred in the event of death of policyholder. HISTORICAL DEVELOPMENT OF INSURANCE: Insurance is as old as the development of human society. In a society there are two types of economies Money economy Natural economy. Natural economy is more old then the money economy where people form community to help each other. For example if the house of a person gets burnt, the community members will pool in funds and reconstruct the house. Money economy practiced the transfer or distribution of risk by the Chinese and the Babylonian traders in the 2nd and 3rd millennium B.C. Achaemenian monarchs of Iran were the first to insure their people and that process was registered in the governmental notary offices. Life Insurance primarily established to provide protection against risk and catastrophes to people who were dieing very early, people who were aged and people who as a result of accident were disabled. This was practiced made possible by sharing and transferring risk with other individuals of the society. The idea of insuring oneself against risk is as old is mankind. Early times in England, societies were formed. Relief to the family of members of the societies would be given by making little sum of payments, if the grains of the farmers were damaged. The first life insurance company was established in England in 1705 and named the Amicable Society for Perpetual Assistance. Life insurance developed from these small beginnings into colossal industry, which gives people sense of security they require to maintain financial stability, moral and faith against inflation, deflation, wars, boom, panic and all sort of devastation. Life insurance gives individuals sound financial back up to move forward as it is based on scientific principles. Life Insurance companies were the only companies to pay their dues fully and survive the crisis of recession while the banks and other investment companies failed to do so. The purpose of selling life insurance is to make sure that it provides fresh air to people to start a life. In the larger view the life insurance policy becomes the reason for the beneficiary to begin a new life. Life insurance does active saving, utilization of funds and reserves for hazards and opportunities. It is a medium of savings, protection and growth and it has given people peace of mind and financial soundness. TYPES OF LIFE INSURANCE There are many different classification of life insurance each satisfying different need of individuals. Life insurance can be broadly divided into two main types: Term Assurance Whole Life Assurance Term Assurance: It is the least expensive Insurance and is available in various forms. This form of insurance is opted if the individual cannot afford other types of insurance or when temporary protection is needed. The premium from this type of insurance is free from element of investment. Term Assurance policy in case of death of policy holder during the specified years is bounded to provide lump sum amount of agreed money but if the individual outlives, then in such circumstances the contract is ceased and no money is to be provided to the policyholder. Term Life Insurance policy lengths for: One-year term policy- promises to pay the beneficiaries of the policyholder the agreed amount of money if the insurer dies within one-year tem policy. Five years promises to pay the beneficiaries of the policyholder the agreed amount of money if the insurer dies within five-year term policy. Ten years, fifteen and twenty year term policy is also known as long term policy. TYPES OF TERM ASSURANCE: Renewable term life policy –In this term life policy, the policyholder automatically qualifies to continue the policy when the specified time of the policy ends. Non-Renewable term life policy- this term life policy, the policy holder does not automatically qualifies to continue the policy when the specified time of the policy ends instead the individual has to re-qualify for the policy by undergoing physical examination in order to determine the health condition. Convertible term life policy-In this type of term policy the insured has the choice to covert this type of policy into permanent life insurance policy into variable insurance, whole or universal life insurance. Non-Convertible term life policy- simply means that policyholder cannot switch the policy to another type life insurance policy. WHOLE LIFE INSURANCE: This policy last the whole (entire) life of the insured. If the policyholder stops paying the premium he/she can get the benefit paid till date. Because of this reason it is an expensive life insurance policy. For example the funeral policy in which expenses are covered for the funeral of the person passed away. Full payment for the policy is taken at the time of purchases of policy. Whole life insurance policy can be divided into two types: Ordinary Life Insurance Limited Payment Life Insurance Ordinary life insurance: It is also know as straight life insurance. In this type of insurance policy the insurer is give lifetime security. For example if the insurer is alive at 100, then he is to be paid the benefit if the policy or the agreed amount of money. Under this policy of life insurance the policyholder is charged high premiums in the start of the policy and charged less premium during the last years of the policy. The life insurance company invests the premium of the policyholder to accumulate a cash surrender value. The policyholder can withdraw from the policy by taking the cash value or borrowing cash value at lower interest rates. The cash value is relatively small in the start of the year and increases with years. LIMITED PAYMENT LIFE INSURANCE: This life insurance policy is also known as â€Å"limited pay life insurance† in which individual pays for the specific time period and enjoys the policy for the rest of his/her life. The face amount of the policy is paid tax free to the beneficiaries the policyholder mentioned. This face amount can be paid on monthly basis or in lump sum amount. If the Policyholder mentioned to make payment to the beneficiary on monthly basis then the policyholder has four options to choose from: Life Income-In this policy the beneficiary of the policyholder is paid on the monthly basis as long as the beneficiary lives. Fixed Period Income-In this type of policy, the policyholder asks the insurance company to pay the beneficiary after his death the proceeds in equal amount over the period of ten years. The years determined are dependent on the wish of the policyholder. Fixed Amount Income-In this type of policy the policy holder asks the insurance company that after his death the nominated beneficiary should be paid lets suppose Rs.1000 a month till the proceeds are exhausted Interest Options-In this the policy holder asks the insurance company that after his death the benefit of the policy should be reinvested by the insurance company and the interest from the investment made should be provided to the nominated beneficiary each year. OTHER FORMS OF LIFE INSURANCE: Endowment Life Insurance- This policy is for a specific time period. The face value is paid to the nominated beneficiary if the policyholder dies during the specific period but if he is alive then the policyholder is paid the benefit of the policy. Variable Life Insurance-This policy is for the whole life. The policyholder is given option to decide the amount he wants to invest in life insurance and the amount he wants to invest in other investment opportunities like buying stocks. It has a guaranteed death benefit, which is based on forecasted interest rates. Theses rates are not fixed indeed vary from company to company. Universal Life Insurance-This policy charges less premium in the start but does not provide death benefit or cash value as this policy is flexible in terms of premium payments and timing. Second To Die Life Insurance- This policy is designed for couples.(married).The benefit of the policy is provided to the heirs of the policyholders only when the surviving spouse dies. Juvenile Life Insurance-The purpose of this policy is to provide safeguard to the children. The guardian or the parent of the child purchases policy in order to secure the minor from mishaps. Modified Life Insurance Policy-In this life insurance policy higher premium are charged at the later years of the specified time. It is suitable for those individuals who believe that their salary/income will increase in the future. METHODS FOR PROVIDING LIFE INSURANCE PROTECTION: There are two methods that are actively used to provide life insurance to individuals. Annual Renewable Term Level Premium method Annual Renewable Term: This type of life insurance policy has overcome the challenge of insurability simply meaning that the policyholder can renew the policy without under going medical examination or providing sound health evidence. Because of poor health or other mishaps the insurer might not be allowed to renew the policy. So annual renewable policy (ART) ignores the insurability element, they simply pay the renewal premium. The policy period varies from 10 to 30 years and for the till the age of 95 mostly. In such policy the premium to be paid is much higher then other life insurance policies. The more the age the higher the premium to be paid and thus the greater the return on the policy. The premium is calculated by determining the death rate of each age group. For Example: A group of 1000 males (non-alcoholic) at the age of 40 wants to get a life insurance for $1000.The death rate of males at the age of 40 is .332% out of 1000.This means that the insurance company would have to pay $.3220 for the death claim. The insurance company would have to collect $.3.20 from each policyholder in order to cover the death claims. The yearly renewable insurance premium increases, as the individual gets older. Premium sharply rises during the later years, because as the age grows the death rate also grows. LEVEL PREMIUM METHOD: In this type of life insurance policy the premium remains the same for the agreed number of years. The time frame varies from 10, 15, 20 to 30 years. This life insurance policy provides insurance to age 100.If the insurer survives till the age of 100 then the face value of the policy is paid to the policyholder. The premium charger in the early age is higher in order to cover for the morality expenses. Level Premium method is also know as ‘Legal Reserve† because the money invested by the company is according to the state law. The state requires the company to maintain a minimum amount of liquid so that it is able to pay for the agreed claims. The legal reserve that the insurance company maintains is equal to the present value of the future death claims minus present value of future premiums. The main objective of the legal reserve is to provide lifetime security. The policyholder has an option to withdraw from the policy by just taking the cash value which is less then the legal reserve because of deductions of expenses like sales. UNISLAMIC ELEMENTS IN CONVENTIONAL LIFE INSURANCE Conventional insurance contains the elements that are unacceptable in Islam which include Riba Maisir Gharar Riba –also termed as interest, is present in conventional life insurance. Loans granted by companies are charged on interest. An insured upon his death receives greater then he has paid. This is not permissible in Islam. Insurance funds stocks/bonds contain the element of interest Those who eat riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say, Trading is only like riba or usury, whereas Allah has permitted trading and forbidden riba. So whosoever receives an admonition from his Lord and stops eating riba shall not be punished for the past; his case is for Allah (to judge): but whoever returns to riba, are dwellers of the Fire they will abide therein. â€Å"Al-Quran, Al-Baqarah (2). 275 Maisar- It refers to gambling or game of chance. Gambling of all forms/types is prohibited in Islam. The gambler tries to win mass wealth without making an effort. When the policyholder dies after only paying a small amount of premium his/her nominated beneficiary receives the benefit in term of monetary, which the policyholder has no idea where the amount has come from. Al-Maisir is referred to in the Quran as follows: O you who believe intoxicants (all kind of alcoholic drinks) and gambling, and Al-Ansab (ways for seeking luck) are an abomination of Shaitan (Satan). So avoid strictly all that (abomination) in order that you may be successful. Al-Quran, AI-Maidah (5): 90 Uncertainty -It is an element which is termed as gharar, is prohibited in Islam. In business terms gharar means undertaking business deals which are riskier and individuals do not posses sufficient knowledge about them. A contract which contains uncertainty due to: Occurring time is not known. The amount payable is not known. Whether the payment will be accepted as agreed. HARAM/HALAL-Islam does not allow individuals to invest money in unIslamic activities. Insurance companies may invest in bonds or tobacco companies or any unethical activity which is not permissible in Islam then taking insurance from such companies is considered haram. ISLAMIC LIFE INSURANCE The transaction of an Islamic life insurance system aims to protect the life of widows, orphans and the dependents of the deceased against future risks and hazards. It follows the principal of Al-Mudaraba financing. Under this principal the insured and insurer mutually agree to co-operate. The insured dependants are protected of future hazards as well as donations are made for the uplift of poor individual who face accidents in Islamic society. This concept was present and practiced during the times of Holy Prophet (P.B.U.H). In Islamic life Insurance policy the nominee is just acting as a trustee and is not considered the absolute beneficiary. The purpose/responsibility of the individual nomination (nominee) by the assured is to distribute the benefit to the heirs of the deceased under the principal pf Mirath and Wasiyah. In Islamic life insurance policies there are two situation in which the benefits of the policy are transferred i) the insurer can claim from the insurer the benefi ts if he outlives the time mentioned in the policy a) the paid premiums b) the profits made upon the paid premiums and c) the dividends/bonus made according to the company policy. In the other situation if the insured is not alive or passed away during the policy, the benefits are transferred to the nominee (selected by insured) and it is mandatory for the nominee to distribute the benefits of the policy among the heirs of the policyholder. The benefits include a) paid premium b) profits made on the paid premiums c) bonus/dividends make the company policy and d) donations from the companys charitable funds according to the policy selected by the assured. The benefits of the Islamic life insurance policy are not just claimed by individuals who face natural death/accidents but the benefit are also provided to people insured and passing in unlawful death example suicide/murders. The reason for that is life and death can only be det