Fire Insurance Essay Example For Students

Fire Insurance Essay FIRE INSURANCE WHAT IS FIRE INSURANCE? Fire insurance is a contract under which the insurer in return for a consideration (premium) agrees to indemnify the insured for the financial loss which the latter may suffer due to destruction of or damage to property or goods, caused by fire, during a specified period. The contract specifies the maximum amount, agreed to by the parties at the time of the contract, which the insured can claim in case of loss. This amount is not, however, the measure of the loss. The loss can be ascertained only after the fire has occurred. The insurer is liable to make good the actual amount of loss not exceeding the maximum amount fixed under the policy. †¢ A  fire insurance  policy typically has four different coverage areas. The dwelling portion refers directly to the home itself. The coverage for the dwelling should always be enough to adequately replace the home. Rebuilding expenses are often determined based on the actual square footage of the home in question. The portion referring to other structures includes the coverage of  garages  or sheds that are not part of the dwelling itself and are considered a separate area. Personal property is considered a separate coverage area as well and includes the contents within the home that are not part of the dwelling itself, for example furniture, electronics, computer equipment, clothing and jewelry. Personal property items of considerable value should be specifically listed as part of the  fire insurance  policy, items that are not explicitly valued te nd to be compensated with a â€Å"standard† amount. †¢ The fourth coverage area relates to additional expenses that exceed the insured’s usual cost of living as a result of the fire damage. This can refer to the expenditures of  temporary housing among other things, all incurred when forced to live away from your residence during the process of rebuilding or repairing. These expenses need to be documented in order to receive reimbursement later. Usually there is a limit set for additional expenses claimed. WHAT ARE THE MAIN TYPES OF FIRE INSURANCE POLICIES? o Specific Policy: The insurer is liable to pay a set amount lesser than the property’s real value. In this policy, the property’s actual value is not considered to determine the indemnity. The average clause, which requires the insured to bear the loss to some extent, does not play a role in this policy. In case the insurer inserts the clause, the policy will be known as an average policy. o Comprehensive policy: This all-in-one policy indemnifies for loss arising out of fire, burglary, theft and third party risks. The policyholder may also get paid for the loss of profits incurred due to fire till the time the business remains shut. o Valued policy: This policy is a departure from the standard contract of indemnity. The amount of indemnity is fixed and the actual loss is not taken into consideration. Floating policy: This policy is subject to the ‘average clause’. The extent of coverage expands to different properties belonging to the policyholder under the same contract and one premium. o Replacement or Re-instatement policy: This policy is subject to the re-instatement clause, which requires the insurance company to pay for replacing the damaged propert y. So, instead of giving out cash, the insurer can re-instate the property as an alternative option. WHAT RISKS ARE COVERED IN FIRE INSURANCE? The Insurance Policy broadly covers losses due to: Fire, lightning, explosion and implosion Destruction or damage to the property insured by its own fermentation, natural heating or spontaneous combustion or its undergoing any heating or drying process cannot be treated as damage due to fire. For e. g. , paints or chemicals in a factory undergoing heat treatment and consequently damaged by fire is not covered. Lightning may result in fire damage or other types of damage, such as a roof broken by a falling chimney struck by lightning or cracks in a building due to a lightning strike. Both fire and other types of damages caused by lightning are covered by the policy. Explosion is defined as a sudden, violent burst with a loud report. An explosion is caused inside a vessel when the pressure within the vessel exceeds the atmospheric pressure acting externally on its surface. Implosion means bursting inward or collapse. This takes place when the external pressure exceeds the internal pressure. This policy, however, does not cover destruction or damage caused to the boilers (other than domestic boilers). Aircraft damage The loss or damage to the property (by fire or otherwise) directly caused by aircraft and other aerial devices and/ or articles dropped there from is covered. However, destruction or damage resulting from pressure waves caused by aircraft travelling at supersonic speed is excluded from the scope of the policy. Riot, strike, malicious damage and terrorism The act of any person taking part along with others in any disturbance of public peace (other than war, invasion, mutiny, civil commotion etc. ) is construed to be a riot, strike or a terrorist activity. Storm, tempest, flood and inundation Storm, Cyclone, Typhoon, Tempest, Tornado and Hurricane are all various types of violent natural disturbances that are accompanied by thunder or strong winds or heavy rainfall. Physical Wellness: For anyone who has to write a g EssayExcess 5 % of every claim resulting from Lightning, Storm, Tempest, Flood and Inundation, Subsidence and Landslide Main Extension o Earthquake (Fire Shock) o Spontaneous Combustion o Deterioration of stocks in cold storage o Impact Damage due to own vehicles o Omission to insure additions o Architect, Surveyors Consulting engineer’s fees in excess of 3 % of claim amount o Debris removal in excess of 1 % of claim amount. HOW IS A FIRE INSURANCE CLAIM SETTLED? Fire Insurance is governed by All India Fire Tariff effective from 31. . 2001 issued by Tariff Advisory Committee, a Statutory Body. It is a commercial policy covering building, offices, machinery, contents and personal belongings of the office. It mitigates the risk of loss of customers arising from fire breakout. The insured should take all possible steps to minimize the loss. When insurance companies pay losses on claims it is either based on actual cash value or replacement value. Actual cash value commonly refers to the fair market value of the home at the time the loss or damage is incurred. Replacement value means the insured would be compensated for the entire cost or replacing, repairing, or rebuilding the home. Actual cash value can be considerably less than the replacement value and is usually less preferable. Calculation of Fire Insurance Amount/Premium: The market value of the property is considered while insuring the sum. The amount of premium depends on a number of factors and individual policies of different insurers. Fire Insurance Claim Procedure: ? The documents required for Fire Insurance Claim are: o True copy of the policy. o Report of fire brigade. Claim Form o Photographs o Past claims experience ? Individuals/corporates must inform insurer as early as possible, in no case later than 24 hours. ? Provide relevant information to the surveyor/claim representative appointed by the insurer. ? The surveyor then analyzes the extent/value of loss or damage. ? The claim process takes anywhere between one to three weeks. CONSEQUENTIAL LOSS (FIRE) INSURANCE POLICY / LOSS OF PROFIT POLICY: Fire and Special Perils Policy compensates only for Material Damage to the insured property. It specifically excludes any consequential loss. In case of a major loss caused by Fire, there could be an interruption in business operation leading to reduction in turnover finally resulting in possible loss of profits. However, standing or fixed charges continue to accrue regardless of whether there is any production or not. Such loss cannot be covered under Fire policy. Consequential Loss Policy compensates for the Revenue loss suffered by the enterprise. Hence, for complete protection to the business enterprise and its profitability Consequential Loss Policy is very essential in addition to Fire Insurance Policy. Scope of cover The Policy broadly covers loss of Net Profit on account of interruption of business, consequent upon Material Damage to property due to fire. It also covers standing charges which continue to be incurred during the period of interruption and the increase in cost of working necessarily and reasonably incurred to maintain the business as far as possible at its normal level, so that loss under net profit and standing charges is avoided or at least minimized. Sum Insured Sum to be insured under this policy is the estimated Gross Profit for the Indemnity Period selected. Indemnity Period is the maximum period beginning with the occurrence of the damage, for which cover of Loss of Gross Profit is required and should reflect the maximum period anticipated for reinstatement of the damaged property. The maximum indemnity period permissible under the policy is 3 years. Premium Basis rate depends on Fire Insurance premium rate. Final rate is influenced by Indemnity Period chosen. Significant Exclusions The Insurance Policy does not cover Loss of gross profits, which is not consequent upon property damage due to an insured peril. Loss due to material damage to property, difference between value of stock at the time of fire and the value at the time of subsequent replacement, deterioration of undamaged stock after fire. Main Extension Policy can be extended to suppliers’ and customers’ premises or public utilities, on which the business is dependent and cost of Auditors fees, required submitting claim on Insurer. COMPANIES PROVIDING FIRE INSURANCE POLICIES: ? United India Insurance Company Ltd. ? New India Assurance Company Ltd. ? ICICI Lombard ? Oriental Insurance Company Limited

Samsung Analysis Essay Example

Samsung Analysis Essay 1/Identify the ressources and competences of an organisation with which you are familiar utilizing Exhibits 1 and 2 ( WA ) . I decided to set about an analysis of the Samsung company because I spend a full twelvemonth in South-Korea. from July 2011 until grand 2012. Hence. Samsung is an highly of import pudding stone in this state. working there is for many considered as a  « dream-job  » and furthemore bring forth every bit much as 20 % as the state entire exports. Samsung is good known for their electronic merchandise created by the electronic subordinates of the company. Sansung Electronics. Their flagship phone. presently being the Samsung Galaxy S3 sold over 40 1000000s units. They produce Television. Computer. Display. semiconducting materials. Cameras†¦ But if Samsung is chiefly known in the western states for the Samsung Electronics subordinates. it is possible in Korea to populate your whole life with Samsung merchandises. We will write a custom essay sample on Samsung Analysis specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Samsung Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Samsung Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Indeed. among the subordinates. we can happen Samsung Life Insurance. Samsung Heavy Industries ( chiefly a shipwright subsidiarie ) . Samsung C A ; T†¦ There is even some  « Samsung Cities  » . like the Suwon Samsung Digital City. It is countries where merely the Samsung employees and their households are allowed to acquire in. Here. there is appartment. school. infirmary. amusement. and everything one’s need to take a life. except that everybody around you is working for samsung. Indeed. Samsung is bring forthing itself about all the constituent the company demand. So there is enourmous production demands. that lead to enourmous production site. Many of the Samsung employee have so no other pick than populating on site with their household. If I am presenting this company that manner. it is in order to assist us understanding some of the most valuable plus of the company. Samsung has won the trust and the trueness over 1000 of workers who are willing to travel the excess stat mi for the company. Korea is celebrated to hold one of the longest work clip in the universe. Indeed. in most of the companies workers must be willing to make many hours. Samsung has the intangible benefit of an highly flexible work force. But non merely flexible. this work force is besides peculiarly good educated. thanks to the Korean instruction system. one of the hardest in the universe. As we said earlier. working for Samsung is considered for many as a dream occupation. and Samsung workers are more willing than any other worker to travel to the excess stat mi. because they receive a better intervention than other workers in similar Korea company as LG. etc. ( In term of salary. but besides in term of insurance. and retirement program: we should non bury that Samsung is non merely Samsung Electronics. but besides Samsung Life Insurance. and so this company can offer first-class trade to their workers ) . There is besides a prestigiousness for working at Samsung. Consequently. Samsung can easy enroll the elite of Korean pupil. of Korean research workers. and this so is an highly of import competitory advantage other the competition. No company in Korea has this attraction. and outside Korea merely Apple and Google might be able to hold similar advantages. But Apple and Google are western companies. and this mean that non all of their workers agree to give their life to the company. They are surely non as much loyal as Samsung worker. because Samsung has become portion of Korea itself. a national pride. This allow Samsung to hold an outstanding capablenesss for bearing mass production of any given merchandise at any clip. Without the willingness of Samsung employees. the company would surely non be nowadays worldwide figure one top merchandising smartphone company. neither be able to bring forth high quality merchandise and being recognized worldwide for their quality. 2/Undertake an analysis of the strategic capableness of an organisation with which you are familiar in order to place which capablenesss. if any meet the standards of ( a ) value. ( B ) rareness. ( degree Celsius ) hardiness and ( inimitability ) .

How to Keep Your Dreams and Your Day Job

How to Keep Your Dreams and Your Day Job Kelsey Murphy from the Muse has advice for aspiring globe-trotters and self-re-inventors; she knows from experience the joys and perils of quitting her day job and hopping on a plane to explore a new career while traveling the world. One day,  she realized moving to London on a whim wasn’t necessary- there were plenty of opportunities to explore the greener grass much closer to home.   Embrace the Learning CurveFor every new job or challenge I’ve had, there’s been a moment about a week or a month in where I wanted to quit, where the things that stressed me out far overshadowed the things I enjoyed. I was convinced I wasn’t meant to be an editor, a teaching assistant, a writer, a dog-owner, or even a New Yorker.But in the beginning, nobody’s an expert or a pro, and even if you’re a wunderkind you’ve got plenty to learn on the job. Be willing to screw up, apologize, and learn a new way to do things. The learning curve is even easier to swallow if it’s not a full-time experience- use the security of gainful employment to explore something you’ve always wanted to do on the side in the evenings or on weekends. Don’t let fear of failing keep you from dabbling.  Harness the 15-Minute IntentionIf you’re getting swept up in the demands of the minute-to-minute, take some time  to refocus on the big picture to-dos. What are you prioritizing? What gets knocked off course by errands or someone else’s urgency?Try to set aside 15 minutes a day to check in with something important to you, outside your daily grind. Maybe you add it on in the morning, or partition your lunch hour, or have a few quiet minutes right when you get home. There are plenty of productivity apps that can help you mark off the time.  Find a Mentor (A Small One!)The idea of forging a mentor/mentee relationship from scratch is daunting; I can’t even watch the Karate Kid without my intimacy issues flaring up. But, what Murphy calls a â€Å"mini-mentor† can be someone to help you in a small way, with one specific area of your life.Find one thing you’d like to learn in service of your larger interests, and the right person to ask. It may develop into a larger relationship, or it may conclude with one simple interaction, but either way you’re better off for having sought and accepted help. Plus if you do decide to throw caution to the wind and quit job A in pursuit of passion B, you’ll have at least one potential networking connection!

Service Marketing Essay Example | Topics and Well Written Essays - 3000 words

Service Marketing - Essay Example Student’s needs and wants are satisfied in a better way if they improve their communication and promotion strategies. Many performer art groups such as Lyric Opera in Chicago, which has seasonal sellouts, face huge operating deficits that they must cover by more aggressive marketing strategies. The YMCA, the Salvation Army and the Girls Scouts have lost members and are now modernizing their missions and services to attract more members and donors. Even government agencies have shown an increased interest in marketing. For example, the US army has a marketing plan to attract recruits and various government agencies are now designing social marketing campaign to encourage energy conservation and concern for the environment or to discourage smoking, alcohol and drugs. The continued growth of non-profit and public sector marketing presents new and exciting challenges for marketing managers (Jones, 2008). Let’s first understand the meaning of service. When you do something f or someone, the action of doing it is called a service. While a product is tangible, a service is untouchable and not visible because it is not a physical material. A service is consumable and has to be experienced and cannot be owned. In marketing terminology, the nature of service has the following characteristics: it cannot be separated from the place, point or provider where it is consumed from. For example one cannot take a live concert home; it can only be experienced and enjoyed at the venue, while a product can be consumed, purchased and taken back home. A service is perishable; the same thing cannot be repeated in exactly the same manner or it cannot be... For example one cannot take a live concert home; it can only be experienced and enjoyed at the venue, while a product can be consumed, purchased and taken back home. A service is perishable; the same thing cannot be repeated in exactly the same manner or it cannot be stored for future use. For instance, when travelling by air, the air travel will only last for the time duration of the journey. There is always going to be a difference in service provision and cannot be identical because human effort is involved, thus it is variable. A service does not have a physical presence and cannot be felt or touched, it is intangible. As you cannot own a service so there can be no tights or ownership for the consumer who gets benefitted by the service, for example if you have attended the lecture of a professor but you cannot own it.Service marketing provides services to both business to consumer and also business to business. The marketing of services may be provided in all fields like hospital services, air travel, banking, healthcare, telecommunications, police and army services by government and private sector may offer schools, colleges, entertainment companies, and other professional services like counseling or advertising. All these services are now being marketed to satisfy consumer want accordingly. Consumers put in their time, effort and money to get facilitated by such services. We will now see whether it is really so or not. Do marketers pay any heed to consumer benefit other than their own motives? (Pope, 2009)

Small scale soda bottle rocket launcher capable of shooting a two Research Paper

Small scale soda bottle rocket launcher capable of shooting a two liter soda bottle repetitively and at different angles - Research Paper Example Movable joints are utilized to rotate the launcher at different angles. A thin coat of cement is applied to prevent any leak. It helps to understand the laws of physics that are related to the motion of the rocket. Introduction Newton’s Laws of motion play an important role in our life. Laws of motion depict a scientific explanation for the different type of works we do in our daily routine with respect to locomotion and actions related to motion. In vehicular motion, laws of motion play an important role in determining the distance, time and velocity of the moving object. On the other hand, the motion of rocket and similar types of propulsion engines, laws of motion are also utilized to depict the relation between the force, acceleration and mass of the object and the force to carry and move the mass. Rockets works by utilizing second and third law of motion, where the ignited fuel acts as the force to continue the motion of the rocket. ... The small Soda bottle rocket launcher is much effective in understanding the procedure and the process which makes a rocket accelerate at such high speed. Research and Literature Review Soda bottle rockets make utilization of used soda bottle, which are capable to high pressure due to the strength of the plastic is uniquely selected to bear the immense pressure of soda inside the bottle. Such types of bottle can be used for a normal pressure application. Soda bottles are considered best for the soda bottle rockets due to the capacity and incredible design and light weight of the bottle. In colleges and homes many people build the launching pads for launching the water soda bottle rockets to clear the concepts of real rockets and in homes, it is considered as the fun to launch the empty soda bottle water rocket. Most soda bottles are soft drink bottles, which hold cola or other soda based flavors (Kagan, Louis & Lynda, 150). Soda water rockets can reach as much as 100 meters on the ve rtical axis and more than 100 meters on the horizontal axis provided that the projectile is carefully selected to be 45 degrees (Gurstelle, 34-45). The soda bottles are partly filled with water and then the water is pressurized by pumping air into the bottle by utilizing a hand pump or an electric or mechanical compressor. Any other fluid can also be utilized instead of water, but water presents the best qualities as compared to all other fluids. The most significant feature is the least cost and massive availability of water (Kagan, Louis & Lynda, 150). Water rockets mostly rely on the pressurized air. The more the amount of pressurized air,

How Current Issues Affect Our Economy Essay Example for Free

How Current Issues Affect Our Economy Essay It has been a common notion that current issues affect a country’s economy. Particularly, in the U. S. , issues such as election, war, and immigration are often pointed out to cause the economy to rise or fall. Also, there is a speculation tying up the economy with the prices of stocks, in that the rise in the prices indicates an improving economy and vice versa. Although existing studies have not established a sure claim that current issues truly affect the economy (Socioeconomic Foundation Website), we can point out reasons how such issues can make the economy rise or fall. First, let us consider how elections can improve or pull down our economy. As what we may hear during election periods, the success of our economy is somehow dependent on whoever wins. On the one hand, if the incumbent government stays in power, the economy, with all its budget appropriations, would be sustained. Therefore, there is a tendency that our economy could maintain its present status and there would be no fear of decline. On the other hand, if a new regime takes over, a new set of budget will be proposed, and there could be an economic recession, which could eventually lead to some losses. In the same way, war can affect the economy in two ways. It can have positive implications, as well as negative ones. On the positive side, involvement in war could make a country more powerful and prominent. In addition, it promises future alliances, which assure us of additional areas for investment. As such, the countrys power and territory widens, and this leads to developing trust of other nations on the countrys stability. This development of trust to the U. S. power could later mean more investments and alliances. On the negative side, involvement in war could also imply a lot of drawbacks. For instance, recipient countries such as Iraq and Afghanistan receive a funding of USD 1. 3 billion for their infrastructure, community action, and other local projects. As such, involvement in war could lead to economic slur or upsurge. Aside from election and involvement in war, immigration is another issue affecting the US economy. As Croddy Hayes (2007) note, the issue of illegal or unauthorized immigration has existed for the last thirty years. Illegal immigrants include all people who have been overstaying in the country, and those without proper documentation. While some of them may have jobs to support themselves and their family, a lot of these people do not have a livelihood and literally rely on what the US government can provide. Specifically, the government spends for their childrens education in public schools, medical benefits, and other projects that they benefit from such as infrastructure, telecommunication, etc. Similarly, these people contribute in depleting the countrys natural resources, and utilize energy, water, and air. Another issue that may be affecting the U. S. economy is the problem with HIV victims. As the fight against AIDS continues, the government keeps on spending a lot of money to discover the cure for the said disease. This also implies that as the cure for AIDS has not been found, the government will continue its effort to allocate some of its budget to inventions and researches. References Croddy, Marshall and Hayes, Bill.â€Å"Current Issues of Immigration, 2007. † 2007. Retrieved 2 February 2008 http://www. crf-usa. org/immigration/Current_Issues_of_Immigration_2007. pdf. . â€Å"Key Aspects of Socionomic Theory. † Socioeconomic Foundation. Retrieved 5 February 2008 http://www. socionomics. org/about/key_aspects. htm#contents. Lancaster, Carol. â€Å"U. S. Foreign Economic Aid in 2008: Winners and Losers in President Bushs Proposed Budget. † Retrieved 4 February 2008 http://blogs. cgdev. org/globaldevelopment/2007/02/us_foreign_economic_aid_in_200. php.

Community Essay examples -- Teaching Education

Community This article asks the question; why must schools invite the public to join the dialogue on public education? New structures and committees are being erected in communities across the nation to build stronger connections between schools, school boards, and communities. One such structure is a district advisory committee composed of community leaders. Its purpose is to improve the quality of communication between the school district and the community. It looked for ways to increase community ties to the schools, to make residents more aware of what was going on, and to gain community feedback. Though this committee in New Jersey has functioned well and is very supportive, an increasing concern is that divisions within the community might contaminate both the committee and school board. Schools and school boards need better communication from the community to better the efficiency of the schools. Community input plays a vital role in developing school goals. Students and parents have the most immediate stake in school quality, but the community also has significant interests in the schools. The public, or community, has an important role in public education. Three reasons arise as to why community involvement is essential for a stronger school system. First, only the community can create â€Å"public interest.† Without good communication on public interest, elected officials cannot properly determine what is best for both the schools and community. Se...