Insurance

The author did a magnificent Job to persuade my thinking toward health care system in the United States that health care should be considered as a fundamental right to all U. S. Citizens. The author’s essay was easy to follow, well constructed, and straight-forward to his topic sentence. Writer had a strong introduction, supportive points, and a conclusion. The author provided enough facts to support his [her argument regarding health insurance should be accepted as basic right for all the

U. S. Citizens Just like education. Health care converges are very expensive that a normal person cannot effort. I like the fact he presented in his/ her writing that even citizens with health insurance will still end up paying out of their pocket. Insurance companies more concerns about their profits than providing health coverage. There is always a waiting list or have to wait in line to see a doctor even if you are covered by insurance. The entire U. S citizens have to stand up and fight for their rights.

I also legalized that the author did not use any I statements, which means the author is not bias. That is true that having health care system to the U. S. Citizens will save many lives and courage the health of all Americans. I will be using feedback from Written to make my persuasive essay more effective. Wrestling’s feedback helps to fix some of the common grammar errors such as leaving out commas, right words choices; using awkward construction such as “his/her”, spelling check, and much more can help me to make my persuasive essay more effective.

Written also recommend avoiding using first and second person such as I and You in sentences. With the help of Written my essay will be grammar error free, which will sound much better when the reader will be reading it. My essay will persuade my audience every effectively. I will make sure my essay is error free and well constructed. I will be using all sorts of sentences types in my essay to ensure my audiences do not get bored or lose his/her interest while reading my essay. I will be providing strong facts and examples to support my topic sentence.

To make sure my essay is not bias I will ensure not to use gender pronouns such as “he,” “she,” “him/her,” or any of these substitutions. Use of gender pronouns is awkward in academic writing and can divert the audiences from the point you are trying to make. To fix this dilemma I will be using plural nouns such “their” or “they. ” I will ensure not to use “l” statement sentences such as “l think” or “l believe” to make my essay sound opinionated and ensure to provide both side of the stories so the audience do not think the my essay is biased. By Sizing

The following criteria will consist of a complete record of all credit amounts which include precise approval and maturity periods, simple debtor background information such as employment position, how they receive money, amount of family members in household, and current place in which they reside. In addition, various documents that shows the exact date in which our establishment physically acquired funds from the patient will also need to be requested. Ill. In order to resolve this problem, a combined effort from all departments within this organization must be implemented.

This Includes the Administrative department, the Finance department, the Health Information Management department, as well as the patient. Each department will provide a specific set of functions from various resources to the overall execution of the newly designed plan. L. Administrative department As you may well know, Admission and Registration Is probably the most Important department and is the first line of defense against this pressing issue. Properly documenting critical patient data, such as insurance information can literally save a inconsiderable amount of money as well as ensure a faster payment.

In an effort to reduce employee errors involving insurance changes during this phase of the process, an Increased amount AT training classes well De contacted Tanat would explain in full detail about what the procedures are for checking in a patient and a special session that focuses on proper insurance data collecting. In addition to this, a staff member suggested that a full time individual be utilized on a 24 hour basis. The full time clerk will be responsible for the inspection of all other employees’ paperwork to catch any discrepancies that might occur. According to Brown,J.

Oily 2000), “Manual Claim Reviews including utilization and medical reviews are conducted by trained specialists. Staff specialists review specific claims with established program and medical policy, with previously paid claims, and with other information to decide if Medicaid should pay for the services. ” Once this task is complete, the data will be passed on to the medical record department for further processing. Lie. Finance department To reduce the number of days that funds remain within Accounts Receivable, an analysis must first be conducted to determine which dollar amounts are either paid or delinquent.

This objective typically requires the utilization of an Aging of Accounts Receivable Schedule, which can be retrieved from resources such as financial department records. According to Emerson, P. (n. D. ), “The accounts receivable schedule is a listing of the customers making up the total accounts receivable balance. Most businesses prepare an accounts receivable schedule at the end of the month. ” Accessing this critical data can be quite useful and will give the company a such clearer picture as to why this issue is occurring. Iii.

Health Information Management department The Health Information Management department and medical coding personnel’s contribution to controlling the Accounts Receivable dilemma consists of decreasing the influx of rejected claims from various insurance providers as well as ensuring that all submitted paperwork from the Administrative department is finalized and thoroughly checked for errors prior to submission. To accomplish these tasks, pertinent information such as reports, medical charts, and patient data should be adhered and referenced. ‘v.

Outline different viewpoints around an issue of public concern relevant to the sector. The different views the public have on certain cases are Lack of trust, the police and social services not doing their Jobs very well, Lack of training for example staff not knowing what they are doing and not being able to keep children safe. 5. 3 Describe how issues of public concern have altered public views of the sector.

The public has seemed to start to lose faith in social services and police and nurseries as they think children should be looked after whilst at school. The public has stated owe care companies, social services and police have let the victims down and didn’t help enough to protect them, and didn’t take the cases serious enough. 2. 2 Describe the Information shown on own pay statement.

The type of Information that Is shown on a pay statement Is a national Insurance number, the hours the employer works, the tax they pay, the amount of national Insurance the person pays, the persons address, employment number and their tax code. This exists to help protect both employees and the employer. It’s to stop explanation of workers by their employers. It’s also so workers do not get taken advantage of, if his didn’t exist there would be no rules to follow which means that some companies would do whatever they want. 1. Identify sources and types of information and advice available In relation to employment responsibilities and rights. -Contracts -Policies ;Line managers -Job descriptions -Terms and conditions 1. 2 Understand agreed ways of working that protect own relationship with employer. 2. 1 Describe the terms and conditions of own contract of employment Companies cannot Just sack employers with no reason, they have to have a reason.

However, it must be noted that the European Debt Crisis is still going on in most of the European countries, and thus, It might be more favorable for Ping An to focus on the Salsa- Pacific market where most of the markets are still emerging and most importantly, hose markets have low correlation with the impact of global economy crisis due to lesser trading activities with those countries affected by the crisis.

In order to penetrate successfully Into emerging market and less developed countries such as India, Vietnam and Africa, one needs to understand several factors relating to the target markets such as local cultural & customary practices, size & scope of possible opportunities, understand needs and wants of consumers and observe how the services are used In the market and by whom. Moreover, the strategy Ping An choose o pursue foreign market opportunities usually depends on a number of factors including cost of alternative strategies, the amount of inherent risks involved, government regulations and local market conditions.

While asset management had been slow to take off in most developed countries, insurance sectors are growing rapidly In emerging economies. Supported by favorable macroeconomic factors including population growth and rising income levels such as the case of India where the Indian insurance industry emerged as one of the fastest developing markets of he global insurance industry (Money Control 2011). Some of the market entry strategies that Ping An could use Include setting up wholly owned subsidiaries In these emerging market.

This Is when 100% of the substandard common stock Is owned by Ping An. With such strategy, Ping An could introduce its insurance products to the locals according to their needs and wants. Moreover, in order to compete with the rest of the insurance companies in India, Ping An would need to engage in product Innovation so as to better match the risk profile of policy holders and making ales and marketing more responsible & answerable (Parker 2012). Ping An could also engage in less risky strategy such as partnering with the local insurance companies or Joint ventures.

A Joint venture Is a strategic alliance where 2 or more parties, usually businesses, form a partnership to share markets, Intellectual property, assets, knowledge and profits. Such strategy is deemed to be less risky since the local partnership might provide Ping An access to greater resources including, specialized staff and technology. Moreover, local companies would have greater understanding of the local’s needs and wants, allowing Ping An to customize insurance products that suits the needs of policy holders.

However, it must be noted that the main disadvantage of such strategy is that in most joint ventures, objectives are usually not 100% clear and communicated with everyone involved, thus this could lead to unwanted dispute between parties (Allen 2011). Last but not least, Ping An could also engage In foreign direct Investment by purchasing the shares of another insurance company in the emerging market. For example, India recently has 1 OFF companies (Chuddar and Kola 2014). Such opening of the sector could be consider as an opportunity for Ping An to penetrate into the large IIS$ 66. Billion Indian market (FIEF 2014). However, rigid due diligence must be done about the local insurance companies prior investing to prevent any mishaps or poor performance of the company. In conclusion, Ping An could consider engaging in these market entry strategies that have been posit earlier but there is a need to weigh both the advantages and disadvantages of executing these different strategy so as to ensure a successful global expansion of Ping An insurance business.

Each group acts as an insurance company. You are required to offer an insurance policy to our entire current Health Economics class that insures against a student either getting a grade of ‘C’ or lower (including ‘l’ turning into ‘F) or withdrawing from the class towards the end of the semester. If either of those happen to a policy holder, you are required to pay that policy holder.

You are NOT trying to make a profit, but what is important is that your group try its very best to avoid making a loss. Assume that there are no other costs associated with your business other than paying policy holders who make ‘C’ or less or withdraw. Four different scenarios are offered below. Here’s what you need to tell me for each (l would also like each group to orally present results to rest of class, don’t need any more than 3 minutes): What is the premium that students will have to pay for the policy in this scenario?

A brief Justification for the premium (a couple of sentence is good enough. You can give me the math formula you used too – but don’t JUST give me a math formula! ). A final couple of sentence (optional) if you believe that I have given you a situation where it is impossible to avoid making a loss, and why you think that. If you believe this, you may choose not to sell any policies under that scenario. In all cases, there are a total of 30 students who are your potential customers – I. E. Insurance policy buyers.

Scenario l: You will be paying students who make ‘C’ or less or withdraw the amount of $5000. I can give you this information – that when I teach the regular Master’s level version of the class, approximately of all students make C or less, Incomplete that becomes F, or withdraw. Also, I will impose an individual mandate on the class, so that once you do offer the policy, every one of the 30 students will be required to buy this policy (but you only want to break even, no profits). What premium will you charge?

Please note, in all scenarios you can only hare ONE premium to all customers, no variations allowed. Scenario II: All conditions in the above scenario hold (# of students, what you pay for C or less or withdraw, the individual mandate). However, one more thing is added. Students who get C or less or withdraw can then get tutoring to prepare them for retaking the class later. The tutoring costs $16 an hour, and the insurance policy now also has to pay 50% of each hour of tutoring (I. E. $8 per hour) up to a maximum of 40 hours. This is a new scheme, so I cannot tell you how many students have previously

Ethos Logos Pathos BY watermelon Everyone knows about the gas prices rising, and Assurance uses that to there advantage. Raise you hand if you would pay for gas today if you knew the price was going down tomorrow. Who would right? We need to use gas every day and we pay so much to buy it. Most people like to save money but only when it’s convenient. Assurance has made saving money easier than ever on a product we buy every week. Thesis Statement: Assurance states that with the Flocculates, the gas price predictor this will no longer be a problem. Ethos- credibility

Observing the element of ethos in this ad is pretty easy. Aside from flashing there logo a couple times in the ad, Assurance, a company well known for changing the way we use smart phones and computers to purchase the necessities of life, like car insurance. They were the first company to make it possible to purchase car insurance yourself without an agent. They are always looking for innovative ways to keep helping their customers skip the middleman. They are building on their reputation for providing good online applications by now providing the Flocculates. Pathos

This Assurance commercial lacked in pathos, or emotion. The ad focused more on ethos and logos. That is one thing I would change about this commercial. But on the other hand the commercial wasn’t aimed towards kids, they aren’t the ones buying car insurance. But that’s beside the fact that this commercial lacked pathos. Logos This ad was a good example of logos- persuading an audience with reason. We all know we need gas to carry on our daily lives and Assurance made it simple. Its logic to wait a day to get gas cheaper. It Just doesn’t make sense to pay more than you have to.

And Assurance seed that logic to make a great commercial. Lets not forget to mention they said you could tell the future by using their product. Conclusion To wrap it all up they did great in two of the three categories of ethos pathos and logos. Even though they didn’t incorporate pathos in their commercial they still made a great ad. By observing the elements of ethos logos and pathos we can see that Assurance did a great Job in marketing their product to their audience. Next time your watching an ad keep these tactics in mind because they might Just be persuading you more than you think

Over the years, there have been many definitions of insurance but the most accepted definition is that given by ALAN WILLET in 1901. He defined insurance “As the accumulation of reserves for the purpose of contingencies”. Thus it is a business activity wherein some people or parties who are subject to certain risk pay monthly or yearly premium to an insurance company to transfer the burden of such risks.

Insurance also may be defined “as a contract whereby a person called the insurer or the assure agrees in consideration of money paid to him called the premium by another person called the insured or assured to indemnify the latter against losses resulting to him on the happening of certain events…. J. O. Rusk (1991)”. The origin of insurance initially had a connection with ships and cargoes achieving a spread of risk.

This origin dates back to as early as BBC (carter, 1991) when the “Babylonians developed a system of loans on maritime ventures whereby the loans were not repayable in the event of the loss of the venture”, to the emergence of modern insurance development which owes its credence to Great Britain, though insurance Ewing introduced into Britain by the Lombard in the 14th and 1 5th centuries (Cooker, 2002). Insurance is an intangible service paid for and received at a future date.

The technicality of insurance makes it obvious for uneven incidence of risks when there are infinite numbers of identical risks. It is also a risk transfer mechanism which provides enormous benefits to the individual/organizations (both profit and non- profit), government and socio-economy at large. Every individual or organization is faced with the likelihood of a loss, injury, destruction of life or properties; hence, it is asserted that “Risk is concomitant of life” (Chipolata 2006). In other words, risk is unavoidable.

Since It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss, it is therefore because of the liability of an organization to predict the future that insurance is purchased. 1. 2 DEFINITION OF RISK The term risk is a simple notion which cut across a layman’s definition to the technicalities of business practices. When someone states that there is risk in a particular situation or context, be it business or an event, the ordinary listener understands what it means on the face of it. What then is Risk?

This question can easily be answered by adopting a generally accepted definition of Risk by a renowned scholar, Dry Matthias G. Healer. He defines it as the possibility that positive expectation of a goal-oriented system will not be achieved (uncertainty) and this will be due to either certain human or inhuman factors. Furthermore, risk refers to the uncertainty that surrounds future events and its outcomes. It has an expression which looks again at likelihood and impact of an event with the potential to influence the achievement of organizations objectives.

When “risk” is said to exist, there is also the likelihood that expected results may not match those results hoped for I. E. A deviation. Benjamin Franklin in his book observed that in this world nothing can be said to be certain, except death and taxes. Yet there is some uncertainty about those two phenomena: no one can be sure when he/she will die, and tax rules and rates are frequently changed. In fact, the whole of life is surrounded by uncertainty. In some situation uncertainties are within the control of individuals or firm, others are part of the environment in which our lives operate.

However, the word ‘risk used here changes. Insurance is an unsought good and the uncertainty in future events is what is being insured. Insurers’ profitability in any portfolio depends largely on the frequency, the severity of its impact and its final results (uncertainty). Uncertainty is not merely a dimension of threats, hazards and risks but opportunities which if anticipated may result in a reward. The risk is the thing which is insured, the insured peril, the expected claims cost for any given policy, or as a general term for unwanted and uncertain future events. 1. 3 RISK MANAGEMENT AND INSURANCE

Organizations had long practiced various parts of what has come to be called risk management. Risk management is attempting to identify and manage the threats that could severely impact or bring down an organization. The management of risk is a fundamental aspect of entrepreneurial activity. Entrepreneurs manage the risk of accidental loss by weighing the costs and benefits of each alternative. In a structured risk management process, this involves: 1. Identify and analyze the loss exposure. 2. Formulate alternatives to dealing with such exposure 3. Select the apparent best techniques to treat exposure .

Implement the decisions made 5. Monitor the effectiveness of the decisions implemented. Those who do not apply a structured process still make decisions about risk, although sometimes by default rather than design. For industrial or commercial firm, the objective of risk management may be to maximize profits, or to increase revenue, net worth or perhaps market share over some period, or to achieve a combination of several objectives, or Just to stay in business. Managing a multitude of internal and external risks is one of the most significant challenges facing organization set up today.

Insurance serves a number of valuable functions that are largely distinct from other types of financial intermediaries. In order to highlight specifically the unique attributes of insurance, it is worth focusing on those services that are not provided by other financial services providers, excluding for instance the contractual savings features of whole or universal life products. The indemnification and risk pooling properties of insurance facilitate commercial transactions and the provision of credit by mitigating losses as well as the measurement and management of non diversifier risk more generally.

Typically insurance contracts involve small periodic payments in return for protection against uncertain, but potentially severe losses. Among other things, this income smoothing effect helps to avoid excessive and costly bankruptcies and facilitates lending to businesses. The scope of an economy’s insurance market affects both the range of available alternatives and the quality of information to support decisions. For example, a manufacturer might produce only for the local market, forgoing more lucrative opportunities in distant markets in order to avoid the risk of losing goods in shipment.

Transport insurance can mitigate this loss exposure and enable the manufacturer to expand. Similarly, to avoid the risk of total loss from drought, a commercial farmer may keep half of his seed in reserve. 1. 4 INSURANCE CONTRIBUTION TO AN ORGANIZATION Insurance through effective risk management contribute specialized expertise in the identification and measurement of risk. This expertise enables them to accept carefully specified risks at lower prices than non-specialists. They also have an incentive to collect and analyze information about loss exposures, since the more precisely they measure the cost of risk, the more they can expand.

Over the years, the realization of risk management with the help of insurance has contributed enormously in achieving organizational goals severally. For instance, 0 It guarantees as far as possible, that the organization will not be prevented from pursuing its other goals as a result of losses associated with pure risks. 0 It contributes to profit by controlling the cost of risk for the organization 0 It can also reduce expenses through risk control measures (insurance) and as such increasing income.

As a result, the insurance market generates price signals not only to manufacturing sector but to the entire economy, helping to allocate resources to more productive uses. Insurers also have an incentive to control losses, which is a significant social benefit. Most fundamentally, the availability of insurance enables risk averse individuals, entrepreneurs and organizations to undertake higher risk, higher return activities than they would do in the absence of insurance, promoting higher productivity and growth. . 5 PROBLEM ANALYSIS All manufacturing companies are set up with a primary objective to produce goods that meet the needs of their customers and also to maximize profit. In the process of manufacturing goods the company is often exposed to varying and diverse risk(s) which affects all the factors of production. In as much as these factors are exposed, the logical conclusion is that the income of the company is threatened.

Human lives are exposed to industrial injuries which sometimes end up in death, permanent or temporary disability, properties could be destroyed through fire out break or explosions, and liabilities could be incurred arising from the consumption of the product. When less emphasis is placed on these loss exposures, it will definitely lead to the demise of the company. This project therefore, will look at the effect of insurance in manufacturing sector and also whether manufacturing companies who place major significant on insurance are successful in their total business effort all other things being equal. . 5 PURPOSE OF STUDY As earlier mentioned, the aim of any manufacturing company is to maximize profit and ensure customer satisfaction. It is quiet obvious that in carrying out production the organization is exposed to so many risks. This study is focused on the effect of insurance in manufacturing these products, in essence, how risks that could not be voided, minimized, reduced or retained can be transferred to insurance companies while the organization focuses its attention to its real business. Our study seeks: 1. To find out how risks/ loss exposures has been managed in Banana breweries 2.

To examine the effect of insurance in the development of the organization (Banana Breweries) as a case study 3. To examine risks that they have managed by way of transfer to insurance and how adequate are the various insurance covers. 4. To consider the extent to which insurance has contributed to the attainment of the corporate goals of Banana Breweries 5. To make policy recommendations on how insurance will assist to further develop Banana Breweries, GAMBLE, and The Gambia. 1. 6 RELEVANT RESEARCH QUESTIONS The research exercise is set out to answer the following questions: 1 .

What is the level of insurance awareness in the manufacturing sector of The Gambia 2. Does insurance enhance corporate development 3. Has your company ever sustained any unusual, large or unique losses either insured or uninsured 4. Is insurance an effective risk transfer mechanism. Due to time and other constraints, the researchers had to narrow the scope of their duty to Banana Breweries co. Ltd and Gamble in The Gambia. The study shall focus on the effect of insurance in the above listed companies as well as its benefits.

It will assist the company to continue appreciating the role that insurance plays in their activities, and also serve as a means of reviewing improvement measures in place which hopefully will bring about uncovered areas of loss exposures to their operations. 1. 9 SIGNIFICANCE OF STUDY All manufacturing companies exist to ensure that the shareholders maximize their wealth. Companies therefore undertake economic activities for profit. However, in heir pursuit of this venture all the factors of production are exposed to one risk or the other.

Those study is primarily laying emphasis on the essence of insurance which will significantly aid the manufacturing concern to achieve their broad objectives, through a well coordinated and scientific measurement and assessment of the various risks that the manufacturing company is exposed to. The study will assist the company to continue appreciating the role that insurance plays in their activities, serve as a review of existing measures in place and hope to bring out uncovered areas of risks to their operation.