Britain's transition from a predominantly rural pre-industrial nation Essay

England's progress from a transcendently provincial pre-modern country to an increasingly urbanized industrialized nation was the key change in monetary and social advancement in the century after 1750 examine - Essay Example From a recorded point of view, the thing that matters was in a general sense transformational. The progressions created by industrialization have set human culture on an apparently irreversible way. The nation of birthplace of these progressions and subsequently the nation wherein happened a significant part of the primary investigation into them was Great Britain. There has been a lot of discussion with respect to the explanations behind their beginning, yet regarding the presence of the progressions themselves, next to no in the method of forswearing can be kept up. It was in Britain that the sparkles of the Industrial Revolution were first lit and the presence of ‘modern’ financial marvels started to be seen: urbanization and justification. As Eric Hobsbawm put it: ‘[t]he Industrial Revolution denotes the most essential change of human life throughout the entire existence of the world recorded in composed documents’ (Walton 1987, p. 89). On account of Britain and the world at that point, the progressions were both major and prototypical. England was the first to experience them. Volumes could be expounded on every one of these changes. Here we will l ook to investigate some of them in order to get a thought of their belongings. The case must be made that these progressions remained as the most noteworthy monetary and social improvements of the most recent three centuries. It must be reviewed that the idea of financial relations preceding industrialization were primitive. Here we should take a gander at the Britain of the mid to late nineteenth century and in a manner look at it the one which existed 100 to 150 years earlier. This ought not be permitted to encourage a very shortsighted delineation of the industrialization/modernization process as being one which didn't exist and afterward existed ex nihilo. The cutting edge period and industrialization, as the financial stage after feudalism, came about steadily and not ‘all at once’. For the reasons here, these wonders will be given consideration paid to

Class Distinctio Free Essays

Jane Austin scrutinizes the manner by which individuals put the significance of status to their activities, as we see the differentiation between the nobility and exchange being interlaced in her books. In her article on Class, Juliet Master comments that, â€Å"Class contrast was obviously an unavoidable truth for Austin, and an intense perception of the fine annihilations between one social level and another was a vital piece of her business as an author of sensible fiction† (1 15). In Pride and Prejudice, Mr. We will compose a custom paper test on Class Distinctio or on the other hand any comparable subject just for you Request Now Collins trains Elizabeth to dress just, and not to attempt to duplicate the rich clothing of her high-standing Lady Catherine as he says, â€Å"Lady Catherine is a long way from necessitating that tastefulness of dress in us which becomes herself and her girl She gets a kick out of the chance to have the qualification of rank preserved† (138). The differentiations in class are not exclusively to be available, however they additionally must be seen. In any case, Jane Austin sets moral status against societal position, and for her tutus must be earned and not acquired. In Pride and Prejudice, Elizabethan early introduction of Mr. Dairy’s treatment of Victims, makes his ethical guidelines to be not deserving of his remaining in the public arena. Be that as it may, when she finds out about his broad obligations and goodness from his worker, her assessment of him changes as Mrs. Reynolds says, He is the best landowner, and the best ace, that at any point; dislike the wild youngsters needlewoman’s acclamation gave on him by Mrs. Reynolds was no silly nature. What applause is more significant than recognition of a keen hireling? As a fairly, a landowner. An ace, she thought about what number of people’s satisfaction were his guardianship! Ђ? How much delight or torment it was in his capacity to bestow!†¦ Every thought that had been presented by the servant was great for his character. â€Å"â€- Jane Student’s characters continually continue helping each other to remember their social class in the public eye. Dair y values being an honorable man with all the obligations and commitments that his status involves in Pride and Prejudice. Caroline Bentley additionally continues advising him that he would be bringing down himself by partner with the Bennett family s they are associated with exchange. What she overlooks is that the wellspring of their family fortune on which their status is established is exchange. Emma is a rich lady who wouldn't like to connect with the white collar class in Emma. Janet Todd contends that, â€Å"Emma needs Highborn to stay as practically medieval, writing material through time, with the goal that she will consistently be ‘paramount’. † (96) This recommends social class is imperative to her and this depicts the life of the privileged people in Student’s day who were against change. Jane Austin addresses exactly what it is that makes a genuine respectable men or a woman. Social ann. must be a piece of it however interrupting by the case of Lady Catherine. Her overbearing predominance and feeling of her own nobility is obvious in all she says and does. Her certain position and option to control people’s lives is obvious when she stands up to Elizabeth about her supposed commitment to Mr. Dairy as she says, â€Å"your collusion will be a disrespect; your name will never at any point be referenced by any of us† (186). Clearly in light of her status, she believes that she can treat others the manner in which she needs. She feels that Elizabeth isn't fit to wed Mr. Dairy since they do to have a place with a similar social, class yet her girl does. Because of her encounter, Elizabeth reveals to Lady Catherine that â€Å"Dairy is a courteous fellow; am a gentleman’s little girl; so far We are equal† (186). Be that as it may, Elizabeth isn't discouraged by Lady Catering’s dangers and status. Juliet Macerates comments that, â€Å"so much proposes that for Austin there is nothing divine about royalâ ¶y’, and very little that is unique about friends. Truth be told characters with tittles †or ‘handles to their names’ as the Victorians used to state †are only here and there excellent in the novels† (1 16). Despite the fact that Lady Catherine holds a title, she is ethically and mentally not commendable. It is just any semblance of Mr. Collins who need to ascend the social stepping stool who capitulate to her every impulse, as she appreciates Mr. Collision’s blandishment and his excitement to give it. While trying to stay in her great books and to stay with the of any semblance of Lady Catherine, Mr. Collins even knows what number of windows Risings bequest has. He uncovers his pretentiousness in uncommon indulgent addresses and awkward endeavors at basic show of manners. Despite the fact that Lady Catherine thought of herself as Ewing unrivaled, her preferences are hostile and vainglorious. This is on the grounds that she needs intrinsic insight and rearing. Her mentalities and conduct offer a lighting up complexity to Mr. Dairy. Who doesn't wish to flaunt like other youngsters from his perspective. In any case, similar to his peers, he loathes the lower social class. This becomes clear when he advices Mr. Bentley to cut off his association with Jane. At the point when Elizabeth blames him that he had not acted in a courteous fellow like way, he understands how â€Å"selfish and overbearing’ he has been. Through Elizabethan inciting, he discovers that while status is significant, genuine rearing isn't reliant on rank. Here Jane Austin needs us to pragmatist that, despite the fact that the upper class are from a higher class they are not the same as different classes. It isn't predominance that makes one a Lady or a men of their word however it is empathy. In Emma, Mr. Noble is a genuine men of their word since he doesn't highly esteem his position. Not at all like different status-cognizant individuals of his position, he strolls as opposed to riding in his carriage. His carriage is just used to ship Miss Bates and Jane Fairfax. He deals with his own home and he doesn't look downward on others as we e him in bantering with his inhabitant Robert Martin. Conversely in Sense and Sensibility, Mr. Dashboard, is insufficient of the devotion that makes great keepers and moral blue-bloods of Mr. Dairy and Mr. Gallant. Through class qualification, Jane Austin additionally causes to notice the injustice of primogeniture, which unreasonably benefits one relative to acquired the entire home, rather than separating it similarly between kin as would be the ordinary activity today. This permitted the main conceived child to acquire everything while others stayed with nothing. This was done as such as to save the state and the family name, supposing that the domain was to be separated then it would in the long run reach a conclusion. In Pride and Prejudice, the Bennett young ladies are to be turned out of Longhorn at the demise oftener father, on the grounds that the bequest must be acquired by a male connection who will keep it the family. Also in Sense and Sensibility, the Dashboard young ladies are made destitute in light of the fact that the old noble men Mr. Dashboard needs the family home to go to a male beneficiary who will give it to his children. This at that point renders the female kin to be mediocre compared to their male kin as Juliet Master contends, â€Å"one may assume that the filings in a solitary family would be nearly by meaning of a similar position. Be that as it may, even here there are checked contrasts in status, among children and girls , as well as between one child and another’ (119). Not exclusively does Jane Austin censure the shamefulness of the legacy framework, however she additionally communicates dissatisfaction with the critical distinction in renown between senior little girls and more youthful girls. In Pride and Prejudice, we see Elizabeth saying, â€Å"l figure it will be had hard upon more youthful sisters, that they ought not have a lot of society and entertainment on the grounds that the senior ay not have means or tendency to wed early. The last conceived has as great a privilege to the joys Of youth as the first†¦.. During Jane Student’s time, the oldest girl was more esteemed than her more youthful sisters. Jane is called Miss â€Å"Bennett† while her sisters are tended to by their first names. The more youthful girls couldn't be out in the public eye before the oldest. While if the more youthful sister got hitched before the oldest, she additionally picked up prevalence over her senior sisters as we see Lydia saying to her oldest sister Jane, â€Å"ah! The most effective method to refer to Class Distinctio, Papers

Common Punctuation Pitfalls

Common Punctuation Pitfalls This article should help to clarify when and how to use various marks of punctuation. Each section contains explanations and examples of common punctuation mistakes.Comma splices (commas between independent or main clauses)When the comma is used to separate independent clauses, there must be a conjunction connecting them. If the conjunction is not there, we have a comma splice. You can fix this mistake by using a period instead of the comma or by adding a coordinating conjunction such as but, and, or, yet, and so on.Right: The purse costs $75.00. I am going to buy it.Right: The purse costs $75.00, and I am going to buy it.Wrong: The purse costs $75.00, I am going to buy it.Missing commas after set-off/introductory words or phrasesWhen you want to give an introduction or provide a background to a certain sentence, use a comma to signal a pause between the introductory element of a sentence and the main part of the sentence. Notice that an introductory element can be a sentence (like i n the example below) or a single word (e.g., however, moreover, and so on).Right: Before going to the work, Michael stopped at the coffee shop.Wrong: Before going to the work Michael stopped at the coffee shop.Missing nonrestrictive commas (commas setting off nonessential elements)Use a comma to signal the presence of a nonrestrictive element, that is, a word, phrase, or clause that gives additional information about the preceding part of the sentence, but which can be deleted without changing the basic meaning of the sentence. If the element is in the middle of the sentence, use a comma before and after the element.Steve, who was the CEO of the company, was the first to speak.Puerto Rico was a Spanish colony until 1898, when it was ceded to the U.S.Unnecessary commas between subjects and verbs (often after restrictive elements)Do not use a comma with a restrictive element, that is, a word, phrase, or clause that restricts the meaning of the word or phrase it modifies. A restrictive element cannot be deleted without changing the sentences basic meaning.Right: Ill return the necklace that I borrowed after I wear it tonight.Wrong: Ill return the necklace, that I borrowed, after I wear it tonight.Right: The people who set the house on fire were never caught.Wrong: The people, who set the house on fire, were never caught.Unnecessary commas between compound elements that are not independent clausesCommas in the wrong places can break a sentence into illogical segments or confuse readers with unnecessary and unexpected pauses. Do not put a comma after the main clause when a dependent (subordinate) clause follows it. Reminder: A dependent clause is a group of words that contains a subject and verb but does not express a complete thought.Wrong: Bob was late for work, because his alarm clock was broken.Wrong: The cat scratched at the door, while I was sleeping.Mistaking its or its for itsThe word its, spelled without an apostrophe, is the possessive form of it, meaning of it or belonging to it. The word its, spelled with an apostrophe, is a contraction of it is or it has. Even though an apostrophe usually indicates the possessive form, the possessive in this case is the one without the apostrophe.The car is lying on its side in the ditch. Its a white 1986 Buick.Missing apostrophes in possessivesApostrophes are often omitted in possessives referring to time, as in a good days work and two weeks vacation. To see if you need to make a possessive, turn the phrase around and make it an of the… phrase.three days journey = journey of three daysHowever, if the noun after of is a building, an object, or a piece of furniture, then no apostrophe is needed!room of the hotel = hotel roomdoor of the car = car doorMissing hyphens in unit modifiersUse a hyphen to join two or more words serving as a single adjective/unit before a noun:a one-way streetchocolate-covered peanutswell-known authorHowever, when compound modifiers come after a noun, they are not hyphe nated:The peanuts were chocolate covered.The author was well known.Semicolons for colonsUse a colon at the end of a business letter greeting.Wrong: Dear John;Use a colon after an independent clause when it is followed by a list, a quotation, appositive, or other idea directly related to the independent clause.Wrong: We have three concerns;Capitalization errors when quoting materialCapitalize the first letter of a direct quote when the quoted material is a complete sentence.Jessica said, I cant believe that Chicken of the Sea is really tuna.However, do not use a capital letter when the quoted material is a fragment or only a piece of the original materials complete sentence.Although Jessica really wanted to buy the new shirt, she stated that her credit card had hit the limit.Finally, if a direct quotation is interrupted mid-sentence, do not capitalize the second part of the quotation.I didnt buy the shirt, Jessica said, but I sure wish I had.Bonus tip: The serial commaâ€"the comma be fore the conjunction in a series of three or more itemsâ€"may be used or omitted. Both practices are correct as long as one or the other is followed consistently.

Essay on Christpher Columbus, an Explorer - 1166 Words

In this essay I am going to talk about one of the most important men in history. He was so important that without him the world would not be what it is now and throughout history his discoveries have inspired others to become fierce adventurers of the sea. Columbus had one of the brightest ideas of the time, he had the idea that he could reach China by sailing west from Europe. This idea meant that there would be a westward passage from Spain to west across the ocean to China in a cheap and easy way in order to return cheap goods from China into Europe. The story of Columbus’s journey across the Atlantic was one of the greatest journeys of exploration in history as in just a few months, he has changed the world map forever but this was not†¦show more content†¦Everybody knew that they were sailing literally into the unknown. The sailors that took part in the first voyage were apprehensive because nobody had sailed so far to the west. They were not afraid of falling of f the edge of the earth because they knew that the Earth was spherical. They were however afraid that they would sail so far that they might never find their way back. The biggest challenge must have been the fear of the unknown and weather their provisions like water, food would actually last in order to get them back again. There was however an extraordinary prize at stake, the most valuable prize in the world – the riches of Asia that consisted in pearls, gold and spices from China, India and Japan. These were considered the ‘oil’ of the age and Europe had a great appetite for them but had no supplies of its own so trading them could turn into a fortune. In Europe, most of the nobles have grown wealthy by trading with the east, they traded spices and gold, gemstones and silk were considered to be one of the most lucrative goods but the problem was that Europe had lost the silk roads to the Ottoman Empire and foreign trade is in serious decline and this in turn , endangered the wealth of the kings and queens of Europe. The Queen of Spain at that time was interested in finding new trade routes with India. For over 500 years Europeans dominated the

Celtic Mythology and Folklore - 1235 Words

Many people today can associate with the classic tale of leprechauns and a pot of gold at the end of a rainbow. This tale is a recurring myth within the realm of Celtic mythology. Celtic mythology was an integral part of ancient history throughout the British Isles especially Ireland. Authors of this magnificent form of literature have created stories that were based on the events of that time period and their works have transcended to future generations up until today. Overall, Celtic mythology and folklore has had a magnanimous impact on the world in lending itself for priceless amusable, educational, and historical excellence. Celtic mythology is the mythological literature from approximately the fourth century B.C. extending to approximately the early third century as Christianity was spreading and more of Celts were converting to Christianity. After converting, the Celts dropped all traces of their former religion to be found by subsequent inhabitants of their lands. First the s tories and tales were told by oral tradition and later written down by bards, poets, and monks. This literature could be found across Ireland, Wales, Scotland, bits of England, and smatterings of Europe [insert citation from godchecker.com]. Generally speaking the ancient Celtic religion like many other societies and civilizations at that time was polythestic as well as animistic with various gods and deities dedicated to the various parts of the natural world. Over the colossallyShow MoreRelatedIreland: The Invention of Tradition1063 Words   |  5 Pagespeople or symbols that reinforce the image required to focus people’s conception of the past. People can be encouraged to invent a cohesive view of their shared ‘traditions’ by what could be called cherry picking bits of history. The ancient mythology of Ireland is one of its’ greatest assets. The glorious, poetic tales of battles, super humans, demigods and heroes ranks among the best of ancient literature. The book of the Dun Cow, (Lebor na huidre), was written around 1100 and contains storiesRead MoreYeats And The Irish Literary Revival889 Words   |  4 PagesW.B. Yeats and the Irish Literary Revival The Irish Literary Revival, or Celtic Revival, began in the late nineteenth century and lasted throughout the early twentieth century. The term refers to a renewal of Irish national identity, which the British had tried to repress. This time in Irish cultural history spawned a plethora of talented authors who chose to champion this Irish national identity, including William Butler Yeats. Some other authors who were popular during that time includes SyngeRead MoreThe Dragon As A Symbol Of Strength, Power, And Good Luck2101 Words   |  9 Pagesstories of their beginnings and histories, their own mythologies. In these mythologies there are stories of creations, destruction’s, Gods, Goddesses, heroes, villains, features, and creatures. That last category being one that enraptures them all. The tales of mythological creatures are ones that have captivated the masses since the beginning. Children are told stories of the wonderful, and sometimes fearsome, creatures that dominate th e world of mythology. Of all those many creatures, one of the creaturesRead MoreWilliam Shakespeare s Hamlet 1465 Words   |  6 Pagesmessage of reflection would take hold in the 19th-century as the primary purpose for theatre and evoke a modernization within theatre that insisted it be a reflection of reality. During the 1890s, two strategies developed in an effort to restore the Celtic heritage in Ireland, the Irish Literary Movement and the Neo- Gaelic revival. It is for this reason that an Irish Literary Renaissance began spreading through Ireland. This renaissance was influenced by an increase in the national interest for GaelicRead MoreEssay on Winter Solstice1411 Words   |  6 Pagesshare with others, those blessings that we have so graciously been given through kind and thoughtful acts of charity. Dancing through five thousand years of human history, these themes enfold this season in a rich, layered collage of celebrations, folklore and tradition. The mythological creation story recorded in the Pentateuch of the Judeo-Christian Scripture begins that imagery of light: When the Spirit of Life began to create the heavens and the earth, the earth was a formless void and thereRead MoreEssay on Heroes of Celtic and Germanic Mythology3702 Words   |  15 PagesHeroes of Celtic and Germanic Mythology Throughout the myths of the Celtic and Germanic peoples of northern Europe tales of epic heroes and their extraordinary deeds abound. These tales depict heroes performing a variety of incredible feats; many of which appear to be magical, superhuman, and, quite honestly, utterly impossible (e.g., wading across oceans, defeating armies virtually single-handedly, and other astounding exploits). Since the Celtic and Germanic tribes of antiquity inhabitedRead MoreAnalysis and Discussion of the Representation of Women in the Welsh Novel of The Mabinogion1712 Words   |  7 Pagesespecially important in the first and third branches of The Mabinogion is that of Rhiannon. Rhiannon is a classic character throughout Medieval Welsh literature and is prominent figure throughout The Mabinogion. The name Rhiannon derives from the old Celtic name of Rigantona meaning great Queen (Campbell and Campbell: 2013). The name has also been said to resemble the Irish Elysium goddesses (MacCulloch 2005: pa ra 101). 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Through this and his own personal initiative, ...Yeats discovered Shakespeare, the Romantic poets, and the Pre-Raphaelites, explored popular works on Eastern mysticism, became interested in Irish myths and folklore, and perhaps most important, met the poets and intellectuals of the Irish Literary Revival, many of whom were to remain lifelong friends (Magill, 1957). Yeats soon discovered that his first love was poetry not painting. Soon began Yeatss love affairRead More The Poetry of W.B. Yeats Essay examples2304 Words   |  10 Pagesalso Celtic legend, he sought to re-ignite in Ireland notions of heritage and tradition, which had diminished through the years. In Ireland, from around 1890 onwards, there was a very noticeable return to all things Irish, including a re-introduction of the Gaelic language, through the Society for the Preservation of the Irish Language, and the formation of a highly nationalist community in Ireland. 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Business Aspects in Banking and Insuarance Free Essays

string(92) " likely to be major factors in the marketing of insurance products in the immediate future\." Present Scenario of insurance in business The liberalization, privatization and globalization policies of the nation along with the revolution in the field of Information Technology and communication have been advantageous for the insurance sector in India. ? Entry of private players and foreign collaborations: It was on the recommendation of the Malhotra Committee that private players were allowed to enter into the insurance market. Today there are almost 22 players who have entered the Indian insurance market besides the giant Life Insurance Corporation of India (LIC). We will write a custom essay sample on Business Aspects in Banking and Insuarance or any similar topic only for you Order Now Another major development that has taken in the field of general insurance is the de-linking of the 4 subsidiaries of the General Insurance Corporation of India (viz. Oriental Insurance Company Ltd. , New India Assurance Company Ltd. , National Insurance Company Ltd. and United India Insurance Company Ltd) from the parent company. ? Marketing strategies and approaches: The entry of private players and their foreign partners has given domestic players a tough time, because the opening up of the sector has not brought in only foreign players, but also professional techniques and technologies. The present scene in India is such that everyone is trying to put in the best efforts. One can see strategies being more for survival than growth. But the most important gift of privatization is the introduction of customer-oriented services. Utmost care is being taken to maximize customer satisfaction. Insurance Sector Today: Opportunities and Challenges Opportunities As compared to the Western countries, where they have already reached a stage of saturation, India can exploit some golden opportunities in the following fields. 1. Mass Marketing India is a highly populated country and would continue to be so in the near future. New players may tend to favour the â€Å"creamy† layer of the urban population. But, in doing so, they may well miss a large chunk of the insurable population. A strong case in point is the current business composition of the dominant market leader – the Life Insurance Corporation of India. The lion’s share of its new business comes from the rural and semi-rural markets. In a country of 1 billion people, mass marketing is always a profitable and cost-effective option for gaining market share. The rural sector is a perfect case for mass marketing. Competition in rural areas tends to be â€Å"kinder and gentler† than that in urban areas, which can easily be termed cutthroat. Identifying the right agents to harness the full potential of the vibrant and dynamic rural markets will be imperative. Rural insurance should be looked upon as an opportunity and not an obligation. A smaller bundle of innovative products in sync with rural needs and perceptions, and an efficient delivery system are the two aspects that have to be developed in order to penetrate the rural markets. 2. Job Opportunities Job opportunities are likely to increase manifold. The liberalization of the insurance sector promises several new job opportunities for those who are equipped with degrees in finance. Finance professionals who had witnessed a slump in the job market would be much relieved. There will be demand for marketing specialists, finance experts and human resource professionals. Apart from this, there will be high demand for professionals in streams like underwriting and claims management, and actuarial sciences. 3. Inflow of Funds There could be a huge inflow of funds into the country. Given the industry’s huge requirement of start-up capital, the initial years after opening up are bound to see a strong inflow of foreign capital. A rise in the equity share of foreign partners to 49 percent will act as a boost to them. 4. Reinsurance Huge capacity is likely to be created in the area of reinsurance. Apart from pure reinsurance activities, which involves providing insurance protection, there will be a revolution in service-related fields like training, seminars, workshops, know-how transfer regarding risk assessment and rating, risk inspections, risk management and devising new policy overs, etc. 5. Marketing Strategies Also, with more players in the market, there will be significant increase in advertising, brand building, and this will benefit whole lot of ancillary industries. A substantial shift is likely to take place in the distribution of insurance in India. Many of these changes will echo international trends. Worldwide, insurance products move along a continuum from pure service products to pure commodity products. Initially, insurance is seen as a complex product with a high advice and service component. Buyers prefer a face-to-face interaction and place a high premium on brand names and reliability. As products become simpler and awareness increases, they become off-the-shelf, commodity products. Sellers move to remote channels such as the telephone or direct mail. Various intermediaries, not necessarily insurance companies, sell insurance. In some countries like Netherlands and Japan, insurance is marketed using the Post Office’s distribution channels. At this point, buyers look for low price. Brand loyalty could shift from the insurer to the seller. 6. Bancassurance In other markets, notably Europe, this has resulted in bank assurance: banks entering the insurance business. The Netherlands led with financial services firms providing an entire range of products including bank accounts, motor, home and life insurance, and pensions. Other European markets have followed suit. In France, over half of all life insurance sales are made through banks. In the UK, almost 95% of banks and building societies are distributing insurance products today. In India too, banks hope to maximize expensive existing networks by selling a range of products. Many bankers have shown an inclination to enter the insurance market by leveraging their strengths in the areas of brand image, distribution network, face to face contact with the clients and telemarketing coupled with advanced information technology systems. Insurers in India should also explore distribution through non-financial organizations. For example, insurance for consumer items such as refrigerators can be offered at the point of sale. 7. Information Technology Worldwide interest in E-commerce and India’s predominant position in Information Technology and software development are also likely to be major factors in the marketing of insurance products in the immediate future. You read "Business Aspects in Banking and Insuarance" in category "Papers" The number of Internet account is increasing and the trend has already been set by some of the leading insurers and insurance brokers worldwide. Challenges If one has opportunities, one has to face challenges; it is like two sides of the same coin. No doubt India has a lot of opportunities coming her way, but there are a few challenges and threats as well. The four main challenges facing the industry are product innovation, distribution, customer service, and investments. Unit-linked personal insurance products might find greater acceptability with rising customer awareness about customized, personalized and flexible products. Flexible products and new technology will play a crucial role in reducing the cost and, therefore, the price of insurance products. Finding niche markets, having the right product mix through add-on benefits and riders, effective branding of products and services and product differentiation will be some of the challenges faced by new companies. . Technology In today’s highly competitive financial services environment, effective organizations will employ technology in a strategic way so to achieve a competitive edge. Technology will play an increasing role in aiding design and administering of products, as well in efforts to build life-long customer relationships. At the same time, investment in technology will only help as long as firms find the right people: people with the right attitude, values, and ethics, commitment to excellence, and focus on customer service. The critical success factor is a top-down emphasis on exceeding customer expectations with quality people, excellent products, and legendary service. As has been seen in other financial services, the entry of private players ensures that the customer will be the beneficiary in the long run. It will also result in enlarging the market and extending the reach of insurance across the country. 2. Competition Thus, apart from the normal issues facing any new company, many new Indian private insurance players will need to cope with the challenges of working with a joint venture partner. They will be competing with large and well-entrenched government-owned players. They have to overcome regulatory hurdles, change the attitude of new recruits and satisfy some very high customer expectations. Also, the players will have to consider the Indian market as a long-term investment, and maintain clear-cut objectives and constant monitoring at all levels. Conclusion ? Nationalized players will continue to hold strong market share positions: Over the past three years, around 40 companies have expressed interest in entering the sector and many foreign and Indian companies have arranged anticipatory alliances. The threat of new players taking over the market has been overplayed. As is witnessed in other countries where liberalization took place in recent years, we can safely conclude that nationalized players will continue to hold strong market share positions, but there will be enough business for entry to be profitable. ? Recognizing the potential market Opening up the sector will certainly mean new products, better packaging and improved customer service. Both new and existing players will have to explore new distribution and marketing channels. Potential buyers for most of this insurance lie in the middle class. New insurers must segment the market carefully to arrive at appropriate products and pricing. Recognizing the potential, in the past three years, the nationalized insurers have already begun to target niches like pensions, women or children. ? Facing competition and challenges Competition will surely cause the market to grow beyond current rates, create a bigger â€Å"pie,† and offer additional consumer choices through the introduction of new products, services, and price options. Yet, at the same time, public and private sector companies will be working together to ensure healthy growth and development of the sector. Challenges such as developing a common industry code of conduct, contributing to a common catastrophe reserve fund, and chalking out agreements between insurers to settle claims to the benefit of the consumer will require concerted effort from both sectors. Objectives of Insurance: 1. Risk Sharing: insurance is mechanism adopted to share the losses that might occur to an individual or his family on the happening of a specified event. The event may be death of earning member of the family in case of life insurance, marine perils in marine insurance and other certain events in miscellaneous insurance. The loss arised from thee events if insured are shared by all the insured in the form of premium. Thus, risk is transferred from one individual to a group. 2. Co-operative Device: Insurance is a cooperative device under which a group of persons who agree to share the financial loss may be brought together voluntarily or through publicity or through solicitation of the agents. An insurer would be unable to compensate all the losses from his own capital. Therefore, by insuring a large number of persons, he is able to pay the amount of loss. Like all other cooperative devices there is no compulsion on anybody to purchase the insurance policy. 3. Saving: Insurance is a saving device, particularly the life insurance. The claim is certain in case of life insurance, while it is not certain in general insurance. Therefore, life insurance is considered as saving because; the insured party gets the sum assured plus bonus at time of maturity. Therefore, life insurance is considered as a savings device. 4. Economic Security: Insurance provides economic security for such losses arising out of happening of insured event such as personal accident. Insurance is a protection against uncertainties of life. It provides monetary compensation for losses suffered due to happening of uncertain events, insured under the policy of insurance. Insurance is a shelter against financial losses arising out of occurrence of an anticipated accident. Thus, it provides economic security to the family of insured person or his property. 5. Economic Development: One of the most important factors contributing to the process of economic development is the capital formation. The relation ship between capital formation and insurance services in both the developed and developing economies of the world has been quite prominent and noteworthy. The savings from the household sector constitute the major proportions of the total savings in the country. The household savings constitute physical and financial. The insurance is a financial savings. As the economy progresses and attains maturity, progressively larger proportion of savings is invested in the financial assets like insurance. . Capital formation: Capital formation is the increase in capital stock of a country consisting of plant, machinery, equipments, tools, factory buildings, raw materials etc. Capital has always been regarded as a means of increasing production, in the economy and thereby contributing to the future stream of income to the economy as a whole. The process of capital formation envisages real savings, channelising savings and the act of investment. Insurance service acts as a tool to mobilize savings and indulge in direct investment. Principles of Insurance ) Utmost Good Faith: It means a positive duty to disclose accurately and fully all the facts material to the risk being proposed, whether requested or not. Every circumstance is material whish would influence the judgement of a prudent insurer in fixing the premium or determining to accept the risk. The breach of utmost good faith arises due to misrepresentation or non-disclosure. Insurance is a contract, and each party can examine the item or service, which is the subject matter of the contract. Therefore, the proposer (the one taking the policy) should disclose accurate information as asked by the insurance company, e. . facts relating to age, health, habits, and personal history. If any information is considered to be fraudulent, then the contract is null and void. Und er Sec 45 of the Insurance Act, 1938, the insurance company can cancel a policy up until 2 years, but not after after the policy is signed on the grounds of inaccurate or false statement. 2) Insurable Interest: Insurable interest is the legal right of the insurer, arising out of a financial relationship recognized under law between the insured and the subject matter of insurance. The interest in the subject matter of a contract of insurance provides the insured person with the right to enforce the contract. All risks are not insurable. In order to be insurable, the risk must be capable of financial measurement. Insurable interest is said to exist when the person insuring stands to lose, if the event insured against occurs. E. g. a person has insurable interest in his own life. Husband and wife have an insurable interest in each other. The main objective of insurable interest is to prevent people from wagering or gambling on the lives of the others. An insurance company cannot issue a policy without insurable interest. In case of non-life insurance, the existence of insurable interest is:- a) Ownership of a property or asset like a car, flat, etc. clearly establishes insurable interest in the property. b) An employer has an insurable interest in the employees working with him in good health. c) A bank has an insurable interest in the loyalty and integrity of its cashiers and managers. d) A businessman has an insurable interest in the stock of goods, vehicles, furniture and machinery. e) A vehicle owner has an insurable interest even in an unknown third party, who may be potentially injured in any accident involved with the vehicle. ) Indemnity: The basic purpose of insurance is to compensate loss and not to allow profit from insurance contract. The insurance company pays compensation to the insured party only in case of loss due to some perils. If there is no such loss, no compensation is to be paid. According to the principle of indemnity, the actual loss incurred by the insured party is to be com pensated by the insurance company, as per the terms and conditions laid down in the policy. For this purpose, the insured has to make a claim to the insurance company within a specified period after the occurrence of certain event. The insured party should not make a profit from any insurance contract. The object of insurance is to restore the financial position of the insured. 4) Subrogation: Subrogation means the automatic transfer of rights and remedies of the insured to the insurer upon the insured having received the benefits of insurance. For example, a company has insured a car. If the car meets with an accident which damages the car beyond repair, and the company pays full value of insurance to the person for the car, the company has full right to take away the damaged car. The person has no rights left on the car. The principle of subrogation arises from the basic principle of indemnity. When the insurer indemnifies the insured to the extent to his loss and not more than that, the salvaged property goes towards reducing the loss of the insurer. 5) Contribution: The principle of contribution applies when the insured has taken more than one insurance policy for the same risk from more than one insurance company. In case of loss or damage is incurred and if the insured gets benefits from all the insurance companies, the insured will get more profit than his actual loss. The principle on indemnity will not be followed in such a case and it will be against the law of insurance. Therefore, insurance contracts include the principle of contribution expressly. The principle of contribution works in a manner where each insurer pays only that proportion of the risk, as is represented by proportion off the sum assured to the overall sums assured by the different insurers. Whenever, the principle of contribution applies, the insurers make the insured responsible to file the claims in the correct proportion with the insurers. E. g. , A person takes a policy for Rs. 0000, Rs. 100000, and Rs. 150000 for the same thing. He will claim the insurance in the ration of 1/6, 1/3, and ? respectively. 6)Nature of contract-It is the fundamental principle of insurance required for a valid contract. A contract of insurance comes into existence when therte is an offer or proposal ; acceptance of the same by other. It has to satisfy all essential elements of a simple contract . To insurance contract to be valid one must be competent enough ; with sound mind. Premium is yhe consideration that must be given for the commencement of insurance contract. The object of the contrct should be lawful. 7) Risk must attach-It is essential for a valid contract of insurance. A contract of insurance can be enforced only if the risk is being attached. Premium is the consideration of the risk by the insurance companies. If there is no risk in the subject matter there should be no premium. 8)Mitigation of loss-It is applied in valid insurance contract. In the event of some mishap to the insured property ,the insured must make necessary effort to safeguard his remaining property ; minimize the loss as much as possible. ) Terms of policy- An insurance policy is for a specific period or time often the nature of risk against which insurance is sought determines the period or the life of the policy. a contract of fire insurance is normally for a period of one year. The primary functions of insurance include the following: Provide Protection – The primary function of insurance is to provide protection against future risk, accidents and uncertai nty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others. Collective bearing of risk – Insurance is a device to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid. Assessment of risk – Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is the basis for determining the premium rate also Provide Certainty – Insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the uncertain risks may be made more certain. The secondary functions of insurance include the following: Prevention of Losses – Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions; installation of automatic sparkler or alarm systems, etc. Prevention of losses cause lesser payment to the assured by the insurer and this will encourage for more savings by way of premium. Reduced rate of premiums stimulate for more business and better protection to the insured. Small capital to cover larger risks – Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty. Contributes towards the development of larger industries – Insurance provides development opportunity to those larger industries having more risks in their setting up. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery. The other functions of insurance include the following: Means of savings and investment – Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured’s For the purpose of availing income-tax exemptions also, people invest in insurance. Source of earning foreign exchange – Insurance is an international business. The country can earn foreign exchange by way of issue of marine insurance policies and various other ways. Risk Free trade – Insurance promotes exports insurance, which makes the foreign trade risk free with the help of different types of policies under marine insurance cover. IRDA The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India, based in Hyderabad. IRDA is the administrative agency of Government of India for insurance sector supervision and development. It was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. Mission of IRDA as stated in the act is â€Å"to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. As per the section 4 of IRDA Act’ 1999, Insurance Regulatory and Development Authority (IRDA, which was constituted by an act of parliament) specify the composition of Authority. The Authority is a ten member team consisting of (a)  Ã‚  Ã‚   a Chairman; (b)  Ã‚  Ã‚   five whole-time members; (c)  Ã‚  Ã‚   four part-time members, They are all appointed by the government of India. [pic] The law of India has following expectations from IRDA:- 1) To protect the interest of and secure fair treatment to policyholders. ) To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy. 3) To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates. 4) To ensure that insurance customers receive precise, clear and correct information about products and services and make them aware of their responsibilities and duties in this regard. ) To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery. 6) To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enfo rce high standards of financial soundness amongst market players. 7) To take action where such standards are inadequate or ineffectively enforced. 8) To bring about optimum amount of self-regulation in day to day working of the industry consistent with the requirements of prudential regulation. Slow Growth Of Insurance Business In India 1) Volatile market The people in India who invest their money in the volatile market of India see the upper layer of the insurance industry and say that one can think positive about this sector, but the index chart showing the recent growth figures are having different story to tell. 2) Security downfall in insurance sector Many in India consider the insurance sector as the secured one but the recent downfall in the premium income of private and public life insurance and eneral insurance companies clears this myth. The figures that came out in the light, regarding the premium income of insurance industry clearly show that Insurance in India is not recession proof. Downfall started from the life insurance sector of India where the major and most trusted companies have not recorded much impressive premium income. 3) Mixed results of growth and downfall of insurance business The insurance industry of India is not only witnessing this decline in life insurance sector but is also looking south with its general insurance biz. The recent data shows the slow negative growth of the general insurance industry in India with both public and private companies giving out mixed results. In the first quarter of the current fiscal where the public sector general insurance companies like United India, New India Assurance and Oriental Insurance have recorded the growth of 14%, 7% and 10% respectively, while PSU National Insurance has resulted in the negative growth of 2%. 4) Low penetration of general insurance The penetration of general insurance in India remains low on account of low consumer preference, largely untapped rural markets and constrained distribution channels, one of the biggest constraints facing the general insurance business is the lack of reach beyond the cities. With the privatization of the Indian insurance sector in 2000, competing among the insurance players has increased manifold ; each insurance player is coming up with innovative channels ; insurance products to meet the needs of different people. Thus, it is clear that the face of life insurance is changing. But with the changes come a host of challenges ; it is only the credible player with a long term vision ; a robust business strategy that will survive. According to the latest figures released by the Insurance Regulatory and Development Authority (IRDA), of the total 22 life insurance companies, only nine companies managed to mop up new business premium, most of them being smaller companies. Among major players, only Reliance Life and SBI Life managed to get more business and witnessed a growth of 6. 88 and 0. 89 per cent respectively. At present there are 22 life insurance companies in India, including the State-run Life Insurance Corporation Swiss Re, the largest reinsurance company, has said that insurance in the emerging markets is expected to grow at a slower pace in 2008 and 2009, but its longer term growth prospects remain positive. In India growth of new business in life insurance fell from 145. 7% in 2006 to 9. 6% in 2007. Annual growth is likely to drop from the 2002 to 2007 levels of 11. 4% in life and 10. 6% in non-life to 7-10% in life and 3-8% in non-life between 2008 and 2013, said the company its latest Sigma report. Growth in the life market slowed from 18% to 14% in 2007. Speaking of private general insurance companies, some big players like Reliance General Insurance and Tata AIG General Insurance have witnessed the negative growth. The other players in the same category like Bajaj Allianz General and ICICI Lombard Insurance have reported the southward growth of 13 and 21 percent respectively in the June quarter. Lack of good insurance advisors. Reasons for Slow Growth 1. Slackness in the economy and the markets has put the brakes on the high speed growth of private life insurance companies. 2. Life insurance companies have slowed down recruitment due to tardy growth in the new business and focus on cost-cutting 3. Ineffective distribution networks 4. Delay in settlement of claims – lengthy procedures 5. Fraud cases : Fraudulent and dishonest claims are a major problem for the insurance industry. An example of life insurance fraud is the John Darwin disappearance case, an ongoing investigation into the faked death of British former teacher and prison officer John Darwin, who turned up alive in December 2007, five years after he was thought to have died in a canoeing accident. Darwin was reported as â€Å"missing† after failing to report to work following a canoeing trip on March 21, 2002. He reappeared on December 1, 2007, claiming to have no memory of the past five years. Reasons for Slow Growth (contd) 1) Poor marketing strategies: India is a developing nation and is new to all these marketing strategies if compared at international standards. Keeping in mind the poor literacy rate of the country, there should be such strategies prepared which not only target the urban areas but also tap and concentrate on the rural areas for basic and vital insurance policies. ) Low consumer awareness: Due to lack of awareness, yet, nearly 80% of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This, itself is an indicator that growth pote ntial for insurance sector is immense, however, it is slow, one reason being lack of awareness. In order to spread awareness, the insurance companies should have differences in approach for rural and urban areas as per the lifestyle, literacy of people. For eg : crops insurance, house insurance for people in rural areas and farmers with low sources of income should be made aware of in a less complex manner. 3) Lack of competition: public and private insurance companies more or less offer policies with similar terms and conditions. Hence, differentiation lacks which leads to less competition in the insurance sector. ) Government monopoly: there are private and public insurance companies in the insurance sector. However, the government provides financial aid and encouragement only to its own public institutions. Evidently, the government will only support and favor its own agencies. There is concentration of power and due to this there can’t be an overall and fair development in the insurance sector. 5) Inefficiency in management: there is a lot of scope and potential for growth in the insurance sector if men, material and money are managed in the best manner. All sections of society should be tackled in an organized anner with suitable strategies so that the objectives of insurance are materialized. 6) Liquidity crunch: due to reasons such as recession, liquidity has dried-up in the economy and hence people are hesitant concerning long-term investments such as insurance. Only when the liquidity situation eases, will the people become comfortable with locking in money for insurance as it is a long-term commitment and requires payment at regular intervals on a quarterly or yearly basis. 7) Financial malpractices: due to inefficiency and lack of verification there are financial malpractices. For eg: car insurance, the insurer may claim more than the actual damage of his car and give other causes for the accident when it is probably his fault. Such practices are illegal. FUTURE PROSPECTS OF INSURANCE IN INDIA With a huge population base and large untapped market, insurance Industry is a big opportunity area in India for national as well as Foreign investors. India is the fifth largest life insurance market in the emerging insurance economies globally and is growing at 32-34% Annually. Life insurance market has propelled the Indian life Insurance agents into the ‘top 10 country list’ in terms of Membership to the Million Dollar Round Table (MDRT) — an Exclusive club for the highest performing life insurance Agents. Total life insurance premium in India is projected to grow Rs 1,230,000 Crores by 2010-11. — Total non-life insurance premium is expected to increase at a CAGR of 25% for the period spanning from 2008-09 to 2010-11. A major study on the Indian insurance sector by consultancy firm McKinsey Co says less than a third of the life insurance agents meet minimum raining and sales standards set by their companies. It said the life insurance market could easily double to $100 billion in five years Entitled India Insurance 2012: Fortune Favours the Bold, it estimates that higher per capita income will be the key driver of higher demand for insurance products. By 2012, Indian household will be paying premium of up to Rs 4,100 from the current Rs 1,300 India’s ratio of life insuranc e premium to its GDP is around 4% against 6-9% in the developed world. But, the report claims it could rise to 6. % by 2012, in tandem with the country’s demographic profile By 2012, almost 40% of the urban population is likely to have some form of life insurance cover, while in rural areas too it could touch 35%. Current levels are 30% and 25%, respectively FUTURE PROSPECTS OF INSURANCE IN INDIA (CONTD.. ) Insurance 10 years back in India basically was popular only for Life and to some extent for cover against Fire with only players like LIC,GIC etc. and this was one of the contributing factors for the growth of insurance being slow in India. This scenario changed with the entry of private players in the market. With competition came more innovation which ultimately is benefiting this industry in general. Latest 2 examples of innovations are agricultural/crop insurance and wedding Insurance. Bajaj Allianz Insurance has plans for protection against any losses in wedding preparations. The prospect that Insurance industry in India has a bright future can also be believed as not only big corporate houses like Reliance, Tatas and Birlas have stepped in this sector but also big banks like ICICI, SBI, HDFC are a part of it. This is a very positive indication for this sector with also more foreign players trying to come to India. India has an ever increasing population which just increases more and more market for the insurance industry. With more terror attacks and man made calamities and increasing natural calamities like rain deluge, draught, earthquakes etc. there is an increasing feeling of insecurity which is exactly what this industry thrives on. Hence, Insurance has very bright prospects in India. [pic] How to cite Business Aspects in Banking and Insuarance, Papers

Thank Me Later by Drake free essay sample

Drizzy Drake Rogers, inarguably the hottest new rapper out there, has taken the hip-hop industry by storm with innumerable mix tapes and his latest studio album, â€Å"Thank Me Later.† This could be considered his first album because â€Å"So For Gone† was basically a mix tape stripped down to make an album. Drake represents well for young artists with this album. Its very laid-back and clever – not something you want to party to like a rock star, but instead ride around with or just listen to when you want to chill. The standouts are easily â€Å"Find Your Love,† â€Å"Over,† and â€Å"Up All Night.† â€Å"Miss Me† was over-hyped because when it came out, Lil Wayne was in jail, and when fans saw he was featured on it, everyone wanted to know what he had to say. Some songs I like include â€Å"Fireworks,† â€Å"Light Up,† â€Å"Shut It Down.† Im warming up to â€Å"Unforgettable† and â€Å"Thank Me Now. We will write a custom essay sample on Thank Me Later by Drake or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page † Though Drakes album is very well produced and written, it has flaws. I dont care what anyone says, Drake cant sing! Just because you hit the note doesnt mean you can sing. After listening to Drake for a while he can get boring because he sounds monotone and there isnt a lot of energy or soul. But Drake gets better with time. Overall, â€Å"Thank Me Later† is one of the few albums I would recommend.