Using predictive modeling in insurance underwriting Research Paper

Using predictive modeling in insurance underwriting - Research Paper Example Underwriting is done by ensuring that there is more collection of premium and investment income by the insurance company than the losses paid out by the company. This can be done by implementing new strategies of pricing of premium to the customers. The below formula should be used to ensure that there is profit realization by the insurance company. The risk of the damaged is transferred from the insurer to the insurance company by compensating the damage. The compensation of the damage may be higher than that of the charges from the insurer. In case there is such occurrence, the insurance companies, process the clients demand by forming mitigate and consortium risk amongst them (Siegel, 2013). For example, the company tries to balance the various types of insurance hazards such as fire to cater for other costs incurred. Pricing to cater for different risk involves the comparison between the actual losses with relative losses. In this method, multivariate or univariate analyses and probability analyses are used to approximate ratemaking and approximating the rate of future claims based on a given risk. Therefore, the decision on premium to be charged is a major problem in the insurance companies. As stated above, the claims and the underwritten cost should be less compared to the premium received by the company (Siegel, 2013). The K- means clustering can be used to determine or classify the customer based on the risk, the characteristics of a customer, and also determining the probability of the customer based on their characteristics. Through this method, the company can target a certain group of customers by different marketing plans and increase the profitability of the company. The use of clustering method can help in developing new products or cross selling product by understanding the market behavior (Zhu & Davidson, 2007). For example, some of the customers can fall under two or more covers at the same time due to different demographic

Report Essay Example | Topics and Well Written Essays - 500 words - 6

Report - Essay Example In particular, report discusses the result of the experiment and includes their meaning within the context of chemistry. The first experiment dealt with the observations when a candle is lit. On lighting the candle, only its wick burnt. However, after about 5 seconds, the heat from the burning weak melted some candle. This had the effect of increasingly brightening the flame from the candle. It seemed like the molten candle was acting as the flame’s source of fuel. The experiment aimed at establishing if oxygen was necessary for the sustenance of a burning process. When the burning candle was covered with a 400ml beaker, it burned for about 10 seconds before going off. A repeat of the procedure produced a similar result. The candle went off after 10 seconds. The third experiment involved testing for carbon dioxide. This entailed collecting the contents of the overturned beaker then testing its content with limewater. When limewater was immediately swirled inside the 400ml beaker, the contents immediately turned cloudy. The fourth experiment entailed the examination if water was a by-product in the burning candle. When the 400ml beaker was held upside down over the candle. The bottom of the beaker became immediately moist. However, when the beaker was held longer over the candle, the moisture like substance dried leaving behind a round patch. According to O’Hare (2007), when a candle burns, combustion takes place and both carbon dioxide and water are the resulting products. Reportedly, the candle is a type of fuel called a hydrocarbon. Hydrocarbons are rich in carbon and hydrogen molecules. Additionally, its weak structure means that it has a lower melting point. That is why in the first experiment, it was observed that the candle immediately began to melt when the wick was lit. The brightening of the candle was due to an exposure to a substantial amount of fuel. O’Hare (2007) denotes that when a hydrocarbon like a candle burns, it follows

Principles Of Auditing - Apple vs. Samsung Lawsuit Essay

Principles Of Auditing - Apple vs. Samsung Lawsuit - Essay Example Samsung, the two technology manufacturing giants. In this regard, the discussion of the case provides a critical understanding about the key reasons of stealing software and identifies if Apple or Samsung have disclosed any such information regarding the stealing of software. In addition, the discussion of the essay also highlights the process of disclosing information by these two technology manufacturers and explains the roles and the comments made by the auditors through this particular lawsuit between Apple and Samsung. In relation to the lawsuits associated with the software programs, Apple has been recognized to enter lawsuit by claiming a steal of software program by its core rival Samsung. According to the lawsuit, it has been identified that Apple acquired the community design registration in order to produce tablet computer in the year 2004. The team of Apple strongly believes the fact that a major portion of the buyers purchases a phone of Samsung by considering it as an iPhone. According to the team, there can be certain reasons of the customers for considering the phone of Samsung as an iPhone (Paul, Weiss, Rifkind, Wharton & Garrison LLP, â€Å"Democratic, Republican Party Platforms Emphasize Internet Freedom†). Based on the lawsuit, it has been claimed by Apple that Samsung made an infringement by using comparable design of its Galaxy SII by stealing software programs from Apple iPhone 4S. Moreover, the court fillings written by the attorney of Apple has also claimed that Samsung has systematically copied innovative technology along with innovative features and designs of Apple by infringing devices in the smartphone and tablet business industry (The Guardian, â€Å"Apple Sues Samsung for $2bn as Tech Rivals head back to Court†). The litigation of copying design and features or menu structure of the operating software has been emerged in

GNC Corp1 Essay Example | Topics and Well Written Essays - 1250 words

GNC Corp1 - Essay Example Let us consider the first option that is to hire native Chinese worker into the company. In order to successfully run the operation GNC Corporation will face the issue of cultural differences that exist between America and China. In One survey it has been recognized that cultural differences is the biggest barrier which any company faces while doing business. The management practices of America and China is different. So they need to take into consideration the cultural differences between them to be successful. There is a great difference between China and US with respect to political system, economic system, laws and social values despite the fact that major changes have occurred in China in recent years. China works in a centralized way while US is relatively decentralized. China follows collectivism principle. But in US they follow the principle of individualism. US enterprises have short-term orientation as compared to China’s long-term orientation (Baines 45). . These di fferences in culture greatly affect human behavior and the thinking process, and GNC must provide a platform where people from both the countries can interact on the basis of shared values. These cultural differences will impact the management practices in terms of cooperative strategies, decision making, conflict management, motivation systems and work group characteristics. American managers use open forms when faced with conflicts which are new to Chinese workers as they use assistance from third party. Also Chinese people pay more attention in building social and interpersonal relations. Also for motivating the employees the Chinese follows equity principle which is ignored by the American companies (Ambler 78). But hiring Chinese workers can do a lot of good also for GNC Company. Chinese workers will bring diversity in the business which is required for them to operate in China. They know the local people, what they need and which product will be able to sell most. Also rules a nd regulations that GNC has to follow in Chinese market can be easily followed if there is a presence of Chinese advisors in the company. With such Chinese workers they can reach out to the people in a far effective way. They will direct the strategies which the company needs to take so that their profitability increases. Another strategy that they will employ is to sell their product online, so that they can reach wider consumer base. In China the internet penetration is increasing and it has the second highest internet user base in the world. This opens up avenues of e-commerce base business style. Also the consumer can use the mobile phone as the strategy to reach to new consumers. GNC has to capture Chinese market by reaching out to the Chinese people through the use of their smart phones and digital devices. The rules and regulation of the Chinese government is strict as compared to the US market. They sometimes ban use of social media if they feel like it is a threat to the na tional security. Hence GNC must be careful to implement the online marketing which they will use. They can use Face book, twitter and their local social media sites in China to reach out to wider consumer base. Also telephone marketing is also a way of marketing through which they can use it as a medium to convey about the new products which they are offering to the consumer. Since today

W two videos of effective presentations on topics of personal interest Essay

W two videos of effective presentations on topics of personal interest (not career-related). For each video, discuss in-depth the three parts of the Rhetorical Triangle - Essay Example rent activities: the ‘How to Make Sugar-Free Lemonade’ and the ‘How to Make a Flat Spiral Bracelet’ videos are analyzed aiming to show the potential use of Rhetorical Triangle for evaluating the effectiveness of messages delivered to a particular audience. The Rhetorical triangle is used for analyzing the quality of messages in terms of ‘reasoning and argumentation’ (Cooper 2009, p.52). Different views seem to exist in regard to the elements of Rhetorical triangle. According to Cooper (2009) the Rhetorical triangle incorporates ‘the speaker, the audience and the purpose’ (Cooper 2009, p.52). In its most common form, the Rhetorical triangle includes ‘the speaker, the audience and the message’ (Magedah 2010, p.7). The above terms could be analyzed as follows: the speaker is the person that delivers the message (Magedah 2010, p.7). The means used for the delivering of the message is not standardized (Magedah 2010, p.7). The audience is a term used for describing the individual or individuals ‘who receive the message’ (Magedah 2010, p.7). It should be noted that the audience cannot be precisely defined in advance; for example if a message targets a person but it is finally delivered to m any persons, then the audience is extended even if the speaker did not have such intention (Killingsworth 2005, p.26). As for the third element of the Rhetorical triangle, i.e. the message, this is used for showing ‘the information that the speaker aims to convey to the audience’ (Magedah 2010, p.7). In order for a message to be successfully delivered all the above elements need to be taken into consideration (Magedah 2010, p.7). The first of the videos analyzed in this paper, i.e. the video entitled ‘How to Make Sugar-Free Lemonade’ can be considered as quite successful in terms of delivering the message involved. The success of the video can be made clear by referring to the three elements of the Rhetorical triangle: the presenter describes clearly

Impressionism and Expressionism Essay Example | Topics and Well Written Essays - 500 words

Impressionism and Expressionism - Essay Example The essay "Impressionism and Expressionism" examines impressionism and expressionism. Vincent van Gogh and Jozef Israels have pieces of art that portray such styles. While in Nuenen, Holland at his father’s lodge, Vincent composed â€Å"Potato Eaters.† This painting is the first of his works that reveals influences from the farmhand descriptions of Jozef Israels. In â€Å"Potato Eaters,† Vincent even reveals this influence and defines Israels as the "the Dutch Millet.† Vincent reveals his admiration for a painter of anglers and small-scale farmers who he referred to as â€Å"Dutch Millets.† Between Vincent’s â€Å"Potato Eaters† and Israels’ â€Å"Peasant Family at Table,† Vincent was clearly inspired to compose his own idea of a small-scale farmer’s dinner setting. In terms of composition styles, â€Å"Potato Eaters† reflects Israels’ subject and style of art. At the same time, â€Å"Potato Eatersâ⠂¬  has darker shades, animpasto paint textures, and more inspiration from Rembrandt’s tenebrism. Tenebrism is a style of portraiture used by Caravaggio and his successors wherein several objects are vibrant in terms of color while the rest of the painting has dense shadows. Tenebrism remains an impressionist style of painting. In â€Å"Potato Eaters,† the point of view is skewed. The askew nature of the painting shows Vincent’s naivetà © and originality at the same time. This is also a major similarity between â€Å"Potato Eaters† and Israels’ â€Å"Peasant Family at Table.†

How fast-food has a significant impact in Childhood obesity Research Paper

How fast-food has a significant impact in Childhood obesity - Research Paper Example How fast-food has a significant impact in Childhood obesity? Childhood obesity is a serious/major public health concern and it currently getting a great amount of attention because of its wider economic impacts, as well as the long term consequences on children’s overall health, quality of life, academic achievements and productivity as they turn into adults. Fortunately, latest findings point out that the growth in the proportion of children categorized as obese or overweight has finally leveled off. Nevertheless, rates of obesity and overweight still remain high. â€Å"Almost 35% of children aged 6 to 19 years are overweight and roughly 19% are obese†. Taking health into consideration, the effects of obesity among children include coronary heart disease, hypertension, type 2 diabetes, orthopedic abnormalities and respiratory problems. One of the fields of the food industry, which is being held responsible for the prevalence of childhood obesity, is the FAFH – food-away-from-home – sector, in essence, the fast food industry. From the late 70’s till the mid 90’s, the volume of foods consumed away from home went up considerably from 16% to 29%. The eating patterns of children, particularly those in school, have echoed the fast growth of the FAFH industry. In the late 70’s, children obtained roughly 20% of their caloric intake from food FAFH sources. The data obesity surveys conducted from 2003 to 2006 show that food-away-from-home was liable for 35% of children’s caloric intake. A number of surveys have argued that children who take more fast-food have much lower dietary quality are also expected to be obese or overweight. This paper will discuss how fast-food has a significant impact in Childhood obesity. Background Whereas the main motivation of centering on children is the accessibility of geographically explicit information on weight measures for an extremely big sample, children are a significant group to research in their own right. â€Å"Among school aged chi ldren, 6-19 rates of overweight have soared from about 5% in the early 1970s to 16%, in 1999-2002† (Currie et al. 5). These rates are of significant concern provided that children who are obese are most expected to be obese or overweight as grownups and are gradually suffering from illnesses related to overweight when still young. Critics of the fast food sector point to a number of features, which might make fast food less healthy compared to other types of FAFH. These comprise of low time and monetary costs, high calorie levels of signature menu items and large portions. For sure, energy densities for personal food items are normally too high that it would be hard for people consuming them not to go past their normally recommended dietary intakes (Currie et al. 6). A number of consumers might be specifically defenseless. In two randomized practical trials concerning 26 overweight and 28 normal-weight children, Sinclair et al. (2833) contrasted caloric intakes on â€Å"unres tricted fast-food days,† as well as â€Å"no fast-food days.† The researchers found out that overweight children had much higher caloric intakes on â€Å"fast-food days† compared to â€Å"none fast-food days. The main fast food chains are also concerned in aggressive advertising to children. One particular experimental study of children aged three to five years provided them identical pairs of beverages and foods, the only distinction being that some foods were packaged by McDonalds (Robinson et al. 792). Data Sources and Summary Statistics Data for this paper came from three sources: school data and restaurant data. School Data The data on children from this study came from Californian schools from the late 90 and early 2000s up to 2007. The study of mostly 9th graders, which the paper centers on, represents 3.6 million student-year observations. In California, during spring, 9th graders are normally given fitness assessment test,