The Federal Government Regulate The Insurance Industry

Background The federal government’s role is in regulating industries is to protect consumers and the market. There is an ongoing debate on whether the federal government should regulate the insurance industry as a result of the bailouts stemming from the Financial Crisis of 2008. Currently, state governments regulate the insurance industry. Proponents of federal regulation reason that states are inefficient in the duty of insurance regulation. Additionally, the federal government has economies of scale and may offer an increase in efficiency unlike state regulation. The federal government regulates industries due to inherent systemic risk to the country’s economic environment. Systemic risk is the risk of collapse of an entire financial system or market. (SOURCE) For example, banking institutions such as Lehman Brothers, Merrell Lynch, and Goldman Sachs were major contributors to the financial crisis in 2008 because these institutions were systemically significant to th e market. The insurance industry and the core activities of the industry, however, were not a major contributor to near-collapse of the American economy. The federal government should not regulate the insurance industry because it does not possess a systemic risk to the market economy, states have the ability and resources to regulate, and federal regulation would result in unnecessary costs from the federal budget. The Insurance Industry and Systemic Risk The first initial component to what constitutesShow MoreRelatedThe State Run Regulatory System942 Words   |  4 PagesThe Insurance industry is very heavily state regulated. According to the Government Accountability Office (GAO) study, the state run regulatory system is Federal verses State Regulation protecting the markets, insurance industry and policy holders and was evidenced during the financial crisis of 2008-09. The insurance business is highly profitable. â€Å"Well-run companies can make a lot of money, which breeds competition† from both â€Å"inside and outside competitors† (Property, 2013). Insurance companiesRead MoreThe Pharmaceutical Industry1566 Words   |  7 PagesAlong with saving lives and helping people live an ordinary life in comfort, the pharmaceutical industry makes billions of dollars every year; money that is invested in research/development as well as lining the pockets of shareholders. However, i n the past two years the system has been abused by those hoping to make a hefty profit from buying or acquiring a drug and then raising the price ten or twenty-fold, often with the simple reason of greed or matching what other companies do (Johnson). OccasionallyRead MoreInstallment Loans : Let The States Decide Essay964 Words   |  4 Pagesfrom their next paychecks despite industry warnings against the practice. This often leads some people to become trapped in a cycle of debt, which is a primary reason that industry critics give for opposing payday, auto title and short-term loans. Many of these payday lenders now offer installment loans to satisfy critics, consumer demand and losses of interest income due to payday lending restrictions. However, controversy continues to grow about whether federal regulators should have an expandedRead MoreUniversal Health Care At The United States1458 Words   |  6 PagesMedicaid into law during the early 1960s (Andrew and Walter, PBS). Anot her milestone of universal health care is when President Obama passed and signed the â€Å"The Affordable Care Act† in 2010, which opened a Federal healthcare marketplace and the requirement for all American to have a health care insurance (Andrew and Walter). However, the cost of health care dramatically increased. The Affordable Care Act (ACA) is not a good policy as health care cost is too high and many American are still uninsured. Read MoreGreat Depression and New Deal Study Guide1119 Words   |  5 Pagesbenefits for victims of industrial accidents, unemployment insurance, and air for defendant mothers and children, the blind and physically disabled. | Fair Labor Standards Act- This banned child labor and set a minimum wage. This law was a long awaited triumph for the progressive-era social reformers. | National Labor Relations Act (Wagner act) - Reestablished the NIRA provision of collective bargaining. The federal government again protected the right of workers to join unions and engageRead MoreThe Issue Of Universal Health Care1705 Words   |  7 PagesMedicaid into law during the early 1960s (Andrew and Walter, PBS). Another milestone of universal health care is when President Obama passed and signed the â€Å"The Affordable Care Act† in 2010, which opened a Federal healthcare marketplace and the requirement for all Americans to have health care insurance (Andrew and Walter). However, the cost of health care dramatically increased since the Affordable Care Act was signed. The Affordable Care Act (ACA) is not a good policy as health care cost is too highRead MoreObamacare And Affordable Care Act1728 Words   |  7 Pageshard working citizens and the God-given freedoms we possess. America has contributed countless scientific and medical discoveries and accomplished feat s deemed impossible by others. The wealth and progress in this country was not brought about by government intervention and supervision, but from individuals who had the freedom to do what they did best. Because of this freedom, America’s healthcare is currently unmatched anywhere in the world. Though other countries may tout free healthcare, they makeRead MoreThe Constitutionality Of The Affordable Care Act2997 Words   |  12 Pageson insurance coverage in the United States. According to Webster’s Dictionary, â€Å"insurance is a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.† The statutory power to regulate the business of insurance comes from a 1945 ruling by the U.S. Supreme Court that prompts Congress to enact the McCarron-Ferguson Law giving individual states the power to regulate theRead MoreAnalysis Of The Health Care Industry1088 Words   |  5 PagesThe health care industry has the highest percentage of occupational hazards of any workforce industry (SIC division structure, 2015). To control these numbers, several state and federal agencies were established to regulate risks to health and personal safety. (OSHA) is one such agency was established to cover all workforce industries, including health services and insurance. The regulatory authority of OSHA is ranged to cover many types of occupational hazards and hazard communication. OSHA proceduresRead MoreWilson vs. Roosevelt: the Better Progressive President? Essay747 Words   |  3 Pageseconomic competition and permit small businesses once again to flourish. While the federal government was to use its power on a one-time basis to bust all trusts, the federal government was to have no role in regulating business. Any regulation would have to be done by state governments. This contrasted markedly with Roosevelts New Nationalism, which called for an even stronger role for the president and the federal government in regulating the economy and curbing the abuses of corporate power. New Freedom

Poetry from Anthology Free Essays

In this essay I will be exploring how the poets expressed their views in a strong and effective way. I shall be writing about three poems. †¢ Base Details by Siegfried Sassoon †¢ On the life of man by Walter Raleigh †¢ Those bastards in their mansions by Simon Armitage Base Details Siegfried Sassoon In this essay I will be describing the contrasts and explore the attitude of the poet in a strong and effective way. We will write a custom essay sample on Poetry from Anthology or any similar topic only for you Order Now This poem is written by Siegfried Sassoon, who was a soldier during the First World War. He used the majors and the soldiers as protagonists of this poem. The poet has described the physical attributes of the majors who would stay at the base, because they were fat, short of breath. Siegfried uses number of abusive and mockery words to describe their behaviour towards one another. In the beginning of the poem the poet says that he’d live in with the majors at the base. He used abusive and mockery words to describe the physical attributes they posses. The poet says that â€Å"Bald†, â€Å"short of breath† and â€Å"scarlet†. The word â€Å"bald† means that they didn’t have any hair on their head, and â€Å"short of breath† refers towards their shape and body figure. The lexis† scarlet† has a lot of meanings, but in their case it means that they were guilty. The majors were the main reason for the death of the soldiers. These three words highlight the characteristics of them, as well as it was mentioned in the first two lines of the poem. Afterwards, Siegfried immediately talks about the soldiers whose fate was inevitably a fateful misery. The author observes the fact that, they were active and they used to get forced towards the frontline. This is evidenced from the poem he states that: – â€Å"And speed glum heroes up the line to death†. Nevertheless, since they met their fate bravely and gave their life in the war, this made them a true hero. Additionally, the poet goes back to the description of the major’s actions. So the poet uses the word â€Å"Guzzle† and â€Å"Gulp† in the â€Å"best hotel†. In this context the poet describes that the poet himself and the majors would eat and drink in an excessive manner. Therefore the word â€Å"guzzle† means to eat in an excessive manner, and the word â€Å"gulp† to drink in an excessive manner as it makes a gulping sound, therefore the poet used them two word to make it effective. Moreover, since the war is still happening the majors would continuously eat and drink. To such an extent that the poet has described their faces as â€Å"Puffy† and â€Å"petulant†, the poet has used the mockery words again to describe the majors. The word â€Å"puffy† means that they would be fat and â€Å"petulant† means to be swollen. Afterwards he uses the sarcasm attitude towards the soldiers by stating: – â€Å"Poor young chap, Roll of Honour is an alliteration which the poet has used. I’d say†. He’d say â€Å"poor young chap† to show their grief towards the soldiers, and â€Å"Roll of Honour† is a faceless list of names of the soldiers. In reality the majors weren’t really cared for them whilst they were burying the soldiers. Nevertheless, after burying them they would continue their sarcastic conversations about their innocent soldiers. Siegfried proofs this from the poem he says that â€Å"I’d say I used to know his father well; yes, we’ve lost heavily in this scrap†. This shows up their fake and strong relationship between them. He also mentions the word â€Å"scrap† to describe the war. The majors would describe this war as a scrap. This war means nothing to them, regardless they’ve lost heavily amount of soldiers. This part of the poem is a technique of euphemisms. This war was like a board games, how a player would sacrifice a counter to gain victory. In conclusion, the poet gives a scenario or a clear contrast of the soldiers and the majors. They’d be scattered everywhere. I mean that the majors would â€Å"toddle† due to their fat and overeating. Therefore they’d walk slowly and safely, since they are not at the battlefield. On the other side, the soldiers would be â€Å"stone dead†; this means that they would be still dead at the battlefield. Finally, the rhyming scheme of this poem is (ab, ab, cd, ee,). Also the last two lines of this poem is known as† Rhyming Couplet†. Since they rhyme at the end and those two words are â€Å"dead† and â€Å"bed†. Those Bastards in their mansions Simon Armitage This poem is written by Simon Armitage, he has dedicated this poem towards the poor people, and this poem is from the collection of ‘taking a stand’. This poem features the division between the poor and the rich. Simon Armitage is totally against it; therefore he is taking a stand protecting the poor from the rich. Thus, I will be explaining this poem. Firstly, the author is referring the rich people as ‘bastards’ which is on the first line of the poem, because if there was to be a poor walking in front of their house they would ask each other â€Å"who is he? †, â€Å"why is he dressed in that manner? † where is he from? † etc. That’s why the author referred them as ‘bastards’. In this situation the rich people would be alarmed and clutch their possessions closer. After while, he says that he would save the poor masses and protect them from different kind of destruction, and bring them a form of benefit. â€Å"I’d poisoned the dogs and vaulted the ditches† gives a form of proof from the poem itself. Moreover, there state is really ragged because not only there’s a division between them, the poor people would also get oppressed by the rich. Thus, Simon Armitage decides to break through the front door, it is also evidenced form the fifth line of first stanza, so that he would bring them benefit. This is clearly observed in line six. † The gift of fire from the burning torches. These properties are like gift thus he used the word ‘gift’ to show the preciousness of it. This part of the poem refers towards the Greek mythology about Prometheus and Zeus. Prometheus was Greek God and also the first god to create human beings. Not only that he stole fire from Zeus and distributed it towards the whole of humanity. Zeus became really furious, upon knowing that Prometheus gave a precious element to the mankind. Therefore, Zeus punished Prometheus by chaining him to the peak of a mountain, so that everyday eagles would peck from his liver. Since, Prometheus was immortal each night his liver would grow back. Nevertheless, after distributing the properties he would teach them how to get rid off themselves from the great oppression and how to take a stand against the cruelty of the rich. Thereafter, since they don’t have any weapons to face against the rich, what they would do is that they would use the same chains and shackles which they were tied by. They use those chains to take a stand against the rich and break the division of the privileged ones and the non-privileged ones. In conclusion, the poet is alarming himself bravely in the second line of third stanza that â€Å"they’d have me sniffed out by their beagles†. Simon speaks regarding their troops of dogs, which the rich would keep to guard their properties. Since in the beginning of the poem talks about poisoning the dogs, therefore the dogs certainly will be able to catch and he’ll get imprisoned as well as face other severe consequences. But on the last stanza he says that â€Å"me, I stick to the shadows carry a gun†, here the poet clearly and bravely shows himself that he’s fearless and he’d hide himself from those bastards in their mansions. On the life of Man Sir Walter Raleigh This poem has been written about the life, by using extended metaphor throughout the poem. It also gives a bit of idea by looking at its title. It has been written by Sir Walter Raleigh. He has expressed his attitude and his views towards this life as a form of ‘Sacrifice’. There are other numerous views regarding this life. I will be exploring his attitude in a strong and effective way. In the beginning, Sir Walter Raleigh asks a rhetorical question that â€Å"What is Life†. Then he gives immediate response by saying â€Å"A play of Passion†. The word â€Å" play† is referring towards the life, meaning that how it works or it carries on etc. in this context it is blatantly giving the indication towards a theatre play. The poet has used the theatre play to show the example of life. Then he tells the situation of life, therefore he says his opinion upon saying the word â€Å"passion†. Passion is giving the meaning of going through strong emotions and lot of sacrifices. There are many people who’d go through sacrifices in their life. The most famous example is Christ, who went through lot sacrifices, to such an extent that he died to take away his people’s sins. Later on, he states that there is a small amount of laughter or amusements takes place in our life. He compares this amusement as a small amount of time. Therefore, he says that â€Å"Our mirth the music of division. † He indicates this back to the play, this shows that when all the actors go for a short interval. Whilst some orchestra will appear on the stage to entertain the audiences as well as some will eat, talk, or go to the toilet. This is done so that they can split up the acts. Additionally, the poet talks about the beginning of life. He takes the human beings as actors and a place where they would get dressed. He states â€Å"Our mother’s womb the tiring houses can be†. He uses the word â€Å"womb† to link it towards the green room, and then the poet elaborates more about this point to show what happens. He states further upon saying â€Å"Where we are dressed for this short comedy†. Sir Walter supports the view of life as short progression of time; therefore he has mentioned the word â€Å"short† as well as â€Å"comedy†. The word â€Å"comedy† refers towards a play which ends happily. Moreover, Sir Walter Raleigh identifies a link of life with God. He asserts that God is watching us sharply, thus he quotes â€Å"Heaven the judicious sharp spectator is†, he is using metaphor to make God as our audience. The poet strongly believes that he will get accounted for whatever he does in this life. Therefore, he explains further that god is looking over us continuously and judging us according to our actions. He says â€Å"That sits and marks still who doth act amiss†. Meanwhile, the author describes the grave where everyone will end up at the end of their life. He quotes† our graves that hide us from the searching Sun†. The poet is using the word â€Å"hide† to show that the earth will be filled over us. He uses metaphor of the stage again, like the way he has mentioned at the beginning. He gives an example on saying that â€Å" Are like drawn curtains that when the play gets done the curtain draws close, exactly the same way a life of a person ends by filling earth over him/her. Finally, the poet ends this poem describing the progression of time. He states â€Å"thus march we playing to our latest rest†. The word â€Å"rest† shows that they’ll be in luxury in the next world, since a person has sacrificed or take this life as strong emotions. It also show that the poet is being theist based on this fact. Then on the last line he says â€Å"only we die in earnest and, that’s no jest†. He is referring towards the poem once more that, this life is nothing or it has no value to him. Therefore, he has mentioned the word â€Å"earnest† and â€Å"jest† to show that we truly die and that’s no joke nor it’s fake. How to cite Poetry from Anthology, Essay examples

Project Execution and Control Financial Risk

Question: Discuss about theProject Execution and Controlfor Financial Risk. Answer: Risk Management Plan Risk Identification and Assessment The possible risks for this case study are as follows. Financial Risk Due to the large size of the stadium, the cost of construction will be significantly high. Hence, there is a very high chance for financial risk. The main reason behind this risk will be inaccurate cost estimation during the project planning phase (Phillips, 2013). For instance, let the estimated cost for the stadium construction is $15 million. On the other hand, the actual cost of construction comes out to be $25 million. In this case, the company will lose a huge amount of funds. This will significantly reduce the cost benefit that has been estimated during the project planning. Hence, accurate cost estimation is necessary to avoid financial risks. Poor Quality of Materials The stadium is a huge structure that will hold more than 40,000 spectators during a game. Hence, it is important that the stadium be built with the best quality of materials in order to avoid accidents during a game. Even small accidents can cause fatalities in the crowd. Poor quality materials will result in high chances of accidents when the stadium is fully packed with spectators. Accidents Another major risk during the construction phase is unforeseen accidents. This mainly occurs due to mishandling of large instruments like cranes, lifters and others (Turner, 2014). Due to these accidents, some on-site workers may lose their lives. Hence, it is necessary to be careful during the execution of the construction phase. Other Risks There are chances of other risks as well that include political, social, cultural and others. These risks can be mitigated if proper precautions are taken before the execution of the project. The following table shows the risk register including risk probabilities and impacts. Type of Risk When Risk Can Occur Response to Risk Consequence of Risk (e.g., High/Low) Likelihood of Occurrence Priority Financial During and after the project Extra funds, new sponsorship deals Extreme High High Poor Quality Materials After the project Selection of reliable vendors for the supply of materials Extreme Medium High Accidents During construction Installation of first aid and safety structures, controlled operations of large instruments High Low Medium Other Risks (Political, Social, Environmental, etc.) Throughout the course of the project Compliance with government and construction rules and guidelines Medium Low Medium Risk Management and Reporting In order to mitigate the risks identified for this project, the company needs to develop risk mitigation strategies for the project. The suggested mitigation strategies are provided as follows. Financial Risks For avoiding financial risk, it is important to avoid errors in cost estimation during the project planning phase. Hence, the company should take up a suitable strategy for cost estimation. For this purpose, the company should execute more market analysis studies to learn the changes in prices of the materials that are needed for the construction (Klakegg, 2016). Moreover, the contractors should be chosen with some fixed contracts so there are no deviations from the costs spent to pay the contractors. Finally, the company should use softwares for more accurate cost estimations and cost benefits. Another recommendation is that during project planning and cost estimation, the company should also consider some buffer budget that can be used during emergencies. Poor Quality Materials The company can call tenders for selection of a suitable vendor of the materials needed for the construction of the stadium. The terms of the contract should be such that the vendor provides the best qualities of materials or legal actions will be taken against them. Accidents The company must take suitable steps to minimize chances of accidents during the construction. Safety equipments and first aid systems must be used to ensure safety of the on-site workers (Liu, Meng Fellows, 2015). Moreover, extra precautions should be taken in order to prevent mishandling of large equipments that result in serious and fatal accidents. Other Risks The company should ensure the project is executed by following legal, government and environmental policies and guidelines. Necessary legal paperwork must be done and signed before the project is executed so that there are no further complications in the future. Stakeholder Roles Stakeholders play the most important roles in mitigating the risks encountered during the project. During the risk management activities, the project manager must take an active part and ensure the project is executed by following all the construction rules and guidelines. Moreover, he should also ensure proper safety measures are taken during execution of the construction (Cagliano, Grimaldi Rafele, 2015). The financial manager should ensure the cost estimation process is accurate and the project costs should not exceed the project budget by a long margin. The construction manager should ensure the qualities of materials are not poor and the operations are executed carefully and within safe environment. References Cagliano, A. C., Grimaldi, S., Rafele, C. (2015). Choosing project risk management techniques. A theoretical framework.Journal of Risk Research,18(2), 232-248. Klakegg, O. J. (2016). Project Risk Management: Challenge Established Practice. Liu, J., Meng, F., Fellows, R. (2015). An exploratory study of understanding project risk management from the perspective of national culture.International Journal of Project Management,33(3), 564-575. McNeil, A. J., Frey, R., Embrechts, P. (2015).Quantitative risk management: Concepts, techniques and tools. Princeton university press. Paul, V. K., Basu, C. (2016). Scenario Planning and Risk Failure Mode Effect and Analysis (RFMEA) based Management.Journal of Construction Engineering and Project Management,6(2), 24-29. Peixoto, J., Tereso, A., Fernandes, G., Almeida, R. (2014). Project Risk Management Methodology: A Case Study of an Electric Energy Organization.Procedia technology,16, 1096-1105. Phillips, J. (2013).PMP, Project Management Professional (Certification Study Guides). McGraw-Hill Osborne Media. Turner, J. R. (2014).The handbook of project-based management(Vol. 92). New York, NY: McGraw-hill.