Historical or Contemporary Leader Essay Example | Topics and Well Written Essays - 2000 words

Historical or Contemporary Leader - Essay Example From the discussion it is clear that Gandhi should be regarded as a pioneer of using non violent method is the primary method in gaining independence as the majority of the leaders before him relied on violence. The possibility of improvement is assessed in the next paragraph. The vulnerabilities of Gandhi are also explored together with the manner in which he tried to overcome them. The paper also provides insight into what the author learned why studying the legacy of this prominent leader. The rest of the paper features application of Kouzes and Posner view of leadership to Gandhi’s experience. It is argued that he employed all exemplary methods of leadership. It is also argued that the best theory that can describe his leadership is transformational leadership theory and the relevant evidence is provided.This paper stresses that  if one examines the life of Mahatma Gandhi, one will be able to see that he did not pay much attention to theoretical aspects of leadership. Th at is why he did not produce any comprehensive definition of it in writing. However, the way he interacted with his followers might be regarded as suitable way to explore what leadership meant to him. Thus, based on this observation, it is obvious that for Gandhi leadership was a unique relationship between people when one of them was directing the common efforts to achieve a particular goal. One should also keep in mind that leadership philosophy of this prominent individual consists of the following elements.

Journal Analysis Essay Example for Free

Journal Analysis Essay Current views of the world, desires, dreams, goals, and the demands placed upon society are constantly transformed by present epistemological beliefs. Schommer-Aikens and Hutter (2002) investigated the relationship between an individuals’ belief about knowledge, learning or epistemological beliefs and how this relates to average conversational issues (Schommer-Aikens , Hutter, 2002). Using a study group of 174 adults ranging in age from 17 to 71, Schommer-Aikens and Hutter (2002) posed questions assessing beliefs of knowledge and the speed control of learning. Feldman addressed how assumptions become scientific knowledge by stating â€Å"Sometimes we know things by reasoning or inference. When we know some facts and see that those facts support some further fact, we can come to know that further fact. Scientific knowledge, for example, seems to arise from inferences from observational data† (Feldman, 2003, p. 3). Understanding how assumptions move into scientific knowledge it becomes apparent how these assumptions are qualified in research. The authors used regression analysis to quantify the assumptions of the participants as they relate to knowledge, learning, multiple perspectives, and ultimately the development of epistemological beliefs. This analysis will further identify philosophical assumptions underlying the research; explain the practical significance of these assumptions and their effect on its applicability to other authors and post-positive thinkers. Philosophical Assumptions Underlying the Research. Feldman (2003) stated that epistemology, the theory of knowledge is a philosophy that looks into the questions about knowledge and rational. Epistemologist`s tend to focus or concentrate on questions of principal aspects involving knowledge and how those beliefs regulate coherent belief. Those within the field are less concerned about the validity of knowledge or coherent belief, be it correct or incorrect but focus more on causes (Feldman, 2003, p. 1). To that extent Schommer-Aikens and Hutter (2002) conducted a survey of 174 participants, including 120 women and 54 men. The ages of the participants ranged from 17 to 71 years of age and included various personal and educational backgrounds. Through the Schommer epistemological questioner participants, including chemical engineers, clerks, homemakers, factory workers, pharmacists, and teachers of both genders. These participants were asked a number of questions that incorporated religious, educational, societal and personal beliefs. Questions were ranked in a likert- type scale ranging from strongly disagrees to strongly agree (Schommer-Aiker, Hutter, 2002). Philosophical Assumptions. Schommer-Aikens and Hutter state â€Å"The results coming from epistemological research suggest that individual`s beliefs about the nature of knowledge and learning are linked to their comprehension, metacomprehension, interpretation of information and persistence in working on difficult academic tasks† (Schommer-Aikens, Hutter, 2002, p. 6). The authors contend that individuals who believe knowledge is isolated into segmented bits and not taken as a sum total perform more poorly in the compression of mathematical, physiological, and medical textbooks (Schommer-Aikens, Hutter, 2002). This statement confirms that knowledge or epistemological commitments are a collection of data and understanding and not segmented or isolated bits of information. The assumption is those who tend to segregate knowledge and who do not attain a higher degree of education have difficulty in their own epistemological commitments. This is further evident in the writings of Quine and Kuhn as these authors beleive science is a continuation of common-sense (Delanty Strydom, 2003, p. 22). According to these authors common, everyday decisions made by the common man and woman play a significant role in the creation of science. Whereas the purpose of the epistemological study was to extend epistemological beliefs to an individual’s everyday life, it was also designed to reflect on academic studies. This particular article using the Schommer epistemological belief survey makes several assumptions. Those assumptions state those with a higher level of education are more likely to take on multiple perspectives, withhold decisions until information was available, acknowledge the complexity of everyday issues and were willing to modify thought processes or thinking (Schommer-Aikens, Hutter, 2002). The inference is those who take knowledge as a collection of data, not as segmented bits along with the attaining of a higher level of education were equipped for complex or critical thinking. This enabled each to understand the complexity of life, make crucial decisions, understand varying viewpoints and able to adapt as understanding grew. These assumptions have a practical significance and affect research. The Practical Significance of Assumptions and Their Effect on Research Inferences and practical assumptions are drawn during the research of this article, and one could argue some of the assumptions made were drawn before the research study ever began. Through personal epistemological beliefs society has long held the conviction those who attain a higher level of education are able to deal with the complexities of life. The practical significance of assumptions and their effect on the research conducted are visible in the work of Johnson and Duberley as they state â€Å"both within and outside of our organizations our behavior is internally motivated, and internally justified, by what we believe about â€Å"the World† (Johnson Duberley, 2000, p. 2). Often in preparing for such a survey the focus group of participants used along with the questions themselves distort the data and thus the results to achieve a desired result. While in this case the participants have diverse backgrounds and have achieved differing degrees of education, making such assertions could distort data. Assumptions and Research Methodology Kuhn preferred historical science and by building upon prior knowledge Kuhn (2012) believes this research and evidence was already available enabling that data to be tested using deferring mechanisms to either prove or disprove a current or prior theory. While not opposed to the empirical testing, it was his belief that details must be obtained for research. It is through this historical science and data that assumptions within society and within science about our understanding of epistemological belief have come into existence. Popper states the empirical method makes good use of a criticized approach to the method (Delanty Strydom, 2003). The empirical method tests each system ensuring the best system moves forward after all methods have been tried, tested, and proved. Schommer-Aikens and Hutter (2000) used questions, including â€Å"You never know what a book means unless you know the intent of the author† and â€Å"Its a waste of time to work on problems which have no possibility of coming out with clear-cut and unambiguous answers† (Schommer-Aikens, Hutter, 2000). These answers along with others were used as a measurement in epistemological belief comparing their answers and their level of education to gauge how those answers compared with historical norms (Schommer-Aikens, Hutter, 2000). This data was then taken and a regression model developed to extract the stated research and ultimately assumptions made. Schommer-Aikens and Hutter (2000) in turn came to the same assumptions and epistemological commitments already held within social and physical science to date. The research quantified and validated the assumptions held by historical science that one’s epistemological beliefs are shaped and re-shaped by the ability to link through learning, multiple perspectives, and ultimately the development of epistemological beliefs. The ability for humans to use successfully address complex issues, attain paradigm shifts in their understanding of the world and develop are inevitably linked with thought processes and knowledge gained through higher education. Conclusion A person’s thoughts, feelings, emotion, and beliefs often shape ones decision-making process. Other components, including perception, memory, introspection, and reasoning also assist in the formation of opinions, shape our knowledge, and transform an individual’s viewpoint (Feldman, 2003, p.3). Perception is how one sees the world around them, the sights, sounds, smells, and other senses creates an understanding of the external environment creating a mental image and often places an attachment to it. Through their research Schommer-Aikens and Hutter (2002) investigated the relationship between and individuals’ belief about knowledge, learning or epistemological beliefs and how this relates to average conversational issues (Schommer-Aikens , Hutter,2002). Using the regression model the authors quantified the beliefs and assumptions the conclusion of which is a culmination of historical science supported by this recent research. While post-positive thinking like Kuhn, Quine, and Popper may differ in view about the empirical method, testing, and paradigm shifts as theories change over time the core belief of epistemological commitment remain comparable. A sentence sums up this article and the accompanying research as it pertains to epistemological belief. Those with a higher level of education are more likely to take on multiple perspectives, withhold decisions until information was available, acknowledge the complexity of everyday issues and were willing to modify thought processes or thinking (Schommer-Aikens, Hutter, 2002). References Delanty, G. Strydom, P. (Eds). (2003). Philosophies of Social Science: The Classic and Contemporary readings. Philadelphia, Pa: Mcgraw-Hill. https://ecampus. phoenix. edu/content/eBookLibrary2/content Feldman, R. (2003). Epistemology. Prentice Hall. The University of Phoenix. https://ecampus. phoenix.edu/content/eBookLibrary2/content. Kuhn, T. (2012). The Structure of Scientific Revolutions. Chicago, Il. University of Chicago Press . https://ecampus. phoenix. edu/content/eBookLibrary2/content. Schommer-Aikins, M. , Hutter, R. (2002). Epistemological Beliefs and Thinking About Everyday Controversial Issues. Journal Of Psychology, 136(1), 5. https://ecampus. phoenix. edu/content/eBookLibrary2/content. Johnson, P. Duberley, J. (2000). Understanding Management Research: An Introduction to Epistemology. Thousand Oaks CA. Sage Publishing. Prentice Hall. https://ecampus. phoenix. edu/content/eBookLibrary2/content.

Ancient Surgery :: World History

Ancient Surgery The most important and influential discovery was the practice of surgery. With this invention, human life became more sophisticated, humans lived longer, and we obtained a knowledge of ourselves sufficient enough to break the boundaries built by ignorance. Lacking prescription drugs, accurate tools, computer technology, and any background experience to build from, our ancestors struggled to learn how to repair the human body. They did an suprisingly competent job of treating the sick and injured. Some of the medical technology developed in ancient times surpassed anything available in the modern world until the 18th century or 19th century. In eras wherein religious views took precedence over medicine and logic, surgical advancement was difficult. The knowledge we have now was obtained from these people's exploits. The first known medical procedure is called trephination. Trephination is the cutting of a hole through one's skull to relive excess pressure. This dates back to as early as the Stone Age, around 3,000 BC. Unearthed remains of successful brain operations, as well as surgical instruments, were found in France at one of Europe's noted archeological digs. The success rate was remarkable, even around 7,000 BC. Skulls have been found from about 8,000 BC with these telltale holes, most of which are exact and show growth, meaning that patients often lived for weeks, even months, afterwards . Pre-historic evidence of brain surgery was not limited to Europe. Early Incan civilization used brain surgery as an extensive practice as early as 2,000 BC. In Paracas, Peru, archeological evidence indicates that brain surgery was used frequently. Here, too, an inordinate success rate was noted as patients were restored to health. The treatment was used to treat mental illnesses they blamed on evil spir its, epilepsy, headaches, and osteomylitis, as well as head injuries. Brain surgery was also used for both spiritual and magical reasons; often, the practice was limited to kings, priests and the nobility. Surgical tools in South America were made of both bronze and carved obsidian. The Akkadians used trephination thousands of years later for the same purposes, and the practice was improved until it reached the state of today. The Akkadians learned from experience with surgery. There were no books or documentations of previous procedures, so the trade was passed down through hands on, personal training. The Code of Hamurabi states that surgeons of the Akkadian era were well paid, but a failure was expensive.

Similarities Between Northern and Southern American Colonies

The Northern and Southern colonies had many similarities between the years of 1607 to 1763, but the idea that they were more similar than different is vastly incorrect. The economy in the Southern colonies was based off of planting and slave labor, which was very common, while land in the Northern colonies, for the most part, was not fertile enough to support planting. Another difference between the North and South was that government and the church had very close ties in the North, compared to a representative self-government in the South, separate from any church. People and towns were too far apart for churches to flourish in the South, whereas in the North, religion was very important and often taken to extremes. In the Southern colonies, tobacco was a huge crop, and the economy of several colonies was based almost entirely off of it. The history of tobacco is relatively short—by 1612, John Rolfe had perfected methods of growing tobacco that eliminated most of the bitterness of the leaf. After the first boatload of tobacco was sent to Europe, the European people quickly developed a high demand for it, one which American colonists were more than happy to fulfill. Because of the sudden incredibly high demand for tobacco, colonists were overwhelmed, and planted tobacco anywhere they could, including the ground next to the street and between graves. The tobacco-growing frenzy was so huge that colonists in the South had to import some of their foodstuffs at first, for they were not able to grow it themselves with all their land being used for tobacco. Because the crop of tobacco robs the soil of its nutrients so quickly, the demand for land exponentially increased, which led to an increased need for workers, preferably cheap, which is when wealthy planters turned to slavery. In comparison, the land in the Northern colonies was mostly glaciated soil, with stones in the dirt forced to the surface after every winter. Because of the rocky soil, staple crops did not grow well and so black slavery was not profitable in the North. Colonists who realized they would not be able to make much of a living off of the land became good at other things. Shipbuilding, fishing, and commerce were among the main professions in Northern colonies, due to the excessive fishing opportunities. Governing styles is another major difference between the Northern and Southern colonies. The first self-controlled government was established in Virginia, one of the Southern colonies, in 1619, the House of Burgesses. This was somewhat similar to the British parliament, met once a year in Jamestown, and was made up of twenty-two people. These twenty-two people were the governor of the colony, six prominent citizens hand-selected by the governor, and fifteen burgesses, or representatives, from varied locales, usually the larger plantations in the area. Overall, the people controlled the government in the South. This fact could be disputed about Northern government. In the Northern colonies, the government was more inclusive than it had been in the past in that all freemen could vote. Freemen were adult male landowners who belonged to the Puritan congregation. All male property owners could be involved in town government, regardless of whether or not they were Puritan. They would participate in town meetings, where matters large and small were discussed, debated, and solved by the people of the town themselves. According to the doctrine of the covenant followed by Northern colonists, the role of government was to enforce God’s laws, which applied to both believers and non-believers. Even with the government being so religious, clergymen were not allowed to hold an official political office, which led to the idea of the separation of church and state. The separation of towns was more of an issue in the South than the separation of church and state, in terms of religion. Because of the vast amounts of land needed by plantation owners to grow tobacco and other staple crops, towns and people were spread out, which slowed urban development significantly and also made the establishment of churches and schools difficult and expensive. Nevertheless, there was still religion in the Southern colonies—the vast majority of colonists were Anglican. In the Northern colonies, there were many churches, of several religious groups. Puritans and Quakers were the dominant religious groups in the North, though Quakers would not abide by laws set by the Puritans, so they were fined, flogged, and banished. In one extreme case, four Quakers, one a woman, who defied expulsion from their colony, were hanged. An extremist Puritan by the name of Anne Hutchinson claimed that a holy life was no true sign of salvation, and that the truly saved were going to heaven no matter what they did in their life, so they would not need to obey neither God’s nor man’s law. At the time, this was considered antinomianism and extreme heresy, so Anne was banished from her colony and forced to move. In conclusion, the Northern and Southern colonies did have many things in common, but the thought that they were more similar than different from the year 1607 to 1763 is an immense misconception. In the Northern colonies, it was not possible to grow staple crops because of the rocky soil, so settlers turned to other ways to make a profit than agriculture and slavery, while in the South, slavery and tobacco farming were the sole source of income for several colonies. The government in Northern colonies had close ties to the Puritan church, while in Southern colonies the style of government leaned towards self-representative. Churches were not common in Southern colonies, while they were of utmost importance, and often taken to extremes in Northern colonies.

Alliances in World War I

Wars are large and complicated affairs. The First World War was the product of many things. Although the war officially began on July 28th, 1914, it had been building up for a while. The beginning of the war was a lot like a domino effect. It started when Austria-Hungary declared war on Serbia. On July 29, Russia ordered a mobilization only against Austria-Hungary in support of Serbia. The Germans threatened war on July 31 if the Russians did not demobilize. France then mobilized. On August 1, Germany declared war on Russia, and two days later, on France.The German invasion of Belgium to attack France, which violated Belgium's official neutrality, prompted Britain to declare war on Germany. World War I had begun. Nationalism, militarism, and imperialism all prompted the rivalry between nations which led to WWI. Nationalism, the love and support of one's country, has always existed. At this time, however, it was so prominent, it helped cause the First World War. Since so much pride wa s devoted to countries, it made the possibilities of peace between past rivals less probable.People felt great loyalty and were willing to do anything for their country. In history, many wars have been over territorial disputes. A country feels nationalistic, and people's pride leads to people wanting to expand with more land. A country can feel so strongly about this that they will fight for it. The spark of the world was the assassination of the Archduke Francis Ferdinand and his wife. They were shot by a Serbian nationalist because of the crisis in the Balkans. The Balkan Peninsula was a mountainous area below Austria-Hungary and consisted of many different ethnic groups.Each group was very nationalistic and wanted to extend its borders, especially Serbia. Austria-Hungary took over two Balkan Slavic areas. Document 6 describes the tension in this region at the time. Serbia did not want Austria-Hungary to have Bosnia and Herzegovina. The archduke was shot because the Serbians fear ed that when he came into power he would continue to persecute the Serbs who lived in the Austro-Hungarian borders. The assassination, however, only created more problems. A harsh ultimatum was given to Serbia and when Serbia tried to negotiate the harsh terms, war was declared upon them.Serbia's ally, Russia joined right in the war, and soon after many other European countries. Nationalism was also a contributing factor to the alliance system. A country having more people on its side meant they felt more powerful, and more nationalistic. During World War I there were two alliance systems; the Triple Alliance and the Triple Entente. The Triple Alliance included Germany, Austria-Hungary, and Italy. The Triple Entente included Great, Britain, France, and Russia. Later on in the war, the United States entered the war on the Triple Entente side, and Russia left.Members of the Triple Alliance were also known as the Central Powers. This is because the three countries were grouped together in the center of Europe. On each side of them, they had enemies, which is not a good spot to be in if you want to have a war. The Triple Entente became known as the Allies. By the end of the war the Allies had won. The war was officially ended on November 11, 1918 by The Treaty of Versailles. This was supposed to be the treaty to end all wars, but it ultimately just fueled future conflict.

Alternative Investment Fund for Senior Life Insurance Settlements †Business (600 Level Course)

Alternative Investment Fund for Senior Life Insurance Settlements – Business (600 Level Course) Free Online Research Papers Alternative Investment Fund for Senior Life Insurance Settlements Business (600 Level Course) EXECUTIVE SUMMARY Alternative Investments Fund, LLC (â€Å"The Company†) is seeking to secure funding for the purpose of purchasing life insurance policies. The purpose of this document is to provide potentially interested parties with sufficient information to submit non-binding indications of interest to provide such funding commitments, but does not purport to be all-inclusive or contain all of the information that an interested party may require. Interested parties should conduct their own independent analysis. The information contained herein has been provided by the Company, their respective officers, employees, agents or representatives, or derived from publicly available sources. The Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of this document or the information contained herein – and no legal liability is assumed or implied. Any estimates and opinions have been prepared by the Company’s management and involve subjective judgment and analysis. This document shall not constitute or be construed as an offer to sell or a solicitation of an offer to buy any securities of the Company. The Business The Company was founded to originate and finance the purchase of life insurance settlements in the secondary market. A life insurance settlement involves the transfer of ownership and the change of beneficiary of a life insurance policy in exchange for a lump sum cash payment from the purchaser. Life insurance settlements provide individuals who no longer want or need an existing life insurance policy with the opportunity to sell the policy and receive a cash settlement greater than the policy’s cash surrender value (amount insurance company will pay to cash out the policy). In the case of settlements involving term insurance policies, policy owners receive funds that they never expected to receive during their lifetimes. The policy owner may be planning to surrender the policy for any number of reasons including (i) corporate-owned key-man policies may no longer be needed due to the key-man leaving the business or the business being sold, (ii) insurance policies purchased for estate planning objectives are no longer relevant, (iii) the need for life insurance protection no longer exists du e to beneficiaries being taken care of by other investments or are financially independent or simply that there are no living heirs, (iv) continuing premium payments is no longer desirable, (v) cash from the settlement can be used to purchase new, more appropriate coverage (i.e., Second to Die or Long Term Care), and (vi) personal financial reasons. Senior Life Insurance Settlements are distinguishable from Viatical Settlements that were primarily focused on AIDS victims. Many viewed the viatical business negatively because of the perception that unscrupulous parties were preying on very vulnerable individuals. On the other hand, the Senior Life Insurance Settlement market has been viewed very positively. Typically, the policy size with a Senior Settlement is large and the seller of the policy is affluent and represented by a professional financial advisor. For these reasons, it is generally viewed as business that provides a valuable service – the opportunity to access values previously believed to be inaccessible. For the investor, the value proposition is driven by a few factors. First, the seller of the policy wants liquidity from the policy during his or her lifetime. Another motivation to sell is to eliminate the premiums that must be paid to keep the policy in force. In the process of evaluating the purchase of a life insurance policy, the life expectancy of the seller is a key determinant of the return to the investor. For this reason, every seller must have an evaluation of his or her health. Based on the evaluation (medical underwriting), a life expectancy (ex) is established, which determines the price at which the policy is purchased. In cases where the insured survives longer than the projected life span, the rate of return to an investor decreases. On average, these Senior Settlements are priced to produce a yield in excess of 15% per annum. The quality of the medical underwriting is the critical factor in developing appropriate pricing. Even with perfect underwriting, it is critical for an investor to have a sufficient distribution of lives in the investment pool. The pool should also possess a distribution of medical issues, in order to avoid concentration risk. For investors, life insurance settlements are unique. The returns have no correlation to the stock market or interest rates. Returns are purely a function of the factors discussed above. The Market Life insurance settlements began in the United States only in the last decade. They are now emerging as an asset class based on shear volume potential. The total potential size of the life insurance settlement market is estimated to include approximately $108 billion1 of life insurance in force. Most life insurance settlements have life expectancies ranging from 5 to 13 years, although some may be as short as one year. Demand for the Life Insurance Senior Settlements is already strong and can only grow as knowledge of this financial alternative becomes more mainstream. Currently, there are 23 million1 people in the United States age 65 or older who have life insurance policies in force. Nearly 8% of these policies lapse or are surrendered each year. LIMRA estimates that 97% of all term life insurance products sold in the United States will be lapsed before any death benefits are realized. As more individuals begin to learn that their policies have a value in the secondary marketplace that exceeds the cash surrender value (essentially that there is a better alternative to lapsing or surrendering the policy) – demand is certain to grow. Because the Life Insurance Senior Settlements are still relatively new and unknown (industry estimates suggest approximately 90% of financial planners and an even larger percentage of consumers are not yet aware of the availability of life insurance settlements), it is fair to assume that this market is poised to experience phenomenal growth over the next several years. Recently, the option to sell an unwanted life insurance policy, for a broad variety of financial planning reasons in addition to financial need, has dramatically increased the number of people considering this option. As a result, capital resources available to acquire those policies have been overwhelmed, creating a large backlog of policies in the market. Marketing The potential for a Senior Settlement occurs when the health of an insured has deteriorated to the point that the expected value of the future death benefit, which can be realized under a life insurance policy, significantly exceeds the expected value of the future anticipated premium payments. Historically, most policyholders did not realize that their life insurance policies represented â€Å"hidden assets† which could be used to better achieve their living goals. Transactions generally occur, when the life insurance policy owner works with an insurance agent, financial planner, or other financial advisor (â€Å"settlement broker†) who makes the owner aware that there are options available other than lapsing or surrendering an unneeded life insurance policy. These settlement brokers find the buyers for the life insurance policy and secure the settlement. It is estimated that of the 192,000 life insurance agents and approximately 34,000 certified financial planners in the United States today, only ten percent have working knowledge of Senior Settlements. Therefore, as the population ages and knowledge of Senior Settlements spreads, the potential exists for substantial future growth. Senior Settlements are a new and rapidly growing asset class. While Investment Bankers have viewed Senior Settlements as ideal for candidates for securitizations, the recent genesis of this asset class, taken together with the esoteric nature of the risks associated with projected cash flows and the inherit complexities of any securitization, have made the securitization of Senior Settlements mostly a theoretical exercise. As a result, capital allocations to this market have tended to be lumpy at best. The Company intends to source Senior Life Insurance Settlements in the secondary market from Life Insurance Settlements Companies, which have existing relationships with managing general agents and life insurance agents/brokers active in this market. Management Although the Company will use third parties to perform many functions associated with the evaluation and purchase of the life insurance policies, it will provide oversight of many functions including the following: Insurance Policy Underwriting Medical Underwriting Purchasing Policies Tracking/Servicing Purchased Policies The management team of the Company has substantial expertise in life insurance, actuarial pricing, accounting, taxation, capital markets, and life insurance settlements. Investment Returns A sample of 500 Insured lives was used to determine the expected rates of return for investors, and the volatility of the returns. The Insured lives modeled ranged in ages from 65 to 89, with an average age of 75. The net face amount of policies to be purchased was $453.1 million, and the assumed purchase price was $115.9 million. Under the â€Å"base case† or â€Å"assumed case†, the return to investors was determined to be 19.0%. This anticipated rate of return is consistent with current pricing in the Senior Settlement market. In the assumed case scenario, an investor would recover 100% of the amount invested in 7.46 years. The average ex for the group of Insureds, at the time of the assumed purchase, was 8.428 years. The most significant issue with Senior Settlements is not the return of principal, but instead the duration over which returns will be earned. Therefore, the expected rates of return were calculated using variations in the assumed mortality of the pool of insured lives. Projected cash flows were calculated assuming future premium payments, death benefits and expenses, using mortality rates that vary from the assumed case. Assuming that the actual mortality in all years is 10% less than the expected, the rate of return would decrease to 17.66%, compared to 19.0% in the assumed case. Conversely, if mortality is 10% higher than the assumed case, the rate of return will increase to 20.28%. Extreme cases were also tested. Assuming actual mortality is 33% lower than pricing results in the rate of return decreasing to 14.37%, while the break point is 21.01 years. Assuming mortality is 33% higher than anticipated results in a return of 23.11% and a breakeven period of 5.72 years. The rates of return under these assumptions are reflected in the table below: The extreme mortality variation used a 33% lower mortality rate than assumed and represents two standard deviations in a sample comprised of 500 lives. The probability of the actual mortality rate being less than 33% is therefore approximately 2.5%. Conversely, the probability that mortality would ever exceed 33% above the expected would also equal 2.5%. Industry Regulation As with any insurance transaction, some state Departments of Insurance regulate life insurance settlements. The National Association of Insurance Commissioners (NAIC) adopted model regulation in 1993 when the industry focus was limited to individuals with catastrophic or life threatening illnesses. The Model developed contract, license requirements, and other consumer protections to protect these specific policy sellers. This Model was adopted by only about half the states. As the business has evolved and expanded well beyond the scope of the early regulations, the NAIC and the individual states have modified and expanded statutes and regulations to include a broader definition of the policy seller provide protections to investors in the transactions and formalize the regulatory filing and reporting requirements. Regulatory activity by the NAIC and the states, especially those states that took no action on the original Model, is expected to accelerate as the industry grows. Principals Steven W. Fickes, F.S.A., M.A.A.A Steven is an actuary and has been involved in the insurance industry his entire career. Early in his career, he joined Tillinghast, the largest actuarial consulting firm, where he focused on reinsurance, mergers and acquisitions and taxation. He ultimately was made a Principal and headed the firm’s International Reinsurance and Life and Health Insurance Practices. He later formed his own actuarial practice specializing in innovative, highly structured reinsurance transactions and mergers and acquisitions. His involvement as a consultant on mergers and acquisitions led him to become a partner in a leveraged buyout firm that was involved in the acquisition of 15 insurance companies, with an aggregate value in excess of $1 billion. Steve has also been involved in several successful start-ups including the formation of a life insurance settlements firm. During 1995, he formed a $100 million private equity fund, which ultimately completed two major acquisitions. Prior to starting his own firm, Raedel in 2001, Steve was a partner at Deloitte Touche, where he led the firm’s international actuarial practice. During his tenure at Deloitte he worked with the American Cancer Society in developing a lending program for terminally ill cancer patients collateralized by their life insurance policies. Since resigning from Deloitte Touche, Steve has developed an extremely sophisticated insurance information database that has as its subscribers some the largest insurance companies in the US, major investment banks and mutual funds. At the same time, he has pursued various other entrepreneurial opportunities in the insurance sector. Ransom Jones, C.P.A. Ransom has over 30 years of experience working in the insurance industry with major multi-national companies in various areas including accounting and income tax consulting, asset/liability management, product development, asset securitization, mergers and acquisitions, financing, general management, consulting for troubled insurance companies and developing strategic direction. He has worked at American International Group, Citicorp, Goldman, Sachs Co., and was a partner at KPMG Peat Marwick. He has served as chief financial officer at two publicly traded companies and was president of a group of property and casualty insurance companies. For two years, Ransom worked with a start-up senior settlements company in developing its business plan and identifying financing opportunities. During his career, Mr. Jones has been very active in insurance industry affairs. For three years, he served on the NAIC’s Working Group on Emerging Issues which promulgates insurance regulatory accounting standards. He has served on various other NAIC committees. For three years, he was on the Board of Directors of the National Association of Life Companies Over many years, he has been a frequent speaker and author of articles related to the insurance industry. Research Papers on Alternative Investment Fund for Senior Life Insurance Settlements - Business (600 Level Course)Lifes What IfsMoral and Ethical Issues in Hiring New EmployeesTwilight of the UAWAppeasement Policy Towards the Outbreak of World War 2Incorporating Risk and Uncertainty Factor in CapitalOpen Architechture a white paperAnalysis of Ebay Expanding into AsiaPETSTEL analysis of IndiaBook Review on The Autobiography of Malcolm XRiordan Manufacturing Production Plan

Free Essays on Tylenol Scare

In the fall on 1982, seven people died mysteriously around Chicago’s West Side. Officials determined that each person who died had ingested an Extra-Strength Tylenol capsule, a product of the Johnson & Johnson Company, laced with cyanide. The news of the Chicago deaths spread quickly and caused a nationwide panic with the public. These poisonings made it necessary for the Johnson & Johnson Company to launch a public relations program to restore a good image in both their product and their corporation as a whole. Public Relations is defined as â€Å"the management function that establishes and maintains mutually beneficial relationships between an organization and the public on whom its success or failure depends† (Broom, Center, Cutlip, 1). Keeping a good relationship with the public was exactly what the Johnson & Johnson Company tried to do. Officials of the company made it clear that the tampering of the Tylenol capsules had not taken place at its plants. A spokesman for Johnson & Johnson told the media of the company’s strict quality control and said that the poisonings could not have been performed in the plants. Because the cyanide laced Tylenol had been discovered in shipments from both of the company’s plants and had only been found in the Chicago area, authorities concluded that any tampering must have occurred once the Tylenol had reached Illinois. After the crisis, Johnson & Johnson faced a dilemma. They needed to find the bet way to deal with the tampering incident without destroying the reputation of their company and their most profitable product, Tylenol. The company immediately alerted consumers across the nation, via the media, not to buy or ingest any type of Tylenol product. They told consumers not to resume using the product until the extent of the tampering could be determined. Johnson & Johnson, along with stopping the production and advertising of Tylenol, recalled all Tylenol capsules from the ... Free Essays on Tylenol Scare Free Essays on Tylenol Scare In the fall on 1982, seven people died mysteriously around Chicago’s West Side. Officials determined that each person who died had ingested an Extra-Strength Tylenol capsule, a product of the Johnson & Johnson Company, laced with cyanide. The news of the Chicago deaths spread quickly and caused a nationwide panic with the public. These poisonings made it necessary for the Johnson & Johnson Company to launch a public relations program to restore a good image in both their product and their corporation as a whole. Public Relations is defined as â€Å"the management function that establishes and maintains mutually beneficial relationships between an organization and the public on whom its success or failure depends† (Broom, Center, Cutlip, 1). Keeping a good relationship with the public was exactly what the Johnson & Johnson Company tried to do. Officials of the company made it clear that the tampering of the Tylenol capsules had not taken place at its plants. A spokesman for Johnson & Johnson told the media of the company’s strict quality control and said that the poisonings could not have been performed in the plants. Because the cyanide laced Tylenol had been discovered in shipments from both of the company’s plants and had only been found in the Chicago area, authorities concluded that any tampering must have occurred once the Tylenol had reached Illinois. After the crisis, Johnson & Johnson faced a dilemma. They needed to find the bet way to deal with the tampering incident without destroying the reputation of their company and their most profitable product, Tylenol. The company immediately alerted consumers across the nation, via the media, not to buy or ingest any type of Tylenol product. They told consumers not to resume using the product until the extent of the tampering could be determined. Johnson & Johnson, along with stopping the production and advertising of Tylenol, recalled all Tylenol capsules from the ...