Tuesday, December 31, 2019

My Own Definition Of Personality - 916 Words

Does anyone ever really know what personality really means? Everyone has their own definition of what personality means to them individually. My own personal definition of personality is, a characteristic of our emotions, thoughts and how we react to certain situations that differentiate between various individuals. Following this paragraph I will explain why this is my own definition of personality. To begin with, some say culture can determine personality. The real question is, does it? According to explorable.com, Culture, influences the ways in which we learn, live and behave. With this in mind, there are many theorists whom believe that culture is an important shaper of our personality. One of the assumptions asserting the effect of culture to personality is that people who are born in the same culture share common personality traits. There are the 4 main theoretical approaches to personality. The first approach is the psychodynamic approach. Freud’s psychoanalytic theory became the basis of this approach. This psychodynamic approach adopts that a number of unconscious psychological processes act together to regulate our thoughts, feelings and behavior. The second approach is the trait approach. This approach accepts that personality is composed of stable internal personality traits that come into sight at varying strengths in different people and direct their thoughts feelings and behavior. The third approach is the social-cognitive approach. This approach believesShow MoreRelatedDevelopment Of Personality : Early And Middle Adulthood : Set Like Plaster Or Persistent Change? Essay843 Words   |  4 Pages Development of Personality in Early and Middle Adulthood: Set Like Plaster or Persistent Change? The five personality traits, a person, portray Neuroticism, Extroversion, Conscientiousness, Agreeableness, and Openness to experience. A person does have a small genetic bias relates to personality. Men and Women do have different genetic makeup that is more prone to gender-based social encounters. For example with two different sexes experience the same incident and the outcome results beingRead MorePersonality Reflection976 Words   |  4 PagesDelawrence Reed Psy/250 Version 6 Professor Wilkerson Personality Reflection Personality cares for the important, strong measures of a human being’s psychological vitality. Traits relates to an individual being merry or depressed, active or care less, brilliant or ignorant. There are many different definitions about personality. Most definitions are on mental system which is a cluster of mental pieces implicating purposes, feelings, and thinking patterns. The meanings alternate a littleRead MoreThe Five Personality Traits Definitions813 Words   |  4 PagesThe five personality traits, a person’s, portray Neuroticism, Extroversion, Conscientiousness, Agreeableness, and Openness to experience. A person does have a small genetic bias relates to personality. Men and Women do have different genetic makeup that is more prone to gender-based social encounters. For example, with two different sexes experience the same incident and the outcome results being different. The unanswered question is Men from Mars and Women from Venus. The Five personality traitsRead MoreMy Personal Definition Of Leadership942 Words   |  4 PagesBeginning in boot camp and continuing throughout my career, I’ve seen the Coast Guard promote the leadership model to be: â€Å"You† influencing â€Å"Others† to achieve a â€Å"Goal†. With all the different ways leadership can be defined, this simplistic model which has been permanently engrained in my thinking definition still rings true for me. As such, when defining my own personal definition of leadership, I align it to this same model. More specifically, while I support the fact that leadership involvesRead MorePsychology Study of Personality1207 Words   |  5 Pages Psychology of Personality Final paper Definition of Personality There are many definitions and theories regarding personality. Though there isn’t one specific definition that is acceptable for all the different personality theories, I believe that personality is the outward expression of ones beliefs, morals, and emotions; each of which define and differentiate an individual. Personality is seen to be a pattern of somewhat permanent traits and unique characteristics that give both consistencyRead MoreThe Myers Briggs Type Indicator794 Words   |  4 PagesThe Myers Briggs Type Indicator is a personality test based on the theories of Carl Jung. Jung developed the theory of psychological types where people are divided into four preferences. The groups are extroverted/introverted, sensing/intuition, thinking/feeling, and judging/perceiving. There are 16 different potential personality types with the majority of the world’s population fitting into only eight of the 16 preferences. Extroversion and introversion involves a personâ€℠¢s preference in dealingRead MoreDefinition Of Leadership : Today s Economic Environment Essay951 Words   |  4 PagesDefinition of Leadership The modern and technically advanced workplace of today demands that strong leaders be in place so companies can continue to grow and compete for financial resources. Companies of today need more than someone who knows how to manage the available resources and ensure required tasks are completed. To be successful in today’s economic environment you need not only strong managers to take care of the day to day tasks but leaders who will inspire those around them to accomplishRead MorePsychology860 Words   |  4 Pagesand take at least three personality inventories. You can easily find these types of inventories online. You can also find these types of inventories in many different popular magazines. If you choose to search online, here are some ideas of verbiage to type into a search engine: †¢ Personality inventories test †¢ Personality inventory color analysis †¢ Big five personality test †¢ Dessert personality test †¢ Emotional intelligence test †¢ TV characters personality test †¢ Assessing Your RealRead MoreMy Personal Definition Of Organizational Behavior Essay1226 Words   |  5 PagesAbstract This paper will outline my personal definition of â€Å"organizational behavior† and how it affects the workplace in a both positive and negative way. As I established a definition for organizational behavior on my own, I realized how broad the term really is. I will discuss the different leadership styles and how they benefit the workplace, how the employees work ethic is based on the different organization structures, how organizational behavior can be promoted by organizational constraintsRead MoreGirl, Interrupted by Susanna Kaysen1305 Words   |  6 Pages In Susanna Kaysen’s Girl, Interrupted, this fine line between sanity and insanity is explored to great lengths. Through the unveiling of Susanna’s past, the reasoning behind her commitment to McLean Hospital for the mentally ill, and varying definitions of the diagnosis that Susanna received, it is evident that social non-conformity is often confused with insanity. When life becomes overwhelming during adolescence, a child’s first response is to withdraw from the confinement of what is considered

Monday, December 23, 2019

Gender Differences Of Childhood Play Behavior - 3366 Words

Gender Differences in Childhood Play Behavior To the general population, a child’s playmate is not considered as having much importance. Many people tend to look at a child’s playmate as insignificant because they believe that children do not care who they play with and it is of random chance that children interact with either same or cross-sex. However, in actuality, a child’s playmate is very important because one of the many goals of infancy and toddlerhood is to enable children to express their emotions through their playmates. Their ability to develop and process new information through these interactions is essential toward the development of social competence, organizing behavior, and adaptive functioning and successful interpersonal relationships. From this data, developmentalists are able to understand how children form social relationships and boundaries with not only themselves, but also their peers in terms of same-sex and cross-sex friendships. Previ ous research by Eleanor E. Maccoby has also shed light on the topic of children’s playmates and explained that, â€Å"Children’s playmates, from preschool to puberty, depends on whether the child is male or female† (p. 755). Maccoby noticed the fact that children playmates are sex-segregated. She examined the emergence and reasons of same-sex attraction and cross-sex avoidance. Using a longitudinal, cross-cultural design, Maccoby observed one boy and one girl moving from preschool age to puberty in each of the twelveShow MoreRelatedA Family s Parental Sexual Orientation That Affect A Child s Growth Essay882 Words   |  4 Pages314 Article Report #1 17 Oct. 2016 Goldberg, A. a., Kashy, D. k., Smith, J. j. (2012). Gender-Typed Play Behavior in Early Childhood: Adopted Children with Lesbian, Gay, and Heterosexual Parents. Sex Roles, 67(9-10), 503-515. Introduction There are many important facts about a family’s parental sexual orientation that affect a child’s growth. One of those revolves around the gender-typed play behaviors of children in the early stages of life. One study conducted in 2012 by Goldberg A., KashyRead MoreGender Identity1341 Words   |  6 PagesGender Identity Autumn Messina PSY/340 January 24, 2011 Melynda Marchi Gender Identity The development of our gender identity is influenced by both the biological nature of a person and society, but the biology is the foundation of our gender identity. In the following paragraphs I will be discussing the interaction between hormones and behavior, and how these interactions affect the determination of gender identity, the roles of biological factors nature and environmentalRead MoreChildren Relational Aggression : Effect Of Children Aggressive On Peers Interaction And Gender Differences1579 Words   |  7 Pages Children Relational Aggression: †¨The Effect of Children Aggressive on Peers Interaction†¨and the Gender Differences in the expression of aggression Nada El Masri Sacramento State University The Effect of Children Aggression on Peers Interaction And Gender Differences In the expression of aggression Relationships with peers have significant importance in the lives of very young childrenRead MoreChildhood Development : Middle Childhood1269 Words   |  6 PagesMiddle Childhood Development The middle childhood is to leave the play years to start maturing years to start adolescence (Berk, 2010). During the middle childhood, children began to have a lot physical changes. As well as, they begin to discover there identify that they are. For example, secondary sexual organs begin to develop in the boys and girls, they will confuse about identify. The puberty is the cycle when children are out of control because they will transition to leave the children to enterRead MoreGender Differences On Negative Emotions During The Childhood And Adolescence Stages Essay1343 Words   |  6 Pagescheeriness or sadness, whereas boys are strong and calm, showing anger if necessary† (Chaplin Aldao, 2013). Before this study, there were only empirical reviews of happiness expression. There has been no empirical review of gender differences on negative emotions during the childhood and adolescence stages. â€Å"Learning is a key feature of healthy social emotional development† (Chaplin Aldao, 2013). As stated in the article, an infant communicates through a series of emotions when it needs something,Read MoreRacial Identity And Ethnicity Identity1626 Words   |  7 Pagesexamined my identity by my gender identity, racial identity, and my ethnicity identity. I describe my earliest memory of realizing my gender identity by remembering when I realized I was a woman. I discuss how I became to learn about my racial identity and ethnicity identity by going to school with various people. I then describe how the aspects of my gender identity and racial identity did and did not influence my leisure and life pursuits. My racial identity and gender identity did not influenceRead MorePerso nality Is Defined As The Combination Of Characteristics944 Words   |  4 Pagesfocuses on the dynamic relations between the conscious and unconscious mind and explores how these psychological forces might relate to early childhood experiences. (www.boundless.com) The psychodynamic theory helps an individual to determine his or her personality’s development and its formation of character. Most personalities are developed from childhood experiences based on what they were taught and endured as a child. If a child has experienced some traumatic events in their life, their personalityRead MoreEvaluation Of A Preschool Classroom During Play Time1238 Words   |  5 Pagespreschool classroom during play time, you may see boys playing with cars and dressing up as firefighters and police officers while the girls are playing make believe in the kitchen and folding laundry. The difference in how children may play and/or interact is clear to see. At a very young age, children already have started to associate different toys, clothing, jobs, behaviors, and/or colors with gender. What accounts for accounts for this in children? Reading about gender typing in the book made meRead MoreComparative Analysis Of Strategies And Views Of Katha Pollitt And Aaron Devor1148 Words   |  5 Pagesdefine roles of genders in a society will be discussed. The central idea of the paper is that gender has specific roles which are defined through their innate characteristics and social constructs. Since the start of feminist movements, a debate has arised on the behaviors and roles of genders. Feminist movements were purposed to achieve, the rights of women based on their roles equal to men in the society. Which led to debate over differences between abilities and preferences of gender that are theRead MoreGender Differences Within Social Development1747 Words   |  7 Pagespaper is set to inform the reader of the gender differences through social development. Depending on a chi ld’s gender, things such as gender identity and social acceptance have a great impact in their development. The first thing parents learned about their children before birth is the sex of the baby. This highlights the importance of sex and gender. Sex differences have long been a very important topic in psychology and in understanding why gender differences affect social development. Social learning

Sunday, December 15, 2019

Communication Opinion Paper Free Essays

Communication Opinion Paper Christine Kendall HCS/320 November 18, 2012 Tralicia Brown Communication Opinion Paper Introduction Effective communication in health care is crucial for health care professionals, the patients and the establishment providing the care. It can mean the difference between life and death. When there is not enough communication within the health care industry, medical care will not be given effectively due to mistakes that will be made when things are not clear. We will write a custom essay sample on Communication Opinion Paper or any similar topic only for you Order Now When lives are at stake, effective communication is a must in the health care industry. Effective Communication and its Elements Effective communication involves more than understanding information that is being conveyed. How a person understands and receives a message are two different things therefore understanding feelings, thoughts, wants, and needs are crucial in effective communication (Cheesebro, O’Connor, Rios, 2010). The success of every relationship whether it’s personal or professional relies on a person’s ability to communicate effectively. Becoming a skilled communicator requires learning the elements necessary for effective public speaking, interpersonal relationships, and business relations. The four basic elements of effective communication are sender, receiver, message, and feedback. The first component is the sender/receiver which acts as a transceiver by speaking to someone and receiving nonverbal feedback simultaneously. â€Å"The message is the idea, thought, feeling, or opinion to be communicated† (Cheesebro, O’Connor, Rios, 2010, chap 1). It is important to recognize not only the content of the message, but also the nonverbal communication that you may be sending as well. â€Å"Feedback is the receiver’s response to the message and indicates how the message is seen, heard, and understood, and often how the receiver feels about the message and/or the sender† (Cheesebro, O’Connor, Rios, 2010, chap 1). Elements of Effective Communication and Rules of Health Care Communication Health communication is â€Å"the way we seek, process and share health information† (du Pre, 2005, pg 8). Health communication is based on personal goals, skills, culture, situational factors, and being considerate of other people’s feelings (du Pre, 2005). People are influenced greatly by other people and rely on others to help meet their goals. As du Pre (2005) explains health care providers have many goals such as patient health and showing their knowledge. Patient’s also have many goals when it comes to their health care such as wanting to get better and to be reassured. Whether or not these goals are met is based on effective health communication. Recognizing interdependence and that no one communicates alone has influence on the effectiveness of communication. Being friendly and honest will help others feel comfortable enough to be friendly and honest with you. People who communicate well are sensitive to other people’s feelings and expectations. This includes listening carefully, being aware of other cultures and their personal preferences. Another example of effective communication in health is recognizing shared meaning. What an action means depends on the people and the circumstances involved† (du Pre, 2005, pg 8). This is usually based on how people respond to each other by smiling, nodding their head, or an angry look. This will let you know how people are responding to your conversation (du Pre, 2005). How to Communicate Candidly Effective interpersonal communication between a patient and a health care provider is one of the most important elements in patient satisfaction, compliance and the outcome of pat ient health. Despite this acknowledgement of the importance of interpersonal communication, in medical training the subject is not always emphasized. Effective interpersonal communication can lead to the patient offering enough information to lead to a diagnosis, the provider and the client both can discuss an acceptable treatment plan, the client and the provider are both committed to fulfilling their responsibilities during and after treatment (de Negri, Brown, Hernandez, Rosenbaum, Roter, 2012). The following steps to effective communication and encouraging the client to communicate candidly include: encouraging a two-way dialogue, establishing a partnership between client and consumer, creating a caring atmosphere, bridging any social gaps between provider and client, accounting for social influences, effectively using verbal and non-verbal communication, and allowing the client enough time to tell their story (de Negri, Brown, Hernandez, Rosenbaum, Roter, 2012). Cultural Differences and Communication Excellent cultural communication skills are beneficial to relationships with colleagues, clients, and customers and improve business performance. If challenges and opportunities are handled well when working with people from different cultural backgrounds, they can increase productivity, improve performance, innovation, and progress (Kaplan Cunningham, 2010). There are a few tips when conversing with someone from a different culture which can increase your chances for being understood. These are: Know yourself and your own cultural Context. Read also: â€Å"Advice About Communication† Think about how your culture context impacts your communication style. Know your audience. Some cultures are more direct than others, speaking less verbally and rely more on nonverbal communication. Yes does not always mean yes. Respect English language barriers. When speaking to someone who does not speak English there are tips to make sure that you are being understood. These tips include: speak slower, avoid the use of slang words, take breaks in the conversation and don’t surprise people. Respect your audience and do not judge. Try looking at situations with different cultures as different not right or wrong. Ask questions to make sure they understand. (Kaplan Cunningham, 2010). Conclusion Due to the fact that when there is not enough communication within the health care industry, medical care will not be given effectively, it is crucial for health care professionals to learn the skills necessary for effective communication. It can mean the difference between life and death. How to cite Communication Opinion Paper, Essay examples

Saturday, December 7, 2019

Controversy About the Palace of Knossos free essay sample

Palace of Knossos The Palace of Knossos is the largest Bronze Age archaeological site on Crete and possibly the political and cultural centre of Minoan civilisation, possibly the oldest in Europe. The ruins of Knossos were first discovered by a Cretan merchant called Minos Kalokairinos in 1878. After Kalokairinos, Heinrich Schliemann had shown an interest but it wasn’t until March 16, 1900 that archaeologist Sir Arthur Evans purchased the site and started the excavations. Arthur Evans is famous for restoring the ruins and bringing it to light, though whilst doing so, creating controversy. The archaeological site of Knossos has added to our knowledge about the Minoans, as Evans named them, after King Minos of Crete. By examining the palace, we can learn about the Minoan culture. Knossos was the largest city on Crete and also the largest palace, built after an earthquake destroyed the first palace around 1700 BC. The use of the palace has been widely debated; it had large storehouses for grain, olive oil, beans and other natural resources. These were thought to be used for trading with the Near-East, Greece and Egypt or emergency supplies to feed the community when the weather became poor resulting in little agricultural produce. Their religious beliefs can also be seen through the layout of the palace, as it also served as a temple of sort, one wing in particular for the Mother Goddess as female deities were more prominent in Minoan culture. This can be seen, as the throne in the ‘throne room’ was thought to be made for a female, as the use of curved edges and the crescent moon carved on its base are symbols of femininity. This could be reserved for the manifestation of a goddess or a priestess. [1] The Minoan people are shown to be advanced as the Bronze Age palace had liquid management systems and ventilation. The palace had at least three separate liquid systems, for supply, drainage for run-off and waste water. Gravity feed using terracotta pipes distributed fresh water from springs. There were also examples of the first water flushing toilet in the Queen’s Chamber by pouring water from a jug to flush. The palace also had air shafts and was positioned to receive summer breezes, also having strategically positioned light wells for the west wings. [2]Though, shown to be innovative, there are no signs of having a military site at Knossos, no fortification or stores of weapons and leaving their water system prone to attack, showing they were peaceful to a sense. The controversy surrounding Knossos revolves around two main aspects. The first, is the myth of Theseus and the Minotaur which, until the archaeological discovery of Knossos, was just a popular legend. When Arthur Evans found murals of youths jumping bulls in the palace and also how the palace was made of over 1000 interlocking rooms, he believed that Knossos was the labyrinth in the myth. The archaeologist Michailidou writes It is amazing how long one can spend wandering in and out of these rooms, going up and down stairs and, frequently, much to ones surprise, finding oneself back in the same room having come by a different route [3] This theory is also supported as the term ‘labyrinth’ which is from labyrs, which was a double axe. The symbol of the double axe was the sign of the Minoan goddess and found on stones of the palace, pottery decoration and especially the Hall of the Double Axe. The Minotaur of the story could refer to the religious culture of Bronze Age Crete and the Minoan civilisation and may contain pieces of historical truth. Bulls were a sacred animal to the Minoans and the Minotaur could be based on a form of bull worship within Knossos, thus leading to the story of a Minotaur in the Labyrinth. The young men and women in the myth may not refer to sacrifice, but a ritual where an athlete grips the horns of the bull and then vaults over its back becoming one with the bull for a split second, another ritual is the spring dances where youths weave a maze-like pattern in the palace courtyards. The bull jumping requires strong athletic skill and courage, so the youth who attempts the jump would be seen as a hero, therefore leading to Prince Theseus’s heroism. Though, there is much evidence to show this theory, some historians do not believe it as there is no primary source to prove it. The second aspect of controversy is the restoration and renovation of Knossos. While it is important to know that Arthur Evans was not responsible for finding Knossos, he is acknowledged as excavating the remains and reviving them after buying the entire site. He believed that they should be restored to their former splendour so that visitors could have a vision of the past. He erected wooden beams and reinforced concrete pillars, painted deep red, to support crumbling walls, though, covering up original features in the process. The throne room (named because of a carved gypsum chair set into the wall) received special attention because it was thought to be particularly important. A scaffold was built over the room to give it protection but later Evans decided to replace this scaffold with wood-and-plaster columns for an artistic result. Evans gave permission to a father-son team, Emile Gilleron Junior and Senior, to paint the walls. They claimed that they had based their ornate images (griffins crouching in grass and a Cretan youth with long curly hair) on original designs, but in fact many of them were fabricated. 4]For the rest of the ruins, he hired Piet De Jong, though a talented artist but having no archaeological training to decorate the palace with his own design. The most famous include, the ‘dolphin fresco’ and his reconstruction of the ‘throne room’, though based on fragments of the original, still mainly from his imagination. Most historians and archaeologists have criti cised Evans heavily and have called his actions ‘archaeological delinquency’ and highly inaccurate and said that he has created a ‘Concrete Crete’, and his details were at most an ‘educated guess’. Though, the visitors to the site have a different perspective, they argue that the reconstructed details have helped them to imagine the whole palace. [5] Arthur Evans had made a large contribution in excavating a highly advanced city which has added to our knowledge of their cultural beliefs, their innovations and civilisation as a whole. Even though, most of the palace of Knossos seen by thousands of tourists every year, was reconstructed according to Evans vision, it has brought to light a forgotten civilisation referred to as ‘the first link in the European chain’ [6] by historian Will Durant.

Friday, November 29, 2019

SFSU needs to replace JEPET

San Francisco State University has one of the most dreaded writing tests by students. This test is known as Junior English Proficiency Essay Test, JEPET. JEPET test is taken after the first two years of study, upon successful 48 semesters and before their 80th semester unit to fulfill the graduation writing requirement. Those who fail must take the English 414 whish will satisfy the university that a student has fulfilled their writing requirement for graduation.Advertising We will write a custom essay sample on SFSU needs to replace JEPET specifically for you for only $16.05 $11/page Learn More However a student must take JEPET before taking English 414. This is usually a timed exam handwritten and student must write a well organized argumentative essay on a given topic and base it on evidence provided. The only reference materials allowed are a dictionary, a thesaurus and a spell checker. This makes it a general writing proficiency test and students en d up not learning writing skills in the subjects they are taking. This essay is therefore aimed at explaining why JEPET should be scraped. The first major reason is that JEPET is a highly generalized one-time exam and not a writing course that only tests a student’s general writing proficiency. A one time exam is not a credible criterion of measuring a students writing proficiency. As it also only test a students general writing abilities and not subject oriented writing proficiency it therefore produces students â€Å"who cannot write† (Turner para 4). Therefore CFSU needs to replace JEPET with a more intensive and subjects based writing course. Secondly, because JEPET is just an exam and not a course, there is a very high failure rate (Turner para 17). This is occasioned by the fact that student who fail JEPET have to sit for English 414, when passed qualifies a student for graduation. The problem with this provision is that it encourages failure as students do not h ave to re-sit JEPET therefore defeating the purpose of the exam, which SFSU has made mandatory for graduation. Thirdly, JEPET is not in favor with SFSU students, many of whom prefer to have â€Å" a course intensive training within one major as it would make passing easier† (Turner para 17). Students will be motivated to be more attentive as they are being trained on subjects they have more appreciation for rather than a â€Å"general English exam† as they refer to JEPET (Turner para 23). This boosted learning morale will improve passing rates therefore necessitating the need to rethink JEPET. Last but not the least, is that JEPET is just an exam to facilitate exit from the university rather than test writing competence. A student must first write English 114 and English 214 before writing JEPET. JEPET seems to be a re writes of these two exams. If a student passes them but fails JEPET, it defeats the logic of SFSU refusing students to graduate until they write another exam (Turner para 34). In conclusion, even though JEPET was formulated with the intention of giving students writing proficiency it has not been successful. This is because it defeats the purpose of its own existence as students are not adequately trained to write. Furthermore those who pass only have general writing skills and not the relevant writing skills in their major subjects. This results in graduates who cannot write and if SFSU has this reputation, its graduates will loose market value as they will be unemployable.Advertising Looking for essay on education? Let's see if we can help you! Get your first paper with 15% OFF Learn More Work Cited Turner, Jack. New Writing Courses Set to Replace JEPET by 2010, [x]press. San Francisco: SFSU Journalism Department. September 2008. Web. This essay on SFSU needs to replace JEPET was written and submitted by user Bobby Jordan to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Monday, November 25, 2019

Gary Barnett the Motivator essays

Gary Barnett the Motivator essays Gary Barnett changed Northwestern football when he arrived there in 1991. He put a mindset into the players and the school that they can overcome this and turn this program around. Gary brought enthusiasm to the team and made believers out of his players. He had calmness in the rough times giving the kids a reason not to panic if they just lost one game. In the 1995 season, Northwestern opened up the season beating Notre Dame at Notre Dame. Then the following they lost to a bad Miami (OH) team at home. That week Gary was distraught, but stayed calm and asked his team if they wanted to be the team that beat Notre Dame or the team that lost to Miami (OH). The reason he was such a good leader was because the kids believed in what Gary said. The team thought if they could trust him and have faith, they could do anything. Gary Barnett had many motivational techniques to get his players motivated. He thought you had to believe in yourself, to become successful. Gary made t-shirts that said Me to We. That was a way to tell his players that the only way they could win is if they believe in one another. One of his players wrote a paper on his motivational techniques. Northwestern has the lowest enrollment out of the whole Big Ten. They have an enrollment of only 7,500 kids. Where the University of Ohio State has about 31,000 kids. Gary didnt understand why kids didnt want to come, so it was his doing to change that. He did change that by telling his recruits that if you come to Northwestern that not only will you play football, but you will get a degree at a very good school. The kids realized that football doesnt last forever, but degree from Northwestern will be with you until the day you die. Darnell Autry and Tuscon Waterman decided to go to Northwestern for the education and not just to play football. They knew that with a degree from Northwestern they could get a job anywher ...

Friday, November 22, 2019

Ground investigation in shallow offshore sites Article

Ground investigation in shallow offshore sites - Article Example t in situ where the installations are to be located, comprehensive data acquisition is required in the entire area affected and far down beneath the sea floor. Such processes that encompass offshore site investigations are varied in nature. They range from analyzing marine geological information, scrutiny of available geophysical data which is used to plan the actual investigations. Such processes that lead to the success of the above mentioned range consist of drilling, sampling as well as in situ testing which in essence includes penetrating into the seabed with the help of high technology drilling vessels. These processes encompass what is generally referred to as Geotechnical investigation. From The period 1985 to 1982 Lunne and Powell (1992) gave a review of developments in offshore investigations. They explored the various technological inventions that marked this period and discus the contributions of such developments to offshore studies with new in situ tests being tried out in the offshore environments, including several examples of field model testing. Lunne and Powell observed the general trend over the last 6-8 years which was the gradual increase in deep water developments. Due to the difficulty of taking undisturbed samples in deep water there has been a tendency to rely more on situ testing. Special geotechnical problems associated with geo-hazard evaluations have also inspired developments within the field of in situ testing. In addition the general competitiveness of the market has been a driver cost efficient solutions. Borings, the most efficient and probably accurate technique of shallow offshore studies come in two main varieties, large-diameter and small-diameter boring. Large-diameter borings Peres involve offshore drilling with large enormous machines that bore extensive areas. They are rarely used due to safety concerns and expense, but are sometimes used to allow a geologist or engineer to visually and manually examine the soil and

Wednesday, November 20, 2019

Alan Mulally, CEO, Ford Motor Company Essay Example | Topics and Well Written Essays - 1000 words

Alan Mulally, CEO, Ford Motor Company - Essay Example Leadership facilitates the establishment of a vision that is clear within the organization. It further facilitates the sharing of that vision with individuals in the organization so that they can follow it willingly. Leadership provides reliable information, skills, knowledge and ways through which the vision can be achieved in an efficient and effective manner. Also leadership coordinates and balances any interests of the members within the organization that might be conflicting (Tope 2001). Effective leadership emanates from the personality of an individual who posses the ability to think and take actions in ways that suggest creativity wherever difficult situations are encountered. Within any given organization leadership adversely impacts organizational performance. In a positive way it results to employee motivation enabling them to enjoy executing their roles. Productivity rises due to the fact that employees have the morale to work and are able to identify opportunities as wel l as save on time as they execute their tasks. All this is attributed to leadership that involves leaders communicating their expectations with clarity to their employees. It also involves leaders providing relevant feedbacks and fostering strong relationships with employees to improve their loyalty in the organization. ... The company has been seen to perform quite well under the leadership of Mulally. Its performance is attributed to Mulally’s leadership style which is basically a results oriented type of leadership. A results oriented type of leadership highly focuses on the impact or the outcome of exercising leadership. Based on a clear vision, measurable and attainable goals it aims at achieving maximum results that are desirable and expected in the organization. Mulally exercises his leadership in a crispy and authoritative manner (Vlasic 2009). This blends well with his leadership style due to the fact that he has to ensure that employees do not divert their working f rom the achievement of the expected results. By Mulally facilitating the installation of an operational discipline as well as initiating moves in a timely and strategic manner indicates that his leadership is result oriented. Through such actions he has contributed to the financial independence enjoyed by Ford Company and thus not depending on loans. Goal setting is a key factor that needs to be considered in regards to the performance of any given organization. Mulally came up with a plan that identified some specific for the ford company. He went step further creating a process that moved towards the achievement of those goals with a system to ensure that they are eventually achieved. Mulally demands to be updated regularly in line with the performance of the organization. Mulally's goal setting approach directed ford to moves characterized by smartness and good timeliness.

Monday, November 18, 2019

Critical thinking Essay Example | Topics and Well Written Essays - 1500 words - 1

Critical thinking - Essay Example g or valid reasoning is also widely used in reporting events that is happening around us, tell jokes to our friends and colleagues, extending an invitation to a special someone, making promises to other people, telling stories, giving orders or instructions to our subordinates or co-workers, describing something, entertaining other people, the act of evoking emotions, and a lot more (Fischer a, pp. 15 - 16). To have a good critical thinking, having a good logic is never enough in enabling us to solve problems. It is equally important for us to have positive attitude and the necessary skills and knowledge in terms of solving problems. With regards to the importance of critical thinking, the definition of critical thinking as mentioned by Alec Fisher and Friedrich Nietzsche will be discussed followed by comparing and contrasting the two traditions of critical thinking. As part of going through the main discussion, specific examples coming from its respective texts will be provided accordingly. As part of the conclusion, my personal reflection will be expressed in details explaining how I view the two traditions of critical thinking as explained by Fisher and Nietzsche. Alec Fisher acknowledges the different definitions of critical thinking as provided by the famous contributors behind the development of critical thinking which includes John Dewey, Edward Glaser, Robert Ennis, Richard Paul, and Michael Scriven. According to Fischer, John Dewey – known as the ‘father’ of the modern critical thinking tradition defined critical thinking or ‘critico-creative thinking as â€Å"active, persistent, and careful consideration of a belief or supposed form of knowledge in the light of the grounds which support it and the further conclusions to which it tends† (Fisher b, p. 2). Upon analyzing the definition of critical thinking as provided by Dewey, it simply means that critical thinking is an ‘active’ process or the process wherein the receiver of information or

Saturday, November 16, 2019

Prospects and Perception of Islamic Life Insurance

Prospects and Perception of Islamic Life Insurance Chapter 1 Introduction Background to study: Insurance is a financial industry which has surfaced as a colossal industry for both in Muslim and Non Muslin world. In Conventional Insurance there are many elements, activities and procedures which are considered unethical, unlawful and unislamic by majority of Islamic scholars. Elements such as uncertainty, gambling and excessive interest are the main culprits. (Khair Bakhsh, 2009). For the satisfaction of Muslim concern, market experts and Islamic scholars introduced an insurance with the name of Takaful.The increase in demand of Takaful system and the presence of large markets for its products is compelling the entitled authorities to introduce it in Pakistan as soon as possible. Problem Statement: What are the prospects and perception of Islamic life insurance in Peshawar? Purpose of the study: To review why convention system is prohibited in Islam To compare Islamic Life Insurance (Takaful) with Contemporary Life Insurance. To find out justification of an Islamic Life Insurance (Takaful) Analysis of prospects of Takaful in Peshawar City. Methodology Applied Research: In this research I will be studying existing Islamic life insurance system and adding no new finds to body of knowledge. Scheme of study Type of investigation: This is a descriptive study: The format, which will be followed in this study, is to find out justification of an Islamic Life Insurance and what are its prospects in Peshawar. Cross-sectional Data: In this research I will observe and study secondary data regarding Islamic Life Insurance and Conventional life Insurance system. Unit of Study: My research unit of analysis will be organization Study Settings: Field Study: Study will be done in natural settings in which variables will not be controlled. Researchers interference: In this study researchers interference will be minimal and has no direct interference with the Islamic life insurance organizations because I am not allowed to interfere in the organizations. Methodology: The methods I will be using in the report are both Primary and Secondary data collection. Secondary Data: For this research I will use secondary data. Sources: Internet Leading newspaper articles Books related to Islamic life Insurance (Takaful) Research instruments: The instruments which will be used in my research to collect primary data are: Observations Questionnaires. Sample Size: I will be distributing questionnaires. Sampling Techniques: The sampling technique will be simple random sampling that will help in reducing the biasness factor in the research. Limitations: The scope of my research will be limited to students of universities in Peshawar because of time and other limited resources. Scheme of the report: The report will consist of the following parts. Introduction Literature Review Findings Analysis Conclusion and Recommendations Literature survey Meaning of Takaful: Takaful is a form of mutual assistance (Taawun) strengthened by aiding the ones who are in problems and deserve to be helped.(Dr.Masum) (2009). According to him, Islamic Scholars have begun to accept and conclude to the viewpoint that Takaful is according to Shariah principles. Numerous Islamic conferences are being held and Shariah Councils are emphasizing by creating awareness amongst the Muslims that Takaful operations are free from unIslamic elements thus the development of Takaful in the market is to cater to the needs of Muslim by providing them products and services in accordance to Islam. â€Å"Overtime, greater understanding on the concept of Islamic Insurance has emerged as the concept of Takaful, based on the contract of Tabarru (donation) and Mudarabah profit sharing.† â€Å"Takaful is an alternative form of Conventional Insurance based on the concept of trusteeship and cooperation inspired by the beliefs of the followers of Islamic teachings. Murtaza Ali (2007). It can be concluded that takaful is an Islamic way of dealing with uncertainties via mutual assistance and it is social scheme developed on the principals of brotherhood, solidarity and mutual assistance. Takaful is rooted from an Arabic word Kafal, which means that ones needs should be taken care of. According to this scheme participants jointly agree to bind themselves against damages caused by hazards. â€Å"Takaful is a legally binding agreement between all the participants of the scheme to pay any of the members who suffers a loss as specified in the Takaful certificate†. (Dr.Masum)(2009). Muhaimin Iqbal (2005), Abdul Rahim, Wahab and Kabir Hassan explain Takaful as a scheme that is derived from the concept of Taawun and the concept of Takaful is similar to Conventional mutual risk sharing. Takaful has a fixed maturity period and is considered long term saving tool. Apart from giving benefits of return it also provides a mutual financial assistance among participants. â€Å"A Programme that pools efforts to help the needy in times of need due to immediate deaths or mishaps resulting in personal injury or disablement†. (Bank Negara Malaysia) Scholars like Dr.Yusof Qaradawi (July 2007) state â€Å"Our observation that the modern current practices are objectable Islamic ally does not mean that Islam is against Insurance: it only opposes the means and methods.† According to the author the Islamic insurance companies will use the contract of donations and provide compensation and the operation of the company shall not get engaged in any unislamic elements. HISTORICAL PERSPECTIVE; â€Å"Muslims were involved in Marine activities in the Mediterranean and Indian Ocean from the seventh century on†. Chaim-Vardit (2009).† â€Å"The rough model of Takaful was practiced by Arabian tribes, holding to the principal of pooled resources to help the needy on the voluntary basis† Masum Billah (2001). Tamim become the first insurance term in Arabic only in 20th century and it is believed that Ibn Abidin, a Hanafite Jurist who died in 1836,is the First Muslim to coin name Insurance Sukara (security) influenced by Italian term Siguare and Turkish Sigorta. Chaim-Vardit (2009). Merchants of Mecca used to form a group of Mutual funds with a purpose to help the victims or survivors of natural hazards during their commercial ventures into Syria, Iraq and other countries. Such a practice was supported and even contributions were made by Prophet Muhammad (P.B.U.H) while trading with the capital of Hazrat Khadija. Aziz-Abdul (2005) â€Å"The period lasting from the fall of Rome until the Dawn of Islam was the darkest, most corrupt and unsettled period in the known history to man. Hence the Dawn of Islam removed darkness from the face of life and brought the environment of security and stability to the areas which came under the influence of Islam.† According to Chaim-Vardit, Shariah recognizes several transactions and institutions which function in a way similar to certain type of Insurance. The typical ones are: Daman (guarantee) is synonymous to â€Å"Kafala† is used with risk or responsibility that one bears with regard to property of which one enjoys profit. Daman Khatar al Tariq (guarantee against travel hazards). In this type of transaction, the person himself wishes to be compensated for a future possible loss. Wala al Muwalat-This type of transaction was prohibited by Prophet Muhammad (P.B.U.H). The problem was this type of transaction established new ties, as strong as blood ties, outside the family was unbearable. Diya (blood money)-compensation to victim or victims family for unintentional killing or bodily injury. Mudaraba-is not mentioned in Quran and there is much doubt whether it is mentioned in Hadith Zakat-means growth and purity. It is often mentioned as equal to modern social Insurance and there have been modern attempts made in Islamic states as Saudi Arabia and Pakistan to apply Zakat. The institution of Waaf (endowment)-the property endowed as Waaf was intended to support the poor, staff of mosques, hospitals, to maintain city facilities and the two holy cities. Jizya-tax levied on non-Muslims residing in Islamic State and provides then with security for their lives and property. Holy Prophet (P.B.U.H) emphasised that a Muslim should protect itself from hazards and risks via transfering the risk through Takaful Model.The life of a muslim is Controlled and destiny by Allah (S.A.T) but it does not mean that a Muslim cannot protect itself but indeed a Muslim in Islam should gurad itself from misfortunes, hazards, risks and uncertanities.Dr.Masum (2001). Types of Takaful Structures: â€Å"There is no single â€Å"best† model that exists for takaful. Shariah scholars worldwide concur on fundamental components that characterize a takaful scheme, yet in their judicial opinions (fatwas), operational differences are tolerated as long as they do not contradict essential religious tenets.† Ms Shakun Ashoka Raj (2007). There has been a tremendous research done on the takaful models which includes work of prominent authors like Dr.Masum (2001), Hassan, Rahim and Wahab (May June 2007). According to Hassan, Rahim and Wahab (2007) for the Mudarabah contract to be allowed and carried in Islam requires a number of elements to be present: The capital provider (participant); The entrepreneur (takaful operator); Capital an appropriate activity; Profit and loss sharing and offer and acceptance. In the mudaraba contract, the two parties know as provider (rab ul maal) and the entrepreneur or takaful operator (mudarib) operates on a joint venture basis. †An investment on a Mudarabah basis of 100 should at the end of the period give more then 100 to be termed as profit and for the operators to share that.† The other takaful model is known as agency or wakala model. On the basis of this principal, a person delegates his right or business to the other people/person to act as his agent or wakil. The agent is responsible to contribute his knowledge, skills, and abilities in performing the tasks assigned to him in the best manner. According to Dr.Masum (2001) in the Wakala model the salary of the agent who rendered the services is subtracted against the fool of funds. The net funds will be used for the purpose of investment and profits will be distributed accordingly. Similarly author Rahim, Wahab and Hassan â€Å"Under a typical wakala model, the Tabarru (donation) remains the property of the participants unless consumed, as they have the right to receive the surplus back and therefore it becomes a conditional gift.† Tijari model (business) commonly uses both the pure Mudarabah and modified Mudarabah approaches. Dr.masum is of the opinion, that modified Mudarabah approach is used where deduction of expenses is taken into consideration and as result more expensive premium is charged from the participants in order to cover the operational expenses while on the other hand Pure mudarabah approach is used where there are no operational expenses charged. Waqf model-this model operates on non-profit basis that collects donation from individuals or firms who willingly want to contribute something positive to the society. Social organizations and enterprise are engaged in such type of activity. Shakun Ashoka Raj (2007). Concepts of beneficiaries in Takaful It is vital to test the beneficiary in the policy inorder to find that whether the beneficiary is the right person to be tranferred the benefits.In order to do so the following concepts are under taken : Al-Wasiyah (bequest) Al-Mirath (inheritance) Al-Milkiyah (ownership) In the Takaful Model if the policy holder outlives the policy duration then under such circumstances the policy holder is entitled for the benefits and he is the only owner but in Waqf model the sole owner is Allah (S.A.T) and no one can claim the property or benefits. Dr.Masum (2001). After death of the policy holder the following stages are inoccured before the distribution of benefits of the policy. Wealth heald by the policy holder is adding with total benefits If there are any debts left by the policy holder then from the total weath those debts are paid off . For the remaining the funeral expenses will be deducted. The remaining property or any thing left is disrtibuted under the principals of Al wasiyah and Al mirath. Al Wasiyah Under the islamic principal the policy holder can give away via will 1/3 of the property. This is to reduces injustice that may be caused by the policy holder by giving his benefits not to his legal heirs . Al Mirath After making payments of loan taken by Policy holder, excluding funeral expenses from the remaining property and cash left by the deceased and executing his will, the remaing benefits ,property and cash left is distributed among the legal heirs of the policy holder via Islamic methods. CONVENTIONAL LIFE INSURANCE INSURANCE: Insurance is a medium via which people transfer the burden of uncertainty (financial loss) to the insurer, for an agreed financial attention known as â€Å"Premium†. In return, the issuer promises to provide financial compensation to the insured for particular loss occurring. The clients of the policy are known as policyholders. Human life is exposed to risks of death and disability due to natural disasters and accidents. Property possessed by man is exposed to various man made and natural hazards. Simultaneously man himself is exposed to different diseases, deadly viruses, the cure for which involves huge expenses. A family might have to face serious financial and moral hazards as a human life is lost or a person is disabled temporarily or permanently. If an individuals property is damaged, it might result in decline in income of the individual. Life insurance gives protection to an individual during his/her lifetime and after his death too. So we can say that it is an agreement that guarantees the payment of agreed amount of monetary benefit to the insured. There are number of companies offering Life insurance policies. The more the time period of the policy the greater its benefit e.g. if a person purchases a policy for the period of 10 years, he will get its benefit after 10 years but if he dies during this time frame, his family will get its benefit. The insurance company reviews variables that are likely to affect the health and how long and individual lives after receiving an application by individual for life insurance policy. Actuarys Statistical Analysis is performed by a person know as â€Å"Actuary† who determines whether the individual is a good â€Å"risk† to insure. Insurance premium is calculated, the older an individual, the higher the life insurance premium to be paid. Insurance premium can also be higher if an individual has health issues like higher cholesterol. If the insurance company agrees to provide insurance the agent will deliver the life insurance contract. The contract will include: The amount of money to be paid when the policyholder dies. How long the contract lasts. The amount of premium that needs to be paid by the policyholder. The policyholder will need to name the beneficiary to whom the benefit of the policy will be transferred in the event of death of policyholder. HISTORICAL DEVELOPMENT OF INSURANCE: Insurance is as old as the development of human society. In a society there are two types of economies Money economy Natural economy. Natural economy is more old then the money economy where people form community to help each other. For example if the house of a person gets burnt, the community members will pool in funds and reconstruct the house. Money economy practiced the transfer or distribution of risk by the Chinese and the Babylonian traders in the 2nd and 3rd millennium B.C. Achaemenian monarchs of Iran were the first to insure their people and that process was registered in the governmental notary offices. Life Insurance primarily established to provide protection against risk and catastrophes to people who were dieing very early, people who were aged and people who as a result of accident were disabled. This was practiced made possible by sharing and transferring risk with other individuals of the society. The idea of insuring oneself against risk is as old is mankind. Early times in England, societies were formed. Relief to the family of members of the societies would be given by making little sum of payments, if the grains of the farmers were damaged. The first life insurance company was established in England in 1705 and named the Amicable Society for Perpetual Assistance. Life insurance developed from these small beginnings into colossal industry, which gives people sense of security they require to maintain financial stability, moral and faith against inflation, deflation, wars, boom, panic and all sort of devastation. Life insurance gives individuals sound financial back up to move forward as it is based on scientific principles. Life Insurance companies were the only companies to pay their dues fully and survive the crisis of recession while the banks and other investment companies failed to do so. The purpose of selling life insurance is to make sure that it provides fresh air to people to start a life. In the larger view the life insurance policy becomes the reason for the beneficiary to begin a new life. Life insurance does active saving, utilization of funds and reserves for hazards and opportunities. It is a medium of savings, protection and growth and it has given people peace of mind and financial soundness. TYPES OF LIFE INSURANCE There are many different classification of life insurance each satisfying different need of individuals. Life insurance can be broadly divided into two main types: Term Assurance Whole Life Assurance Term Assurance: It is the least expensive Insurance and is available in various forms. This form of insurance is opted if the individual cannot afford other types of insurance or when temporary protection is needed. The premium from this type of insurance is free from element of investment. Term Assurance policy in case of death of policy holder during the specified years is bounded to provide lump sum amount of agreed money but if the individual outlives, then in such circumstances the contract is ceased and no money is to be provided to the policyholder. Term Life Insurance policy lengths for: One-year term policy- promises to pay the beneficiaries of the policyholder the agreed amount of money if the insurer dies within one-year tem policy. Five years promises to pay the beneficiaries of the policyholder the agreed amount of money if the insurer dies within five-year term policy. Ten years, fifteen and twenty year term policy is also known as long term policy. TYPES OF TERM ASSURANCE: Renewable term life policy –In this term life policy, the policyholder automatically qualifies to continue the policy when the specified time of the policy ends. Non-Renewable term life policy- this term life policy, the policy holder does not automatically qualifies to continue the policy when the specified time of the policy ends instead the individual has to re-qualify for the policy by undergoing physical examination in order to determine the health condition. Convertible term life policy-In this type of term policy the insured has the choice to covert this type of policy into permanent life insurance policy into variable insurance, whole or universal life insurance. Non-Convertible term life policy- simply means that policyholder cannot switch the policy to another type life insurance policy. WHOLE LIFE INSURANCE: This policy last the whole (entire) life of the insured. If the policyholder stops paying the premium he/she can get the benefit paid till date. Because of this reason it is an expensive life insurance policy. For example the funeral policy in which expenses are covered for the funeral of the person passed away. Full payment for the policy is taken at the time of purchases of policy. Whole life insurance policy can be divided into two types: Ordinary Life Insurance Limited Payment Life Insurance Ordinary life insurance: It is also know as straight life insurance. In this type of insurance policy the insurer is give lifetime security. For example if the insurer is alive at 100, then he is to be paid the benefit if the policy or the agreed amount of money. Under this policy of life insurance the policyholder is charged high premiums in the start of the policy and charged less premium during the last years of the policy. The life insurance company invests the premium of the policyholder to accumulate a cash surrender value. The policyholder can withdraw from the policy by taking the cash value or borrowing cash value at lower interest rates. The cash value is relatively small in the start of the year and increases with years. LIMITED PAYMENT LIFE INSURANCE: This life insurance policy is also known as â€Å"limited pay life insurance† in which individual pays for the specific time period and enjoys the policy for the rest of his/her life. The face amount of the policy is paid tax free to the beneficiaries the policyholder mentioned. This face amount can be paid on monthly basis or in lump sum amount. If the Policyholder mentioned to make payment to the beneficiary on monthly basis then the policyholder has four options to choose from: Life Income-In this policy the beneficiary of the policyholder is paid on the monthly basis as long as the beneficiary lives. Fixed Period Income-In this type of policy, the policyholder asks the insurance company to pay the beneficiary after his death the proceeds in equal amount over the period of ten years. The years determined are dependent on the wish of the policyholder. Fixed Amount Income-In this type of policy the policy holder asks the insurance company that after his death the nominated beneficiary should be paid lets suppose Rs.1000 a month till the proceeds are exhausted Interest Options-In this the policy holder asks the insurance company that after his death the benefit of the policy should be reinvested by the insurance company and the interest from the investment made should be provided to the nominated beneficiary each year. OTHER FORMS OF LIFE INSURANCE: Endowment Life Insurance- This policy is for a specific time period. The face value is paid to the nominated beneficiary if the policyholder dies during the specific period but if he is alive then the policyholder is paid the benefit of the policy. Variable Life Insurance-This policy is for the whole life. The policyholder is given option to decide the amount he wants to invest in life insurance and the amount he wants to invest in other investment opportunities like buying stocks. It has a guaranteed death benefit, which is based on forecasted interest rates. Theses rates are not fixed indeed vary from company to company. Universal Life Insurance-This policy charges less premium in the start but does not provide death benefit or cash value as this policy is flexible in terms of premium payments and timing. Second To Die Life Insurance- This policy is designed for couples.(married).The benefit of the policy is provided to the heirs of the policyholders only when the surviving spouse dies. Juvenile Life Insurance-The purpose of this policy is to provide safeguard to the children. The guardian or the parent of the child purchases policy in order to secure the minor from mishaps. Modified Life Insurance Policy-In this life insurance policy higher premium are charged at the later years of the specified time. It is suitable for those individuals who believe that their salary/income will increase in the future. METHODS FOR PROVIDING LIFE INSURANCE PROTECTION: There are two methods that are actively used to provide life insurance to individuals. Annual Renewable Term Level Premium method Annual Renewable Term: This type of life insurance policy has overcome the challenge of insurability simply meaning that the policyholder can renew the policy without under going medical examination or providing sound health evidence. Because of poor health or other mishaps the insurer might not be allowed to renew the policy. So annual renewable policy (ART) ignores the insurability element, they simply pay the renewal premium. The policy period varies from 10 to 30 years and for the till the age of 95 mostly. In such policy the premium to be paid is much higher then other life insurance policies. The more the age the higher the premium to be paid and thus the greater the return on the policy. The premium is calculated by determining the death rate of each age group. For Example: A group of 1000 males (non-alcoholic) at the age of 40 wants to get a life insurance for $1000.The death rate of males at the age of 40 is .332% out of 1000.This means that the insurance company would have to pay $.3220 for the death claim. The insurance company would have to collect $.3.20 from each policyholder in order to cover the death claims. The yearly renewable insurance premium increases, as the individual gets older. Premium sharply rises during the later years, because as the age grows the death rate also grows. LEVEL PREMIUM METHOD: In this type of life insurance policy the premium remains the same for the agreed number of years. The time frame varies from 10, 15, 20 to 30 years. This life insurance policy provides insurance to age 100.If the insurer survives till the age of 100 then the face value of the policy is paid to the policyholder. The premium charger in the early age is higher in order to cover for the morality expenses. Level Premium method is also know as ‘Legal Reserve† because the money invested by the company is according to the state law. The state requires the company to maintain a minimum amount of liquid so that it is able to pay for the agreed claims. The legal reserve that the insurance company maintains is equal to the present value of the future death claims minus present value of future premiums. The main objective of the legal reserve is to provide lifetime security. The policyholder has an option to withdraw from the policy by just taking the cash value which is less then the legal reserve because of deductions of expenses like sales. UNISLAMIC ELEMENTS IN CONVENTIONAL LIFE INSURANCE Conventional insurance contains the elements that are unacceptable in Islam which include Riba Maisir Gharar Riba –also termed as interest, is present in conventional life insurance. Loans granted by companies are charged on interest. An insured upon his death receives greater then he has paid. This is not permissible in Islam. Insurance funds stocks/bonds contain the element of interest Those who eat riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say, Trading is only like riba or usury, whereas Allah has permitted trading and forbidden riba. So whosoever receives an admonition from his Lord and stops eating riba shall not be punished for the past; his case is for Allah (to judge): but whoever returns to riba, are dwellers of the Fire they will abide therein. â€Å"Al-Quran, Al-Baqarah (2). 275 Maisar- It refers to gambling or game of chance. Gambling of all forms/types is prohibited in Islam. The gambler tries to win mass wealth without making an effort. When the policyholder dies after only paying a small amount of premium his/her nominated beneficiary receives the benefit in term of monetary, which the policyholder has no idea where the amount has come from. Al-Maisir is referred to in the Quran as follows: O you who believe intoxicants (all kind of alcoholic drinks) and gambling, and Al-Ansab (ways for seeking luck) are an abomination of Shaitan (Satan). So avoid strictly all that (abomination) in order that you may be successful. Al-Quran, AI-Maidah (5): 90 Uncertainty -It is an element which is termed as gharar, is prohibited in Islam. In business terms gharar means undertaking business deals which are riskier and individuals do not posses sufficient knowledge about them. A contract which contains uncertainty due to: Occurring time is not known. The amount payable is not known. Whether the payment will be accepted as agreed. HARAM/HALAL-Islam does not allow individuals to invest money in unIslamic activities. Insurance companies may invest in bonds or tobacco companies or any unethical activity which is not permissible in Islam then taking insurance from such companies is considered haram. ISLAMIC LIFE INSURANCE The transaction of an Islamic life insurance system aims to protect the life of widows, orphans and the dependents of the deceased against future risks and hazards. It follows the principal of Al-Mudaraba financing. Under this principal the insured and insurer mutually agree to co-operate. The insured dependants are protected of future hazards as well as donations are made for the uplift of poor individual who face accidents in Islamic society. This concept was present and practiced during the times of Holy Prophet (P.B.U.H). In Islamic life Insurance policy the nominee is just acting as a trustee and is not considered the absolute beneficiary. The purpose/responsibility of the individual nomination (nominee) by the assured is to distribute the benefit to the heirs of the deceased under the principal pf Mirath and Wasiyah. In Islamic life insurance policies there are two situation in which the benefits of the policy are transferred i) the insurer can claim from the insurer the benefi ts if he outlives the time mentioned in the policy a) the paid premiums b) the profits made upon the paid premiums and c) the dividends/bonus made according to the company policy. In the other situation if the insured is not alive or passed away during the policy, the benefits are transferred to the nominee (selected by insured) and it is mandatory for the nominee to distribute the benefits of the policy among the heirs of the policyholder. The benefits include a) paid premium b) profits made on the paid premiums c) bonus/dividends make the company policy and d) donations from the companys charitable funds according to the policy selected by the assured. The benefits of the Islamic life insurance policy are not just claimed by individuals who face natural death/accidents but the benefit are also provided to people insured and passing in unlawful death example suicide/murders. The reason for that is life and death can only be det Prospects and Perception of Islamic Life Insurance Prospects and Perception of Islamic Life Insurance Chapter 1 Introduction Background to study: Insurance is a financial industry which has surfaced as a colossal industry for both in Muslim and Non Muslin world. In Conventional Insurance there are many elements, activities and procedures which are considered unethical, unlawful and unislamic by majority of Islamic scholars. Elements such as uncertainty, gambling and excessive interest are the main culprits. (Khair Bakhsh, 2009). For the satisfaction of Muslim concern, market experts and Islamic scholars introduced an insurance with the name of Takaful.The increase in demand of Takaful system and the presence of large markets for its products is compelling the entitled authorities to introduce it in Pakistan as soon as possible. Problem Statement: What are the prospects and perception of Islamic life insurance in Peshawar? Purpose of the study: To review why convention system is prohibited in Islam To compare Islamic Life Insurance (Takaful) with Contemporary Life Insurance. To find out justification of an Islamic Life Insurance (Takaful) Analysis of prospects of Takaful in Peshawar City. Methodology Applied Research: In this research I will be studying existing Islamic life insurance system and adding no new finds to body of knowledge. Scheme of study Type of investigation: This is a descriptive study: The format, which will be followed in this study, is to find out justification of an Islamic Life Insurance and what are its prospects in Peshawar. Cross-sectional Data: In this research I will observe and study secondary data regarding Islamic Life Insurance and Conventional life Insurance system. Unit of Study: My research unit of analysis will be organization Study Settings: Field Study: Study will be done in natural settings in which variables will not be controlled. Researchers interference: In this study researchers interference will be minimal and has no direct interference with the Islamic life insurance organizations because I am not allowed to interfere in the organizations. Methodology: The methods I will be using in the report are both Primary and Secondary data collection. Secondary Data: For this research I will use secondary data. Sources: Internet Leading newspaper articles Books related to Islamic life Insurance (Takaful) Research instruments: The instruments which will be used in my research to collect primary data are: Observations Questionnaires. Sample Size: I will be distributing questionnaires. Sampling Techniques: The sampling technique will be simple random sampling that will help in reducing the biasness factor in the research. Limitations: The scope of my research will be limited to students of universities in Peshawar because of time and other limited resources. Scheme of the report: The report will consist of the following parts. Introduction Literature Review Findings Analysis Conclusion and Recommendations Literature survey Meaning of Takaful: Takaful is a form of mutual assistance (Taawun) strengthened by aiding the ones who are in problems and deserve to be helped.(Dr.Masum) (2009). According to him, Islamic Scholars have begun to accept and conclude to the viewpoint that Takaful is according to Shariah principles. Numerous Islamic conferences are being held and Shariah Councils are emphasizing by creating awareness amongst the Muslims that Takaful operations are free from unIslamic elements thus the development of Takaful in the market is to cater to the needs of Muslim by providing them products and services in accordance to Islam. â€Å"Overtime, greater understanding on the concept of Islamic Insurance has emerged as the concept of Takaful, based on the contract of Tabarru (donation) and Mudarabah profit sharing.† â€Å"Takaful is an alternative form of Conventional Insurance based on the concept of trusteeship and cooperation inspired by the beliefs of the followers of Islamic teachings. Murtaza Ali (2007). It can be concluded that takaful is an Islamic way of dealing with uncertainties via mutual assistance and it is social scheme developed on the principals of brotherhood, solidarity and mutual assistance. Takaful is rooted from an Arabic word Kafal, which means that ones needs should be taken care of. According to this scheme participants jointly agree to bind themselves against damages caused by hazards. â€Å"Takaful is a legally binding agreement between all the participants of the scheme to pay any of the members who suffers a loss as specified in the Takaful certificate†. (Dr.Masum)(2009). Muhaimin Iqbal (2005), Abdul Rahim, Wahab and Kabir Hassan explain Takaful as a scheme that is derived from the concept of Taawun and the concept of Takaful is similar to Conventional mutual risk sharing. Takaful has a fixed maturity period and is considered long term saving tool. Apart from giving benefits of return it also provides a mutual financial assistance among participants. â€Å"A Programme that pools efforts to help the needy in times of need due to immediate deaths or mishaps resulting in personal injury or disablement†. (Bank Negara Malaysia) Scholars like Dr.Yusof Qaradawi (July 2007) state â€Å"Our observation that the modern current practices are objectable Islamic ally does not mean that Islam is against Insurance: it only opposes the means and methods.† According to the author the Islamic insurance companies will use the contract of donations and provide compensation and the operation of the company shall not get engaged in any unislamic elements. HISTORICAL PERSPECTIVE; â€Å"Muslims were involved in Marine activities in the Mediterranean and Indian Ocean from the seventh century on†. Chaim-Vardit (2009).† â€Å"The rough model of Takaful was practiced by Arabian tribes, holding to the principal of pooled resources to help the needy on the voluntary basis† Masum Billah (2001). Tamim become the first insurance term in Arabic only in 20th century and it is believed that Ibn Abidin, a Hanafite Jurist who died in 1836,is the First Muslim to coin name Insurance Sukara (security) influenced by Italian term Siguare and Turkish Sigorta. Chaim-Vardit (2009). Merchants of Mecca used to form a group of Mutual funds with a purpose to help the victims or survivors of natural hazards during their commercial ventures into Syria, Iraq and other countries. Such a practice was supported and even contributions were made by Prophet Muhammad (P.B.U.H) while trading with the capital of Hazrat Khadija. Aziz-Abdul (2005) â€Å"The period lasting from the fall of Rome until the Dawn of Islam was the darkest, most corrupt and unsettled period in the known history to man. Hence the Dawn of Islam removed darkness from the face of life and brought the environment of security and stability to the areas which came under the influence of Islam.† According to Chaim-Vardit, Shariah recognizes several transactions and institutions which function in a way similar to certain type of Insurance. The typical ones are: Daman (guarantee) is synonymous to â€Å"Kafala† is used with risk or responsibility that one bears with regard to property of which one enjoys profit. Daman Khatar al Tariq (guarantee against travel hazards). In this type of transaction, the person himself wishes to be compensated for a future possible loss. Wala al Muwalat-This type of transaction was prohibited by Prophet Muhammad (P.B.U.H). The problem was this type of transaction established new ties, as strong as blood ties, outside the family was unbearable. Diya (blood money)-compensation to victim or victims family for unintentional killing or bodily injury. Mudaraba-is not mentioned in Quran and there is much doubt whether it is mentioned in Hadith Zakat-means growth and purity. It is often mentioned as equal to modern social Insurance and there have been modern attempts made in Islamic states as Saudi Arabia and Pakistan to apply Zakat. The institution of Waaf (endowment)-the property endowed as Waaf was intended to support the poor, staff of mosques, hospitals, to maintain city facilities and the two holy cities. Jizya-tax levied on non-Muslims residing in Islamic State and provides then with security for their lives and property. Holy Prophet (P.B.U.H) emphasised that a Muslim should protect itself from hazards and risks via transfering the risk through Takaful Model.The life of a muslim is Controlled and destiny by Allah (S.A.T) but it does not mean that a Muslim cannot protect itself but indeed a Muslim in Islam should gurad itself from misfortunes, hazards, risks and uncertanities.Dr.Masum (2001). Types of Takaful Structures: â€Å"There is no single â€Å"best† model that exists for takaful. Shariah scholars worldwide concur on fundamental components that characterize a takaful scheme, yet in their judicial opinions (fatwas), operational differences are tolerated as long as they do not contradict essential religious tenets.† Ms Shakun Ashoka Raj (2007). There has been a tremendous research done on the takaful models which includes work of prominent authors like Dr.Masum (2001), Hassan, Rahim and Wahab (May June 2007). According to Hassan, Rahim and Wahab (2007) for the Mudarabah contract to be allowed and carried in Islam requires a number of elements to be present: The capital provider (participant); The entrepreneur (takaful operator); Capital an appropriate activity; Profit and loss sharing and offer and acceptance. In the mudaraba contract, the two parties know as provider (rab ul maal) and the entrepreneur or takaful operator (mudarib) operates on a joint venture basis. †An investment on a Mudarabah basis of 100 should at the end of the period give more then 100 to be termed as profit and for the operators to share that.† The other takaful model is known as agency or wakala model. On the basis of this principal, a person delegates his right or business to the other people/person to act as his agent or wakil. The agent is responsible to contribute his knowledge, skills, and abilities in performing the tasks assigned to him in the best manner. According to Dr.Masum (2001) in the Wakala model the salary of the agent who rendered the services is subtracted against the fool of funds. The net funds will be used for the purpose of investment and profits will be distributed accordingly. Similarly author Rahim, Wahab and Hassan â€Å"Under a typical wakala model, the Tabarru (donation) remains the property of the participants unless consumed, as they have the right to receive the surplus back and therefore it becomes a conditional gift.† Tijari model (business) commonly uses both the pure Mudarabah and modified Mudarabah approaches. Dr.masum is of the opinion, that modified Mudarabah approach is used where deduction of expenses is taken into consideration and as result more expensive premium is charged from the participants in order to cover the operational expenses while on the other hand Pure mudarabah approach is used where there are no operational expenses charged. Waqf model-this model operates on non-profit basis that collects donation from individuals or firms who willingly want to contribute something positive to the society. Social organizations and enterprise are engaged in such type of activity. Shakun Ashoka Raj (2007). Concepts of beneficiaries in Takaful It is vital to test the beneficiary in the policy inorder to find that whether the beneficiary is the right person to be tranferred the benefits.In order to do so the following concepts are under taken : Al-Wasiyah (bequest) Al-Mirath (inheritance) Al-Milkiyah (ownership) In the Takaful Model if the policy holder outlives the policy duration then under such circumstances the policy holder is entitled for the benefits and he is the only owner but in Waqf model the sole owner is Allah (S.A.T) and no one can claim the property or benefits. Dr.Masum (2001). After death of the policy holder the following stages are inoccured before the distribution of benefits of the policy. Wealth heald by the policy holder is adding with total benefits If there are any debts left by the policy holder then from the total weath those debts are paid off . For the remaining the funeral expenses will be deducted. The remaining property or any thing left is disrtibuted under the principals of Al wasiyah and Al mirath. Al Wasiyah Under the islamic principal the policy holder can give away via will 1/3 of the property. This is to reduces injustice that may be caused by the policy holder by giving his benefits not to his legal heirs . Al Mirath After making payments of loan taken by Policy holder, excluding funeral expenses from the remaining property and cash left by the deceased and executing his will, the remaing benefits ,property and cash left is distributed among the legal heirs of the policy holder via Islamic methods. CONVENTIONAL LIFE INSURANCE INSURANCE: Insurance is a medium via which people transfer the burden of uncertainty (financial loss) to the insurer, for an agreed financial attention known as â€Å"Premium†. In return, the issuer promises to provide financial compensation to the insured for particular loss occurring. The clients of the policy are known as policyholders. Human life is exposed to risks of death and disability due to natural disasters and accidents. Property possessed by man is exposed to various man made and natural hazards. Simultaneously man himself is exposed to different diseases, deadly viruses, the cure for which involves huge expenses. A family might have to face serious financial and moral hazards as a human life is lost or a person is disabled temporarily or permanently. If an individuals property is damaged, it might result in decline in income of the individual. Life insurance gives protection to an individual during his/her lifetime and after his death too. So we can say that it is an agreement that guarantees the payment of agreed amount of monetary benefit to the insured. There are number of companies offering Life insurance policies. The more the time period of the policy the greater its benefit e.g. if a person purchases a policy for the period of 10 years, he will get its benefit after 10 years but if he dies during this time frame, his family will get its benefit. The insurance company reviews variables that are likely to affect the health and how long and individual lives after receiving an application by individual for life insurance policy. Actuarys Statistical Analysis is performed by a person know as â€Å"Actuary† who determines whether the individual is a good â€Å"risk† to insure. Insurance premium is calculated, the older an individual, the higher the life insurance premium to be paid. Insurance premium can also be higher if an individual has health issues like higher cholesterol. If the insurance company agrees to provide insurance the agent will deliver the life insurance contract. The contract will include: The amount of money to be paid when the policyholder dies. How long the contract lasts. The amount of premium that needs to be paid by the policyholder. The policyholder will need to name the beneficiary to whom the benefit of the policy will be transferred in the event of death of policyholder. HISTORICAL DEVELOPMENT OF INSURANCE: Insurance is as old as the development of human society. In a society there are two types of economies Money economy Natural economy. Natural economy is more old then the money economy where people form community to help each other. For example if the house of a person gets burnt, the community members will pool in funds and reconstruct the house. Money economy practiced the transfer or distribution of risk by the Chinese and the Babylonian traders in the 2nd and 3rd millennium B.C. Achaemenian monarchs of Iran were the first to insure their people and that process was registered in the governmental notary offices. Life Insurance primarily established to provide protection against risk and catastrophes to people who were dieing very early, people who were aged and people who as a result of accident were disabled. This was practiced made possible by sharing and transferring risk with other individuals of the society. The idea of insuring oneself against risk is as old is mankind. Early times in England, societies were formed. Relief to the family of members of the societies would be given by making little sum of payments, if the grains of the farmers were damaged. The first life insurance company was established in England in 1705 and named the Amicable Society for Perpetual Assistance. Life insurance developed from these small beginnings into colossal industry, which gives people sense of security they require to maintain financial stability, moral and faith against inflation, deflation, wars, boom, panic and all sort of devastation. Life insurance gives individuals sound financial back up to move forward as it is based on scientific principles. Life Insurance companies were the only companies to pay their dues fully and survive the crisis of recession while the banks and other investment companies failed to do so. The purpose of selling life insurance is to make sure that it provides fresh air to people to start a life. In the larger view the life insurance policy becomes the reason for the beneficiary to begin a new life. Life insurance does active saving, utilization of funds and reserves for hazards and opportunities. It is a medium of savings, protection and growth and it has given people peace of mind and financial soundness. TYPES OF LIFE INSURANCE There are many different classification of life insurance each satisfying different need of individuals. Life insurance can be broadly divided into two main types: Term Assurance Whole Life Assurance Term Assurance: It is the least expensive Insurance and is available in various forms. This form of insurance is opted if the individual cannot afford other types of insurance or when temporary protection is needed. The premium from this type of insurance is free from element of investment. Term Assurance policy in case of death of policy holder during the specified years is bounded to provide lump sum amount of agreed money but if the individual outlives, then in such circumstances the contract is ceased and no money is to be provided to the policyholder. Term Life Insurance policy lengths for: One-year term policy- promises to pay the beneficiaries of the policyholder the agreed amount of money if the insurer dies within one-year tem policy. Five years promises to pay the beneficiaries of the policyholder the agreed amount of money if the insurer dies within five-year term policy. Ten years, fifteen and twenty year term policy is also known as long term policy. TYPES OF TERM ASSURANCE: Renewable term life policy –In this term life policy, the policyholder automatically qualifies to continue the policy when the specified time of the policy ends. Non-Renewable term life policy- this term life policy, the policy holder does not automatically qualifies to continue the policy when the specified time of the policy ends instead the individual has to re-qualify for the policy by undergoing physical examination in order to determine the health condition. Convertible term life policy-In this type of term policy the insured has the choice to covert this type of policy into permanent life insurance policy into variable insurance, whole or universal life insurance. Non-Convertible term life policy- simply means that policyholder cannot switch the policy to another type life insurance policy. WHOLE LIFE INSURANCE: This policy last the whole (entire) life of the insured. If the policyholder stops paying the premium he/she can get the benefit paid till date. Because of this reason it is an expensive life insurance policy. For example the funeral policy in which expenses are covered for the funeral of the person passed away. Full payment for the policy is taken at the time of purchases of policy. Whole life insurance policy can be divided into two types: Ordinary Life Insurance Limited Payment Life Insurance Ordinary life insurance: It is also know as straight life insurance. In this type of insurance policy the insurer is give lifetime security. For example if the insurer is alive at 100, then he is to be paid the benefit if the policy or the agreed amount of money. Under this policy of life insurance the policyholder is charged high premiums in the start of the policy and charged less premium during the last years of the policy. The life insurance company invests the premium of the policyholder to accumulate a cash surrender value. The policyholder can withdraw from the policy by taking the cash value or borrowing cash value at lower interest rates. The cash value is relatively small in the start of the year and increases with years. LIMITED PAYMENT LIFE INSURANCE: This life insurance policy is also known as â€Å"limited pay life insurance† in which individual pays for the specific time period and enjoys the policy for the rest of his/her life. The face amount of the policy is paid tax free to the beneficiaries the policyholder mentioned. This face amount can be paid on monthly basis or in lump sum amount. If the Policyholder mentioned to make payment to the beneficiary on monthly basis then the policyholder has four options to choose from: Life Income-In this policy the beneficiary of the policyholder is paid on the monthly basis as long as the beneficiary lives. Fixed Period Income-In this type of policy, the policyholder asks the insurance company to pay the beneficiary after his death the proceeds in equal amount over the period of ten years. The years determined are dependent on the wish of the policyholder. Fixed Amount Income-In this type of policy the policy holder asks the insurance company that after his death the nominated beneficiary should be paid lets suppose Rs.1000 a month till the proceeds are exhausted Interest Options-In this the policy holder asks the insurance company that after his death the benefit of the policy should be reinvested by the insurance company and the interest from the investment made should be provided to the nominated beneficiary each year. OTHER FORMS OF LIFE INSURANCE: Endowment Life Insurance- This policy is for a specific time period. The face value is paid to the nominated beneficiary if the policyholder dies during the specific period but if he is alive then the policyholder is paid the benefit of the policy. Variable Life Insurance-This policy is for the whole life. The policyholder is given option to decide the amount he wants to invest in life insurance and the amount he wants to invest in other investment opportunities like buying stocks. It has a guaranteed death benefit, which is based on forecasted interest rates. Theses rates are not fixed indeed vary from company to company. Universal Life Insurance-This policy charges less premium in the start but does not provide death benefit or cash value as this policy is flexible in terms of premium payments and timing. Second To Die Life Insurance- This policy is designed for couples.(married).The benefit of the policy is provided to the heirs of the policyholders only when the surviving spouse dies. Juvenile Life Insurance-The purpose of this policy is to provide safeguard to the children. The guardian or the parent of the child purchases policy in order to secure the minor from mishaps. Modified Life Insurance Policy-In this life insurance policy higher premium are charged at the later years of the specified time. It is suitable for those individuals who believe that their salary/income will increase in the future. METHODS FOR PROVIDING LIFE INSURANCE PROTECTION: There are two methods that are actively used to provide life insurance to individuals. Annual Renewable Term Level Premium method Annual Renewable Term: This type of life insurance policy has overcome the challenge of insurability simply meaning that the policyholder can renew the policy without under going medical examination or providing sound health evidence. Because of poor health or other mishaps the insurer might not be allowed to renew the policy. So annual renewable policy (ART) ignores the insurability element, they simply pay the renewal premium. The policy period varies from 10 to 30 years and for the till the age of 95 mostly. In such policy the premium to be paid is much higher then other life insurance policies. The more the age the higher the premium to be paid and thus the greater the return on the policy. The premium is calculated by determining the death rate of each age group. For Example: A group of 1000 males (non-alcoholic) at the age of 40 wants to get a life insurance for $1000.The death rate of males at the age of 40 is .332% out of 1000.This means that the insurance company would have to pay $.3220 for the death claim. The insurance company would have to collect $.3.20 from each policyholder in order to cover the death claims. The yearly renewable insurance premium increases, as the individual gets older. Premium sharply rises during the later years, because as the age grows the death rate also grows. LEVEL PREMIUM METHOD: In this type of life insurance policy the premium remains the same for the agreed number of years. The time frame varies from 10, 15, 20 to 30 years. This life insurance policy provides insurance to age 100.If the insurer survives till the age of 100 then the face value of the policy is paid to the policyholder. The premium charger in the early age is higher in order to cover for the morality expenses. Level Premium method is also know as ‘Legal Reserve† because the money invested by the company is according to the state law. The state requires the company to maintain a minimum amount of liquid so that it is able to pay for the agreed claims. The legal reserve that the insurance company maintains is equal to the present value of the future death claims minus present value of future premiums. The main objective of the legal reserve is to provide lifetime security. The policyholder has an option to withdraw from the policy by just taking the cash value which is less then the legal reserve because of deductions of expenses like sales. UNISLAMIC ELEMENTS IN CONVENTIONAL LIFE INSURANCE Conventional insurance contains the elements that are unacceptable in Islam which include Riba Maisir Gharar Riba –also termed as interest, is present in conventional life insurance. Loans granted by companies are charged on interest. An insured upon his death receives greater then he has paid. This is not permissible in Islam. Insurance funds stocks/bonds contain the element of interest Those who eat riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say, Trading is only like riba or usury, whereas Allah has permitted trading and forbidden riba. So whosoever receives an admonition from his Lord and stops eating riba shall not be punished for the past; his case is for Allah (to judge): but whoever returns to riba, are dwellers of the Fire they will abide therein. â€Å"Al-Quran, Al-Baqarah (2). 275 Maisar- It refers to gambling or game of chance. Gambling of all forms/types is prohibited in Islam. The gambler tries to win mass wealth without making an effort. When the policyholder dies after only paying a small amount of premium his/her nominated beneficiary receives the benefit in term of monetary, which the policyholder has no idea where the amount has come from. Al-Maisir is referred to in the Quran as follows: O you who believe intoxicants (all kind of alcoholic drinks) and gambling, and Al-Ansab (ways for seeking luck) are an abomination of Shaitan (Satan). So avoid strictly all that (abomination) in order that you may be successful. Al-Quran, AI-Maidah (5): 90 Uncertainty -It is an element which is termed as gharar, is prohibited in Islam. In business terms gharar means undertaking business deals which are riskier and individuals do not posses sufficient knowledge about them. A contract which contains uncertainty due to: Occurring time is not known. The amount payable is not known. Whether the payment will be accepted as agreed. HARAM/HALAL-Islam does not allow individuals to invest money in unIslamic activities. Insurance companies may invest in bonds or tobacco companies or any unethical activity which is not permissible in Islam then taking insurance from such companies is considered haram. ISLAMIC LIFE INSURANCE The transaction of an Islamic life insurance system aims to protect the life of widows, orphans and the dependents of the deceased against future risks and hazards. It follows the principal of Al-Mudaraba financing. Under this principal the insured and insurer mutually agree to co-operate. The insured dependants are protected of future hazards as well as donations are made for the uplift of poor individual who face accidents in Islamic society. This concept was present and practiced during the times of Holy Prophet (P.B.U.H). In Islamic life Insurance policy the nominee is just acting as a trustee and is not considered the absolute beneficiary. The purpose/responsibility of the individual nomination (nominee) by the assured is to distribute the benefit to the heirs of the deceased under the principal pf Mirath and Wasiyah. In Islamic life insurance policies there are two situation in which the benefits of the policy are transferred i) the insurer can claim from the insurer the benefi ts if he outlives the time mentioned in the policy a) the paid premiums b) the profits made upon the paid premiums and c) the dividends/bonus made according to the company policy. In the other situation if the insured is not alive or passed away during the policy, the benefits are transferred to the nominee (selected by insured) and it is mandatory for the nominee to distribute the benefits of the policy among the heirs of the policyholder. The benefits include a) paid premium b) profits made on the paid premiums c) bonus/dividends make the company policy and d) donations from the companys charitable funds according to the policy selected by the assured. The benefits of the Islamic life insurance policy are not just claimed by individuals who face natural death/accidents but the benefit are also provided to people insured and passing in unlawful death example suicide/murders. The reason for that is life and death can only be det