Introduction The financial director of a holding company which has a number of specialized operational subsidiaries wants a single set of policies taken out by the holding company to cover all the risks of the subsidiaries. One such subsidiary is a marine operation operating from the Durban harbour and that has a boat valued at R20 million. The theory surrounding the fundamental principles of insurance, namely indemnity insurance, materiality, duty to disclose and insurable interest will be discussed. Thereafter, the above for mentioned concepts will be applied to the report at hand. Additionally, the outcome of Lorcom Thirteen (Pty) Ltd v Zurich Insurance Company South Africa 2013 case 54/08 [the Lorcom case] as well as Manderson t/a Hillcrest Electrical v Standard General Insurance Co Ltd 1996 (3) SA 434 (D) [the Manderson case] will be used to support the argument. Finally, the financial director will be advised as to the appropriate set of policies for the holding company regarding the subsidiaries. Indemnity Insurance Indemnity is the most important principle in short-term insurance law. The principle of indemnity prescribes that where the actual loss of the insured is indemnified to the insured by the insurer. The purpose of indemnity as expressed in the English case of Castellain v Preston (1883) 11 QBD 380 (CA) 386, is to restore the insured to the position quo ante. Indemnity insurance is in respect of property or the liability of the insured towards a third party in respect of damages caused to that third party by way of loss or damage to property. In the Manderson case, the plaintiff owned an electrical business which specialised in the wiring of buildings. He hired an independent contractor to repair the domes... ... middle of paper ... ...t to be known by it. Thus, in having a single set of policies governing various operational subsidiaries, the financial director may fail to have knowledge of every circumstance in each subsidiary and the failure of such non-disclosure could be to the holding company’s detriment when claiming a loss or damage. Conclusion The above mentioned cases and principles indicate how the courts have approached the concept of insurable interest to determine whether an insured is to be indemnified or not. Based on the facts of the case at hand and the request of the financial director, it can be suggested that a single set of policies governing the various operational subsidiaries of the holding company is not recommended as there is a danger that not all risks will be insured. It is advised that the financial director rather have individual policies for each subsidiary.
Billy Wilder’s film Double Indemnity uses a considerable amount of German Expressionism techniques. A crystal clear example of this is at the end of the film when Walter goes to meet Phyllis at her house, when he opens the door a long and sharp shadow appears across the wall. This is a technique used in one of the most famous german expressionism films Cabinet of Dr. Caligari. In order to get this effect, Wilder is using low-key lighting so the shadow is obvious to the audience. In this film, long and sharp shadows as well as inky blackness often appear on the screen, this is a major characteristic of german expressionist films. The mise en scene reinforces the darkness in the style and tone. These films emphasize
In Billy Wilder’s 1944 blockbuster hit Double Indemnity, a fast-talking insurance salesman named Walter Neff (Fred MacMurray) visits the home of the seductive Phyllis Dietrichson (Barbara Stanwyck) to renew the insurance policy on her husband’s automobiles. A romantic affair shortly ensues, and Walter is soon coerced by Phyllis into plotting a murder. Walter then comes up with an idea to receive double the amount Phyllis had previously intended, and they eventually deceive Mr. Dietrichson (Tom Powers) by making him sign a double indemnity insurance policy which in return states that the widow will receive full compensation on behalf of the bearer’s death. Mr. Dietrichson’s death is then made to look accidental; however, all does not go according to plan when Barton Keyes (Edward G. Robinson), a diligent insurance investigator conducts an examination of the case file. It is a tale of love and betrayal where Walter and Phyllis inevitably face the repercussions of their actions. The story transitions from the present to the past with the use of flashbacks. The voice of Walter Neff is used as a narrative style in the form of an office memorandum which is integrated throughout the film. The movie opens and ends with Walter as he tells the story of killing a man to Keyes through the Dictaphone. Billy Wilder uses money, a woman and the ability to cheat the system to denote Walter Neff’s motives to commit the perfect crime.
Fee-For-Service or Traditional Indemnity plans are uncommon but still used. Payment is rendered for services provided. Traditional Indemnity plans in general have no provider network and a patient can see a specialist without a referral. If a patient uses an FFS plan, the patient would pay the provider for medical care provided. If the medical care provided is covered by the plan. The insurance company would then reimburse the patient according to the guidelines stated in the policy or the UCR’s “Usual, Customary, and Reasonable Fees.” (“Private-Fee-For-Service Plans,” CMS.gov, 3/16/2012). Key benefits of a Traditional Indemnity or Fee-for-Service plan include no in network physicians or health care providers and the patient may see any physician or seek health care services at any healthcare facility. The patient or client can also seek treatment from a specialist without a physician referral. Fee-for-Service plans are the most flexible plans for choosing a healthcare provider and health care facility. However, Traditional
Billy Wilder’s Double Indemnity is one of the best representatives of the film noir era in Hollywood as it contains all the main characteristics of the genre. The general darkness present throughout the movie is embodied in the plot which reveals the moral bankruptcy of the main characters. It is also present in the mise-en-scene choices such as the dark costumes and modest lighting with the great emphasis on shadows. The main character’s voice-over, another important film noir characteristic, brings this darkness to life and communicates it to the audience with brutal honesty. One of the scenes of the film which contains all of these features is the one where the two main characters, Neff and Phyllis, meet for the first time. This scene will be analysed with respect to the main film noir elements and techniques that were used in the making of it – mainly mise en scene, the voice-over and the screenplay.
Life insurance is legally enforceable contract issued by insurer based on the payment of premiums. The well understanding the legal aspects of the life insurance contract will give a further benefits to insured as well as beneficiaries to impose their rights to the insurance contract. Insurance contract include insurer, insured, policyowner, and beneficiary. Insurer must be licensed in each states. Although insurer is the first party of the insurance contract, their power enforcing to insured is limited by the state law. Insured and policyowner is not always but can be a same person. For example, when parents want to insure their children, policyowner and beneficiaries will be either parents. At the event of insured’s death, the policy of the
Adapted from the novella written by James M. Cain, Double Indemnity is a melodramatic film noir that highlights the conflict its characters face through adultery and murder which develops from the dissatisfaction and alienation that arose in the era of modernity as shown in most noir films. Unlike most noir films, Double Indemnity set the bar in terms of structural themes to follow and elements that eventually came to be considered essential in the noir genre. The film was seen to be a full embodiment of what the genre should be. Double Indemnity is an archetypal noir film, which portrays noir elements through its style, the characters, its writers’ backstory and the history of Los Angeles, the city in which it is set. This essay will examine how Los Angeles is integrated not only into the location but also into the storyline of the characters and their motivations but also the filmmakers’ lives. It does this through characteristic noir motifs like “the urban cultural landscape, the lack of rootedness of the characters, and the self-deceptions that center their world” (p. 437) affect the protagonists in the film. Double Indemnity’s use of Los Angeles as its primary location exposes the innate decadence and decay of the city through film noir stylistic elements. Billy Wilder directed Double Indemnity and the film became the archetypal noir film because it embodied all the characteristics of a typical noir film, which include “claustrophobia, paranoia, despair and nihilism” (Place and Peterson, p. 327) course kit source. Los Angeles, the city used primarily as the location in the film becomes not merely a backdrop but a character in the film through its physical and implied characteristics. The context through the stories of Wild...
Blade Runner (1982), an essential film in the science fiction canon, depicts Rick Deckard (Harrison Ford) as he tries to track down the last replicants (bioengineered androids) on Earth. His mission to “retire” the remaining replicants turns complicated when he falls in love with one of them, causing him an existential crisis. Although Blade Runner is a notable example of the science fiction genre, it shares many similarities with some of the classic films noir. For the purpose of this paper, a comparison based on visual style, character types and narrative patterns between neo-noir Blade Runner and classic noir Double Indemnity (1944) will be made.
Insurance is important because if you buy something and it ends up being lost then you can get it back and not waste your money on it. If you lose something and don’t get it back, then you just lost a bunch of money. This is also the relationship between insurance and successful financial management. You have to make sure you don’t lose money and save and plan.
Sollars, G. C. 2001. An appraisal of shareholder proportional liability. Journal of Business Ethics, 32(4), 329-345.
Literature is not only something that based on authors' imaginations, it also shapes or reveals the social reality for a certain period of time. Literature styles have always been changing through decades due to the trend of society. In some literatures, we see the authors portray the life in society through a certain character setting or convey a message to a certain group of people. But some literatures assist to shape the society culture by conveying idea of righteousness and immorality to the audience after showing how the society looks like to themselves. Genres is also something that related to the society trend and it is adding up along times. Simple example about the Facebook comments. Because
For the contrary the loading change (fee to cover the incurred administrative expenses) can be expensive. Also, the insurance sometime fails to meet demand providing limited protection, this insurance shortage can lead to ineffective insurance regulations. As well as, for consumer with minimum loss experience, their premium will be high, because their probability of loss is high.
In the case of Yaxley v Gotts (2000) ch 162, the defendant, Gotts bought a building to Yaxley, a self employed builder and in...
“Part super-hero. Part fortune-teller. Part trusted advisor (“Be an Actuary.”).” An actuary is all this, they are crucial apart of the world of business. Actuaries work in both the public and private sectors of business. They are manly in the administrative part of the work place. They are in every large corporation and in even some of the smaller companies. Actuaries are most often in insurance companies and large corporations; though they are even in so financial planning businesses (“Be an Actuary.”). They are also the people that run financial calculations for both individuals and businesses (Hezzelwood). With being such an important part of business actuarial science is a very good field to go into. Forbes has ranked actuarial science as the best job in 2013 (Smith). Actuarial science is constantly ranked one of the top jobs to have in America (“Be an Actuary.”). There are many things that factor into making actuarial science the best job in America.
An insurance company is a form of business that is set up to protect businesses, entities, and individuals from a potential loss. The sole purpose of an insurance company is to compensate the insured during the time of catastrophe, injury or loss. Underwriting plays a vital role in the decision making in deciding who the insurance company will provide coverage for. The factors that commercial underwriters have to consider will differ depending on the type of coverage that an individual requests.
Basu, S. (2010). Insuring the investment portfolio. Journal of Financial Service Professionals, 64(6), 8-11. Retrieved from http://www.financialpro.org/index.cfm