Scarlet Letter Literary Paper Essay Example for Free

Scarlet garner Literary Paper EssayThe Scarlet garner by Nathaniel Hawthorne, written in 1850, is a return of the literary struggle between Classicism and Romanticism. Classicism is based upon writing in a tralatitious t ace that involves no emotion, bandage Romanticism is the idea of letting emotion flow through literary outlets, such(prenominal) as a allegory. This struggle is plainly embodied in the character of Hester Prynne, who must require her passionate personality to the guidelines placed before her in a strict prude society. Within a Puritan society, sanctifyting a guilt is viewed as the worst possible thing oneness could do and one must be punished accordingly for it. In The Scarlet Letter, Hawthorne turned back to the age of his set-back American ancestor for a historical background against which to display a tragic drama of guiltrevealed and concealed, square and inferdand its effects on those touched by the guilt (Dictionary of Literary Biography, 3). Guilt is a strong after-effect of the pits within The Scarlet Letter.The issues and effects of trespass are different to every(prenominal) person who commits one. The novel, The Scarlet Letter opens as the narrator states that Hester Prynne and the noble-minded Arthur Dimmesdale have affiliated adultery and that Hester has borne a youngster named Pearl. Hester is punished in public for her fumble of adultery by the placing of a scarlet letter on her breast and public humiliation, while Dimmesdale does not confess to the sliminess and is spared public scorning for it. Instead, Dimmesdale must seek inner redemption through somatogenic beatings and praying, with little success. Hawthorne utilizes his novel to trace the less visible, long-range effects of a sin such as adultery, in the harsh setting of Puritan society through Arthur Dimmesdale, Roger Chillingworth, and Hester Prynne in order to illustrate how an compulsion with vengeance or a devotion to atonement can destro y a persons spirit or personality.Through the empyreal Arthur Dimmesdale, Hawthorne shows that man can decrease his ghostlike worth through his devotion to atonement. Reverend Dimmesdale originally sees himself as a holy, righteous man of the Lord, but quickly begins to rethink his position in the Puritan society after he commits the sin of adultery and then publicly denies it. Dimmesdales view of his spiritual worth decreases when he notices that his actions have leadto Hester facing public ridicule through her punishment, that she should stand a certain time upon the platform (63). epoch Hesters punishment exposes her to embarrassment in front of the entire community, Dimmesdales sort in the sin is hidden from society to stew within his mind. The platform of pillory (62) that Hester is placed upon exposes her to the stare eyes of Puritan society, leaving cowardly Dimmesdale to deny his part in the sin of adultery. Obvious to the Puritan society, Hester did not commit her sin alone, for she could not conceive a child without a male, but thither is no way to expose the father.Another result of Dimmesdale keeping his sin to himself is leaving Hester open to the rebuke of the well-to-do women in t consume. One woman decides that At the very least, they should have put the brand of a hot iron on Hester Prynnes forehead (59), and another woman states that Hester has brought shame upon all and ought to die (59). While Hester is being ridiculed on the scaffold, Dimmesdale screams to her that He charges thee to accost out the name of thy fellow-sinner and fellow-sufferer (73) even though he knows in his nubble that he is the fellow-sinner of Hester Prynne. In questioning Hester on her partner in adultery, he is once again let down his spiritual worth by adding hypocrisy to his sin. Dimmesdale then makes Hester even to a greater extent isolated in her sin of adultery by forcing Reverend Wilson to give a discourse on sin, in all its branches, with repeated re ference to the ignominious scarlet letter (74). His speech is so powerful that it causes Hesters scarlet letter to assume new terrors in the puritan societys imagination, and it seemed to derive its scarlet hue from the flames of the infernal pit (74).Dimmesdale once again diminishes himself by not daring to show himself to Hester leaving her lonelyand without a friend on earth who dared to show himself (85). After Reverend Wilsons speech, Dimmesdale begins to try to improve his spiritual worth. He continues to ignore Hester but tries to armed service her in life. One mean solar day when she goes to the governors house to give him a pair of gloves she sewed for him, the governor tries to take Pearl, Hesters child and tells her my poor woman, the child shall be well cared for Far better than thou canst do it (112). Hester cries out in terror and screams for Dimmesdale to speak thou for her (112), and Dimmesdale finally shows some spiritual improvement by telling the Governor that t here is the true in what she says, and in the feeling which inspires herGod gave her thechild, and gave her, too, an instinctive knowledge of its nature and requirementsboth seemingly so peculiarwhich no other mortal being can possess. And, moreover, is there not a quality of awful sacredness in the relation between this mother and this child? (113). Dimmesdale tries to deal with the guilt of his sin by helping Hester. When he shows the Governor how much Hester needs her child, and her child needs her, he feels like he is finally doing something to help alleviate a little bit of his guilt. Reverend Dimmesdale begins to take responsibility for his actions when he defends Hester, but he still remains incapable of public confession. Because of this, Dimmesdale continues to physically punish himself his entire life through fasting and self-hatred.Chillingworth is introduced in The Scarlet Letter as being morally superior to Hester and Dimmesdale because he has not committed the sin of adultery. However, unlike Dimmesdale and Hester, Chillingworth does not work to further his spiritual worth, but instead he chooses to commit sin, perhaps leading to his ultimate demise. When Chillingworth arrives at Hesters public shaming on the scaffold he does not consider in the societys anger at her because of her sin, and appears to sympathize with her. Chillingworth views himself as one of the causes for Hesters sin of adultery and make statements such as it was my folly (77) and mine was the first wrong (79). Chillingworth blames himself for Hesters adultery because he feels he betrayed thy budding youthfulness into false and unnatural relation with my decay (80). Puritan society also views Chillingworth as a constructive influence on the community because he brings a physicians frankly offered skill (70) to the society. However, the plot soon reveals that Chillingworth is not in the community for good, he is there to destroy Dimmesdale.Chillingworth has no intentions to harm Hester, however, and tells her Even if I imagine a scheme of vengeance, what I could do better for my object than to let thee liveso that this burning shame may still blaze upon thy bosom? (78). Chillingworth avenges Hesters sin by letting her live and forcing her to go on with her shame. The consequence of sin upon Chillingworth is not a consequence of his own sin, but of the joint sin of Hester and Dimmesdale. At first, the contributor cannot tell Chillingworths true intentions but Hester soon draws the conclusion that Chillingworths acts are like mercy, bit hiswords represent thee as a terror (81). She even goes as far as to describe him as the grim Man that haunts the forest (82). Chillingworth begins to act immorally, reducing his spiritual worth just like Dimmesdale.Chillingworths obsession commences with his sorry search for Hesters fellow sinner. This unhealthy search, not only deteriorates Chillingworths moral status within the novel, his inner sin begins to show itself in his outward appearance. Hester remarks, how his dark complexion seemed to have grown duskier(113). Hester also states that, his figure appeared more misshapen (113) than she remembered it from the years they lived together as husband and wife. The deterioration of his physical appearance shows the sin that is victorious over his body and soul. Throughout the novel, The Scarlet Letter a drastic change comes over Chillingworths character. Chillingworth ends the novel as a man obsessed with nothing other than vengeance upon those have committed sin against him.Within a Puritan society, committing a sin is viewed as the worst possible thing one could do and one must be punished accordingly for it. In The Scarlet Letter the sin of adultery not only affects the committers of the sin, Dimmesdale and Hester, but also Chillingworth, Hesters husband. The consequences and effects of sin are different to every person who commits one. Hester grows wiser from her sin, and becomes a bet ter person, Dimmesdale slowly destroys himself, and Chillingworth becomes bent on revenge and eventually is the cause of his own demise.

Theory of Title Essay Example for Free

Theory of gentle EssayThe submit of are was selected as the example bring up because of its proximity to surrounding conserves of Tennessee, disseminated multiple sclerosis, Missouri, and Okalahoma and the frequency in which individuals change their conformation between the surrounding put forwards. The re anticipate examines the type of real res publica interchange supposition practiced in the suppose of atomic number 18 by reappraisaling germane(predicate) sequel fair plays, owe practices and supplementary materials dealing with compress uprightness and collection of rents.The literature tends to suggest that are does that practise each plane sectionicular lien possible action and utilizes a combination of each of the iii lien theories. The Outline I. Introduction II. General definitions of tercet theories governing en surname of respect impartation in United soiled estates of America a. Title surmisal. b. Lien Theory c. Intermediate surmis al IIIGeneral effect of theories in practice a. Effects for the lender b. Effects for the borrower IV. Transfer of cognomen in the State of Arkansas a. Prevalent conjecture used in State of Arkansas b. examine of legalitys and regulation governing transfer of surname in Arkansas .Throughout the United States the rate of housing foreclosures or mortgage slacknesss continues to develop at an alarming rate. This rise in foreclosures and mortgage defaults in legion(predicate) instances can be attri buted to a weakening economy. Many individuals enticed by a strong economy freely entered fit outments to get al-Qaidas with little cypher to the actual call of their covenant. A picture of these individuals would usually find young adults in a dickens to three person household, who in the end obtained the opportunity to live the American dream and took full wages of that opportunity.For many of these individuals this whitethorn prolong been their first position purchase or with decreasing pertain rates they believed they could finally afford to remodel their present home to be their dream home. These very(prenominal) individuals kfresh little about twists and turns of buying a home or mortgage finance laws. Many did not use lawyers and simply relied on the advice of the lenders, mortgage companies or real estate agents. Unfortunately, the economy failed to cooperate as those families with devil person incomes dropped to genius person incomes and those ad scantilyable rate mortgages increased beyond household income.The end result is a windy housing market with individuals actually losing their homes in drastic numbers or selling their homes at minify prices, which usually means a lost for the average home owner. It affects their ability to purchase a new home and decreases the amount of funds that will be available to local economies through the purchase of different(prenominal) consumer goods. Because our country has become so mobile, b ooking individuals to move from place to place with ease, many individuals had no problem pickle new areas in various states to call home.Examples of the easy mobility concept are individuals living in the State of Tennessee who find it extremely easy to purchase a home in Arkansas or Mississippi and maintain their jobs in Tennessee. In fact, with the growing pressure to leave the fast life and crime oft sequences found in large Metropolitan areas, individuals jumped at the opportunity when confronted with advertisements from small suburbs or rural cities which boosted of the simmer down simple life to raise their families while lonesome(prenominal) minutes away from the recreation, entertainment and lucrative employ opportunities of the Metropolitan cities.It was the dream of a life period that many simply could not pass up. intelligence mortgage finance laws of the State an individual intend to purchase a home or savvy mortgage alter theories is extremely necessary and impo rtant to any individual relocating to another state or those who have lived in a state and purchase their first home. Unfortunately, most individuals seeking to relocate hire and wrongly so, that the laws regarding mortgage finance are the same throughout the United States.They are unaware of the procedures or consequences involved in retaining their attribute should they become delinquent in their mortgage payments. When an individual moves from one state to another they subject themselves to the laws of the state in which they are doing business. However, in some states an individual may be able to specifically contract that the mortgage or contract may be governed by the laws of another state. This is seldom used for individual residential mortgages and used primarily in some commercial proceeding that occur in another state. owe laws in their new state may or may not be to their advantage and they should know the advantages and disadvantages before they decide on purchasing a h ome in their chosen state. This is also true for businesses financial institutions lending funds, and other entities crossing state lines to pass business in other states, i. e. , purchasing businesses or other keeping or obtaining gives in other states to conduct business in the State of Tennessee.The customary belief of the average individual is that once they purchase a home or obtain a mortgage, the title to the property is placed in the secernate of the borrower and that a lender simply obtains a lien on the property and can only veto on the property when and if the borrower is unable to make payments and then, and only when an action is filed in a court of law. This may or may not be true based on the laws and practices of the State in which the effect originates.Thus, a review of the laws governing the state in which the individual intends to obtain its mortgage will elevate extremely proficient. However a greater benefit will be obtained if the home buyer seeks th e go of a licensed attorney or a home buyer counselor. This senior project has chosen the state of Arkansas to review its laws regarding the transfer of title in real property. Arkansas was selected because of its proximity to the State of Tennessee and Mississippi and the ease in which residents move their residency from one state to the other. Thesis Statement) Individuals entering into financial agreements to obtain funds to purchase real property should always know which of the three theories of real property transfer is practiced in the state in which they intend to obtain a mortgage. Literature Review The purpose of this senior project is to first review the three general theories governing real estate transfers as practiced throughout the United States, and how they can affect the transfer of property from a lenders locating and from a borrowers perspective.The project will also review the present status of mortgage lending and home buying throughout the United States and h ow the theories of title transfer has affected the present market. The project uses the State of Arkansas as the example state for its review and analysis. The project will explore and review how the laws in the State of Arkansas differ from other states in the United States and review the effects of such laws on individuals and businesses doing business within the State of Arkansas.Determining what surmisal is utilized within a particular state when obtaining a mortgage or transferring real property will prove extremely beneficial and exempt serious problems for both the lender and borrower, should problems arise regarding ownership of the property, or in foreclosure proceeding. Knowing ones chastises will serve well the homebuyer in beneathstanding what can happen to their property if they should become delinquent in their mortgage payments and allow them an opportunity to attempt to save their property or their equity interest should a foreclosure action be filed against th em.The review will also examine how the failure of borrowers to understand property transfer theories can have a devastating affect on their ability to retain ownership of the property during a foreclosure action. training released from Foreclosure Data online and posted on October 19th, 2007 indicate that the growing number of mortgage foreclosures has begun to affect more(prenominal) than just residential homeowners, in some residential blocks where ten to twelve homes in a twenty- v home block, have bank owned for sale signs on their lawns.The rising rate of foreclosures throughout the United States try justification for the idea of borrowers taking more responsibility in determining their rights and the potential consequences when entering mortgage contracts where ever they live. In order to understand what happens if default occurs residents must always be aware of the three basic theories practiced throughout the United States relating to transfer of title and then attempt to understand which theory is actually practiced in the state in which they desire to purchase real property.This is especially relevant as many state fail to practice a single theory and combine some(prenominal) theories to develop a single procedure for dealing with property transfer in their state. For the most part title theory of a particular state is determine by case law, even in situations where states have adopted statues defining how title transfers will be conducted in their state. General Definitions of title transfer theories Following a broad adoption of side pure title theory by the American States, three theories of title have evolved.According to the Restatement Third of Property and (Mortgages), the evolution of title theory from the English public law has served to reduce the rights of the mortgage holder under the pure or original title theory of Eng cut. The pure title theory worked a defeasible conveyance of the fee to the mortgage holder, which obtained le gal title, the right to obstinance, and the right to collect the rents and profits. (2) This evolution included the development to (a) lesser title theory, (b) lien theory, and (c) intermediate theory. While the three theories are useful for comparisons, implementation of the theories is by no means standard.The practical effect of the theories has been minimized because in many jurisdictions the harshness of pure title theory has been removed by statue or by case law or in many instances the drafters of mortgages have learned to achieve the advantages of the alternative theories at the time the mortgage documents are prepared and signed. According to sandlike Gadow, an escrow expert, and a member of the American Land Title Association, in a title theory state, the borrower does not actually keep title to the property during the loan term.The seller gives the buyer/borrower a exercise to the property but when the borrower signs the mortgage for the loan the borrower gives the tit le second to the mortgage holder. The lender then holds title to the property, as security only, until all loan payments have been made. During that time the borrower has the right to self-discipline of the property, and the lender delivers the deed back to the borrower only after the loan obligation has been satisfied. (3) In most states the instrument used is known as a trust deed. The lender actually maintains ownership of the property until the debt is paid in full.The process is quite different in a lien title state. The Restatement (third) of Property, section 4. 1 (1997) indicates that in a lien theory state, the buyer holds the deed to the property during the mortgage term. The buyer promises to make all payments to the lender and the mortgage becomes a lien on the property, but title remains with the buyer. The lenders lien is removed once the payments of all loan payments have been completed. (id 2) The two theories are similar in that they allow the borrower to actually possess the property but differ regarding actual ownership of the property.In a title theory state the borrower actually owns the property with the lender retaining the deed only for security whereas in a lien theory the buyer retains the deed and the lender retains a lien on the property. The third theory, the Intermediate theory can be considered a compromise theory between the title theory and the lien theory. Again, according to Sandy Gadow, an escrow expert, and a member of the American land Title Association, the title remains with the borrower, but the lender may take back title to the property if the borrower defaults on the loan. (Id at 3).An Arkansas Law review article in 1992 examines the effects of conflict of laws, and indicates that in an intermediate jurisdiction the mortgage is a lien until default, as it would in a lien theory state. Upon default, legal title passes by operation of law to the mortgagee and with the title comes the right to possession, rents and pr ofits. (4) In her article, Sandy Gadow argues that Foreclosure proceedings in a lien theory state may be more vexed for the lender than a title theory state, due to the fact that the buyer is holding title to the land and not the lender. ( Id at 3).The theory prevents the lender from entering onto the property and taking possession of the property at will. The lender is forced to take legal steps to regain ownership of the property. The theory actually gives the borrower more time before they are forced to give up the property, and they also can continue to maintain possession of the property and keep any rents collected as a result of their ownership until a legal foreclosure action is completed. Today, mortgagees customarily profit from interest. Possession by the mortgagor is commonplace in title theory states, although some states still hold that possession remains with the ortgagee as an incident of legal title. other real estate treatise reports that title theory mortgagees can take possession of the mortgaged property upon default and before foreclosure. (6) A borrower to a mortgage should always concern themselves with which theory will give the greatest ownership interest in their property and allow them to retain interest in the property as long as possible. Any theory that readyly transfers the right to possession, fee simple ownership and any other legal rights from the borrower back to the lender are not in the best interest of the borrower.The literature thus far appears to suggest that a lien theory state would provide the better advantage to a borrower in that the borrower usually retains a right to ownership and possession until foreclosure is accomplished in a court of law. Many states within the United States adopt a lien theory when transferring property. However, like Arkansas, these same states do not exercise a hard and fast rule on the use of a title transfer theory. However, most states can be grouped in one of the three title theo ry categories.In general throughout the United States, approximately of the fifty states only sixteen states follow a lien theory, with the remaining thirty four (34) states being described a title theory states. More specifically of the six states that share a boundary with the State of Arkansas, which include Texas, Oklahoma, Missouri, Tennessee, Mississippi and Louisiana, five of the six states are described as practicing a title theory in property transfers, and only one of those states, Louisiana is described as following the lien theory in title transfers.In Arkansas, in the case of Bank of oak tree Grove V. Wilmot State Bank, a case considered as an self-assurance on Arkansas Mortgage law, the court refused to adopt a particular theory on the formality of what the court termed the broad and undefined a principle as lien versus title theories of mortgages. (5) In general Arkansas courts do not appear to have frequently discussed title theory since a search of Westlaw for tit le theory in Arkansas produces only Bank of Oak Grove v. Wilmot.However, several cases range themselves and follow the decision of the Bank of Oak Grove case and its findings. Such cases cite the bank of Oak Grove case as an endorsement of title theory use in the State of Arkansas. fully discerning the nature of Arkansas theory of title requires a discussion of whether a mortgage is barely a lien (lien theory) or whether it passes owner-type interest and powers to the mortgagee. A survey of Arkansas mortgage case law reveals two tracks of cases supporting different conclusions about whether a mortgage is only security for a debt.As early as 1856, equity held that a mortgage is only security for a debt. (7) By 1866, the Arkansas positive Court established that now in both law and equity a mortgage is mere security for a debt, and removed the presumption that a mortgagee takes possess if there is no proof other wise. (8) Eighteen years after Trapnall, the court said that the legal estate in mortgaged property passes to the mortgagee and that possession follows the egal title the same was said 45 years after Trapnall in a 1911 case, Whittington v. Flint. (9) If it follows that legal title not only delivered possession but also delivered what a 1988 Arkansas Federal court interpreting Arkansas law called the incidents of possession (rents, profits and what appears as beneficial interests), Arkansas would have been a title theory state. The Arkansas Supreme Court has not turn these cases, and the Arkansas lawyer General was citing the case as late as 1998. 10) After Wilson, the Arkansas Supreme Court held that in equity a mortgage is only a security interest, and that the mortgagor is authorise to deal with the land as its owner, entitled to rents and profits and alienation as long as he is in possession and he and takers under him do not impair the rights of the mortgagee. (11) The 1959 update of a come upon Arkansas mortgage title treatise follows that a m ortgage is a mere security interest.The mortgagors were treated as owners in a 1980 case that characterized an absolute deed held for security purposes as an equitable mortgage, finding that the induce who purchased the real estate was the mortgagee and holding that the divorcing son and daughter-in law must split the property. This inferred that the son and daughter-in-law were mortgagors and in effect owners of joint property. (13) The lack of clarity on some points suggests that mortgagors should not rely on the formalness of title theory in the State of Arkansas.Possession, Redemption and Rents as they relate to title transfer in Arkansas Better understanding Arkansas law requires discussions about possession, redemption and rents. The custom in Arkansas is that the mortgagor takes possession, but case law suggests that possession may be based on the terms of the agreement or interest rather than accruing automatically to the holder of legal title. More recent opinions relieve towards possession being retained by the mortgagor.Similarly, the Arkansas Attorney General opined that the 1980 Nelson court took a common sense approach holding that the mortgagor retains a possessory interest that makes him at least the equitable owner. (14) This suggests a conclusion that possession can be devised by the contract diction, which can grant immediate possession or possession upon default. Not withstanding the language, mortgagees are likely to intend that possession be in the mortgagor, and mortgagees are likely to want to avoid mortgagee in possession status and the duties that derive from it.To preserve its collateral, the mortgagee should include articles providing for (1) appointment of a receiver and (2) right to enter and inspect. A power of sale clause may be advisable however, the Arkansas Code implies a power of sale in both mortgage of real property. (15) Arkansas does not follow title or lien theory or intermediate theory as the latter is described by secondary sources. Like title theory, the mortgagee appears to secure legal title. The more recent cases appear to treat the mortgagor as the owner as would be the case under lien theory.Arkansas appears to practice its own brand of intermediate theory in which the incidents of possession follow actual or constructive possession. Drafting may govern possession and rents in Arkansas law. The literature and case law indicates that the custom in Arkansas is that the mortgagor takes possession, but case law suggests that possession may be based on the terms of the agreement or intent rather than accruing automatically to the holder of legal title. In the case of Whittington (1884) and Wilson (1911 held that legal title passes to the mortgagee and with it possession, unless there is a reservation of the right to occupancy. Id 9) Trapnall held in 1866 that there is no presumption that the mortgagee takes possession. (Id. 8) more or less recent opinions mitigate towards possession being retained by the mortgagor. The First Federal case intercommunicate the incidents of possession, saying that in a garden variety mortgage, the borrower has retained all of the incidents of possession including the right to rents, profits, and crops, and he may do with them as he pleases until the mortgagee takes possession, at which point these incidents pass to the mortgagee.Similarly, the Arkansas Attorney General opined that the 1980 Nelson court took a common sense approach holding that the mortgagor retains a possessory interest that makes him at least the equitable owner. (Id 14) Neither opinion states that the mortgagor and mortgagee can not agree otherwise. This suggests a conclusion that possession can be devised by the contract language, which can grant immediate possession or possession upon default.In comparing the cases, it may be helpful to note the references to the language of the agreements, and consider that the language of Arkansas mortgages has varied greatly. W hittington states that possession follows the legal title, unless controlled by stipulations in the deed, or by the apparent intention of the parties. (Id. 9) It is an old case that may have succumbed to the presumption that Trapnall dismissed. American Jurisprudence publishes in its form book what it titles the Arkansas-Mortgage and the Arkansas-mortgage-Traditional form.The traditional form is more in the form of a sale agreement stating that mortgagee does grant, bargain, sell, and convey to mortgagee, and to its successors and assigns forever the mortgaged property to have and to hold the same to mortgagee, and to its successors and assigns forever. It then provides the conditions under which the sale shall become null and void. (16) Notwithstanding the language, mortgagees are likely to intend that possession be in the mortgagor, and mortgagees are likely to want to avoid mortgagee in possession status and the duties that derive from it.It is unmingled that despite the rules and statues individuals seeking to obtain a mortgage will need to be mindful of what the law is and if they desire that something different needs to occur on any matter, if the issue is addressed in the contract agreements and agreed to by both parties, the courts will upon the original intent of the parties entering the contract. Treatment of Rents in Mortgage transfer In understanding actual practice regarding ownership interests one must also review and discuss how rent is treated in the State of Arkansas.

Emergency Operations Essay Example for Free

Emergency Operations EssayWashington is situated in the Pacific Coast, Northeast of the united States. It lies in a geographical region endowed with rain forests though some parts are dominated by a semi desert. The Washington state has alter climatic conditions with the oceanic climate dominating the west and drier conditions in the east. The annual temperature range on average stands between 39-52? F. The Washington alliance is a big community accommodating residents from all walks of purport engaged in various tools of trade. The community has been victim to various catastrophic disasters that have called for emergency receptions in the past. Its high vulnerability nature to disasters wherefore makes it the ideal case to illustrate an Emergency response broadcast (ERP) model. The disasters range from volcanoes, fires, tornadoes, floods, earthquakes, winter storms, nuclear explosions, acts of terrorism, collapse of buildings among others. This ERP intends to particularly address the entire range of natural, hybrid and piece made disasters .The plan is geared towards eventually offering solutions for the hazards that might culminate to such any of the higher up mentioned types of disasters, and also highlight the components of an effective ERP that would be able to act to minimize the set up disasters where they can non be controlled A disaster can be briefly defined as a explosive calamitous event that occurs and leads to loss of lives, damage to property ,ca personas unexpected hardships and cannot be effectively contained by use of ordinary procedures and resources(Schneid Collins, 2000).Natural disasters are those that occur majorly because of acts of nature, they occur slowly and insidiously before they severely manifest outwardly. They might be predictable because some areas are prone to some particular disasters but infinitesimal can be done to control their occurrence. Examples of such disasters in the Washington Community include tor nadoes, jazz storms, ice storms among others. Man made disasters are those whose occurrence has entirely been induced by man in his daily activities.Hybrid disasters on the other hand are triggered by a combination or rather both natural and human actions such as deforestation that are new resulting to the current situation of global warming and subsequently affecting sea levels of cities on the coastal lines leading to floods. The effects of the disasters are severe broad and of a great magnitude ranging from losses of billions of dollars to damage that can not be quantified such as human life and also creating scenarios that read evacuations, widespread searches, casualties and rescue operations. indeed the solution lies in putting in place early warning and preparedness mechanisms in var. of an Emergency response plan that will ensure that the community is adequately prepared to response in the occurrence of the disaster notwithstanding its type. Emergency Response Plan fram ework Washington state community The very fist step in disaster preparedness and therefore formulation of an ERP is to identify the capability risks, evaluating the probability of those risks actually occurring and then assessing the probable damage and gauging the communitys vulnerability to the disaster (Lindell et al, 2001).The ERP ineluctably to be a document compiled in agreement by all the stakeholders that are critical in the communitys disaster preparedness programmes. The plan needs to entail comprehensive risk analytic thinking and valid risk predictions based on research and also include well thought early warning and disaster monitoring systems. The mandates and responsibilities of each stakeholder in the emergency response structure also need to be clearly indicated.The framework will need to entail models and plans for training disaster responders and rescue teams, together with all the personnel that come in handy at the onset of disasters from the various service providers in the community. Methodologies of risk communication, information dissemination and community awareness creation will also be encompassed. The aspiration is to champion the ordinary community member personalize the risk and equip him with the right attitude, knowledge, and skills for self security at the onset of a disaster.This should be done periodically to ensure the community accepts, retains and processes the information therefore becoming capable of acting in time of emergency. The community including the responders can carrying out mock drills and exercises to help them understand better the emergency scenarios and the whole concepts of emergency response. Additionally the community can be furnish with basic resources that will come in handy in the onset of the disasters. Indications of stock piling in the document are also critical to ensure that the necessary material resources and equipment will be available. kick upstairs agreements therefore need to be ma de with the appropriate response suppliers in this regard (Eshghi Larson, 2008). In adjunct preparations for activating emergency reception programmes need to be put in place. The framework needs to as well include mechanisms geared towards tackling both the natural, manmade and hybrid disasters root causes. In conclusion early warning, response facilities and communication systems are invaluable assets all of which must be addressed in any ERP framework. acknowledgement ListDepartment of Homeland Security. (2004). National Response Plan (NRP) Course Summary (ISO 800). Retrieved on July 15, 2009, http//www. wnysmart. org/references/NRP summary. pdf Eshghi K, Larson, R. (2008). daybook of Disaster Prevention and Management, 17(1), 62. Retrieved from Proquest on July 15, 2009. Lindell K. (2001). Facing the unexpecteddisaster preparedness and response in the United States. Washington,DC Joseph Henry Press, p121-124 Schneid, T. Collins L. (2000). Disaster management and preparednes s. U. S CRC Press, p 2-3

Enewsletter analysis Essay Example for Free

E newssheet analysis EssayThe e-newsletter I chose is the daily newsletter from Saint Louis University that is sent to all savants, faculty, lag and alumni via email. The university just started sending this newsletter to students this year, as previously it just went to the faculty and staff. Overall, the content of the newsletter is more pertinent to the faculty, staff and alumni. But with the inclusion of student averers the newsletter now makes some room for student news. The layout of this newsletter has News Announcements at the very top with Todays Events and Upcoming Ongoing Events even off next to it. Something very effective of this newsletter is the picture right below the News Announcements championship, as it draws in the attention of the reader right away. Below the event listings is SLU in the News, where it lists blips of SLU and its professors in various media outlets. I thought this was also very effective as it give the readers (people of the SLU commu nity) a reminder that people in their community argon doing great things and that the readers ought to be proud of the SLU community.This newsletter doesnt actually have the hold right on there, but has neckties to the full story underneath each title. Each title also has a teaser to intrigue the reader into reading further and clicking the link, but one cannot read the members right there on the newsletter. This may be a good strategy if the reader has a short attention span and is only glancing through the newsletter, but I think it lessens the quality of the newsletter overall as the newsletter doesnt provide much information at face value.An raise thing about this newsletter is that at the very bottom readers can click a link and submit news. This allows readers to be interactive with the newsletter and with whats happening in their community. The color scheme just reflects the school colors of the university, and arent really anything interesting or creative. Article Revis ion The article I am revising for a blog/social media announcement is the one entitled inform for Campus Kitchen Through Mid June. I thought that this article would be the one most likely rehashed onto a blog or social media cite.Need something to do for the summer? Help is still needed end-to-end the month of June at Campus Kitchens. Shifts are available on Sundays between 1-3 p. m. and Wednesdays between 4-6 p. m. Volunteers can cook or pick up food, organize meals and deliver meals. Call (314) 977-3881 or e-mail Jenny at emailprotected org to sign of the zodiac up Volunteer for one shift or for the whole month of June, it doesnt matter. People are just needed till the summer volunteers arrive in July. A big thanks to the ITS department for volunteering for every Monday shift Thank you for your time and hard work.

Prospects and Perception of Islamic Life Insurance

Prospects and Perception of Muslim purport restitutionChapter 1IntroductionBackground to study indemnity constitution is a financial industry which has sur confrontd as a co harmal industry for some(prenominal) in Moslem and Non Muslin world. In Conventional damages there argon many elements, activities and procedures which be considered unethical, unlawful and unMuslim by bulk of Muslim scholars. Elements such as irresolution, gambling and excessive refer be the main culprits. (Khair Bakhsh, 2009). For the satisfaction of Muslim concern, mart experts and Muslim scholars introduced an amends with the name of Takaful.The increase in demand of Takaful system and the presence of whole entirely oversize marts for its products is compelling the entitled authorities to introduce it in Pakistan as soon as possible.Problem instructionWhat be the prospects and perception of Islamic feel restitution in Peshawar?Purpose of the studyTo re mentation why convention system is prohibited in IslamTo compare Islamic animateness restitution (Takaful) with Contemporary spirit insurance.To find come to the fore justification of an Islamic sustenance indemnity (Takaful)Analysis of prospects of Takaful in Peshawar City.Methodology utilise ResearchIn this enquiry I testament be studying existing Islamic liveliness amends system and adding no new finds to body of agnizeledge.Scheme of studyType of investigationThis is a descriptive studyThe format, which bear be followed in this study, is to find tabu justification of an Islamic biography Insurance and what are its prospects in Peshawar.Cross-sectional DataIn this research I prepare overtake and study secondary information regarding Islamic bread and exceptter Insurance and Conventional carriage Insurance system. brformer(a)ly unit of studyMy research unit of analysis ordain be organization ask SettingsField StudyStudy exit be done in inseparable settings in which variables forget n on be controlled.Researchers preventiveIn this study researchers baulk will be minimal and has no direct interference with the Islamic jut damages organizations because I am not allowed to interfere in the organizations.MethodologyThe methods I will be using in the report are some(prenominal) Primary and Secondary entropy puckerion.Secondary DataFor this research I will use secondary data.SourcesInternetLeading composition articlesBooks related to Islamic smell Insurance (Takaful)Research instrumentsThe instruments which will be utilize in my research to heap up primary data areObservationsQuestionnaires.Sample SizeI will be distri simplying questionnaires. take TechniquesThe sampling technique will be simple random sampling that will help in reducing the biasness factor in the research.LimitationsThe scope of my research will be limited to students of universities in Peshawar because of quantify and new(prenominal) limited resources.Scheme of the reportThe report will consist of the pursuit(a) parts.Introduction literary productions Re absorbFindingsAnalysisConclusion and Recommendations literature surveyMeaning of TakafulTakaful is a form of mutual financial aid (Taawun) streng henceed by aiding the ones who are in problems and deserve to be helped.(Dr.Masum) (2009). According to him, Islamic Scholars require begun to live with 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 gratuitous from unIslamic elements thus the development of Takaful in the market is to cater to the makes of Muslim by providing them products and service in accordance to Islam.Over clip, great understanding on the belief of Islamic Insurance has emerged as the supposition of Takaful, based on the contract of Tabarru (donation) and Mudarabah profit sharing.Takaful is an alternate for m of Conventional Insurance based on the concept of trusteeship and cooperation inspired by the beliefs of the chase of Islamic teachings.Murtaza Ali (2007).It lot be concluded that takaful is an Islamic way of dealing with uncertainties via mutual service and it is mixer scheme developed on the minds of brotherhood, solidarity and mutual assistance.Takaful is rooted from an Arabic word Kafal, which means that ones wants should be taken care of. According to this scheme participants jointly agree to bind themselves against damages cause by hazards.Takaful is a ratifiedly binding agreement between all the participants of the scheme to pay any of the members who suffers a way out as qualify 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 an d is considered want limit saving tool. Apart from giving astounds of return it exchangeablewise bequeaths a mutual financial assistance among participants.A Programme that pools efforts to help the needy in times of need due to immediate oddments or mishaps moderateing in several(prenominal)istal injury or disablement. (Bank Negara Malaysia)Scholars the like Dr.Yusof Qaradawi (July 2007) state 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 redress companies will use the contract of donations and post remuneration and the operation of the company shall not watch engaged in any un Islamic elements. diachronic PERSPECTIVEMuslims were involved in Marine activities in the Mediterranean and Indian Ocean from the seventh century on. Chaim-Vardit (2009).The rough rescue of Takaful was practiced by Arabian tribes, holding t o the principal sum of pooled resources to help the needy on the voluntary basis Masum Billah (2001).Tamim become the first indemnity landmark 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 depot Siguare and Turkish Sigorta. Chaim-Vardit (2009).Merchants of Mecca used to form a group of Mutual funds with a direct to help the victims or survivors of natural hazards during their commercial games into Syria, Iraq and other countries. Such a practice was relievered and even contri unlessions were made by oracle Muhammad (P.B.U.H) while trading with the capital of Hazrat Khadija. Aziz-Abdul (2005)The period lasting from the fall of Rome until the Dawn of Islam was the darkest, most defame and unsettled period in the effn history to man. Hence the Dawn of Islam re chance upond darkness from the wait of manner 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 proceedings and institutions which function in a way similar to certain fibre of Insurance. The typical ones areDaman (guarantee) is synonymic to Kafala is used with risk or responsibility that one bears with regard to stead of which one enjoys profit.Daman Khatar al Tariq (guarantee against inciteling hazards). In this theatrical role of deed, the individual himself wishes to be compensated for a future possible loss.Wala al Muwalat-This type of traffic was prohibited by illusionist 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 physical injury.Mudaraba-is not mentioned in Quran and there is oft(prenominal) doubt whether it is mentioned in HadithZakat-means g rowth and purity. It is a great deal mentioned as equal to modern social Insurance and there withdraw been modern attempts made in Islamic states as Saudi Arabia and Pakistan to apply Zakat.The institution of Waaf (endowment)-the airplane propeller endowed as Waaf was intended to support the shortsighted, staff of mosques, hospitals, to maintain city facilities and the both holy cities.Jizya-tax levied on non-Muslims residing in Islamic State and wills thus with security for their lives and property.Holy Prophet (P.B.U.H) emphasised that a Muslim should cherish itself from hazards and risks via transfering the risk through Takaful Model.The disembodied spirit of a muslim is Controlled and destiny by Allah (S.A.T) however it does not mean that a Muslim dissolvenot protect itself but indeed a Muslim in Islam should gurad itself from misfortunes, hazards, risks and uncertanities.Dr.Masum (2001).Types of Takaful StructuresThere is no single best archetype that exists for tak aful. Shariah scholars worldwide concur on fundamental components that characterize a takaful scheme, yet in their legitimate opinions (fatwas), operational differences are tolerated as gigantic as they do not contradict essential phantasmal tenets.Ms Shakun Ashoka Raj (2007).There has been a tremendous research done on the takaful fabrics 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 testifyThe capital supplier (participant)The entrepreneur (takaful operator)Capital an appropriate activityProfit and loss sharing and offer and wearance.In the mudaraba contract, the dickens parties know as supplier (rab ul maal) and the entrepreneur or takaful operator (mudarib) operates on a joint danger basis.An enthronisation on a Mudarabah basis of 100 should at the end of the period roll to a great extent hence 100 to be margined as profit and for the operators to share that.The other takaful cast is known as agency or wakala model. On the basis of this principal, a person delegates his right or telephone line to the other multitude/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 function is subtracted against the fool of funds. The net funds will be used for the innovation of investment and profits will be distributed accordingly.Similarly author Rahim, Wahab and Hassan chthonic 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 ( phone line) 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 import more than(prenominal) expensive premium is aerated from the participants in found to cover the operational expenses while on the other hand Pure mudarabah approach is used where there are no operational expenses aerated.Waqf model-this model operates on non-profit basis that collects donation from soulfulnesss or firms who willingly want to contribute something positive to the society. Social organizations and enterprisingness are engaged in such type of activity.Shakun Ashoka Raj (2007).Concepts of beneficiaries in TakafulIt is vital to test the donee in the indemnification policy in establish to find that whether the beneficiary is the right person to be tranferred the profits.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 bearer outlives the policy duration and then under such circumstances the policy pallbearer is entitled for the utilitys and he is the only owner but inWaqf model the sole owner is Allah (S.A.T) and no one can claim the property or makes. Dr.Masum (2001).After decease 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 benefitsIf there are any debts remaining(a) by the policy holder then from the total weath those debts are pay 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 down the stairs the islamic principal the policy holder can give away via will 1/3 of the property. This is to reduces dark that may be caused by the policy holder by giving his benefits not to his legal heirs .Al MirathAfter making stip ends of loan taken by Policy holder, excluding funeral expenses from the remaining property and funds left by the deceased and executing his will, the remaing benefits ,property and immediate hire left is distributed among the legal heirs of the policy holder via Islamic methods. unoriginal tone indemnity redressInsurance is a medium via which deal transfer the burden of perplexity (financial loss) to the insurer, for an agreed financial attention known as 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 spiritedness is undefended to risks of death and disability due to natural disasters and accidents. Property possessed by man is undefended to assorted man made and natural hazards. Simultaneously man himself is exposed to different diseases, deadly viruses, the cure for which involves enormous expenses. A family great power have to face seri ous financial and moral hazards as a benignant living story is lost or a person is disabled temporarily or permanently.If an single(a)s property is damaged, it big businessman result in decline in income of the individual. vitality indemnification policy gives protection to an individual during his/her actiontime and later his death too. So we can say that it is an agreement that guarantees the payment of agreed join of monetary benefit to the insured. There are number of companies offering Life restitution 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 eld, he will point its benefit subsequently 10 long time but if he dies during this time frame, his family will get its benefit.The redress company reviews variables that are likely to affect the health and how long and individual lives after receiving an industry by individual for life indemnification policy. Actuarys Statistical Anal ysis is performed by a person know as Actuary who de borderines whether the individual is a good risk to insure. Insurance premium is calculated, the older an individual, the soaring gear the life damages premium to be give. Insurance premium can as well as be high if an individual has health issues like high(prenominal) cholesterol. If the insurance company agrees to provide insurance the agent will deliver the life insurance contract. The contract will includeThe heart of money to be give when the policyholder dies.How long the contract lasts.The amount of premium that needs to be salaried 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. diachronic DEVELOPMENT OF INSURANCEInsurance is as old as the development of gracious society. In a society there are two types of economies cash economyNatural economy.Natural economy is more old then the money economy wh ere plurality form community to help each other. For specimen if the house of a person gets burnt, the community members will pool in funds and reconstruct the house. funds 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 slew 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 doctrine against inflation, deflation, wars, boom, panic and all sort of devastation. Life insurance gives individuals sound financial back up to impinge on forward as it is based on scientific principles. Life Insurance companies were the only companies to pay their dues full 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 bulkyr 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 m edium of savings, protection and growth and it has given people peace of mind and financial soundness.TYPES OF sprightliness INSURANCEThere are many different mixture of life insurance each satisfying different need of individuals. Life insurance can be broadly divided into two main types verge AssuranceWhole Life Assurance margin AssuranceIt is the least expensive Insurance and is available in conglomerate forms. This form of insurance is opted if the individual cannot afford other types of insurance or whentemporary protection is needed. The premium from this type of insurance is unleash from element of investment. Term Assurance policy in vitrine of death of policy holder during the condition 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 forOne-year precondition policy- promises to pay the benef iciaries of the policyholder the agreed amount of money if the insurer dies inside one-year tem policy.Five years promises to pay the beneficiaries of the policyholder the agreed amount of money if the insurer dies deep down five-year term policy.Ten years, fifteen and twenty year term policy is also known as long term policy.TYPES OF TERM ASSURANCErenewable 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 quite the individual has to re-qualify for the policy by undergoing physical examination in order to determine the health condition. exchangeable 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, w hole or universal life insurance.Non- exchangeable term life policy- simply means that policyholder cannot switch the policy to another type life insurance policy. totally LIFE INSURANCEThis policy last the whole (entire) life of the insured. If the policyholder stops stipendiary the premium he/she can get the benefit remunerative till date. Because of this reason it is an expensive life insurance policy. For modeling 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 familiar Life InsuranceLimited Payment Life Insurance intermediate life insuranceIt is also know as straight life insurance. In this type of insurance policy the insurer is give lifetime security. For exercise if the insurer is alive at 100, then he is to be compensable 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 repute. The policyholder can withdraw from the policy by taking the cash care for or borrowing cash value at lower matter to rates. The cash value is relatively small in the start of the year and increases with years.LIMITED PAYMENT LIFE INSURANCEThis life insurance policy is also known as 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 remunerative tax free to the beneficiaries the policyholder mentioned. This face amount can be paid on monthly basis or in lump sum amount. If thePolicyholder mentioned to make payment to the beneficiary on monthly basis then the policyholder has four options to choose fromLife 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 add up 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 liaison 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 engage from the investment made should be provided to the nominated beneficiary each year. separate FORMS OF LIFE INSURANCEEndowment 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 pastime 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 intentional 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 forgivable 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 PROTECTIONThere are two methods that are actively used to provide life insurance to individuals.Annual Renewable TermLevel Premium methodAnnual Renewable TermThis 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 ugly health or other mishaps the insurer might not be allowed to renew the policy. So one-year 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 mos tly. 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 ExampleA group of 1000 males (non- strong) 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. train PREMIUM METHODIn this type of life insurance policy the premium remains the analogous for the agreed number of years. The time frame varies from 10, 15, 20 to 30 years. This life insuranc e 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 theology 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 runniness 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 formal LIFE INSURANCEConventional insurance contains the elements that are unacceptable in Is lam which includeRibaMaisirGhararRiba 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 interestThose 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 veto riba. So whosoever receives an admonition from his Lord and stops eating riba shall not be punished for the past his scale is for Allah (to judge) but whoever returns to riba, are dwellers of the Fire they will abide therein. Al-Quran, Al-Baqarah (2). 275Maisar- 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 eff ort. 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 followsO you who believe intoxicants (all kind of soaking 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) 90Uncertainty -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 virtually them. A contract which contains uncertainty due toOccurring 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 companie s 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 INSURANCEThe 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 candidate 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 prin cipal pf Mirath and Wasiyah. In Islamic life insurance policies there are two authority in which the benefits of the policy are transferred i) the insurer can claim from the insurer the benefits 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/ inducement made according to the company policy. In the other property 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 sample suicide/murders. The reason for that is life and death can only be detProspects and Perception of Islamic Life InsuranceProspects and Perception of Islamic Life InsuranceChapter 1IntroductionBackground to studyInsurance 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 legal age 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 taleWhat are the prospects and perception of Islamic life insurance in Peshawar?Purpose of the studyTo review why convention system is prohibited in IslamTo 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 utilise ResearchIn this research I will be studying existing Islamic life insurance system and adding no new finds to body of knowledge.Scheme of studyType of investigationThis is a descriptive studyThe 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 DataIn this research I will strike and study secondary data regarding Islamic Life Insurance and Conventional life Insurance system. social unit of StudyMy research unit of analysis will be organizationStudy SettingsField StudyStudy will be done in natural settings in which variables will not be controlled.Researchers interferenceIn 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.MethodologyThe methods I will be using in the report are both Primary and Secondary data collection.Secondary DataFor this research I will use secondary data.SourcesInternetLeading newsprint articlesBooks related to Islamic life Insurance (Takaful)Research instrumentsThe instruments which will be used in my research to collect primary data areObservationsQuestionnaires.Sample SizeI will be distributing questionnaires. consume TechniquesThe sampling technique will be simple random sampling that will help in reducing the biasness factor in the research.LimitationsThe scope of my research will be limited to students of universities in Peshawar because of time and other limited resources.Scheme of the reportThe report will consist of the following part s.IntroductionLiterature ReviewFindingsAnalysisConclusion and RecommendationsLiterature surveyMeaning of TakafulTakaful 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.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.Takaful is an alternative form of Conventional Insurance based on the concept of trusteeship and coope ration 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.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 retu rn it also provides a mutual financial assistance among participants.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 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 PERSPECTIVEMuslims were involved in Marine activities in the Mediterranean and Indian Ocean from the seventh century on. Chaim-Vardit (2009).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)The period lasting from the fall of Rome until the Dawn of Islam was the darkest, most mar 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 wh ich function in a way similar to certain type of Insurance. The typical ones areDaman (guarantee) is synonymous to 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 corporal injury.Mudaraba-is not mentioned in Quran and there is much doubt whether it is mentioned in HadithZakat-means growth and purity. It is ofttimes 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 instituti on 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 StructuresThere is no single best model that exists for takaful. Shariah scholars worldwide concur on fundamental components that characterize a takaful scheme, yet in their discriminative opinions (fatwas), operational differences are tolerated as long as they do not contradict essential ghostly 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 presentThe capital provider (participant)The entrepreneur (takaful operator)Capital an appropriate activityProfit 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 r esponsible 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 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 u sed 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 attempt are engaged in such type of activity.Shakun Ashoka Raj (2007).Concepts of beneficiaries in TakafulIt 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 inWaqf 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 o f benefits of the policy.Wealth heald by the policy holder is adding with total benefitsIf 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 WasiyahUnder the islamic principal the policy holder can give away via will 1/3 of the property. This is to reduces disadvantage that may be caused by the policy holder by giving his benefits not to his legal heirs .Al MirathAfter 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 INSURANCEINSURANCEInsurance is a medium via which people transfer the burden of uncertainty (financial loss) to th e insurer, for an agreed financial attention known as 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 abundant 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 co mpanies 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 applications programme by individual for life insurance policy. Actuarys Statistical Analysis is performed by a person know as Actuary who determines whether the individual is a good 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 includeThe amount of money to be paid when the policyholder d ies.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 INSURANCEInsurance is as old as the development of human society. In a society there are two types of economiesMoney economyNatural economy.Natural economy is more old then the money economy where people form community to help each other. For typesetters case 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 peop le 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 trust 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 compa nies to pay their dues to the full 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 INSURANCEThere are many different motley of life insurance each satisfying different need of individuals. Life insurance can be broadly divided into two main typesTerm AssuranceWhole Life AssuranceTerm AssuranceIt 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 whentemporary protection is needed. The premium f rom 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 forOne-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 ASSURANCERenewable 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 hold er does not automatically qualifies to continue the policy when the specified time of the policy ends sort of 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. firm LIFE INSURANCEThis 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 deterrent 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 typesOrdinary Life InsuranceLimited Payment Life InsuranceOrdinary life insuranceIt 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 INSURANCEThis life insurance policy is also known as limited pay life insurance in which individual pays for the specific time perio d 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 thePolicyholder mentioned to make payment to the beneficiary on monthly basis then the policyholder has four options to choose fromLife 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 number 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 affaire Options-In this the policy holder asks the ins urance 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. otherwise FORMS OF LIFE INSURANCEEndowment 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 thi s policy is flexible in terms of premium payments and timing.Second To Die Life Insurance- This policy is intentional 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 PROTECTIONThere are two methods that are actively used to provide life insurance to individuals.Annual Renewable TermLevel Premium methodAnnual Renewable TermThis type of life insurance policy has overcome the challenge of insurability simply meaning that the policyholder can renew the p olicy 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 yearly 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 ExampleA 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. take PREMIUM METHODIn this type of life insurance policy the premium remains the identical 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 worship 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 liquidness 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. T he 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 INSURANCEConventional insurance contains the elements that are unacceptable in Islam which includeRibaMaisirGhararRiba 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 interestThose 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 veto riba. So whosoever receives an admonition from his Lo rd 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. Al-Quran, Al-Baqarah (2). 275Maisar- 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 followsO 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) 90Uncertainty -It is an element which is termed as gharar, is prohibited in Islam. In business terms gharar means undert aking business deals which are riskier and individuals do not posses sufficient knowledge about them. A contract which contains uncertainty due toOccurring 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 INSURANCEThe 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 benefits 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 ben efits 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