Holder Literature Reviews Samples For Students

- Insurance premium formula
Insurance premium is a sum of all costs of insurance company. One of the essential and the most valuable components is risk cost (money paid when insurance accident occurred). Due to the nature of the risk it is the most stochastic variable. Therefore we can build premium cost model upon risk model because other price components can be easily predicted.
- Classic model
Starting with initial reserve x > 0, an insurance risk business earns money at constant rate c > 0. Meanwhile, according to a point process with times {TN: n ≥ 1}, 0 ...

Chapter 10

Stojkivic et. al. opines that power exists by way of relationships. Ideally, the organizations and individuals who are capable of dealing with the environmental uncertainty and instability possess considerable power. As an individual construct, power exists on people depending on the jobs that an individual does. Individuals who cannot be replaced easily are usually more powerful. For instance, in the criminal justice system, individuals who are most effective and efficient possess power.
As an organizational construct, power resides in the individuals who determine the role that other individuals play in the organization. As such, power resides within organizational ...

In an organizational set up, expertise entails the skills, comprehension and attributes of employees or systems which make a distinction between them and the novices or the inexperienced personnel. Expertise is a factor of production which resides in individual’s heads but is utilized actively by the organization. Expertise is thus believed to be a power that individuals hold upon a given specialty. Consequently, expertise is held upon different fields within the organization. This explains the fact why individuals cannot have expertise in all aspects or functions that the organization is involved in. Thus, expertise is differentiated along the various departments that the ...