Health insurance

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The term health insurance is generally used to describe a form of insurance that pays for medical expenses. It is sometimes used more broadly to include insurance covering disability or long-term nursing or custodial care needs. It may be provided through a government-sponsored social insurance program, or from private insurance companies. It may be purchased on a group basis (e.g., by a firm to cover its employees) or purchased by individual consumers. In each case, the covered groups or individuals pay premiums or taxes to help protect themselves from high or unexpected healthcare expenses. Similar benefits paying for medical expenses may also be provided through social welfare programs funded by the government.

Adverse selection

Insurance companies use the term "adverse selection" to describe the tendency for only those who will benefit from insurance to buy it. Specifically when talking about health insurance, unhealthy people are more likely to purchase health insurance because they anticipate large medical bills. On the other side, people who consider themselves to be reasonably healthy may decide that medical insurance is an unnecessary expense; if they see the doctor once a year and it costs $250, that's much better than making monthly insurance payments of $40. (example figures).

The fundamental concept of insurance is that it balances costs across a large, random sample of individuals (see risk pool). For instance, an insurance company has a pool of 1000 randomly selected subscribers, each paying $100 per month. One person becomes very ill while the others stay healthy, allowing the insurance company to use the money paid by the healthy people to pay for the treatment costs of the sick person. However, when the pool is self-selecting rather than random, as is the case with individuals seeking to purchase health insurance directly, adverse selection is a greater concern.^[10] A disproportionate share of health care spending is attributable to individuals with high health care costs. In the US the 1% of the population with the highest spending accounted for 27% of aggregate health care spending in 1996. The highest-spending 5% of the population accounted for more than half of all spending. These patterns were stable through the 1970s and 1980s, and some data suggest that they may have been typical of the mid-to-early 20th century as well.^[11][12] A few individuals have extremely high medical expenses, in extreme cases totaling a half million dollars or more.^[13] Adverse selection could leave an insurance company with primarily sick subscribers and no way to balance out the cost of their medical expenses with a large number of healthy subscribers.

Health plan vs. health insurance

Historically, HMOs tended to use the term "health plan", while commercial insurance companies used the term "health insurance". A health plan can also refer to a subscription-based medical care arrangement offered through HMOs, preferred provider organizations, or point of service plans. These plans are similar to pre-paid dental, pre-paid legal, and pre-paid vision plans. Pre-paid health plans typically pay for a fixed number of services (for instance, $300 in preventive care, a certain number of days of hospice care or care in a skilled nursing facility, a fixed number of home health visits, a fixed number of spinal manipulation charges, etc.) The services offered are usually at the discretion of a utilization review nurse who is often contracted through the managed care entity providing the subscription health plan. This determination may be made either prior to or after hospital admission (concurrent utilization review).

Vehicle insurance

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Auto insurance protects the buyer from losses resulting from traffic accidents.

Vehicle insurance (also known as auto insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, and other vehicles. Its primary use is to provide protection against losses incurred as a result of traffic accidents and against liability that could be incurred in an accident.

Contents

[hide]

• 1 Public policy
  • 1.1 Australia
  • 1.2 Canada
  • 1.3 Ireland
  • 1.4 South Africa
  • 1.5 United Kingdom
  • 1.6 United States
• 2 Coverage levels
• 3 Excess
  • 3.1 Compulsory excess
  • 3.2 Voluntary excess
• 4 Basis of premium charges
  • 4.1 Gender
  • 4.2 Age
  • 4.3 Marital Status
  • 4.4 Vehicle Classification
  • 4.5 Distance
    • 4.5.1 Reasonable estimation
    • 4.5.2 Odometer-based systems
    • 4.5.3 GPS-based system
    • 4.5.4 OBDII-based system
• 5 Auto insurance in the United States
  • 5.1 Coverage available
    • 5.1.1 Liability
      • 5.1.1.1 Combined single limit
      • 5.1.1.2 Split limits
    • 5.1.2 Full Coverage
    • 5.1.3 Collision
    • 5.1.4 Comprehensive
    • 5.1.5 Uninsured/underinsured coverage
    • 5.1.6 Loss of use
    • 5.1.7 Loan/lease payoff
    • 5.1.8 Towing
    • 5.1.9 Personal Property
• 6 See also
• 7 External links
• 8 Notes

Age

Teenage drivers who have no driving record will have higher car insurance premiums. However, young drivers are often offered discounts if they undertake further driver training on recognised courses, such as the Pass Plus scheme in the UK. In the U.S. many insurers offer a good grade discount to students with a good academic record and resident student discounts to those who live away from home. Generally insurance premiums tend to become lower at the age of 25. Senior drivers are often eligible for retirement discounts reflecting lower average miles driven by this age group.

Gender

Men average more miles driven per year than women do, and have a proportionally higher accident involvement at all ages. Insurance companies cite women's lower accident involvement in keeping the youth surcharge lower for young women drivers than for their male counterparts, but adult rates are generally unisex. Reference to the lower rate for young women as "the women's discount" has caused confusion that was evident in news reports on a recently defeated EC proposal to make it illegal to consider gender in assessing insurance premiums.^[8] Ending the discount would have made no difference to most women's premiums.

Marital Status

Drivers who are unmarried are often charged higher insurance premiums as opposed to married drivers.

Vehicle Classification

Owners of sports cars, muscle cars, some sport utility vehicles, and motorcycles would have higher insurance premiums as opposed to compact cars or luxury cars. However, in the case of motorcycles, the chance of causing extensive damage to other vehicles is relatively low (as opposed to damage to oneself) and thus liability insurance premiums are often lower.

Distance

Some car insurance plans do not differentiate in regard to how much the car is used. However, methods of differentiation would include:

Reasonable estimation

Several car insurance plans rely on a reasonable estimation of the average annual distance expected to be driven which is provided by the insured. This discount benefits drivers who drive their cars infrequently but has no actuarial value since it is unverified

OBDII-based system

In 2008, The Progressive Corporation launched MyRate to give drivers a customized insurance rate based on how, how much, and when their car is driven. MyRate is currently available in Alabama, Kentucky, Louisiana, Michigan, Minnesota, Maryland, New Jersey and Oregon. Driving data is transmitted to the company using an on-board telematic device. The device connects to a car's OnBoard Diagnostic (OBD-II) port (all automobiles built after 1996 have an OBD-II.) and transmits speed, time of day and number of miles the car is driven. There is no GPS in the MyRate device, so no location information is collected. Cars that are driven less often, in less risky ways and at less risky times of day can receive large discounts. Progressive has received patents on its methods and systems of implementing usage-based insurance and has licensed these methods and systems to other companies. Progressive has service marks pending on the terms Pay As You Drive and Pay How You Drive.

GPS-based system

In 1998, Progressive Insurance started a pilot program in Texas in which drivers received a discount for installing a GPS-based device that tracked their driving behavior and reported the results via cellular phone to the company.^[10] Policyholders were reportedly more upset about having to pay for the expensive device than they were over privacy concerns.^[11] The program was discontinued in 2000.

Split limits

A split limit liability coverage policy splits the coverages into property damage coverage and bodily injury coverage. In the example given above, payments for the other driver's vehicle would be paid out under property damage coverage, and payments for the injuries would be paid out under bodily injury coverage.

Bodily injury liability coverage is also usually split as well into a maximum payment per person and a maximum payment per accident.

In the state of Oklahoma, you must carry at least state minimum liability limits of $25,000/50,000/25,000. If an insured driver hits a car full of people and is found by the insurance company to be liable, the insurance company will pay $25,000 of one persons medical bills but will not exceed 50,000 for other people injured in the accident. The insurance company will pay property damage not to exceed 25,000 in repairs to the vehicle that the insured hit.

Collision

Collision coverage provides coverage for an insured's vehicle that is involved in an accident, subject to a deductible. This coverage is designed to provide payments to repair the damaged vehicle, or payment of the cash value of the vehicle if it is not repairable. Collision coverage is optional, however if you plan on financing a car or taking a car loan, the lender will usually insist you carry collision for the finance term or until your car is paid off. Collision Damage Waiver (CDW) is the term used by rental car companies for collision coverage.

Loss of use

Loss of use coverage, also known as rental coverage, provides reimbursement for rental expenses associated with having an insured vehicle repaired due to a covered loss.

Loan/lease payoff

Loan/lease payoff

Loan/lease payoff coverage, also known as GAP coverage or GAP insurance,^[14][15] was established in the early 1980s to provide protection to consumers based upon buying and market trends.

Due to the sharp decline in value immediately following purchase, there is generally a period in which the amount owed on the car loan exceeds the value of the vehicle, which is called "upside-down" or negative equity. Thus, if the vehicle is damaged beyond economical repair at this point, the owner will still owe potentially thousands of dollars on the loan. The escalating price of cars, longer-term auto loans, and the increasing popularity of leasing gave birth to GAP protection. GAP waivers provide protection for consumers when a "gap" exists between the actual value of their vehicle and the amount of money owed to the bank or leasing company. In many instances, this insurance will also pay the deductible on the primary insurance policy. These policies are often offered at the auto dealership as a comparatively low cost add on that can be put into the car loan which provides coverage for the duration of the loan.

Consumers should be aware that a few states, including New York, require lenders of leased cars to include GAP insurance within the cost of the lease itself. This means that the monthly price quoted by the dealer must include GAP insurance, whether it is delineated or not. Nevertheless, unscrupulous dealers sometimes prey on unsuspecting individuals by offering them GAP insurance at an additional price, on top of the monthly payment, without mentioning the State's requirements.

Full Coverage

Full coverage is the name commonly referred to as Comprehensive and Collision. The insurance companies want to get away from the term because there is no such thing as full coverage.

Personal Property

If personal items in a vehicle are damaged due to an accident that would not be a covered under the auto policy. Any type of property that is not attached to the vehicle should be claimed under a homeowners or renters policy.

Towing

Car towing coverage is also known as Roadside Assistance coverage. Traditionally, automobile insurance companies have agreed to only pay for the cost of a tow that is related to an accident that is covered under the automobile policy of insurance. This had left a gap in coverage for tows that are related to mechanical breakdowns, flat tires and gas outages. To fill that void, insurance companies started to offer the car towing coverage, which pays for non-accident related tows.

Life

Life insurance provides a monetary benefit to a descedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.

Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance.

Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed.

In many countries, such as the U.S. and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death.

Property..

Main article: Property insurance

This tornado damage to an Illinois home would be considered an "Act of God" for insurance purposes

Property insurance provides protection against risks to property, such as fire, theft or weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance.

• Automobile insurance, known in the UK as motor insurance, is probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the insured's vehicle itself. Throughout the United States an auto insurance policy is required to legally operate a motor vehicle on public roads. In some jurisdictions, bodily injury compensation for automobile accident victims has been changed to a no-fault system, which reduces or eliminates the ability to sue for compensation but provides automatic eligibility for benefits. Credit card companies insure against damage on rented cars.
  • Driving School Insurance insurance provides cover for any authorized driver whilst undergoing tuition, cover also unlike other motor policies provides cover for instructor liability where both the pupil and driving instructor are equally liable in the event of a claim.
• Aviation insurance insures against hull, spares, deductibles, hull wear and liability risks.
• Boiler insurance (also known as boiler and machinery insurance or equipment breakdown insurance) insures against accidental physical damage to equipment or machinery.
• Builder's risk insurance insures against the risk of physical loss or damage to property during construction. Builder's risk insurance is typically written on an "all risk" basis covering damage due to any cause (including the negligence of the insured) not otherwise expressly excluded.
• Crop insurance "Farmers use crop insurance to reduce or manage various risks associated with growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost damage, insects, or disease, for instance."^[10]
• Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake damage. Most earthquake insurance policies feature a high deductible. Rates depend on location and the probability of an earthquake, as well as the construction of the home.
• A fidelity bond is a form of casualty insurance that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
• Flood insurance protects against property loss due to flooding. Many insurers in the U.S. do not provide flood insurance in some portions of the country. In response to this, the federal government created the National Flood Insurance Program which serves as the insurer of last resort.
• Home insurance or homeowners' insurance: See "Property insurance".
• Landlord insurance is specifically designed for people who own properties which they rent out. Most house insurance cover in the U.K will not be valid if the property is rented out therefore landlords must take out this specialist form of home insurance.
• Marine insurance and marine cargo insurance cover the loss or damage of ships at sea or on inland waterways, and of the cargo that may be on them. When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier or the carrier's insurance. Many marine insurance underwriters will include "time element" coverage in such policies, which extends the indemnity to cover loss of profit and other business expenses attributable to the delay caused by a covered loss.
• Surety bond insurance is a three party insurance guaranteeing the performance of the principal.
• Terrorism insurance provides protection against any loss or damage caused by terrorist activities.
• Volcano insurance is an insurance that covers volcano damage in Hawaii.
• Windstorm insurance is an insurance covering the damage that can be caused by hurricanes and tropical cyclones.
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• source:wikipedia
  

Liability

Main article: Liability insurance

Liability insurance is a very broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of wilful or intentional acts by the insured.

• Environmental liability insurance protects the insured from bodily injury, property damage and cleanup costs as a result of the dispersal, release or escape of pollutants.
• Errors and omissions insurance: See "Professional liability insurance" under "Liability insurance".
• Professional liability insurance, also called professional indemnity insurance, protects insured professionals such as architectural corporation and medical practice against potential negligence claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called malpractice insurance. Notaries public may take out errors and omissions insurance (E&O). Other potential E&O policyholders include, for example, real estate brokers, Insurance agents, home inspectors, appraisers, and website developers.
• Directors and officers liability insurance protects an organization (usually a corporation) from costs associated with litigation resulting from mistakes made by directors and officers for which they are liable. In the industry, it is usually called "D&O" for short.
• Prize indemnity insurance protects the insured from giving away a large prize at a specific event. Examples would include offering prizes to contestants who can make a half-court shot at a basketball game, or a hole-in-one at a golf tournament.

source:wikipedia

Captive insurance

companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. This definition can sometimes be extended to include some of the risks of the parent company's customers. In short, it is an in-house self-insurance vehicle. Captives may take the form of a "pure" entity (which is a 100% subsidiary of the self-insured parent company); of a "mutual" captive (which insures the collective risks of members of an industry); and of an "association" captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices.

The types of risk that a captive can underwrite for their parents include property damage, public and product liability, professional indemnity, employee benefits, employers' liability, motor and medical aid expenses. The captive's exposure to such risks may be limited by the use of reinsurance.

Captives are becoming an increasingly important component of the risk management and risk financing strategy of their parent. This can be understood against the following background:

• heavy and increasing premium costs in almost every line of coverage;
• difficulties in insuring certain types of fortuitous risk;
• differential coverage standards in various parts of the world;
• rating structures which reflect market trends rather than individual loss experience;
• insufficient credit for deductibles and/or loss control efforts.

There are also companies known as 'insurance consultants'. Like a mortgage broker, these companies are paid a fee by the customer to shop around for the best insurance policy amongst many companies. Similar to an insurance consultant, an 'insurance broker' also shops around for the best insurance policy amongst many companies. However, with insurance brokers, the fee is usually paid in the form of commission from the insurer that is selected rather than directly from the client.

Neither insurance consultants nor insurance brokers are insurance companies and no risks are transferred to them in insurance transactions. Third party administrators are companies that perform underwriting and sometimes claims handling services for insurance companies. These companies often have special expertise that the insurance companies do not have.

source:wikipedia

Insurance companies

Insurance companies may be classified into two groups:

• Life insurance companies, which sell life insurance, annuities and pensions products.
• Non-life, General, or Property/Casualty insurance companies, which sell other types of insurance.

General insurance companies can be further divided into these sub categories.

• Standard Lines
• Excess Lines

In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature — coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year.

In the United States, standard line insurance companies are "main stream" insurers. These are the companies that typically insure autos, homes or businesses. They use pattern or "cookie-cutter" policies without variation from one person to the next. They usually have lower premiums than excess lines and can sell directly to individuals. They are regulated by state laws that can restrict the amount they can charge for insurance policies.

Excess line insurance companies (aka Excess and Surplus) typically insure risks not covered by the standard lines market. They are broadly referred as being all insurance placed with non-admitted insurers. Non-admitted insurers are not licensed in the states where the risks are located. These companies have more flexibility and can react faster than standard insurance companies because they are not required to file rates and forms as the "admitted" carriers do. However, they still have substantial regulatory requirements placed upon them. State laws generally require insurance placed with surplus line agents and brokers not to be available through standard licensed insurers.

Insurance companies are generally classified as either mutual or stock companies. Mutual companies are owned by the policyholders, while stockholders (who may or may not own policies) own stock insurance companies. Demutualization of mutual insurers to form stock companies, as well as the formation of a hybrid known as a mutual holding company, became common in some countries, such as the United States, in the late 20th century. Other possible forms for an insurance company include reciprocals, in which policyholders 'reciprocate' in sharing risks, and Lloyds organizations.

Insurance companies are rated by various agencies such as A. M. Best. The ratings include the company's financial strength, which measures its ability to pay claims. It also rates financial instruments issued by the insurance company, such as bonds, notes, and securitization products.

Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves. A reinsurer may also be a direct writer of insurance risks as well.

source:wikipedia..

Global insurance industry

Global insurance premiums grew by 8.0% in 2006 (or 5% in real terms) to reach $3.7 trillion due to improved profitability and a benign economic environment characterised by solid economic growth, moderate inflation and strong equity markets. Profitability improved in both life and non-life insurance in 2006 compared to the previous year. Life insurance premiums grew by 10.2% in 2006 as demand for annuity and pension products rose. Non-life insurance premiums grew by 5.0% due to growth in premium rates. Over the past decade, global insurance premiums rose by more than a half as annual growth fluctuated between 2% and 11%.

Advanced economies account for the bulk of global insurance. With premium income of $1,485bn, Europe was the most important region, followed by North America ($1,258bn) and Asia ($801bn). The top four countries accounted for nearly two-thirds of premiums in 2006. The U.S. and Japan alone accounted for 43% of world insurance, much higher than their 7% share of the global population. Emerging markets accounted for over 85% of the world’s population but generated only around 10% of premiums. The volume of UK insurance business totalled $418bn in 2006 or 11.2% of global premiums. ^[12]

Insurance insulates too much

By creating a "security blanket" for its insureds, an insurance company may inadvertently find that its insureds may not be as risk-averse as they might otherwise be (since, by definition, the insured has transferred the risk to the insurer). This problem is known to the insurance industry as moral hazard. To reduce their own financial exposure, insurance companies have contractual clauses that mitigate their obligation to provide coverage if the insured engages in behavior that grossly magnifies their risk of loss or liability.

For example, life insurance companies may require higher premiums or deny coverage altogether to people who work in hazardous occupations or engage in dangerous sports. Liability insurance providers do not provide coverage for liability arising from intentional torts committed by the insured. Even if a provider were so irrational as to want to provide such coverage, it is against the public policy of most countries to allow such insurance to exist, and thus it is usually illegal.

Complexity of insurance policy contracts

Insurance policies can be complex and some policyholders may not understand all the fees and coverages included in a policy. As a result, people may buy policies on unfavorable terms. In response to these issues, many countries have enacted detailed statutory and regulatory regimes governing every aspect of the insurance business, including minimum standards for policies and the ways in which they may be advertised and sold.

Many institutional insurance purchasers buy insurance through an insurance broker. Brokers represent the buyer (not the insurance company), and typically counsel the buyer on appropriate coverage and policy limitations. A broker generally holds contracts with many insurers, thereby allowing the broker to "shop" the market for the best rates and coverage possible.

Insurance patents

New insurance products can now be protected from copying with a business method patent in the United States.

A recent example of a new insurance product that is patented is Usage Based auto insurance. Early versions were independently invented and patented by a major U.S. auto insurance company, Progressive Auto Insurance (U.S. Patent 5,797,134 ) and a Spanish independent inventor, Salvador Minguijon Perez (EP patent 0700009).

Many independent inventors are in favor of patenting new insurance products since it gives them protection from big companies when they bring their new insurance products to market. Independent inventors account for 70% of the new U.S. patent applications in this area. One such example is titled "Method of Expediting Insurance Claims" Patent 7,203,654 issued April 10, 2007.

Many insurance executives are opposed to patenting insurance products because it creates a new risk for them. The Hartford insurance company, for example, recently had to pay $80 million to an independent inventor, Bancorp Services, in order to settle a patent infringement and theft of trade secret lawsuit for a type of corporate owned life insurance product invented and patented by Bancorp.

There are currently about 150 new patent applications on insurance inventions filed per year in the United States. The rate at which patents have issued has steadily risen from 15 in 2002 to 44 in 2006. ^[15]

Inventors can now have their insurance U.S. patent applications reviewed by the public in the Peer to Patent program.^[16]

^{source: wikipedia..}

The insurance industry and rent seeking

Certain insurance products and practices have been described as rent seeking by critics.^{[citation needed]} That is, some insurance products or practices are useful primarily because of legal benefits, such as reducing taxes, as opposed to providing protection against risks of adverse events. Under United States tax law, for example, most owners of variable annuities and variable life insurance can invest their premium payments in the stock market and defer or eliminate paying any taxes on their investments until withdrawals are made. Sometimes this tax deferral is the only reason people use these products.^{[citation needed]} Another example is the legal infrastructure which allows life insurance to be held in an irrevocable trust which is used to pay an estate tax while the proceeds themselves are immune from the estate tax.

Beijing National Stadium

Main source: Beijing National Stadium

The Beijing National Stadium

The centrepiece of the 2008 Summer Olympics is the Beijing National Stadium, nicknamed the Bird's Nest because of its nest-like skeletal structure.^[18] Construction of the venue began on December 24, 2003. The Guangdong Olympic Stadium was originally planned, constructed, and completed in 2001 to help host the Games, but a decision was made to construct a new stadium in Beijing.^[19][20] Government officials engaged architects worldwide in a design competition. A Swiss firm, Herzog & de Meuron Architekten AG, collaborated with China Architecture Design & Research Group to win the competition. The stadium features a lattice-like steel outer skeleton around the concrete stadium bowl and has a seating capacity of over 90,000 people. Architects originally described the overall design as resembling a bird nest with an immense ocular opening with a retractable roof over the stadium. However, in 2004, the idea of the retractable roof was abandoned for economic and safety reasons. The Beijing National Stadium was the site of the opening and closing ceremonies, as well as the athletics events and soccer finals.

The Beijing Olympic Village opened on July 16, 2008 and to the public on July 26, 2008.

Broadcasting for 2008 Olympic

he 2008 Games were the first to be produced and broadcast entirely in high definition television by the host broadcaster. In comparison, American broadcaster NBC broadcasted only half of the Turin Winter Games produced in HD.^[30][31] In their bid for the Olympic Games in 2001, Beijing confirmed to the Olympic Evaluation Commission "that there will be no restrictions on media reporting and movement of journalists up to and including the Olympic Games,"^[32] but according to a report in The New York Times, "these promises have been contradicted by strict visa rules, lengthy application processes and worries about censorship."^[33]

According to Nielsen Media Research, 4.7 billion viewers worldwide tuned in to some of the television coverage, one-fifth larger than the 3.9 billion who watched the 2004 Olympic Games in Athens. The 2008 Olympics was the most-viewed event in American television history.^[34]

Online coverage

American broadcaster NBC produced only 2 hours of online streaming video for the 2006 Winter Games but produced approximately 2,200 hours of coverage for the 2008 Summer Games. For the first time "live online video rights in some markets for the Olympics have been separately negotiated, not part of the overall 'broadcast rights,'"; these new media of the digital economy are growing "nine times faster than the rest of the advertising market."^[35]

Globally, however, the 2008 Olympics is subject to extensive copyright restriction –which amounts to territorial restrictions– whilst still being covered extensively online within various exclusive copyright autarkies. Thus despite the international nature of the event and the global reach of the Internet, the coverage world wide of assorted nation-states and television networks is not readily accessible; there is no global or supranational media coverage as such. The international European Broadcasting Union (EBU), for example, provides live coverage and highlights of all arenas only for certain of its own territories^[36] on their website eurovisionsports.tv.^[37] Many national broadcasters likewise restrict online events to their domestic audiences.^[38]

Despite the contractual obligations of the digital economy, some of the same technologies used to circumvent the Great Firewall of China (such as UltraSurf) can be used to subvert the Olympic media autarkies on the Internet as well.

Torch relay for OLYMPIC 2008

The design of the Olympic Torch is based on traditional scrolls and uses a traditional Chinese design known as the "Propitious Clouds" (祥云). The torch is designed to remain lit in 65 km/h (40 mph) winds, temperatures as low as -40°C and in rain of up to 50 mm (2 in) per hour.

The relay, with the theme Journey of Harmony, lasted 130 days and carried the torch 137,000 km (85,000 mi)—the longest distance of any Olympic torch relay since the tradition began at the 1936 Berlin Games.^[45][46] The torch relay was called a "public relations disaster" for China by The Times,^[47] with protests of China's human rights record, particularly about Tibet.

Route of the 2008 Olympic Torch Relay

The relay began March 24, 2008, in Olympia, Greece. From there, it traveled across Greece to Panathinaiko Stadium in Athens, and then to Beijing, arriving on March 31. From Beijing, the torch followed a route passing through every continent except Antarctica. The torch visited cities on the Silk Road, symbolizing ancient links between China and the rest of the world. A total of 21,880 torchbearers have been selected from around the world by various organizations and entities.^[48]

Participating NOCs

Participating nations

TPE

All but one (Brunei) of the current 205 National Olympic Committees (NOCs)^[70] participated. China and the United States had the largest teams, with 639 and 596^[71][72] competitors respectively. Several countries were represented at the Games by a single athlete.

Three countries participated for their first time: the Marshall Islands, Montenegro and Tuvalu.

South African swimmer Natalie du Toit, five time gold medalist at the Athens Paralympics in 2004, qualified to compete at the Beijing Olympics, thus making history by becoming the first amputee to qualify for the Olympic Games since Olivér Halassy in 1936.^[73][74] Natalia Partyka (who was born without a right forearm) competed in Table Tennis for Poland.^[75]

As in the previous Games since 1984, athletes from the Republic of China (Taiwan) are competing at the Olympics as Chinese Taipei (TPE)^[76] under the Chinese Taipei Olympic flag and using the National Banner Song as their official anthem. The participation of Taiwan had been in doubt due to disagreements over the designation of the team in the Chinese language, and concerns that Taiwan would march in the Opening Ceremony next to the Chinese Special Administrative Region of Hong Kong.^[77] Unlike in previous games, supporters were not able to legally display the flag of the Republic of China even outside the venues.^[78]

Opening ceremony of Olympic 2008

The opening ceremony held in the Beijing National Stadium. It began at 8:00 pm China Standard Time (UTC+8) on August 8, 2008.^[57][58][59] The number 8 is associated with prosperity and confidence in Chinese culture, and here it was a triple eight for the date and one extra for time (close to 08:08:08 pm).^[60] The ceremony was co-directed by Chinese filmmaker Zhang Yimou and Chinese choreographer Zhang Jigang.^[61] It featured a cast of over 15,000 performers, and was dubbed beforehand as "the most spectacular Olympics Opening Ceremony ever produced".^[62]

A rich assembly of ancient Chinese art and culture dominated the ceremony. It opened with the beating of Fou drums for the countdown. Subsequently, a giant scroll was unveiled and became the show's centerpiece. The official song of the 2008 Olympics, titled You and Me, was performed by Britain's Sarah Brightman and China's Liu Huan, on a large spinning rendition of the globe.^[63] The last recipient in the Olympic Torch relay, former Chinese gymnast Li Ning ignited the cauldron, after being suspended into the air by wires and completing a lap of the National Stadium at Stadium roof height in the air.

The entry parade of the competing athletes differed in order from previous Olympic ceremonies, as the national teams did not enter in alphabetical order by the host nation's alphabet. Since Chinese does not have an alphabet, teams entered the stadium in order (lowest first) of the number of strokes in their Simplified Chinese character transcriptions; this is a common collation method for the Chinese language, such as the surname stroke order system. As a result, Australia (normally one of the first teams to enter the stadium) became one of the final teams to arrive, as the first character of the Chinese name of Australia (澳大利亚) has 16 strokes. The Olympic traditions of Greece entering first and the host nation (China) entering last were still observed.

The opening ceremony was lauded by spectators and various international presses as spectacular and spellbinding.^[64] Hein Verbruggen, chairman of the IOC Coordination Commission for the XXIX Olympiad, called the ceremony "a grand, unprecedented success."^[65] A review of the opening ceremony from around the world called it "spectacular and devoid of politics".^[66] It was deemed that the real fireworks were too dangerous to film from a helicopter; as such, some footage were generated to provide simulated aerial shots of the scene. Another cosmetic enhancement in China's quest for a "perfect" Summer Games was using 9-year-old Lin Miaoke to lip-sync over the singing voice of Yang Peiyi for the opening ceremony song Ode to the Motherland. Miss Yang, 7, had reportedly won a "grueling" competition to be chosen as the performer, but was considered to be insufficiently photogenic, and a member of the Politburo who oversaw the final preparations ordered that Miss Lin appear in Miss Yang's place. ^[67] Another portion of the ceremony featured 56 children carrying a large Chinese flag, with 55 of them dressed in traditional costumes of the ethnic minorities of China. The children wearing the ethnic minority costumes were described in the official program as members of these minorities, but it was later revealed that they were actually Han Chinese. ^[68]

More than 100 sovereigns, heads of state and heads of government as well as 170 Ministers of Sport attended the Beijing Olympic Games.^[69]

Amateurism and professionalism

The ethos of the aristocracy as exemplified in the English public schools greatly influenced Pierre de Coubertin.^[61] The public schools subscribed to the Ancient Greek and Roman belief that sport formed an important part of education, an attitude summed up in the saying: mens sana in corpore sano – a sound mind in a healthy body. In this ethos, a gentleman was one who became an all–rounder, not the best at one specific thing. There was also a prevailing concept of "fairness," in which practicing or training was considered tantamount to cheating.^[61] Those who practiced a sport professionally were considered to have an unfair advantage over those who practiced it merely as a "hobby." ^[61]

The exclusion of professionals has caused several controversies throughout the history of the modern Olympics. 1912 Olympic pentathlon and decathlon champion Jim Thorpe, was stripped of his medals when it was discovered that he played semi–professional baseball prior to winning his medals. He was restored as champion on compassionate grounds by the IOC in 1983.^[62] Swiss and Austrian skiers boycotted the 1936 Winter Olympics in support of their skiing teachers, who were not allowed to compete because they earned money with their sport and were considered professionals

Sports

Currently, the Olympic program consists of 35 sports, 53 disciplines and more than 400 events. The Summer Olympic program includes 28 sports with 38 disciplines, and the Winter Olympic program is comprised of 7 sports with 15 disciplines.^[57] There were 9 sports on the original Olympic program in 1896: athletics, cycling, fencing, gymnastics, weightlifting, shooting, swimming, tennis, and wrestling. If the 1896 rowing events had not been cancelled due to bad weather, they would have been included in this list as well.^[58]

Of the 15 disciplines in 7 sports featured at the most recent Winter Olympics; cross country skiing, figure skating, ice hockey, Nordic combined, ski jumping, and speed skating have been on the program at all Winter Olympics. In addition, figure skating made its debut at the London Summer Olympics of 1908 and ice hockey was first contested at the 1920 Summer Olympics in Antwerp before the introduction of a separate Winter Games.^[59]

Work from Home Ideas for the 50 plus Entreneur..

Life, Liberty, and the Pursuit of Happiness. That's the American dream. Well, that and family, financial success, health, travel, and a myriad of other things that encompass the many goals in life. While retirement is eventually a goal that most professionals have, the over 50 population is full of motivated hard working individuals that have a lot of life to live, and many goals to reach. For the 50 plus businessperson with an entrepreneurial spirit, who maybe isn't ready to retire just yet, or perhaps wants to ensure that down the road when retirement does come finances aren't going to be something that holds them back, there are some unique business opportunities.The home based business world is not just for stay-at-home moms and rural business folk. Home based businesses and franchise opportunities exist for anyone that has a business mind and the willingness to put some effort into making their franchise a success. Here are some work from home ideas that are perfect for the over 50 businessman or woman.Managing a published magazine or booklet can offer the ease of being able to work from home with potential to have a very successful home business. Magazine and other published businesses can often be designed, marketed, and put together online through providers or software applications leaving only distribution to occur outside the home. Some popular models of this type of work at home franchise would include magazines like Homes and Land magazine which gathers information on properties and real estate and advertising to local realtors and associations. Many people pick up these types of booklets and magazines to see what the housing market is like, where they can afford to buy, and for many potential home buyers this is their first step. Making Homes and Land magazine an ideal place for real estate agents to place their ads and contact information and meet new clients. The Homes and Land magazine franchise can be run completely as a home based business and no prior experience in real estate or publishing is required. They provide all the training and support that you need!There are also many internet based work at home franchise options for the over 50 businessperson looking to start a higher-tech business. While there are many computer repair and network solution franchises, the over 50 crowd tends to shy away from beginning the "geeks and nerds" model internet franchise. The more popular option for this crowd is the internet franchise that deals with people, phone calls, and marketing to individuals. Businesses such as Adventures in Advertising provide the entrepreneur with the training and materials to access market niches not available to competitors by using their innovative programs. Adventures in Advertising markets and distributes promotional office supplies and materials that advertise your clients. This business-to-business promotional marketing franchise sees a high volume of repeat customers, low overhead costs, and a very effective and supportive "back end" support and service system to help the franchisee all along the way.There are also a number of service franchises that specifically work to benefit the elderly. These type of franchises that work with a large number of retired people appreciate a business that is run by someone that understands their needs and sees the need for these services in their own life in the near future. Businesses like this would include home care services, medical delivery services, and specialized services such as AMRAMP, which is American Ramp Systems Franchise. AMRAMP is America's leading ramp builder, and as many elderly American's become in greater need of ramps, wheelchairs, scooters, and other devices to help them maintain mobility providing these people with a necessity for their daily life is something that builds a successful business and makes a positive impact in the community. As an AMRAMP franchise owner, a full range of products is available along with extensive resources including full-service, full-support, engineering, marketing, and training support.

Automobiles Headlines

Nascar Drivers Become Steadier on Road Courses

Andrea Pininfarina, Chief of Car Designer, Dies at 51

G.M.’s Directors Stand Behind Wagoner

Premium Required? Not Necessarily

1975 Sterling GT: Raising the Roof and His Profile

Merger Likely to Usher In a One-Radio Future

The Urge to Merge

Your Money: Ditch the Gas Guzzler? Well, Maybe Not Yet

Shortcuts: For Extended Car Warranties, Resist the Showroom Pitch

News Analysis: Automakers Race Time as Their Cash Runs Low

U.S. Vehicle Sales Fall 13.2% Amid High Gas Prices and Tight Credit

New Generation of Earnhardt Grabs the Wheel

After Bike-Sharing Success, Paris Considers Electric Cars

A Motorcycle for Moguls

Exhibition Shows Off the Bikes of the Stars

Lewis Hamilton Just Wants to Go Fast

Many Families Limiting Themselves to a Single Car

Putting the Dream Car Out to Pasture

The Dummies Lighten Up

Static Fires Are a Peril at the Pump

Fuel and Propulsion technologies

Most automobiles in use today are propelled by gasoline (also known as petrol) or diesel internal combustion engines, which are known to cause air pollution and are also blamed for contributing to climate change and global warming. Increasing costs of oil-based fuels and tightening environmental law and restrictions on greenhouse gas emissions are propelling work on alternative power systems for automobiles. Efforts to improve or replace these technologies include hybrid vehicles, electric vehicles and hydrogen vehicles.

Automobiles

An automobile (via French from Greek auto, self and Latin mobilis moving, a vehicle that moves itself rather than being moved by another vehicle or animal) or motor car (usually shortened to just car) is a wheeled passenger vehicle that carries its own motor. Most definitions of the term specify that automobiles are designed to run primarily on roads, to have seating for one to eight people, to typically have four wheels, and to be constructed principally for the transport of people rather than goods. However, the term is far from precise because there are many types of vehicles that do similar tasks...

Stock Trading-The Stock Market

Stock Trading- How To Approach The Stock Market
Before an investor can begin to trade successfully in the Nigerian stock market, there are some basic skills that one needs to be able to position oneself for maximum profits.The Nigeria stock market is made up of two markets, the primary and secondary markets. A sound understanding of how these two markets operate is very vital if you are going to succeed. At this junction, let´s x-ray these two markets to understand their workings.
1. THE PRIMARY MARKETThe primary market is where fresh funds are raised, anyone who buys shares in this market does not pay any commission, If a company's IPO is out for the public, all you do is to fill the form and issue your check,The primary market is the period from the time of the IPO to the point where allotment was done and money returned to those who could not get all they requested for. The primary market is where both new (unlisted) and old (listed) can raise funds in the future either through PO, IPO, RIGHT ISSUES. Also, it is pertinent to mention here, that privete placement activities also are carried out by small sized companies that are aspiring to be listed at floor of the NSE also come to the public to raise funds privately.
2. THE SECONDARY MARKETIn order to have an enabling ground to buy and exit effortlessly, the stock exchange provides the platform for trading in listed company shares by institutions and individual. The secondary market is where potential investors can buy and sell such shares. Those who buy at the primary market who have received their share certificate and those who bought directly from the floor transact business at the primary market.
3. HOW THE SECONDARY MARKET WORKS.Once a company is listed, trading on its shares commences. The issuer´s broker announces the listing of the shares, immediately after which other brokers start trading on the company´s shares from that day. Stockbrokers come to trade on behalf of stock brokerage firms; they are members of the Nigerian stock exchange and are represented at the trading floor by stockbrokers.When a customer wants to buy a stock either by the advice of your stockbroker or on your own understanding, after the agreement on what to buy is reached, the customer gives his stockbroker a written mandate specifying those stocks. He will also fill out a CSCS shareholder´s form and transfer forms. The information given enables the customer to receive correspondence from the registrar and CSCS Ltd, In future, it is on these basis dividends, bonuses, annual accounts and reports will be sent to him. The customer will be issued a contract note by the stock broking firm, which is evidence of purchase. When such stock gets to an appreciable height in terms of capital appreciation in price, he fills out mandate for sale, mandating the stock broker/firm to sell on his behalf.In the final analysis, approaching the stock market requires that you acquire the foundational know-how necessary for trading, so that you can know how to steer your way in the sometimes uncertain waters of stocks investment.

Stock market woes

Stock market woes
Stock market woes
WHEN ONE of the largest companies on the Irish stock exchange loses nearly half its value (€3 billion) in one trading session, it takes a heavy toll on the rest of the market. That was the case when the share price of pharmaceutical firm Elan fell by 46 per cent on Friday after it reported complications with its multiple sclerosis drug Tysabri. Because Elan is such a large component of the ISEQ index - which measures the value of listed companies on the Dublin exchange - the ISEQ touched its lowest point for five years.
It was the culmination of a calamitous week for domestic investors which saw Ryanair report an 85 per cent fall in profits for the first quarter and chief executive Michael O'Leary warn of a possible €60 million loss for the full year. Investor reaction to the disappointing news proved swift, negative and brutal with Ryanair losing nearly 23 per cent of its market value in one day.
The Dublin exchange was the second-worst performing stock market in the world last year and 2008 has offered no respite. Markets are sometimes seen as a discounting mechanism. They anticipate the future and companies are priced on the expectations set for their performance and profitability. In that process, economic slowdowns are discounted while economic recoveries are anticipated and a company's share price reflects the prevailing market expectation. But where the unexpected happens - as with Ryanair's surprise loss and with Elan's setback on a key drug - and when market expectations are dashed without warning, the share price adjustment can be extreme.
A particular difficulty for the Irish stock market, which helps explain why it has underperformed its international counterparts, lies in its make-up and its very small size. The ISEQ index is dominated by companies in the two areas most adversely affected by the credit crisis and the global economic downturn and most exposed to the bubble in the domestic property market.These are the financial and construction sectors.
Just as the Irish economy has been too reliant on property related activity for growth, the Irish stock market mirrors this imbalance in its own composition. Foreign investors remain wary of a market that is small in size, narrowly based and where so many of its major companies operate in vulnerable sectors. Irish institutions and investors, who have been over-reliant on Irish shares for their portfolios, have already paid a price for their failure to diversify. Quite understandably they too are now reluctant buyers.

Have stocks stabilized, or is there pain to come?

Have stocks stabilized, or is there pain to come?
NEW YORK:
After last week's dreary economic news, Wall Street is more certain than ever that it is facing a recession. But it's also seeing signs that corporate America is enduring the difficulties better than it anticipated.
With the Federal Reserve's interest rate meeting this week and second-quarter earnings still pouring in, investors are trying to decide whether the stock market is at a turning point, or just another plateau before the next big selloff.
The stock market was volatile last week. Investors were relieved to see some decent earnings, as well as moves by Ambac Financial Group Inc. and Merrill Lynch & Co. to rid their balance sheets of risky debt. But they were disappointed about sluggish gross domestic product growth in the second quarter, and a rise in unemployment to 5.7 percent last month.
The Dow Jones industrial average, after logging several triple-digit, back-and-forth swings, finished the week down 0.39 percent. The Standard & Poor's 500 index ended up 0.21 percent, and the Nasdaq composite index finished up 0.02 percent.
The Fed meets Tuesday, and policymakers are expected to keep interest rates steady at 2 percent, given the recent underwhelming readings on the economy. Inflation rose sharply for businesses in June as they paid higher prices for commodities, but it appears to have eased in July as the price of oil retreated in the second half of the month.

China seeking to keep markets stable

China seeking to keep markets stable

Securities regulator Shang Fulin said China is going "all out" to ensure stability in the markets ahead of the Olympics in August, Caijing magazine reported on its website, citing sources.

Shang reportedly made the comments at a half-yearly work meeting of the China Securities Regulatory Commission in Beijing, the report said-"The Olympic Games are just around the corner and the market environment is becoming more complicated. We should go all out to safeguard the stable operation of the capital markets," Shang was quoted as saying.
The country's top securities regulator said China's stock market is still healthy despite plunging share prices this year.
"The fundamentals for a healthy stock market have not changed significantly, and China's macroeconomic foundation will continue to support the healthy development of capital markets," Shang said in comments published on CSRC web site on Wednesday.
The report said Shang did not mention in his speech specific actions planned by the CSRC, but urged that market rumors be kept under control.
According to earlier media reports, China's fund managers have been ordered not to comment on the current state of the stock market, including individual stocks.
Shang noted that the next step is to prioritize the development of corporate bonds and other fixed-income products, with the commission also pushing forward preparations for a growth enterprises board.
The commission will adjust the pace of fund raising exercises and speed up the launch of margin trading and other new managed fund products, Shang said.
Shang also said the commission will encourage financial innovation appropriate for the current level of maturity of China's markets, the report said.