Health And Property With The Amount Of Compensation †Free Samples

Question: 1. Was the compensation is justified? 2. Was the decision of the court in this case fair? Explain 3. If you are agree with the judgment of the court so, explain why? If you are not agree with the judgment of the court so, explain why? 4. In your opinion, will you compromise your health and property with the amount of compensation? 5. Who will pay the loss? Cement company or insurance company? 6. Environmental pollution is very harmful, is it acceptable to compromise your surroundings and environment in term of money? Explain Answer: Answer 1 The issue that has been presented in the question is that the Cement Company had been emitting large amounts of pollution along with constant vibration and loud noise. This means that the residents of the surrounding environment have been facing problems due to the noises and the vibrations. However, the refusal of the court to issue the injunction on the grounds that the cost of closing the plants outweighed the benefits that is to be gained by the residents. Thus, the compensation that had been determined by the court was the fair market prices that the residents would receive if they would rent their properties. The compensation that has been determined is in accordance to the Islamic Insurance (Takaful). Takaful can be concluded as an effort that may come up from the sudden or unexpected peril or harm. Thus, it can be concluded that the compensation is justified in terms of the particulars of the Islamic Insurance regulatory procedures. However, on the grounds of ethics, this par ticular decision by the court has been strongly criticized. Answer 2 The decision of the court has not been fair. This is because the court ruling in favor of the cement company will not only harm the residents but also the surrounding environment of the company. This particular decision by the court has violated the economic interests of the residents. Moreover, it is an established fact that each corporate entity or company has a duty towards the society and the environment in which it operates. This is known as the corporate social responsibility of a firm. The cement company has not even fulfilled the corporate social responsibility. Thus, the decision by the court is not fair. Answer 3 The judgment of the court is not agreeable. This is due to the fact that the solution to the particular problem as mentioned in the case study is that the residents may receive a onetime payment equivalent to the fair market price in regards to renting of the properties of the resident owners. However, the damage that is caused as a result of the operational functions of the organization cannot be resolved by an onetime payment of fees. The economic as well as the environmental interests of the residents are violated by the decision of the court. Moreover, the decision by the court unofficially has permitted the cement company to pollute the surroundings by just paying out the compensation fees. Furthermore, the fact that the cement company has been utilizing the latest technology has also helped the court in refusing to issue the injunction. However, an alternative solution has to be developed in this particular situation like the modification of the manufacturing processes in order to reduce the loud noise and the vibrations. Thus, the judgment of the court is not agreeable. Answer 4 The health and property should not be compromised with any amount of compensation. One time compensations will be of no use to the residents as the operational functions of the firm will in all probabilities inflict a long term damage on the environmental surroundings which cannot be compensated with the payment of any kind of fees. Answer 5 The company itself will pay for the loss. This is because it has been mentioned in the case study that the insurance company will not cover for the damages that is related to the environmental and health problems that has been caused by the plant. Moreover, it is the duty of the company to compensate for the loss that has been specifically incurred due to the functional operations of the cement plant. Answer 6 It is not acceptable to compromise the surrounding environment in terms of money. This is because it should be noted here that the environment in which a business operates should be given prime importance in regards to the money that may be received as a payment for such corrupted practices. A business can be modified in order to suit the requirements of the environment but once the environment is degraded, no technology can be implemented in order to establish the selected business Adjusted Premium The different types of Premium Adjustments are as follows: Cancellation cancellation refers to the exclusion of an insurance policy before the expiration of the selected policy. The policy might also be cancelled on the basis of the request by the insured. The policy may also be cancelled due to the non-payment of the premiums. Endorsements the alterations in the already existing policies might lead to the payment of the additional premiums, which may required to be adjusted. Moreover, the returns of the premiums might also be considered due to the decrease or increase in the coverage limits. Deletion or the addition of the properties or coverage of the risks might also result in the return of the premiums that will be required to be adjusted, the change in location of the insureds also may result in the adjustment of the premiums. Audit premiums the determination of the premiums on the basis of the reports generated by the periodic audits may result in audit premiums. Audit may result in additional premium or return premium. The premiums may also be modified post the expiration of the same. These are known as the retrospective premium adjustments.