HOW TO ANSWER QUESTIONS ON SHAKESPEARE'S PLAYS - ESSAY QUESTIONS

Examination papers on Shakespeare usually feature three kinds of questions. The first kind commonly referred to as a context question consists of a short extract from a play, usually a single speech, followed by a number of specific questions about this passage. The second kind of question presents a longer extract from a play, perhaps about 50 lines and asks you to write an essay in which you discuss this passage and relate it to the play as a whole. It is these two kinds of questions that are considered popular. The third is the traditional essay question, where you are asked to discuss a statement about a play or asked to look at a particular aspect of a play.

Whatever kind of question is set, however, its purpose is not only to test your understanding of a play and your response to it, but also to test your ability to express your response and understanding. You should always try to remember that the way in which you present your response – which covers both the overall organization of your answer and the quality of your writing – is every bit as important and the quality of your ideas. You have to see what the question is about and then write clearly and sensibly. Proper use of paragraphs and writing in grammatical sentences.

Things to bear in mind:

-         Your essay is likely to prove most effective if it has a simple overall structure, looking at a different aspect of the play in each paragraph.

-         Use the opening paragraph to set you your controlling ideas.

-         In each subsequent paragraph, focus on specific details, but interpret them in the light of your controlling ideas.

-         Don’t try to discuss too much. It is better to do justice to a couple of details in a paragraph, showing how they illustrate and bring to life the wide concerns of the play, than to list a host of details which you don’t bother to justify or to explain.

-         Remember that each paragraph is a step in an argument. As you examine each detail, you are adding to the general sense of the play that is conveyed in your essay and also adding to the sense of how the play dramatizes its issues.

The question: The basic rule of all good essay writing is answering the question set. The question will direct you towards a significant and interesting part or aspect of the play.

Understanding the question: Essay writing becomes a lot easier if you know what sort of questions are usually set. The most common kinds of essay questions on Shakespeare either about a play’s characters or about a play’s themes or technique. In every case you will be asked to analyze and discuss a specific topic or question or statement. You are being asked to present an argument.

In question about characters – you have to move beyond an analysis of the personalities of the characters to a sense of how they are being used by the dramatist and how they illuminate what the play is about and how it works. You have to focus on the characters themselves, but your answer must be informed by a sense of the broader issues inherent int eh play. You are interested in the characters because of the way in which they reflect, reveal and embody the broader concerns of the play.

Questions about themes – always ask or discuss a particular topic or in a play. Although you are asked to focus on a specific topic, your answer must be informed by a sense of the broader issues in the play. Thematic questions often consist of a statement about the play followed by the word ‘discuss’. The statement will often point to a tension in the play, but, if it does not, then you must stop and think and remind yourself that plays always deal with conflicts and problems and that any theme specified will reflect the broader conflict found in the play in some way. Concentrate on the specified topic, showing how and where in specific incidents the theme is evident. Comment on the significance of the details you look at saying how they bring this tension to life.

Questions about technique – focus on the imagery in a play and whether the play is a tragedy or not.

What the examiners want to see – a clear well set out answer which refers to the test a lot. He/she wants to see an essay with a strong, clear central argument closely illustrated. They are interested in how effectively you organize and present and argue the case you are offering.

See the problem involved int eh question.

First paragraph – In the opening paragraph identify the problem, focus on the issue at the heart of the question.

Second paragraph – write about a particular scene or speech in the play. If it is a question about character, it obviously has to be a scene which features that character. Refer to the incident, or quote part of a speech, and then begin to discuss and analyze what you can see happening in this section of the play.

Concentrate on one or two details and really work on these instead of trying to cover everything.

End paragraph with very definite conclusion

If there is more to the issue than you have discussed, you made add more paragraphs.

In the concluding paragraph discuss all the aspects together.

Key points:

The main rule of essay writing is to keep the overall structure of your essay simple.

Remember that you are always examining a problem, and your answer must therefore develop an argument.

The first paragraph should define the problem you are going to examine.

Subsequent paragraphs need to look closely at the evidence of the text, establishing an answer from specific incidents and details in the play.

An essay needs to develop an argument and each paragraph should be thought of as a step in an argument, advancing the case beyond the point reached at the end of the previous paragraph.

Each step in the argument must develop from the actual evidence of the text.

THE PRESS AND REGISTRATION OF BOOKS ACT, 1867

In 1867, a law called the Press and Registration of Books Act, 1867 was passed, which sought to regulate printing presses and newspapers by a system of registration and to preserve copies of newspapers and books published in India.

This law was enacted by the British Government when they were ruling our subcontinent since one of the most important objectives of the British Government was to tighten the hold over the Indian people. Such laws were systematically resorted to by the British to throttle the Indian Press.

Before the enactment of this law, there were other rules and regulations enforced, which the British authorities found inadequate and insufficient. Thus, to tighten their hold on the people and the Press, as also on inflammatory articles, writings and speeches originating in the subcontinent aimed at securing freedom form the British, the law was passed.

After securing independence in 1947, the Indian Government has been following the British model of Jurisprudence and form making of legislations. Consequently, the various provisions of this law, as enacted by the British, are being rigidly enforced in India even today.

As is the case of several other laws in force in our county, in the case of the PRBA also, several inadequacies and loop holes were detected, when it came to practical implementation. Based on the Government’s experience with regard to the practical implementation of the law and the court judgements regarding the various provisions of the law, a large number of amendments have been made in this law as well.

Objectives of the law

The following are the important objects of PRBA, 1867:

-       Regulation, control and compulsory registration of all printing presses in function in India.

-       Compulsory registration, regulation and control of all newspapers published in India, in English or any regional language.

-       Compulsory registration, regulation and procurement of all newspapers, periodicals and books published in English or any other Indian language in India.

Important provisions and definitions and key concepts:

Like in the case of several other laws, the key words, concepts in this too, are clearly defined. The important legal words used in the different areas of the law are defined extensively and in detail, so that people affected by the provisions of this law know the exact manner and method in which the law affects their operations and smooth day to day functioning.

The key words defined in the law are:

Book: ‘Book’ includes every volume, part or division of a volume and pamphlet, in any language and every sheet of music, map, chart or plan separately printed.

Editor: ‘Editor’ means the person who controls the selection of matter that is published in a newspaper.

Magistrate: ‘Magistrate’ means any person exercising the full powers of a Magistrate and includes a Magistrate of Police.

Newspaper: any printed periodical work containing public news or comments on public news.

Paper: any document including a newspaper, other than a book.

Prescribed: prescribed by rules made by the Central Government under section 20-A.

Press Registrar: The Registrar of Newspapers for India appointed by the Central Government under Section 19-A and includes any other person appointed by the Central Government to perform all or any function of the Press Registrar.

Printing: includes cyclostyling and printing by lithography.

Register: the Register of newspapers maintained under Section 19-B(section 1).

 

Important provisions of the law:

-       Compulsory submission to the government authorities of all newspapers, periodicals and books published in India, for their scrutiny and records.

-       A catalogue containing details of all newspapers, periodicals and books published in India will be prepared systematically and regularly by all state governments and submitted to the Registrar of Newspapers for India (RNI) on a regular basis and to such other government authorities as shall be notified from time to time, by the government.

-       Though this is a Central Government legislation, the subsequent amendments carried out to the different provisions of this law empowers the various state governments in India to make such additions or legal changes that may be required for the purpose of smoother implementation of the various provision in their jurisdiction.

-       This law makes it mandatory for the owners of the printing press, as also the Printer, Publisher, and editor to register themselves before a District Magistrate of a Sub-Divisional Magistrate coming under their jurisdiction. While registering details such as name and title of the publication, the periodicity, the language, the price, the name of the editor, printer, publisher and such other details as will be demanded by the magistrate. Failure to register themselves attracts penal provisions such as fine and imprisonment as prescribed by this law.

-       Authentication of the registration is an important provision in this law. Two copies of the authenticated document are to be prepared. The authentication can be done only by the special magistrates, district magistrate or a sub divisional magistrate falling within the jurisdiction of the newspaper or book involved.

-       One copy of the authenticated document containing the original seal and signature of the Magistrate concerned will be kept by the Magistrate himself for his records. The second copy will be kept with the HC itself as part of the HC’s records. There cannot be a third original which can be prepared. Two copies can be made with attestation for the applicant’s records. No alteration of any variety can be made on the authenticated records. In case the printer, publisher or editor cannot present himself physically for the purpose of registration/authentication, this law allows to appoint an agent with a special letter of authorization to carry out this work. Failure to comply with these provisions of authentication attracts penal provisions by way of imprisonment and hefty fines.

-       The law also makes it mandatory for submission of books, periodicals, newspapers, published any time, even if it is altered/repeated edition to the Registrar of Newspapers for India (RNI).

-       The authenticated document constitutes a firm piece of legal evidence for the purpose of any litigation involving any court of law.

-       In case a document cannot be authenticated in a particular HC, precisely because the matter does not come under its jurisdiction or purview, the law clearly states that the nearest civil court of appellate jurisdiction will have to be approached by the concerned parties for the purpose of authentication and registration of documents.

-       The law further states that every newspaper or periodical organization will have to compulsorily submit their annual report to various government authorities regularly (every year).

-       The Registrar of Newspapers for India (RNI) is granted adequate powers for collecting any newspapers or periodicals from any organization at any point of time, by just quoting the various provisions of this law.

-       While giving powers to the RNI, the law further states that the officers working under the Press Registrar can be authorized by him (RNI) for handling all aspects, situations and matters involving the practical applicability of the provision of this law.

-       The various provisions of this law will operate in tandem with other Central/State government laws, rules, regulations, amendments in force from time to time.

-       Most importantly, the Registration of Newspapers (Centre Rules 1956) will apply to the various provisions mentioned earlier.

Amendments:

A number of amendments were made in the act from time to time. But, major amendments were carried out in 1955 following the recommendations of the First Press Commission in 1953, consequent upon which the Office of the Registrar of Newspapers of India(RNI) was created and started functioning in 1956.

 

BASIC GUIDELINES TO STUDY A NOVEL

 When you decide to study a novel you need to have self-discipline and work on a plan for the study to be effective. Enlisted below are some guideline to help you study a novel:

-         You will need to read the novel more than once. Start reading it quickly for pleasure and then read it again slowly and thoroughly.

-         On your second reading, make detailed notes on the plot, characters and theme of the novel. When you read again, you will see new ideas and you will also memorize the details of the story.

-         Some of the characters will develop and emerge distinctly different from others as you re-read the novel. You will also find that your response towards them changes during the course of the novel.

-         Think about how the novel is narrated. From whose point of view are the events described?

-         Does the novel present events chronologically or does the time scheme change constantly? What is the technique applied and why?

-         What part do the settings play in the novel?

-         Are words, images, incidents, repeated so as to give the work a pattern? Do such patterns help you understand the theme of the novel?

-         Does the novel present a just and moral world?

-         Cite exact sources for all quotations whether from the text itself or from critical commentaries when writing a report about the novel. You can also find your own examples from the novel to back up your opinion.

SEMIOLOGY

 Semiology, also called as semiotics, is the study of signs. The term originates from the Greek word ‘semeion’ which means ‘a sign’.

Saussure defines semiology as ‘a science that studies the life of signs within society; which would show what constitutes signs, what laws govern them’.

A fundamental idea of semiotics is that meaning is not a quality inherent in any given sign, but an aspect of how that sign differs from other signs.

Semiotics reveals the ways in which signs are used, accepted and rejected. It indicates the tastes and desires of wider society.

 

In our everyday life we come across numerous signs. These visual signs have some identified meanings.

The meanings are clear because we have grown up looking at them and someone told us what it was and so we have an automatic response to them.

 

Saussure analyzed the sign into two basic components: a sound component which may be named the signifier and a conceptual component, which he called a signified. This conceptual component, signified, is not a material object, but the thought / idea of an object. It is what is called to mind when an individual hears or uses the appropriate signifier. The signifier therefore constitutes the material aspects of language.

In the case of spoken language, a signifier is any meaningful sound which is made, in the case of the written language a signifier is any meaningful mark written down, in the case of the media a signifier is any image which is relayed to the audience. 

Thus, a sign is the union of a signifier and a signified, which form an indissociable unity like two sides of the same piece of paper.

 

Barthes primary level and secondary level significance

Ronald Barthes outlines a semiological model for readding popular culture. He takes Saussure’s perspective and indicates any primary significations as the signifier ‘cat’ produces the signified ‘cat’ – a four-legged feline creature.

He uses the terms ‘denotation’ (primary signification) and ‘connotation’ (secondary signification).

Denotation – is the first level of signification, it means the permanent sense of a word excluding all subjective evaluation. It describes the literal or obvious meaning of the sign; thus, denotation of the visual image refers to what all people see without association to their culture, ideology or society.  Barthes expressed that the denoted message bears analogical properties and it is primary to connotation in the process of signification.

e.g. sunrise denotes the beginning of the day and end of the night.

 

Connotation – Barthes uses the term connotation to explain the way the sign works. It describes the interaction that occurs when the sign meets the feelings or emotions of the users and values of their culture. It is influenced by the subjective factors that open more interpretation to the text. Connotation relies on the prior existence of denotation, it is built on denotation. It is a product of mental abilities responsible for reading between the lines.

 e.g. sunrise connotes a new day full of hope, the end of darkness, a new vision, etc.

 

Semiotics in Media

Semiotic approach is highly applied in media studies in domains such as advertising, cinema, video clips, caricature, etc. semiotics is considered as one of the major branches of media analysis materials. It enables the interpretation of the underlying meanings within media output and how the audience accepts, rejects or redefines those meanings.

 

Analyzing an image:

 

Barthes demonstrates semiotic analysis with the example of a front cover from Paris Match, showing a young black soldier in French uniform saluting.

The primary signification: Soldier saluting

The secondary signification: A positive image of French imperialism, militarism, ethnic difference, implies France is a great empire and all her sons, without color discrimination, faithfully serve under her flag, etc.

CONTENT ANALYSIS

 Content analysis is the systematic analysis of content of media / communication media.

It consists of analyzing the content of documentary materials like books, magazines, newspapers and the content matter of all other verbal material which can be either spoken or printed. Content analysis creates a detailed profile of the media content over a period of time.

The main aim of content analysis in media research is to examine how news, advertising and entertainment output reflect social and cultural issues, values and phenomena.

 

Types of Content Analysis

Two general categories – conceptual analysis and relational analysis

Conceptual Analysis – A concept is chosen for examination and the number of its occurrences with the text recorded. It is important to clearly define implicit terms at the beginning of the counting process because the terms may be implicit or explicit.

This analysis begins with identifying research questions and choosing a sample or samples. Then, the text must be coded into content categories. The process of coding is of selective reducing which is the central idea in content analysis. Some characteristics of the message may be analyzed and interpreted by breaking down the contents of materials into meaningful and pertinent units of information.

e.g. analyze a text and code it for the existence of certain words. How many times the words such as ‘hunger’, ‘Hungry’, ‘famished’, ‘starving’ appear in the text.

Relational analysis – It builds on conceptual analysis by examining the relationship among concepts in a text. One must first decide which concept type will be explored in the analysis.

e.g. in relational analysis we will identify what other words of phrases ‘hunger’ or ‘famished’ appear next to and then determine what different meanings emerge as a result of these groupings.

 

Uses of content analysis

Content analysis is used in large number of fields, ranging from marketing, media studies, literature, rhetoric, ethnography, cultural studies, social sciences, to other fields of research.

Content analysis has the potential to identify trends over long periods of time.

The studies are descriptive and can be sued to study societal change like the views and opinions of people.

It helps in testing the hypothesis.

It helps to verify the portrayal of certain groups, traits or characteristics in media against how they are in real life. This enables us to compare media presentations to the actual situations.

It can be used to focus on how media have depicted certain groups in society – e.g. depiction of the youth, or elderly people.

Detect the existence of propaganda.

Describe attitudinal and behavioral responses to communications.

Determine the psychological or emotional state of persons or groups.

It’s a starting point for further studies on the media.

 

Limitations of content analysis

Content analysis alone does not serve as a basis for making statements relating to the effects of media content on audiences. To make any kind of assertions, additional studies of the audience is required. By itself, content analysis cannot make claims relating to the effects of media.

The findings relating to content analysis are restricted to that particular study, as each study has a particular framework consisting of its specific definitions and categories used. Thus, due to such differences, there are different conclusions relating to specific studies.

There is a lack of messages which could be relevant as research topics. This is because many issues are not properly explored by the mass media.

Content analysis is a time consuming and expensive process of analysis.

 

In conclusion, content analysis is a popular technique in mass media research. A proper study of content analysis should be reliable, as well as yield results. Content analysis remains a favored research technique even today.

 

SPECIAL POLICIES OF FIRE INSURANCE

These are of different types based on the insurance hazards, insured risk, business type, policy rules.

Valued policy: The value of the prospectus to be insured, here, the insurer pays the total admitted value irrespective of the market value of the properties. The amount fixed may be greater or less than the actual market value of the property destroyed by fire at the time of loss. It is used for insuring especially pictures, sculptures, works of art, jewelry articles, etc. it is beneficial to the insured because he/she is relieved of proving the value of the property at the time of loss by searching for invoices and receipts. The valuation is revised at frequent intervals. The insurer will have to pay more than the actual loss if the market price of the property has gone down.

Valuable policy: is that policy where claim amount is to be determined at the market price of the damaged property. This policy represents the doctrine of indemnity.

Floating policy: is useful to cover fluctuating stocks in different localities. It is taken to cover one or more kinds of goods at one time under one sum assured for one premium, the physical and moral hazards are also varying. These kinds of policies are specifically taken by big manufacturers or traders whose merchandise might be lying in parts at the warehouse, port, or railway station. The average rate of Premium is ascertained by taking into account the total premium payable had the property been insure by specific policies. It contains ‘average’ and ‘marine’ clauses. It can be taken only on stocks and not on immovable property.

Excess policy: The stock of a businessman may fluctuate from time to time, so the insured in this case can purchase two policies, one is the ‘loss policy’ and the other is the ‘excess policy’. The minimum level of stock can be found out from the past experience and for the other portion of stock which exceeds the minimum limit. The actual value of the excess stock is declared every month. The average clause also applies to this policy.

Specific policy: Specific sum is insured upon a specific property in case of a specified period, the whole of the action loss is payable provided, but won’t exceed the insured amount. The insured sum sets a limit upto which the loss can be made good.

Average policy: Policy containing ‘average clause’ is called an Average policy. The amount of indemnity is referred to the value of the property insured. If the policy holder has taken policy for a lesser amount than the actual value of the property, the insured will be deemed to be his own insurer for the amount under insurance. The average clause is operative only. It is ineffective when the property is insured for the full value as in that case the insured is protected to the extent of his total loss.

Comprehensive policy: This policy undertakes full protection against risk of fire combined with burglary, riot, civil commotion, theft, lightning. This policy is beneficial to the insured and the insurer. The insurer can set higher premium and the assured is protected against losses due to specified perils.

Sprinkler leakage policy: This policy insureds the destruction or damage to by water accidentally discharged or leaking form automatic sprinkler installation in the insured premises.

Add on covers policy: An insured may like to cover his prospectus against to delete some of the exclusions. The additional cover is effected is included specific perils also. For example earthquake. Add on the cover is mid-term inclusion but the annual premium has to be charged and not short period premium. No refund of premiums for the cancellation will be allowed unless the entire policy is cancelled.

SOCIAL SECURITY | INDIA

 SOCIAL SECURITY

Social security is the protection which society provides for its members through a series of public measures. It is against economic and social distress.

It could be caused by the stoppage of substantial prediction of earning resulting from sickness, maternity, unemployment, old age, etc.

The main feature of social security are:

To solve the problems of insecurity

To protect the workers from various contingencies of life

It is a collective effort of employee, employer and government

It is an idea to provide social justice.

 

The Workmen’s Compensation Act, 1923

This is one of the important social security legislations. It aims to provide financial protection to workmen and their dependents in case of accidental injury by means of payment of compensation by the employees.

The workmen’s compensation supports dependents like widows, minor legitimate or adopted son and unmarried daughter.

It considers for the disability of the workers to be total where if in capabilities a worker for all work he was capable of doing at the time of the accident resulting in such disablement.

 

Employee’s State Insurance Act, 1948

Provide medical facility and unemployment insurance to industrial workers during their sickness.

It is compulsory and contributory in nature.

It is applicable to all factories that employ more than 20 workers. It has the benefits of medical, sickness, maternity, disabled and dependent benefits.

 

Maternity Act, 1961

It is to protect the dignity of motherhood by providing complete and health care to woman and her child.

It gives her the assurance that her rights will be looked after while she is at home to care for her child.

Provisions of the Act entitle maternity leave even to women engaged on casual basis or on muster role basis on daily wages.

Cash benefits will be 84 days leave with pay before/after delivery.

A medical bonus of Rs. 1000/-

An additional leave will pay upto one month (proof of illness required)

 

Payment of Gratuity Act, 1972

The Payment of Gratuity Act, 1972 applies to factories and other establishments employing more than ten or more persons.

Every factory, mine, oil field, port and Railway Company.

Employee means any person employed on wages in an establishment to do any skilled, semi skilled, unskilled, supervisory, etc.

According to Sec.4(1) of the Payment of Gratuity Act, 1972, gratuity is paid after termination of employee after rending continuous service not less than 5 years on his superannuation or his retirement or resignation or on his death or disablement due to accident or disease.

Gratuity = Monthly salary X 15 days X no. of years of service/26

 

The Employee’s Provident Fund and Miscellaneous Provisions Act, 1952

The institutions should compulsory contribute provident funds, pension and insurance for employees i.e.

a.   Employee’s Provident Funds Scheme, 1952

b.   Employee’s Deposit Linked Insurance Scheme 1976

c.   Employee’s Pension Scheme, 1995.

It is to extend the reach and quality of publicly managed old age income security programs.

Eligible for provident fund in for an employee of the company to whom the employee’s basic salary and DA should be more than Rs. 15,000/-

Employee’s deposit linked insurance is basically a ‘Life Insurance’ for all covered employees under EPF MP Act, 1952.

Here deposit means average deposit in EPF A/c. when an employee dies while in service his or her family will get some compensation based on deposit in EPF Account.

On behalf fo Employees, the employer has to pay @0.50% of (basic+DA) or more upto Rs.15,000/- as  its monthly contribution with total contribution which makes eligible employee’s nominee to get the claim in the case of death while in service.

The amount received as the employer’s contribution and also the Central Government’s contribution to the ‘Insurance Fund’ under sub-section 2 and 3 of Sec. 6C shall be credited to an account called the ‘Deposit-Linked Insurance Fund Account’.

 

Social security benefits and welfare measures

Medical care or sickness benefit scheme

Employment injury benefit scheme

Maternity benefit scheme

Old age benefit including pension

Housing schemes

Educational schemes

Integrated insurance schemes

Survivor’s benefit scheme, etc.

 

TYPES OF RISK

Pure risk: Pure risk is a situation that holds out only the possibility of loss or no loss. For e.g. if you leave your house in the morning and leave for office by motorcycle you cannot be sure whether or not you will be involved in an accident, that you are running a risk. There is the uncertainty of loss. If you are involved in any one of these situations, you will suffer loss.

Types of pure risks:

Personal risk: Is the risk which affects an individual directly. It involves the likelihood of sudden and complete loss of income or assets or gradual reduction of income. This risk can be classified into four main types:

Risk of Premature death: It is generally believed that the average life span of human beings is 70 years. Anybody who dies before 70 years could be regarded as having died prematurely. A family breadwinner who dies prematurely has children to educate, dependents to support, mortgage loan to pay, etc.

Risk of old age: Post retirement, older people do not get sufficient income to meet one’s financial needs. Even some of the workers who plan for the future and make sufficient savings for old age may face the effect of inflation on savings. Higher rate of inflation can cause great financial and economic distress to retired people as it may reduce their real incomes.

Risk of poor health: Poor health can bring serious financial and economic distress to an individual. Without good health, nobody can plan for their future savings and can’t maximise their economic income. Poor health resulst in loss of earned income and high medical expenses.

Risk of unemployment: Unemployment is a situation where a person who is willing to do and is looking for work to do cannot find work to do. It always brings financial insecurity to people. In these cases, the person would lose his/her earned income. He may suffer from financial hardships. It may fully deplete his savings and expose himself to financial insecurity.

Speculative risk: is a risk where both profit and loss are possible. It is not normally insurable. It is common in business undertakings. It is a risk which faces break-even situations. For e.g. it includes taking part in exporting to a new market, betting on horse races, etc.

Property risk: Property owners face the risk of having their property stolen, damaged or destroyed by various causes. A property may suffer direct loss, indirect loss, losses arising from extra expenses of maintaining the property or losses brought about by natural disasters.

Natural disasters such as floods, earthquakes, storms, fire, etc. bring enormous property losses as well as affect human lives.

Liability risk: means that the person will be responsible for an injury to another person or their property. For e.g. if you injure your neighbor or damage his/her property, the law would impose fines on you and you may have to pay heavy damages. The risk amount under this risk doesn’t have any maximum upper limit. For e.g. If you ride a motorcycle valued Rs. 50,000 and negligently cause serious bodily harm to another person, that person can sue you for any amount of money… Rs. 70,000 and above, depending on the nature of the injury. If the motorcycle is fully damage by you then you are supposed to pay the actual value of the motorcycle. In this case your financial and economic security will be greatly endangered.

Fundamental risk: is a risk which is non discriminatory in its attack and effect a group risk cause by bad economy, inflation, unemployment, war, political instability, flood, drought, earthquake, etc.

This affects a large population and the risk lies with the society rather than the insurance. This can be handled by social insurance.

Particular Risk: affect only the individual and not everybody in the community. For e.g. if a bicycle is stolen the full impact of the loss of the bicycle is felt by you. The theft of a bicycle is a particular risk. Particular risks are the individual’s own responsibility and not that of the society of community as a whole. The best way to handle particular risk by the individual is the purchase of insurance cover.

Static risk: is a risk that involves losses brought by irregular action of nature of mistakes of man. It is an unchanging economy. For e.g. if all economic variables remain constant, some people with fraudulent tendencies would still go out, steal, abuse their positions, etc. it involves destruction of assets or change in their possession as a result of dishonesty. Example of static risk includes theft and bad weather.

Dynamic risk: is mainly speculative risk in changes in price level, income, taste of consumers, technology, etc. which can bring about financial losses to members of the economy. It is beneficial to the society. For e.g. technological changes which brings higher production at a cheaper price. It affects large number of individuals.