Spatial basis risk and feasibility of index based crop insurance in Canada: A spatial panel data econometric approach

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Spatial basis risk and feasibility of index based crop insurance in Canada: A spatial panel data econometric approach"

Transcription

1 Spatial basis risk and feasibility f index based crp insurance in Canada: A spatial panel data ecnmetric apprach Millin A.Tadesse (Ph.D.), University f Waterl, Statistics and Actuarial Science, Canada. Outline Backgrund and mtivatin Thery A mdel f crp insurance pricing under spatial basis risk Panel data ecnmetric methd Data and results Cnclusin and plicy implicatins 1

2 Backgrund Basis risk in crp insurance literature cmmnly defined: Ptential mismatch between actual lss (yield, incme, etc) and a predetermined parameter (index) that trigger a lss (weather variable, NDVI, etc) (Mahuel 2001; Turvey 2001). When the mismatch is ften attributable t spatial differences, the term spatial basis risk is ften used. The prblem is unique t index based insurance (IBI) scheme that des nt require actual field lss assessment. Farmers face mst f the risks (e.g. receive n payut) when in fact they shuld have been paid but smetimes insurance agencies may pay farmers (when in fact they shuld nt). 2

3 Backgrund Key advantages f IBI: Reduce mral hazard and adverse selectin prblems Lw administrative csts Hwever, an emerging questin is t whm are the abve benefits? T farmers r insurers? In mst cases (at least in develped natins where access t credit and ther financial markets are relatively k),insurers are benefiting by mving twards IBI. The lack f clear benefit t prducers (cmpared t the traditinal crp insurance scheme including the existence f self-insurance mechanisms, gvernment subsidy, etc) and the relatively big spatial basis risk: Undermined the demand fr IBI even in areas with high level f subsidy (60% in Canada). Fr instance, nly 10% f frage acreage is insured in Canada until end f 2013 (Agricrp, 2013). 3

4 Mtivatin f this study Given the staggering lw demand in IBI and prevalence f spatial basis risk facing prducers, this paper aims: T examine the feasibility f IBI using a simple thery explaining the behavir f a typical frage grwer in Ontari, having tw insurance ptins (i.e. MPCI and IBI). IBI fr frage has been peratinal in Canada since 2003/2004. T develp methds t better quantify and reduce the prblem f spatial basis risk in IBI fr frage. 4

5 Thery: A mdel f crp insurance under spatial basis risk Assume a market with a single insurance prvider t N number f farmers. A typical farmer i in regin S has tw crp insurance ptins: Traditinal crp insurance (the term MPCI used here) that requires field lss assessment: Mral hazard and adverse selectin are cst t insurers but hidden benefit t prducers N basis risk t prducers IBI (n field lss assessment) But ptentially expse farmers fr spatial basis risk Maximizing expected utility f net incme requires cmparing the fllwing tw equatins: MPCI a E( U ( )) p y ( A, x, ) c( p, z ) (2 ) MPCI is is is is is is IBI E( U ( )) p y ( A, x, ) c( p,, z ) (2 b) IBI is is is is is is 5

6 Thery: A mdel f crp insurance under spatial basis risk If p MPCI and p IBI are equal, keeping ther factrs cnstant, participatin in MPCI prvides a psitive incme, EU ( ( )) Where as in equatin (2b), the farmer faces an additinal cst (basis risk), 0. and expected net incme declines by the same amunt, MPCI is EU ( ( )) is IBI 0. In equilibrium, the cst f spatial basis risk shuld be less than the price advantage a typical farmer might get frm IBI, i.e. MPCI IBI p p is. is Thus, increased demand in IBI shuld be driven by the magnitude f is insurers willing t cmpensate farmers such as thrugh reduced price, i.e. p IBI p MPCI. 6

7 Thery: Pricing crp insurance under spatial basis risk Frm abve we have, IBI * MPCI p p is 3 MPCI where p E( C yi ) f ( yi )( C yi ) ; 0 y i C (See Yeh and Wu, 1966). Under the nrmal curve thery with n basis risk, Btts and Bles (1958) expressed average premium per acre at time t as: T mt where At M i.e. prprtin f ttal acres with yields belw C; mt and M t are the number f t 1 acres belw the cverage and ttal acreage, respectively, at time t; Yit yi M t is the mean f acres yield ( y ) fr a particular year; the height f rdinate at is the standard deviatin f acres yield (where i MPCI T p A ( C Y ) d (4) t t t t d C; by is equal t a cnstant prprtin f lng term average yield, Y ) (Btts and Bles, 1958). 7 b i

8 Thery: A mdel f crp insurance under spatial basis risk Fllwing (Btts and Bles, 1958) and given lng term claim inf and actual payut, we can apprximate the standard deviatin f spatial basis risk by, and substitute int earlier frmula t get the ptimal premium under spatial basis risk: IBI * T p At C Yt dt ( ) (6) where λis with representing the prprtin f lng term spatial basis risk, λ is. 8

9 Ecnmetrics: Ratinale fr spatial dependence Main issues in supprt f spatial dependence analysis in agriculture (Nelsn 2002; Langyintu and Mekuria, 2008; Greene, 2008): Crp yield bservatins in ne lcatin is crrelated with its neighbring lcatin bservatins; Crp bservatins cllected in adjacent time perids are mre likely t be crrelated than yield bservatins separated in time; Thus, methds that allw spatial dependence are necessary (e.g. spatial dependence ecnmetrics methds such as by Anselin (1988). 9

10 Panel data ecnmetrics with spatial dependence Key limitatins f standard spatial ecnmetric methds: Rely either n purely crss-sectinal r time series data Lacks better identificatin strategies (fr endgenus regressrs) (Gibbns and Overman, 2012, Mstly pintless spatial ecnmetrics, JRS ). Linear fixed effects panel data mdel via cntrl functin apprach is advantageus (Wldridge 2002) and applied in this paper: Allws researchers t estimate and cntrl ( partial ut ) bth spatial and tempral dependences withut relying n bjectively determined spatial weighting matrix. Slves mst f the identificatin prblems that plague spatial ecnmetric mdels develped in 1980 s such as by Anselin (1988, 2006). Standard tests (and methds t crrect) fr serial crrelatins and heterskedascticity (fr panel data) are available and simple t implement 10

11 Linear fixed effects panel data with cntrl functin apprach: A tw step prcedure (Wldridge 2002) First stage: Ptentially endgenus variable is regressed using plausible instrument(s) and gd exgenus variables Predict and save residual (s) Secnd stage: Predicted residual frm the abve stage, the endgenus variable and additinal exgenus variables will be used t estimate cefficients (e.g. using linear fixed effects panel methd as used in this study). 11

12 Data and results 12

13 Table3: Impact f weather n frage yield in Ontari, Dept var: lg f frage yield (bus/acre) but fr first stage: daily ttal prcpt OLS regressin Cntrl functin: Linear fixed effects panel data GDD nly GDD & prcpt First stage Secnd stage: GDD nly Secnd stage: GDD& prcpt Ceff./(SE) Ceff./(SE) Ceff./(SE) Ceff./(SE) Ceff./(SE) April grwing degree days **** **** **** **** (0.01) (0.01) May grwing degree days June grwing degree days *** *** (Next page) July grwing degree days August grwing degree days *** * September grwing degree days **** *** *** ** April grwing degree days squared **** **** **** **** May grwing degree days squared * ** * June grwing degree days squared **** **** July grwing degree days squared August grwing degree days squared ** * September grwing degree days squared **** *** April precipitatin ** (0.00) (0.01) May precipitatin **** ** June precipitatin * July precipitatin *

14 Table3: Cntinued: OLS regressins Cntrl functin: Linear fixed effects panel data Dept var: lg f frage yield (bus/acre) but first stage dept var is daily ttal prcpt GDD nly GDD & RF First stage Secnd stage: GDD nly Secnd stage: GDD& RF Ceff./(SE) Ceff./(SE) Ceff./(SE) Ceff./(SE) Ceff./(SE) August precipitatin (0.00) (0.01) September precipitatin Residual sil misture, lagged precipitatin **** (0.02) April precipitatin squared May precipitatin squared *** June precipitatin squared July precipitatin squared August precipitatin squared September precipitatin squared Wind speed in km/hur **** (0.01) Altitude (mitted) Time trend (0.00) Quadratic time trend (0.00) Predicted precipitatin residual (deviatin) * Cnstant **** **** **** **** (0.01) (0.01) (34.81) (0.01) (0.01) Number f Obs Prb > chi Lg likelihd rati Adjusted R square Crr (u_i, Xb) rh (fractin f variance due t crss sectinal units) Mdified Wald test fr grup wise heterskedasticity Chi2(3)=1130**** Chi2(3)=1106**** Jint significance test (F-test) F(4,4015)=16.5**** F-test u_i:0=109*** F-test u_i:0=106****

15 Cnclusin and plicy implicatins 1. Fr increased IBI uptake, the gains frm reduced insurance premium under IBI shuld be greater than the cst f spatial basis risk plus sme hidden benefits t farmers (frm mral hazard and adverse selectin prblems) that may be lst by mving away frm the traditinal scheme. 2. Secnd, given actual yield lss (insurance claim) and payut prvided by insurers t farmers (acrss space and time), this study shws the ptimal per acre premium rate and a cnstant prprtin representing a lng term deviatin in spatial basis risk. 3. This paper applied a relatively simple ecnmetric methd t reduce the prblem f identificatin facing standard spatial ecnmetric methds. It challenges the exgeneity f rainfall in mdels estimating the relatinship between yield and weather. 4. It is shwn that a unit decrease in precipitatin in May, June and July results in 1%, 0.7% and 0.8%, respectively, reductins in frage yield. Thus, insuring farmers fr rainfall deficit fr these mnths is relevant. 15

Student Academic Learning Services Page 1 of 7. Statistics: The Null and Alternate Hypotheses. A Student Academic Learning Services Guide

Student Academic Learning Services Page 1 of 7. Statistics: The Null and Alternate Hypotheses. A Student Academic Learning Services Guide Student Academic Learning Services Page 1 f 7 Statistics: The Null and Alternate Hyptheses A Student Academic Learning Services Guide www.durhamcllege.ca/sals Student Services Building (SSB), Rm 204 This

More information

slope Q So you can use relative slope to determine relative elasticity

slope Q So you can use relative slope to determine relative elasticity Elasticity Intr Measures hw sensitive quantity (demanded r supplied) is t changes in price If Q D r Q S changes a lt in respnse t a price change, then the relatinship is elastic If changes a little, then

More information

Trends and Considerations in Currency Recycle Devices. What is a Currency Recycle Device? November 2003

Trends and Considerations in Currency Recycle Devices. What is a Currency Recycle Device? November 2003 Trends and Cnsideratins in Currency Recycle Devices Nvember 2003 This white paper prvides basic backgrund n currency recycle devices as cmpared t the cmbined features f a currency acceptr device and a

More information

Employee Engagement Business Case

Employee Engagement Business Case Emplyee Engagement Business Case A Peple & Culture White Paper Emplyee Engagement Business Case Purpse This dcument is a mdule frm the Peple & Culture training curse n Strategic Emplyee Engagement. The

More information

OP 8: Building Energy Consumption

OP 8: Building Energy Consumption OP 8: Building Energy Cnsumptin 6 pints available A. Credit Ratinale This credit recgnizes institutins that have reduced their building energy usage. B. Criteria Part 1 Institutin has reduced its ttal

More information

Life Maker Pension Plan

Life Maker Pension Plan COVER PAGE Life Maker Pensin Plan IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. A pensin plan that helps yu plan yur secnd innings. INSIDE PAGES The Life Maker

More information

CONTENTS UNDERSTANDING PPACA. Implications of PPACA Relative to Student Athletes. Institution Level Discussion/Decisions.

CONTENTS UNDERSTANDING PPACA. Implications of PPACA Relative to Student Athletes. Institution Level Discussion/Decisions. This dcument is intended t prvide NCAA member institutins with an infrmatinal guide regarding the ptential implicatins f the Patient Prtectin and Affrdable Care Act f 2010 (PPACA) when fully implemented

More information

Annuities and Senior Citizens

Annuities and Senior Citizens Illinis Insurance Facts Illinis Department f Insurance January 2010 Annuities and Senir Citizens Nte: This infrmatin was develped t prvide cnsumers with general infrmatin and guidance abut insurance cverages

More information

Hearing Loss Regulations Vendor information pack

Hearing Loss Regulations Vendor information pack Hearing Lss Regulatins Vendr infrmatin pack Nvember 2010 Implementing the Accident Cmpensatin (Apprtining Entitlements fr Hearing Lss) Regulatins 2010 The Minister fr ACC, the Hn. Dr Nick Smith, has annunced

More information

OECD-NEA Study Cost of Nuclear Accidents-liabilities Issues and their Impact on Electricity Costs

OECD-NEA Study Cost of Nuclear Accidents-liabilities Issues and their Impact on Electricity Costs OECD-NEA Study Cst f Nuclear Accidents-liabilities Issues and their Impact n Electricity Csts Wrkshp Appraches t estimatin f the csts f nuclear accidents May 28-29, 2013 OECD/NEA Headquarters, Issy-les-Mulineaux,

More information

PLANNING FOR QUALITY CARE AND INDEPENDENCE. Why you need to plan for long-term care assistance, and what funding options are available.

PLANNING FOR QUALITY CARE AND INDEPENDENCE. Why you need to plan for long-term care assistance, and what funding options are available. PLANNING FOR QUALITY CARE AND INDEPENDENCE Why yu need t plan fr lng-term care assistance, and what funding ptins are available. PLANNING FOR QUALITY CARE AND INDEPENDENCE The value f planning ahead The

More information

Miami University Sprint Class

Miami University Sprint Class Miami University Sprint Class Prewrk G t www.beanactuary.cm and read abut the actuarial prfessin. Week 1 Why d we need actuaries? Cmpanies sell prmises nt widgets. Lng-term nature. Tpic 1 Types f Insurance

More information

NAVIPLAN PREMIUM LEARNING GUIDE. Analyze, compare, and present insurance scenarios

NAVIPLAN PREMIUM LEARNING GUIDE. Analyze, compare, and present insurance scenarios NAVIPLAN PREMIUM LEARNING GUIDE Analyze, cmpare, and present insurance scenaris Cntents Analyze, cmpare, and present insurance scenaris 1 Learning bjectives 1 NaviPlan planning stages 1 Client case 2 Analyze

More information

CHECKING ACCOUNTS AND ATM TRANSACTIONS

CHECKING ACCOUNTS AND ATM TRANSACTIONS 1 Grades 6-8 Lessn 1 CHECKING ACCOUNTS AND ATM TRANSACTIONS Tpic t Teach: This lessn is intended fr middle schl students in sixth thrugh eighth grades during a frty minute time perid. The lessn teaches

More information

FundingEdge. Guide to Business Cash Advance & Bank Statement Loan Programs

FundingEdge. Guide to Business Cash Advance & Bank Statement Loan Programs Guide t Business Cash Advance & Bank Statement Lan Prgrams Cash Advances: $2,500 - $1,000,000 Business Bank Statement Lans: $5,000 - $500,000 Canada Cash Advances: $5,000 - $500,000 (must have 9 mnths

More information

Pilot Learning Group. Round Table Action Learning Session 1: Models of partnership working

Pilot Learning Group. Round Table Action Learning Session 1: Models of partnership working Pilt Learning Grup Rund Table Actin Learning Sessin 1: Mdels f partnership wrking Intrductin The Academy fr Justice (AJC) pilt learning grup was established fllwing a requirement t develp Learning Grups

More information

In this chapter, you will learn to use net present value analysis in cost and price analysis.

In this chapter, you will learn to use net present value analysis in cost and price analysis. 9.0 - Chapter Intrductin In this chapter, yu will learn t use net present value analysis in cst and price analysis. Time Value f Mney. The time value f mney is prbably the single mst imprtant cncept in

More information

INCOME TAX INSURANCE PERSONAL SICKNESS AND ACCIDENT INSURANCE TAKEN OUT BY EMPLOYEE WITH EMPLOYER PAYING THE PREMIUMS ON EMPLOYEE S BEHALF

INCOME TAX INSURANCE PERSONAL SICKNESS AND ACCIDENT INSURANCE TAKEN OUT BY EMPLOYEE WITH EMPLOYER PAYING THE PREMIUMS ON EMPLOYEE S BEHALF QUESTION WE VE BEEN ASKED QB 15/09 INCOME TAX INSURANCE PERSONAL SICKNESS AND ACCIDENT INSURANCE TAKEN OUT BY EMPLOYEE WITH EMPLOYER PAYING THE PREMIUMS ON EMPLOYEE S BEHALF All legislative references

More information

The Patient Choice, Affordability, Responsibility, and Empowerment Act

The Patient Choice, Affordability, Responsibility, and Empowerment Act The Patient Chice, Affrdability, Respnsibility, and Empwerment Act January 30, 2014 In January 2014, Senatrs Richard Burr (NC), Tm Cburn (OK), and Orrin Hatch (UT) made public a prpsal the Patient Chice,

More information

Business Plan Overview

Business Plan Overview Business Plan Overview Organizatin and Cntent Summary A business plan is a descriptin f yur business, including yur prduct yur market, yur peple and yur financing needs. Yu shuld cnsider that a well prepared

More information

Phi Kappa Sigma International Fraternity Insurance Billing Methodology

Phi Kappa Sigma International Fraternity Insurance Billing Methodology Phi Kappa Sigma Internatinal Fraternity Insurance Billing Methdlgy The Phi Kappa Sigma Internatinal Fraternity Executive Bard implres each chapter t thrughly review the attached methdlgy and plan nw t

More information

TRAINING GUIDE. Crystal Reports for Work

TRAINING GUIDE. Crystal Reports for Work TRAINING GUIDE Crystal Reprts fr Wrk Crystal Reprts fr Wrk Orders This guide ges ver particular steps and challenges in created reprts fr wrk rders. Mst f the fllwing items can be issues fund in creating

More information

990 e-postcard FAQ. Is there a charge to file form 990-N (e-postcard)? No, the e-postcard system is completely free.

990 e-postcard FAQ. Is there a charge to file form 990-N (e-postcard)? No, the e-postcard system is completely free. 990 e-pstcard FAQ Fr frequently asked questins abut filing the e-pstcard that are nt listed belw, brwse the FAQ at http://epstcard.frm990.rg/frmtsfaq.asp# (cpy and paste this link t yur brwser). General

More information

Health Care Reform: The New Law

Health Care Reform: The New Law Health Care Refrm: The New Law Prfessr Sidney D. Watsn April 7, 2010 On March 23, 2010 President Obama signed int law the Patient Prtectin and Affrdable Care Act (H.R. 3590). On March 29, the President

More information

4370.4 REV-1. cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities.

4370.4 REV-1. cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. CHAPTER 5 STATEMENT OF CASH FLOWS IN DETAIL 5-1 Cash is the lifebld f any nging cncern. Cash is INTRODUCTION the fuel that keeps the business aflat. As was stated in Chapter 2, the Balance Sheet and the

More information

FINANCE SCRUTINY SUB-COMMITTEE

FINANCE SCRUTINY SUB-COMMITTEE REPORT FOR: PERFORMANCE AND FINANCE SCRUTINY SUB-COMMITTEE Date f Meeting: 6 January 2015 Subject: Staff Survey and Sickness Absence Mnitring Results and Actin plans Respnsible Officer: Scrutiny Lead Member

More information

Provided By Touchstone Consulting Group Workers Compensation Employee Benefits

Provided By Touchstone Consulting Group Workers Compensation Employee Benefits Prvided By Tuchstne Cnsulting Grup Wrkers Cmpensatin Emplyee The Wrkers Cmpensatin Act f Clrad (WCAC) determines the benefits available t emplyees wh are injured in the curse and scpe f emplyment. In general,

More information

GED MATH STUDY GUIDE. Last revision July 15, 2011

GED MATH STUDY GUIDE. Last revision July 15, 2011 GED MATH STUDY GUIDE Last revisin July 15, 2011 General Instructins If a student demnstrates that he r she is knwledgeable n a certain lessn r subject, yu can have them d every ther prblem instead f every

More information

Access to the Ashworth College Online Library service is free and provided upon enrollment. To access ProQuest:

Access to the Ashworth College Online Library service is free and provided upon enrollment. To access ProQuest: PrQuest Accessing PrQuest Access t the Ashwrth Cllege Online Library service is free and prvided upn enrllment. T access PrQuest: 1. G t http://www.ashwrthcllege.edu/student/resurces/enterlibrary.html

More information

What Does Specialty Own Occupation Really Mean?

What Does Specialty Own Occupation Really Mean? What Des Specialty Own Occupatin Really Mean? Plicy definitins are cnfusing, nt nly t cnsumers but als t many f the insurance prfessinals wh sell them. Belw we will try t prvide an understandable explanatin

More information

Maintain a balanced budget primarily the General & Park Funds

Maintain a balanced budget primarily the General & Park Funds EXHIBIT B City f Chic Budget Cntingency Plan P The purpse f the Budget Cntingency Plan is t establish a guideline and general apprach t respnd t adverse financial and ecnmic cnditins that culd negatively

More information

Findings on Health Care Cost, Pricing and Reimbursement in Alaska 1 Excerpted from Annual Reports of the Alaska Health Care Commission

Findings on Health Care Cost, Pricing and Reimbursement in Alaska 1 Excerpted from Annual Reports of the Alaska Health Care Commission Findings n Health Care Cst, Pricing and Reimbursement in Alaska 1 Excerpted frm Annual Reprts f the Alaska Health Care Cmmissin 2011 Findings n Cst f Health Care in Alaska (2011 Annual Reprt) i Health

More information

UBC Restricted Faculty Second Mortgage Loan Program Description of Key Terms

UBC Restricted Faculty Second Mortgage Loan Program Description of Key Terms UBC Restricted Faculty Secnd Mrtgage Lan Prgram Descriptin f Key Terms Updated February 4, 2014 The Restricted Resale Capped Appreciatin Prgram is ne f tw ptins in UBC s Hme Ownership Prgram intended t

More information

Internal Audit Charter and operating standards

Internal Audit Charter and operating standards Internal Audit Charter and perating standards 2 1 verview This dcument sets ut the basis fr internal audit: (i) the Internal Audit charter, which establishes the framewrk fr Internal Audit; and (ii) hw

More information

A SUMMARY OF RECENT DEVELOPMENTS AND ACHIEVEMENTS IN BRAZILIAN DEBT MANAGEMENT

A SUMMARY OF RECENT DEVELOPMENTS AND ACHIEVEMENTS IN BRAZILIAN DEBT MANAGEMENT A SUMMARY OF RECENT DEVELOPMENTS AND ACHIEVEMENTS IN BRAZILIAN DEBT MANAGEMENT Public Debt Strategic Planning Department COGEP The year f 2003 has been a favrable year fr reaching significant develpments

More information

THE UNEARNED NO CLAIM BONUS. C. P. WELTEN Amsterdam

THE UNEARNED NO CLAIM BONUS. C. P. WELTEN Amsterdam THE UNEARNED NO CLAIM BONUS C. P. WELTEN Amsterdam I. The claims experience f a mtrcar insurance is assumed t give sme indicatin abut the risk (basic claim frequency) f that insurance. The experience rating

More information

UNIVERSITY OF CALIFORNIA MERCED PERFORMANCE MANAGEMENT GUIDELINES

UNIVERSITY OF CALIFORNIA MERCED PERFORMANCE MANAGEMENT GUIDELINES UNIVERSITY OF CALIFORNIA MERCED PERFORMANCE MANAGEMENT GUIDELINES REFERENCES AND RELATED POLICIES A. UC PPSM 2 -Definitin f Terms B. UC PPSM 12 -Nndiscriminatin in Emplyment C. UC PPSM 14 -Affirmative

More information

The Family Cost Share system is designed so families with the ability to pay will share in the cost of services.

The Family Cost Share system is designed so families with the ability to pay will share in the cost of services. Paying fr Early Childhd Interventin Services What is ECI? Texas Early Childhd Interventin (ECI) prgrams serve families with children birth t 36 mnths with develpmental delays r disabilities. ECI prvides

More information

City of Gold Coast. Debt Management. Public Statement

City of Gold Coast. Debt Management. Public Statement City f Gld Cast Debt Management Public Statement Octber 2015 This statement explains the City f Gld Cast s debt management apprach and psitin. It includes the fllwing: Overall Financial Psitin Prfit and

More information

The Cost Benefits of the Cloud are More About Real Estate Than IT

The Cost Benefits of the Cloud are More About Real Estate Than IT y The Cst Benefits f the Clud are Mre Abut Real Estate Than IT #$#%&'()*( An Osterman Research Executive Brief Published December 2010 "#$#%&'()*( Osterman Research, Inc. P.O. Bx 1058 Black Diamnd, Washingtn

More information

HOW TO SELECT A LIFE INSURANCE COMPANY

HOW TO SELECT A LIFE INSURANCE COMPANY HOW TO SELECT A LIFE INSURANCE COMPANY There will prbably be hundreds f life insurance cmpanies t chse frm when yu decide t purchase a life insurance plicy. Hw d yu decide which ne? Mst cmpanies are quite

More information

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Life Invest TM Plan UIN 104L031V01 IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Life Invest is a pwerful insurance plan that empwers yu t manage yur investments

More information

Lecture 2: Supervised vs. unsupervised learning, bias-variance tradeoff

Lecture 2: Supervised vs. unsupervised learning, bias-variance tradeoff Lecture 2: Supervised vs. unsupervised learning, bias-variance tradeff Reading: Chapter 2 Stats 202: Data Mining and Analysis Lester Mackey September 23, 2015 (Slide credits: Sergi Bacallad) 1 / 24 Annuncements

More information

Patient Participation Report

Patient Participation Report Patient Participatin Reprt In 2011, Westngrve Partnership decided t establish a PPG (Patient Participatin Grup) that wuld allw us t engage with ur patients, receive feedback frm them and ensure that they

More information

This report provides Members with an update on of the financial performance of the Corporation s managed IS service contract with Agilisys Ltd.

This report provides Members with an update on of the financial performance of the Corporation s managed IS service contract with Agilisys Ltd. Cmmittee: Date(s): Infrmatin Systems Sub Cmmittee 11 th March 2015 Subject: Agilisys Managed Service Financial Reprt Reprt f: Chamberlain Summary Public Fr Infrmatin This reprt prvides Members with an

More information

Thinking Different About Alternative Financing Options

Thinking Different About Alternative Financing Options Thinking Different Abut Alternative Financing Optins Christpher Mills Senir Business Develpment Officer Federal Natinal Cmmercial Credit This whitepaper will make yu think differently abut alternative

More information

Licensing Windows Server 2012 for use with virtualization technologies

Licensing Windows Server 2012 for use with virtualization technologies Vlume Licensing brief Licensing Windws Server 2012 fr use with virtualizatin technlgies (VMware ESX/ESXi, Micrsft System Center 2012 Virtual Machine Manager, and Parallels Virtuzz) Table f Cntents This

More information

efusion Table of Contents

efusion Table of Contents efusin Cst Centers, Partner Funding, VAT/GST and ERP Link Table f Cntents Cst Centers... 2 Admin Setup... 2 Cst Center Step in Create Prgram... 2 Allcatin Types... 3 Assciate Payments with Cst Centers...

More information

NAVIPLAN PREMIUM LEARNING GUIDE. Existing insurance coverage

NAVIPLAN PREMIUM LEARNING GUIDE. Existing insurance coverage NAVIPLAN PREMIUM LEARNING GUIDE Existing insurance cverage Cntents Existing insurance cverage 1 Learning bjectives 1 NaviPlan planning stages 1 Client case 2 Enter yur clients existing life, disability,

More information

Executive Summary DIABETES MELLITUS AND GLUCOSE CONTROL BIOTECHNOLOGY INNOVATION IN DIABETES: INSULIN ANALOGS EXECUTIVE SUMMARY

Executive Summary DIABETES MELLITUS AND GLUCOSE CONTROL BIOTECHNOLOGY INNOVATION IN DIABETES: INSULIN ANALOGS EXECUTIVE SUMMARY Executive Summary DIABETES MELLITUS AND GLUCOSE CONTROL Diabetes is widely acknwledged as an immense and grwing public health prblem. The disease is assciated with increased risk f death, decreased quality

More information

POLISH STANDARDS ON HEALTH AND SAFETY AS A TOOL FOR IMPLEMENTING REQUIREMENTS OF THE EUROPEAN DIRECTIVES INTO THE PRACTICE OF ENTERPRISES

POLISH STANDARDS ON HEALTH AND SAFETY AS A TOOL FOR IMPLEMENTING REQUIREMENTS OF THE EUROPEAN DIRECTIVES INTO THE PRACTICE OF ENTERPRISES POLISH STANDARDS ON HEALTH AND SAFETY AS A TOOL FOR IMPLEMENTING REQUIREMENTS OF THE EUROPEAN DIRECTIVES INTO THE PRACTICE OF ENTERPRISES M. PĘCIŁŁO Central Institute fr Labur Prtectin ul. Czerniakwska

More information

1.3. The Mean Temperature Difference

1.3. The Mean Temperature Difference 1.3. The Mean Temperature Difference 1.3.1. The Lgarithmic Mean Temperature Difference 1. Basic Assumptins. In the previus sectin, we bserved that the design equatin culd be slved much easier if we culd

More information

NHPCO Guidelines for Using CAHPS Hospice Survey Results

NHPCO Guidelines for Using CAHPS Hospice Survey Results Intrductin NHPCO Guidelines fr Using CAHPS Hspice Survey Results The Centers fr Medicare and Medicaid Services (CMS) has develped the Cnsumer Assessment f Healthcare Prviders and Systems (CAHPS ) Hspice

More information

WHITE PAPER. Vendor Managed Inventory (VMI) is Not Just for A Items

WHITE PAPER. Vendor Managed Inventory (VMI) is Not Just for A Items WHITE PAPER Vendr Managed Inventry (VMI) is Nt Just fr A Items Why it s Critical fr Plumbing Manufacturers t als Manage Whlesalers B & C Items Executive Summary Prven Results fr VMI-managed SKUs*: Stck-uts

More information

Secondary Financing in FHA Insured Low Income Housing Tax Credit Projects September 23, 2015

Secondary Financing in FHA Insured Low Income Housing Tax Credit Projects September 23, 2015 Secndary Financing in FHA Insured Lw Incme Husing Tax Credit Prjects September 23, 2015 Aarn O Tle, Partner Klein Hrnig LLP 1325 G Street NW, Suite 770 Washingtn, DC 20005 atle@kleinhrnig.cm 202 842 0127

More information

Policy on Free and Open-source Software. Government Policy of Iceland

Policy on Free and Open-source Software. Government Policy of Iceland Plicy n Free and Open-surce Sftware Gvernment Plicy f Iceland Prime Minister s Office December 2007 Intrductin Free and pen-surce sftware is sftware based n a surce cde which the authrs chse t make public

More information

DETERMINING FAIR MARKET VALUE FOR SERVICES RENDERED BY A DESIGNATED COLLABORATING ORGANIZATION

DETERMINING FAIR MARKET VALUE FOR SERVICES RENDERED BY A DESIGNATED COLLABORATING ORGANIZATION DETERMINING FAIR MARKET VALUE FOR SERVICES RENDERED BY A DESIGNATED COLLABORATING ORGANIZATION One f the mst imprtant features f any cmmercial cntract is the type f cnsideratin the payment that is made

More information

EMPOWERING LOCAL BUSINESS TO ACCESS FUNDING. PARTIAL CREDIT GUARANTEE and SUPPLY CHAIN FINANCING

EMPOWERING LOCAL BUSINESS TO ACCESS FUNDING. PARTIAL CREDIT GUARANTEE and SUPPLY CHAIN FINANCING EMPOWERING LOCAL BUSINESS TO ACCESS FUNDING PARTIAL CREDIT GUARANTEE and SUPPLY CHAIN FINANCING Cntents Mandate f the Lesth Natinal Develpment Crpratin Backgrund Enterprise Develpment Facility Partial

More information

CMS Eligibility Requirements Checklist for MSSP ACO Participation

CMS Eligibility Requirements Checklist for MSSP ACO Participation ATTACHMENT 1 CMS Eligibility Requirements Checklist fr MSSP ACO Participatin 1. General Eligibility Requirements ACO participants wrk tgether t manage and crdinate care fr Medicare fee-fr-service beneficiaries.

More information

In Australia, compulsory third party insurance (CTP) covers

In Australia, compulsory third party insurance (CTP) covers COMPULSORY THIRD PARTY INSURANCE: METHODS OF MAKING EXPLICIT ALLOWANCE FOR INFLATION B. J. BRUTON and J. R. CUMPSTON Australia SUMMARY An inflatin index is essential when cnstructing claim payment mdels

More information

Welcome to CNIPS Training: CACFP Claim Entry

Welcome to CNIPS Training: CACFP Claim Entry Welcme t CNIPS Training: CACFP Claim Entry General Cmments frm SCN CACFP claiming begins with submissin f the Octber claim due by Nvember 15, 2012. Timelines/Due Dates With CNIPS, SCN will cntinue t enfrce

More information

ELECTRICITY FRC IN WA KEY MESSAGES

ELECTRICITY FRC IN WA KEY MESSAGES ELECTRICITY FRC IN WA KEY MESSAGES REMC has analysed the likely benefits, csts, and issues assciated with implementing electricity full retail cntestability ( FRC ) in WA. This analysis is intended t assist

More information

Applied Spatial Statistics: Lecture 6 Multivariate Normal

Applied Spatial Statistics: Lecture 6 Multivariate Normal Applied Spatial Statistics: Lecture 6 Multivariate Nrmal Duglas Nychka, Natinal Center fr Atmspheric Research Supprted by the Natinal Science Fundatin Bulder, Spring 2013 Outline additive mdel Multivariate

More information

Allocation to Investment Grade Corporate Bonds is it time to reconsider? KPMG Investment Advisory August 2013

Allocation to Investment Grade Corporate Bonds is it time to reconsider? KPMG Investment Advisory August 2013 Allcatin t Investment Grade Crprate Bnds is it time t recnsider? KPMG Investment Advisry August 2013 Intrductin In this paper we take a fresh lk at the investment case fr UK Investment Grade Crprate Bnds,

More information

Better Practice Guide Financial Considerations for Government use of Cloud Computing

Better Practice Guide Financial Considerations for Government use of Cloud Computing Better Practice Guide Financial Cnsideratins fr Gvernment use f Clud Cmputing Nvember 2011 Intrductin Many Australian Gvernment agencies are in the prcess f cnsidering the adptin f clud-based slutins.

More information

Baltimore Conference Call with Director of Student Services 11-18-13

Baltimore Conference Call with Director of Student Services 11-18-13 Baltimre Cnference Call with Directr f Student Services 11-18-13 80,000 students 85% FRL Cntent f Cde Had 26,000 suspensins per year --- had a 24% drp in Year 1 after Cde changed Suspensin nw used as last

More information

STATEMENT OF. Alice M. Rivlin Director Congressional Budget Office

STATEMENT OF. Alice M. Rivlin Director Congressional Budget Office STATEMENT OF Alice M. Rivlin Directr Cngressinal Budget Office befre the Special Cmmittee n Aging United States Senate June 16, 1981 Mr. Chairman: I am pleased t appear befre this Cmmittee t discuss shrt-term

More information

FTE is defined as an employee who is employed on average at least 30 hours of service per week.

FTE is defined as an employee who is employed on average at least 30 hours of service per week. On March 23, 2010, President Barack Obama signed int law cmprehensive health care refrm legislatin, the Patient Prtectin and Affrdable Care Act (H.R. 3590) passed in the Senate. The Health Care and Educatin

More information

Cabinet Member (Education) 10 April 2013

Cabinet Member (Education) 10 April 2013 abc? Public reprt Cabinet Member Cabinet Member (Educatin) 10 April 2013 Name f Cabinet Member: Cabinet Member (Educatin) Cuncillr Kershaw Directr Apprving Submissin f the reprt: Directr f Children, Learning

More information

No change to K-3 poverty class size reduction vs 2011-12. No change to National Board Certification Bonuses vs 2011-12.

No change to K-3 poverty class size reduction vs 2011-12. No change to National Board Certification Bonuses vs 2011-12. There is $0 gap impact f the cnference budget vs current budget assumptins unless smene can quantify the admin pain f the K-12 health benefits bill. Belw is the cnference budget summary. Seattle Public

More information

Are Insurance Premiums Deductible?

Are Insurance Premiums Deductible? Are Insurance Premiums Deductible? December 2011 Can I deduct the premiums? That s a questin yu prbably hear when yu re presenting an insurance cncept. Unfrtunately, the answer is generally n insurance

More information

Business Plan 2014-15

Business Plan 2014-15 Cmmissin fr Lcal Administratin in England Business Plan 2014-15 All Business Plan activity is linked t ur fur Strategic Objectives LGO Business Plan 2014-2015 v web 3 Page 1 descriptin 1. Prvide a cmplaints

More information

TO: Chief Executive Officers of all National Banks, Department and Division Heads, and all Examining Personnel

TO: Chief Executive Officers of all National Banks, Department and Division Heads, and all Examining Personnel AL 96-7 Subject: Credit Card Preapprved Slicitatins TO: Chief Executive Officers f all Natinal Banks, Department and Divisin Heads, and all Examining Persnnel PURPOSE The purpse f this advisry letter is

More information

Measurement of Price Risk in Revenue Insurance: Implications of Distributional Assumptions

Measurement of Price Risk in Revenue Insurance: Implications of Distributional Assumptions Jurnal fagricultural and Resurce Ecnmics 25(1): 195-214 Cpyright 2 Western Agricultural Ecnmics Assciatin Measurement f Price Risk in Revenue Insurance: Implicatins f Distributinal Assumptins Barry K.

More information

A Guide to Understanding and Claiming the Disability Tax Credit:

A Guide to Understanding and Claiming the Disability Tax Credit: A Guide t Understanding and Claiming the Disability Tax Credit: The Gvernment f Canada ffers a variety f tax benefits t peple with disabilities. These benefits are prvided under the assumptin that peple

More information

BYOD Strategies: Chapter 2

BYOD Strategies: Chapter 2 Limitatins f the Walled Garden This is the secnd part in a series designed t help rganizatins develp their BYOD (bring-yur-wn-device) strategies fr persnally-wned smartphnes and tablets in the enterprise.

More information

The Importance Advanced Data Collection System Maintenance. Berry Drijsen Global Service Business Manager. knowledge to shape your future

The Importance Advanced Data Collection System Maintenance. Berry Drijsen Global Service Business Manager. knowledge to shape your future The Imprtance Advanced Data Cllectin System Maintenance Berry Drijsen Glbal Service Business Manager WHITE PAPER knwledge t shape yur future The Imprtance Advanced Data Cllectin System Maintenance Cntents

More information

Coordinating Dual Eligibles Medicare and Medicaid Managed Medical Assistance Benefits

Coordinating Dual Eligibles Medicare and Medicaid Managed Medical Assistance Benefits Crdinating Dual Eligibles Medicare and Medicaid Managed Medical Assistance Benefits Medicare beneficiaries wh have limited incme and resurces may get help paying fr their Medicare premiums and ut-f-pcket

More information

Licensing Windows Server 2012 R2 for use with virtualization technologies

Licensing Windows Server 2012 R2 for use with virtualization technologies Vlume Licensing brief Licensing Windws Server 2012 R2 fr use with virtualizatin technlgies (VMware ESX/ESXi, Micrsft System Center 2012 R2 Virtual Machine Manager, and Parallels Virtuzz) Table f Cntents

More information

Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses

Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses Disclsures abut the Credit Quality f Financing Receivables and the Allwance fr Credit Lsses During July 2010 the FASB issued Accunting Standards Update 2010-20 Disclsures abut the Credit Quality f Financing

More information

Social Assistance Rates Update

Social Assistance Rates Update Scial Assistance Rates Update and infrmatin n the Ontari Child Benefit The 2013 Ontari budget included a number f changes t scial assistance. INCOME SECURITY ADVOCACY CENTRE ISAC has prepared several fact

More information

What broader insights would you want to explore first to answer the CEO s questions?

What broader insights would you want to explore first to answer the CEO s questions? Setup The CEO f a majr client has requested a shrt-term study examining a small part f the client s prduct prtfli. The cmpany has a small divisin that manufactures autmatic drip cffeemakers fr the US and

More information

HP ExpertOne. HP2-T21: Administering HP Server Solutions. Table of Contents

HP ExpertOne. HP2-T21: Administering HP Server Solutions. Table of Contents HP ExpertOne HP2-T21: Administering HP Server Slutins Industry Standard Servers Exam preparatin guide Table f Cntents Overview 2 Why take the exam? 2 HP ATP Server Administratr V8 certificatin 2 Wh shuld

More information

Externalities. Information Failure Unstable Markets

Externalities. Information Failure Unstable Markets Market Failures A market failure ccurs when the quantity f a prduct demanded by cnsumers des nt equate t the quantity supplied by suppliers There exists anther cnceivable utcme where a market participant

More information

#1 #2. How should insulin be ordered? 1) Click the Add Order icon 2) Type insulin 3) Select Insulin Subcutaneous Orderset

#1 #2. How should insulin be ordered? 1) Click the Add Order icon 2) Type insulin 3) Select Insulin Subcutaneous Orderset Insulin Subcutaneus Orderset In the past, insulin sliding scales were the standard methd f cntrlling bld sugars in the hspital. Hwever, sliding scales were develped fr regular and NPH insulins. Since emulating

More information

QUÉBEC AUTOMOBILE INSURANCE INDUSTRY POSTS SOLID EARNINGS AGAIN IN 2007

QUÉBEC AUTOMOBILE INSURANCE INDUSTRY POSTS SOLID EARNINGS AGAIN IN 2007 QUÉBEC AUTOMOBILE INSURANCE INDUSTRY POSTS SOLID EARNINGS AGAIN IN 2007 [TRANSLATION] FOR IMMEDIATE RELEASE Québec City, April 16, 2008 The Autrité des marchés financiers (AMF) annunces the release f its

More information

2014 Q3 Earnings Conference Call. November 6, 2014

2014 Q3 Earnings Conference Call. November 6, 2014 2014 Q3 Earnings Cnference Call Nvember 6, 2014 This presentatin includes certain frward-lking statements that are made as f the date heref and are based upn current expectatins, which invlve risks and

More information

Product Circular. Bajaj Allianz Group Term Life A Traditional Group Term Insurance Plan

Product Circular. Bajaj Allianz Group Term Life A Traditional Group Term Insurance Plan Prduct Circular A Traditinal Grup Term Insurance Plan UIN: 116N021V03 Nn-Linked, Nn-Participating, Yearly Renewable Grup Term Insurance Plan FOR INTERNAL CIRCULATION ONLY Department: Prduct Develpment

More information

Retirement Planning Options Annuities

Retirement Planning Options Annuities Retirement Planning Optins Annuities Everyne wants a glden retirement. But saving fr retirement is n easy task. The baby bmer generatin is graying. Mre and mre peple are appraching retirement age. With

More information

Firewall/Proxy Server Settings to Access Hosted Environment. For Access Control Method (also known as access lists and usually used on routers)

Firewall/Proxy Server Settings to Access Hosted Environment. For Access Control Method (also known as access lists and usually used on routers) Firewall/Prxy Server Settings t Access Hsted Envirnment Client firewall settings in mst cases depend n whether the firewall slutin uses a Stateful Inspectin prcess r ne that is cmmnly referred t as an

More information

Using PayPal Website Payments Pro UK with ProductCart

Using PayPal Website Payments Pro UK with ProductCart Using PayPal Website Payments Pr UK with PrductCart Overview... 2 Abut PayPal Website Payments Pr & Express Checkut... 2 What is Website Payments Pr?... 2 Website Payments Pr and Website Payments Standard...

More information

UC Irvine Salary Expense Reduction and Furlough Supplemental FAQs. For Campus, School of Medicine and College of Health Sciences Employees

UC Irvine Salary Expense Reduction and Furlough Supplemental FAQs. For Campus, School of Medicine and College of Health Sciences Employees UC Irvine Salary Expense Reductin and Furlugh Supplemental FAQs Fr Campus, Schl f Medicine and Cllege f Health Sciences Emplyees The UC Office f the President (UCOP) web site is the authritative resurce

More information

The shared ownership calculator is available to download from the HCA s capital funding guide.

The shared ownership calculator is available to download from the HCA s capital funding guide. Shared Ownership Affrdability Calculatrs Guidance nte Plicy The calculatr has been created t supprt further emphases being placed n applicants applying fr shared wnership maximising their wn cntributin

More information

Symantec User Authentication Service Level Agreement

Symantec User Authentication Service Level Agreement Symantec User Authenticatin Service Level Agreement Overview and Scpe This Symantec User Authenticatin service level agreement ( SLA ) applies t Symantec User Authenticatin prducts/services, such as Managed

More information

Transportation Allowance Program

Transportation Allowance Program Transprtatin Allwance Prgram Respnsibilities, Prcedures and Guidelines I. INTRODUCTION This manual describes respnsibilities, prcedures and guidelines (including vehicle specificatins and reimbursable

More information

Duration of job. Context and environment: (e.g. dept description, region description, organogram)

Duration of job. Context and environment: (e.g. dept description, region description, organogram) Rle Prfile Jb Descriptin Jb Title Ref n: Prgramme Manager, Services fr Internatinal Educatin Marketing Directrate r Regin East Asia Department/Cuntry Indnesia Lcatin f pst Jakarta Pay Band G Reprts t Senir

More information

High Level Meeting on National Drought Policy (HMNDP) CICG, Geneva 11-15 March 2013

High Level Meeting on National Drought Policy (HMNDP) CICG, Geneva 11-15 March 2013 High Level Meeting n Natinal Drught Plicy (HMNDP) CICG, Geneva 11-15 March 2013 Plicy Dcument: Natinal Drught Management Plicy United Natins Cnventin t Cmbat Desertificatin (UNCCD) Fd and Agriculture Organizatin

More information

FREQUENTLY ASKED QUESTIONS (FAQs)

FREQUENTLY ASKED QUESTIONS (FAQs) EMPLOYMENT PRACTICES LIABILITY fr small businesses FREQUENTLY ASKED QUESTIONS (FAQs) What is Emplyment Practices Liability Insurance? Emplyment Practices Liability (EPL) insurance prtects an emplyer frm

More information

RE: Notice 2015-16 - Excise Tax on High Cost Employer-Sponsored Health Coverage

RE: Notice 2015-16 - Excise Tax on High Cost Employer-Sponsored Health Coverage Richard Stver, FSA, MAAA Principal and Cnsulting Actuary Knwledge Resurce Center May 15, 2015 Submitted electrnically via http://regulatins.gv/ Buck Cnsultants, LLC. 500 Plaza Drive Secaucus, NJ 07096

More information