How does the applied math relate with the insurance field Assignment

How does the applied math relate with the insurance field - Assignment Example For example, when buying or selling an insurance policy, it is important for the two parties to understand the risks involved. These risks are analyzed, and their impact evaluated. This helps in determining the actual amount of the policy and the terms of payment. Secondly, mathematical techniques are used in analyzing utility curves. These curves are useful in determining how much a consumer is going to buy insurance for (Green, 96). In normal cases, the insuring firm has to charge the customer a fee more than the value of the risk. The utility curves thus help the insurance company determine the exact amount the customer is going to pay for the insurance. For example, if a consumer’s average loss per year for repairing his car is $10000, then the insurance company has to charge a fee above this figure for the insurance. This can only be achieved if mathematical techniques are used so as to calculate the actual profit percentage that the insurance company will charge. Thirdly, the insurance sector heavily relies on market research in the development of the various policies and understanding of the existing ones (Green, 97). Market research helps the insurance firms understand the best policies that will satisfy the demands of the market. For example, a company might want to study the market potential before developing a new insurance policy. In order to avoid losses, the company needs to have accurate information about the market. Mathematics is heavily applied in market research. For instance, random sampling can be employed by the insurance firms to understand various phenomenons in the market. In order to effectively collect, organize and analyze such data, mathematical techniques are required for accuracy. In particular, statistical methods are used in marketing research where variables such as standard deviation and variance help in the analysis of the collected data. Finally, applied mathematics is useful when it

Text and Image in Landscape Painting Essay Example | Topics and Well Written Essays - 2250 words

Text and Image in Landscape Painting - Essay Example The essay "Text and Image in Landscape Painting" discovers the nature of painting and analyzes text and image in landscape painting. This silk panel is filled with intricate detail, while it retains the impressionistic character of Chinese silk paintings. The brush techniques used allow the deposit of varying amounts of ink from different parts of the brush. The technique took many years of practice to perfect, especially in consideration of the medium and the canvas: ink from solid sticks and silk. The brushes were very soft and it was difficult to learn to control them. One can imagine that many many practice paintings were done before the various techniques were mastered. Chinese silk painting is not an art one can master overnight. It is easy to believe that the artists of the day, including Guo Xi, did extensive travel in order to investigate all the various landscapes around, and then, having once chosen one to paint, spent hours, or even days, contemplating the scene they were going to paint. It is obvious at close inspection that there are many layers to this painting, and knowing the characteristics of the block ink, it had to be done slowly, a little at a time. We can imagine that the artist applied layer after layer of almost transparent ink before daring to add any details with a drier brush. Guo Xi’s document begins with an appreciation of what such paintings can do for busy men, especially rulers and others with heavy responsibility. He also talks about the responsibility of the artist.