The most complicated aspect of the insurance business is the of policies. Using a wide assortment of data, insurers predict the likelihood that a claim will be made against their policies and price products accordingly. To this end, insurers use to quantify the risks they are willing to assume and the premium they will to assume them. Data is analyzed to fairly accurately project the rate of future claims based on a given risk. Actuarial science uses and to analyze the risks associated with the range of perils covered, and these scientific principles are used to determine an insurer's overall exposure. Upon termination of a given policy, the amount of premium collected and the investment gains thereon minus the amount paid out in claims is the insurer's on that policy. Of course, from the insurer's perspective, some policies are "winners" (i.e., the insurer pays out less in claims and expenses than it receives in premiums and investment income) and some are "losers" (i.e., the insurer pays out more in claims and expenses than it receives in premiums and investment income); insurance companies essentially use actuarial science to attempt to underwrite enough "winning" policies to pay out on the "losers" while still maintaining profitability.
An insurer's underwriting performance is measured in its combined ratio. The loss ratio (incurred losses and loss-adjustment expenses divided by net earned premium) is added to the expense ratio (underwriting expenses divided by net premium written) to determine the company's combined ratio. The combined ratio is a reflection of the company's overall profitability. A combined ratio of less than 100 percent indicates underwriting profitability, while anything over 100 indicates an underwriting loss.
Insurance companies also earn profits on “float”. “Float” or available reserve is the amount of money, at hand at any given moment, that an insurer has collected in insurance premiums but has not been paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest on them until claims are paid out. The Association of British Insurers (gathering 400 insurance companies and 94% of UK insurance services) has almost 20% of the investments in the In the the underwriting loss of and companies was $142.3 billion in the five years ending 2003. But overall profit for the same period was $68.4 billion, as the result of float. Some insurance industry insiders, most notably do not believe that it is forever possible to sustain a profit from float without an underwriting profit as well, but this opinion is not universally held. Naturally, the “float” method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards. So a poor economy generally means high insurance premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the "underwriting" orProperty and casualty insurers currently make the most money from their auto insurance line of business. Generally better statistics are available on auto losses and underwriting on this line of business has benefited greatly from advances in computing. Additionally, property losses in the due to unpredictable natural catastrophes, have exacerbated this trend.
[Claims
Claims and loss handling is the materialized utility of insurance; it is the actual "product" paid for, though one hopes it will never need to be used. Claims may be filed by insureds directly with the insurer or through brokers or agents. The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form such as those produced by .
Insurance company claim departments employ a large number of supported by a staff ofand Incoming claims are classified based on severity and are assigned to adjusters whose settlement authority varies with their knowledge and experience. The adjuster undertakes a thorough investigation of each claim, usually in close cooperation with the insured, determines its reasonable monetary value, and authorizes payment. Adjusting liability insurance claims is particularly difficult because there is a third party involved (the plaintiff who is suing the insured) who is under no contractual obligation to cooperate with the insurer and in fact may regard the insurer as a The adjuster must obtain legal counsel for the insured (either inside "house" counsel or outside "panel" counsel), monitor litigation that may take years to complete, and appear in person or over the telephone with settlement authority at a mandatory settlement conference when requested by the judge.
In managing the claims handling function, insurers seek to balance the elements of customer satisfaction, administrative handling expenses, and claims overpayment leakages. As part of this balancing act, are a major business risk that must be managed and overcome. Disputes between insurers and insureds over the validity of claims or claims handling practices occasionally escalate into litigation; see [History of insurance
Main article: In some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies: money economies (with markets, money, financial instruments and so on) and non-money or natural economies (without money, markets, financial instruments and so on). The second type is a more ancient form than the first. In such an economy and community, we can see insurance in the form of people helping each other. For example, if a house burns down, the members of the community help build a new one. Should the same thing happen to one's neighbour, the other neighbours must help. Otherwise, neighbours will not receive help in the future. This type of insurance has survived to the present day in some countries where modern money economy with its financial instruments is not widespread.
Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which insurance is part of the financial sphere), early methods of transferring or distributing risk were practised by and traders as long ago as th and BC, respectively Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous c. 1750 BC, and practised by early sailing If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen or lost at sea.
monarchs of Ancient Persia were the first to insure their people and made it official by registering the insuring process in governmental notary offices. The insurance tradition was performed each year in Norouz (beginning of the Iranian New Year); the heads of different ethnic groups as well as others willing to take part, presented gifts to the monarch. The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. This was advantageous to those who presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices.
The purpose of registering was that whenever the person who presented the gift registered by the court was in trouble, the monarch and the court would help him. Jahez, a historian and writer, writes in one of his books on : "[W]henever the owner of the present is in trouble or wants to construct a building, set up a feast, have his children married, etc. the one in charge of this in the court would check the registration. If the registered amount exceeded 10,000 Derrik, he or she would receive an amount of twice as muchthe concept of the would be used to reimburse any merchant whose goods were jettisoned during storm or sinkage.
The and introduced the origins of health and life insurance c. 600 AD when they organized guilds called "benevolent societies" which cared for the purpose. The deals with several aspects of insuring Before insurance was established in the late 17th century, "friendly societies" existed in England, in which people donated amounts of money to a general sum that could be used for emergencies.
Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in in the 14th century, as were insurance pools backed by pledges of landed estates. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in post- and specialized varieties developed.
Some forms of insurance had developed in London by the early decades of the seventeenth century. For example, the will of the English colonist mentions two "policies of insurance" taken out with the diocesan Chancellor of London, Arthur Duck. Of the value of £100 each, one relates to the safe arrival of Hayman's ship in Guyana and the other is in regard to "one hundred pounds assured by the said Doctor Arthur Ducke on my life". Hayman's will was signed and sealed on 17 November 1628 but not proved until 1633Toward the end of the seventeenth century, London's growing importance as a centre for trade increased demand for marine insurance. In the late 1680s, opened a coffee house that became a popular haunt of ship owners, merchants, and ships’ captains, and thereby a reliable source of the latest shipping news. It became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures. Today, remains the leading market (note that it is not an insurance company) for marine and other specialist types of insurance, but it works rather differently than the more familiar kinds of insurance.
Insurance as we know it today can be traced to the , which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan for London in 1667."A number of attempted fire insurance schemes came to nothing, but in 1681 and eleven associates, established England's first fire insurance company, the 'Insurance Office for Houses', at the back of the Royal Exchange. Initially, 5,000 homes were insured by Barbon's Insurance Office
The first insurance company in the underwrote fire insurance and was formed in Charles Town (modern-day in 1732. helped to popularize and make standard the practice of insurance, particularly against in the form of In 1752, he founded the . Franklin's company was the first to make contributions toward fire prevention. Not only did his company warn against certain , it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses. In the United States, of the insurance industry is highly, with primary responsibility assumed by individual insurance departments. Whereas insurance markets have become centralized nationally and internationally, state insurance commissioners operate individually, though at times in concert through a . In recent years, some have called for a dual state and federal regulatory system (commonly referred to as the (OFC)) for insurance similar to that which oversees state banks and national banks.

Financial institutions provide service as intermediaries of the capital and debt markets. They are responsible for transferring funds from investors to companies, in need of those funds. The presence of financial institutions facilitate the flow of money through the economy. To do so, savings are pooled to mitigate the risk brought to provide funds for loans. Such is the primary means for depository institutions to develop revenue. Should the become inverse, firms in this arena will offer additional fee-generating services including securities underwriting, and prime brokerage.
Corporate valuation
Relative metrics : Price/Equity Price/Book Value
Use Equity Multiples (as opposed to Enterprise Multiples). To consider how valuing a Financial Institution's balance sheet is different from a non-Financial firm, consider how an industrial firm wields capital machinery (asset) and the loans (liabilities) it used to finance that asset. The line is blurred in Financial Institutions, which must hold deposit accounts (liabilities) to fuel the issuance of loans (assets). The same accounts are considered loans as they are held in ownership not of the bank, but of the individual client.
Dividend Discount Model : Earnings-per-share
Dividends-per-share
Discounted Cash Flow (DCF) Model : You'll need the FCFE (Free Cash Flow for Equity), which is the amount of money that is returned to shareholders. Calculate an FCFF (Free Cash Flow to the Firm): EBIT (1-tax rate) -Capital Expenditures+ (Depreciation & Amortization) - (Net increase in working capital)= FCFF
FCFF-Debt+Cash=FCFE
Use the Capital Asset Pricing Model, not the Weighted Average Cost of Capital (for the same reasons one uses Equity Multiples in relative valuation) to determine the cost of equity (the return required by shareholders to make the decision to invest in a financial institutions)
Excess Return Model : A model where valuation is expressed as the sum of capital invested currently in the firm and the present value of dollar excess returns that the firm expects to make in the future

In most English common law jurisdictions there is a Bills of Exchange Act that codifies the law in relation to including and this Act contains a statutory definition of the term banker: banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that the legal basis for bank transactions such as do not depend on how the bank is organised or regulated.
The business of banking is in many countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business. When looking at these definitions it is important to keep in mind that they are defining the business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purposes of entry regulating and supervising banks rather than regulating the actual business of banking. However, in many cases the statutory definition closely mirrors the common law one. Examples of statutory definitions:
"banking business" means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act; (Banking Act (Singapore), Section 2, Interpretation).
"banking business" means the business of either or both of the following:
receiving from the general public money on current, deposit, savings or other similar account repayable on demand or within less than [3 months] ... or with a period of call or notice of less than that period;
paying or collecting cheques drawn by or paid in by customersSince the advent ofElectronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking, the cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques

The banking industry is a highly regulated industry with detailed and focused regulators. All banks with FDIC-insured deposits have the as a regulator; however, for examinations the is the primary federal regulator for Fed-member state banks; the(“OCC”) is the primary federal regulator for national banks; and the or OTS, is the primary federal regulator for State non-member banks are examined by the state agencies as well as the FDIC. National banks have one primary regulator—the OCC.
Each regulatory agency has their own set of rules and regulations to which banks and thrifts must adhere.
The (FFIEC) was established in 1979 as a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. Although the FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing.
In addition to changing regulations, changes in the industry have led to consolidations within the Federal Reserve, FDIC, OTS and OCC. Offices have been closed, supervisory regions have been merged, staff levels have been reduced and budgets have been cut. The remaining regulators face an increased burden with increased workload and more banks per regulator. While banks struggle to keep up with the changes in the regulatory environmentimpact of these changes is that banks are receiving less hands-on assessment by the regulators, less time spent with each institution, and the potential for more problems slipping through the cracks, potentially resulting in an overall increase in bank failures across the United States.
The changing economic environment has a significant impact on banks and thrifts as they struggle to effectively manage their interest rate spread in the face of low rates on loans, rate competition for deposits and the general market changes, industry trends and economic fluctuations. It has been a challenge for banks to effectively set their growth strategies with the recent economic market. A rising interest rate environment may seem to help financial institutions, but the effect of the changes on consumers and businesses is not predictable and the challenge remains for banks to grow and effectively manage the spread to generate a return to their shareholders.
The management of the banks’ asset portfolios also remains a challenge in today’s economic environment. Loans are a bank’s primary asset category and when loan quality becomes suspect, the foundation of a bank is shaken to the core. While always an issue for banks, declining asset quality has become a big problem for financial institutions. There are several reasons for this, one of which is the lax attitude some banks have adopted because of the years of “good times.” The potential for this is exacerbated by the reduction in the regulatory oversight of banks and in some cases depth of management. Problems are more likely to go undetected, resulting in a significant impact on the bank when they are recognized. In addition, banks, like any business, struggle to cut costs and have consequently eliminated certain expenses, such as adequate employee training programs.
Banks also face a host of other challenges such as aging ownership groups. Across the country, many banks’ management teams and board of directors are aging. Banks also face ongoing pressure by shareholders, both public and private, to achieve earnings and growth projections. Regulators place added pressure on banks to manage the various categories of risk. Banking is also an extremely competitive industry. Competing in the financial services industry has become tougher with the entrance of such players as insurance agencies, credit unions, check cashing services, credit card companies, etc.
As a reaction, banks have developed their activities in through operations such as and and become big players in such activities.

Rabbit

Rabbit

Rabbits are small mammals in the family Leporidae of the order Lagomorpha, found in several parts of the world. There are seven different genera in the family classified as rabbits, including the European rabbit (Oryctolagus cuniculus), Cottontail rabbit (genus Sylvilagus; 13 species), and the Amami rabbit (Pentalagus furnessi, endangered species on Amami Ōshima, Japan). There are many other species of rabbit, and these, along with pikas and hares, make up the order Lagomorpha.Location and habitatRabbits are ground dwellers that live in environments ranging from desert to tropical forest and wetland. Their natural geographic range encompasses the middle latitudes of the Western Hemisphere. In the Eastern Hemisphere rabbits are found in Europe, portions of Central and Southern Africa, the Indian subcontinent, Sumatra, and Japan. The European rabbit (Oryctolagus cuniculus) has been introduced to many locations around the world, and all breeds of domestic rabbit originate from the European. [1]Characteristics and anatomyThe long ears of rabbits are most likely an adaptation for detecting predators. In addition to their prominent ears, which can measure more than 10 cm (4 in) long, rabbits have long, powerful hind legs and a short tail. Each foot has five digits (one reduced); rabbits move about on the tips of the digits in a fashion known as digitigrade locomotion. Full-bodied and egg-shaped, wild rabbits are rather uniform in body proportions and stance. The smallest is the pygmy rabbit (Brachylagus idahoensis), at only 20 cm in length and 0.4 kg (0.9 pound) in weight, while the largest grow to 50 cm and more than 2 kg. The fur is generally long and soft, and its color ranges through shades of brown, gray, and buff. Exceptions are the black Amami rabbit (Pentalagus furnessi) of Japan and two black-striped species from Southeast Asia. The tail is usually a small puff of fur, generally brownish but white on top in the cottontails (genus Sylvilagus) of North and South America.[1]Cecal pelletsRabbits are hindgut digesters. This means that most of their digestion takes place in their large intestine and cecum. In rabbits, the cecum is approximately 10 times bigger than the stomach, and it, along with the large intestine, makes up roughly 40% of the rabbit's digestive tract.[2] Cecotropes, sometimes called "night feces", come from the cecum and are high in minerals, vitamins and proteins that are necessary to the rabbit's health. Rabbits eat these in order to meet their nutritional requirements. This process allows rabbits to extract the necessary nutrients from their food.[3][4]Diet and eating habitsRabbits are herbivores who feed by grazing on grass, forbs, and leafy weeds. In addition, their diet contains large amounts of cellulose, which is hard to digest. Rabbits solve this problem by passing two distinct types of feces: hard droppings and soft black viscous pellets, the latter of which are immediately eaten. Rabbits reingest their own droppings (rather than chewing the cud as do cows and many other herbivores) in order to fully digest their food and extract sufficient nutrients. [5] [6]Rabbits graze heavily and rapidly for roughly the first half hour of a grazing period (usually in the late afternoon), followed by about half an hour of more selective feeding. In this time, the rabbit will also excrete many hard faecal pellets, being waste pellets that will not be reingested. If the environment is relatively non-threatening, the rabbit will remain outdoors for many hours, grazing at intervals. While out of the burrow, the rabbit will occasionally reingest its soft, partially digested pellets; this is rarely observed, since the pellets are reingested as they are produced. Reingestion is most common within the burrow between 8 o'clock in the morning and 5 o'clock in the evening, being carried out intermittently within that period.Hard pellets are made up of hay-like fragments of plant cuticle and stalk, being the final waste product after redigestion of soft pellets. These are only released outside the burrow and are not reingested. Soft pellets are usually produced several hours after grazing, after the hard pellets have all been excreted. They are made up of micro-organisms and undigested plant cell walls.The chewed plant material collects in the large cecum, a secondary chamber between the large and small intestine containing large quantities of symbiotic bacteria that help with the digestion of cellulose and also produce certain B vitamins. The pellets are about 56% bacteria by dry weight, largely accounting for the pellets being 24.4% protein on average. These pellets remain intact for up to six hours in the stomach, the bacteria within continuing to digest the plant carbohydrates. The soft feces form here and contain up to five times the vitamins of hard feces. After being excreted, they are eaten whole by the rabbit and redigested in a special part of the stomach. This double-digestion process enables rabbits to utilize nutrients that they may have missed during the first passage through the gut and thus ensures that maximum nutrition is derived from the food they eat. [1] This process serves the same purpose within the rabbit as rumination does in cattle and sheep. [7]Rabbits are incapable of vomiting due to the physiology of their digestive system.[8]BehaviorWhile the European rabbit is the best-known species, it is probably also the least typical, as there is considerable variability in the natural history of rabbits. Many rabbits dig burrows, but cottontails and hispid hares do not. The European rabbit constructs the most extensive burrow systems, called warrens. Nonburrowing rabbits make surface nests called forms, generally under dense protective cover. The European rabbit occupies open landscapes such as fields, parks, and gardens, although it has colonized habitats from stony deserts to subalpine valleys. It is the most social rabbit, sometimes forming groups in warrens of up to 20 individuals. However, even in European rabbits social behaviour can be quite flexible, depending on habitat and other local conditions, so that at times the primary social unit is a territorial breeding pair. Most rabbits are relatively solitary and sometimes territorial, coming together only to breed or occasionally to forage in small groups. During territorial disputes rabbits will sometimes “box,” using their front limbs. Rabbits are active throughout the year; no species is known to hibernate. Rabbits are generally nocturnal, and they also are relatively silent. Other than loud screams when frightened or caught by a predator, the only auditory signal known for most species is a loud foot thump made to indicate alarm or aggression. Notable exceptions are the Amami rabbit and the volcano rabbit of Mexico, which both utter a variety of calls. [1]Instead of sound, scent seems to play a predominant role in the communication systems of most rabbits; they possess well-developed glands throughout their body and rub them on fixed objects to convey group identity, sex, age, social and reproductive status, and territory ownership. Urine is also used in chemical communication. When danger is perceived, the general tendency of rabbits is to freeze and hide under cover. If chased by a predator, they engage in quick, irregular movement, designed more to evade and confuse than to outdistance a pursuer. Skeletal adaptations such as long hind limbs and a strengthened pelvic girdle enable their agility and speed (up to 80 km [50 miles] per hour). [1]ReproductionMost rabbits produce many offspring each year, although scarcity of resources may cause this potential to be suppressed. A combination of factors allows the high rates of reproduction commonly associated with rabbits. Rabbits generally are able to breed at a young age, and many regularly conceive litters of up to seven young, often doing so four or five times a year due to the fact that a rabbit's gestation period is only 28 to 31 days.[9]. In addition, females exhibit induced ovulation, their ovaries releasing eggs in response to copulation rather than according to a regular cycle. They can also undergo postpartum estrus, conceiving immediately after a litter has been born. [1]Newborn rabbits are naked, blind, and helpless at birth (altricial). Mothers are remarkably inattentive to their young and are almost absentee parents, commonly nursing their young only once per day and for just a few minutes. To overcome this lack of attention, the milk of rabbits is highly nutritious and among the richest of that of all mammals. The young grow rapidly, and most are weaned in about a month. Males (bucks) do not assist in rearing the kittens. [1] The mother rabbit is able to become pregnant again 4 days after the birth of her kittens.[citation needed]
Differences from haresRabbits are clearly distinguished from hares in that rabbits are altricial, having young that are born blind and hairless. In contrast, hares are generally born with hair and are able to see (precocial). All rabbits except the cottontail rabbit live underground in burrows or warrens, while hares live in simple nests above the ground (as does the cottontail rabbit), and usually do not live in groups. Hares are generally larger than rabbits, with longer ears, and have black markings on their fur. Hares have not been domesticated, while rabbits are often kept as house pets. In gardens, they are typically kept in hutches –small, wooden, house-like boxes– that protect the rabbits from the environment and predators.Rabbits as petsPet rabbits can be raised indoors or outside in a protected hutch.Pet Domestic rabbits kept indoors are referred to as house rabbits. House Rabbits typically have an indoor pen or cage and a rabbit-safe place to run and exercise, such as an exercise pen, living room or family room. Rabbits can be trained to use a litter box and some can learn to come when called. Their diet typically consists of unlimited Timothy hay, a small amount of pellets, and a small portion of fresh vegetables. House rabbits are quiet pets, and are not as well suited for households with unsupervised small children. The rabbit can become frightened by loud noises and can be harmed by mishandling. Caring for a pet rabbit teaches appropriately aged children valuable responsibilities.Pet Domestic rabbits that do not live indoors can also often serve as companions for their owners, typically living in an easily accessible hutch outside the home. Some pet rabbits live in outside hutches during the day for the benefit of fresh air and natural daylight and are brought inside at night. Hutches are often equipped with enrichment activities such as shelves, tunnels, balls and other toys.Rabbits are social animals. Rabbits as pets can find their companionship with a variety of creatures, including humans, other rabbits, guinea pigs, and sometimes even cats and dogs.Pet rabbits are often provided additional space in which to get exercise, simulating the open space a rabbit would traverse in the wild . Exercise pens or lawn pens are often used to provide a safe place for rabbits to run.Groups such as the non-profit Delta Society (Delta Society) validates the important role of animals for people's health and well-being and has utilized pet rabbits as therapy for adults and children since the 1970s.Rabbits as food and clothingLeporids such as European rabbits and hares are a food meat in Europe, South America, North America, some parts of the Middle East, and China, among other places.Rabbit is still commonly sold in UK butchers and markets, although not frequently in supermarkets. At farmers markets and the famous Borough Market in London, rabbits will be displayed dead and hanging unbutchered in the traditional style next to braces of pheasant and other small game. Rabbit meat was once commonly sold in Sydney, Australia, the sellers of which giving the name to the rugby league team the South Sydney Rabbitohs, but quickly became unpopular after the disease myxomatosis was introduced in an attempt to wipe out the feral rabbit population (see also Rabbits in Australia).When used for food, rabbits are both hunted and bred for meat. Snares or guns along with dogs are usually employed when catching wild rabbits for food. In many regions, rabbits are also bred for meat, a practice called cuniculture. Rabbits can then be killed by hitting the back of their heads, a practice from which the term rabbit punch is derived. Rabbit meat is a source of high quality protein. It can be used in most ways chicken meat is used. Rabbit meat is leaner than beef, pork, and chicken meat. Rabbit products are generally labeled in three ways, the first being Fryer. This is a young rabbit between 1½ and 3½ pounds and up to 12 weeks in age. This type of meat is tender and fine grained. The next product is a Roaster; they are usually over 4 pounds and over 8 months in age. The flesh is firm and coarse grained and less tender than a fryer. Then there are giblets which include the liver and heart. One of the most common types of rabbit to be bred for meat is New Zealand white rabbit.There are several health issues associated with the use of rabbits for meat, one of which is Tularemia or Rabbit Fever.[10] Another is so-called rabbit starvation, due most likely to essential amino acid deficiencies in rabbit meat and synthesis limitations in human beings.Rabbits are a favorite food item of large pythons, such as Burmese pythons and reticulated pythons, both in the wild, as well as pet pythons. A typical diet for example, for a pet Burmese python, is a rabbit once a week.[citation needed]Rabbit pelts are sometimes used in for clothing and accessories, such as scarves or hats. Rabbits are very good producers of manure; additionally, their urine, being high in nitrogen, makes lemon trees very productive. Their milk may also be of great medicinal or nutritional benefit due to its high protein content (see links below).
Environmental problemsRabbits have been a source of environmental problems when introduced into the wild by humans. As a result of their appetites, and the rate at which they breed, wild rabbit depredation can be problematic for agriculture. Gassing, barriers (fences), shooting, snaring, and ferreting have been used to control rabbit populations, but the most effective measures are diseases such as myxomatosis (myxo or mixi, colloquially) and calicivirus. In Europe, where rabbits are farmed on a large scale, they are protected against myxomatosis and calicivirus with a genetically modified virus. The virus was developed in Spain, and is beneficial to rabbit farmers. If it were to make its way into wild populations in areas such as Australia, it could create a population boom, as those diseases are the most serious threats to rabbit survival. Rabbits in Australia are considered to be such a pest that land owners are legally obliged to control them.