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Insurance is a means of protection against financial loss. In exchange for payment, one party agrees to compensate the other party. To avoid harm, damage or injury. It is a form of risk management. It is mainly used to protect against the risk of possible loss or uncertainty.
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The city that provides insurance is called an insurance company. insurance company Insurance carrier or distribution manager Policyholder or city insured. The person or city covered in the policy is called the insured. An insurance transaction involves the insured in the form of payment to the insurance company as a guarantee, knowing and assuming a small loss. (Premium) in exchange for the insurer’s promise to compensate the insured for the insured loss. The loss may or may not be financial. But this must be reduced to financial terms. This often involves something in which the insured has an established insured interest through ownership, ownership or a pre-existing relationship.
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The insured receives a contract called an insurance policy. details the terms and conditions under which the insured will pay compensation to the insured. or designated beneficiary or transferee The amount of money received by the insurance company from the insured for the coverage specified in the insurance policy is called premium. When the insured suffers a loss covered by the insurance policy. The insured submits the claim to the insurance company for processing by the insurer. Deductibles are the out-of-pocket costs required by the insurance policy before the insurance company will pay the claim. (Or, if required by the health insurance policy, an additional fee.) Insurance companies can protect their exposure through reinsurance. When another insurance company agrees to assume part of the risk. This is especially true if the primary insurance company deems the risk too high to bear.
From the beginning, merchants looked for ways to reduce risk. Pictured: Governor of the Association of Wine Merchants, Ferdinand Bol, circa 1680.
This method of risk transfer or diversification was practiced by Babylonian, Chinese and Indian merchants in the 3rd and 2nd millennia respectively.
Chinese merchants traveling on dangerous river rafts divided their goods among several boats to limit losses caused by the capsizing of any one boat.
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The Code of Hammurabi 238 (1755-1750 BC) provides for sea captains. the shipmaster Or the charterer who saved the ship from total loss? Only half of the ship’s value should be paid to the shipowner.
Lex in Digesta seu Pandectae (533), the second volume of the code of laws ordered by Justinian I (527-565). Rhodia (“Rhodian Law”) is a legal opinion written by the Roman jurist Paulus in 235 AD. ) is a body of general principles of marine insurance created on the island of Rhodes between about 1000 and 800 BC. It was probably created by fossils during the supposed Dorian invasion and the emergence of the Sea Peoples during the Greek Dark Ages (ca. 1100 c. 750).
Archaeological excavations in Minya, Egypt in 1816. The tablets were produced during the royal period. Nerva – Antoninus A tablet from the ruins of the Temple of Antinous in Antinoepolis, Egypt, describes the rules and membership fees of a college of mortuary guilds founded around 133 AD in La Nuvium, Italy, during the reign of Hadrian (117-138). AD) of the Roman Empire
In 1851, Joseph P. Bradley (1870-1892), once an actuary for the Mutual Benefit Life Insurance Company and future Associate Justice of the Supreme Court, sent an article. His article, Journal of the Institute of Actuaries, was written by Ulpian, a Roman jurist during the Severan dynasty, about 220 AD. a detailed historical account of the compiled life-table, which is included in the Digesta.
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The concept of insurance is also found in Hindu scriptures such as Dharmasastra, Arthashastra and Manusmriti dating back to the 3rd century BC.
The ancient Greeks had sea loans. Money is placed on the ship or cargo. If the voyage is successful, this is to be paid with substantial interest, but if the ship is lost, the money will not be refunded. Therefore, high interest rates should not be paid only for the use of capital. but also the risk of capital loss (explained by Demosthes).
Direct insurance against marine risks, with premiums paid independently, began in Belgium in the 1300s AD.
Separate insurance contracts (ie insurance policies not combined with loans or other types of contracts) were introduced in Goa in 14 as insurance pools backed by land mortgages. The first known insurance contract originated in Goa in 1347. In the subsequent period, marine insurance has developed extensively. And insurance premiums vary by risk.
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These new insurance contracts allow you to separate insurance from investments. This is the first separation of roles that has proven useful in marine insurance.
The earliest known life insurance policy was issued on 18 June 1583 on the Royal Exchange in London for twelve months on the life of William Gibbons for £383 6s 8d.
Property insurance as we know it today was created after the Great Fire of London. In 1666, it burned more than 13,000 houses. The catastrophic consequences of fires changed the development of insurance. “From the issue of cheating to the urgent issue. The change of mind was reflected in Sir Christopher Wr’s inclusion of a space “Insurance Office” in his new plan for London in 1667.”
Many attempts at fire insurance failed, but in 1681, economist Nicholas Barbon and his senior associates founded the first fire insurance company. He established a “house insurance office” in the back of the Royal Exchange to insure brick and frame houses. Initially 5,000 houses were insured by his insurance office.
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At the same time, the first insurance plan for the distribution of the Business is also available. London’s growth as a trading center in the 7th century was fueled by the demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee shop. has become a meeting place for various factions in the shipping industry where cargo and ships need to be insured. Including those who are willing to guarantee such products. These informal beginnings led to the creation of Lloyd’s of London Insurance Market and a number of related transport and insurance businesses.
Life insurance policies were introduced as early as the 18th century. The first company to offer life insurance was the Friendly Society for the Permanent Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas All.
On the same principle, Edward Rowe Mores founded the Society for Equitable Assurances of Life and Survivors in 1762.
It is the world’s first mutual insurance company. and pioneered age-based premiums based on mortality rates, which laid “the framework for the operation and development of scientific insurance” and “the foundation of modern life insurance.” All life insurance plans will be used later.”
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The first company to offer accident insurance was the Railroad Passengers’ Assurance Company, founded in 1848 to insure against the increased mortality on the newly discovered railroad system.
The first international insurance rules were the York Antwerp Rules (YAR) of 1873 for the allocation of costs between ships and cargo below the general average, the predecessor of the association “Reforms and National Code Association”. Brussels. The first YAR was published in 1890 before its name was changed. In 1895, the “International Law Association”
In the late 19th century, the government started national insurance programs for sickness and old age. Germany built on the tradition of welfare programs in Prussia and Saxony beginning in the 1840s. In the 1880s, Chancellor Otto von Bismarck introduced old-age pensions. accident insurance and medical assistance This forms the basis of the German welfare state.
In the United Kingdom, the Liberal government enacted more extensive legislation in the National Insurance Act of 1911. It provided the British working class with the first system of sickness and unemployment insurance.
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This system was greatly expanded after the Second World War under the influence of the Beveridge Report. to create the first modern welfare state
In 2008, the International Network of Insurance Associations (INIA), an informal network, was launched. It was replaced by the Global Federation of Insurance Associations (GFIA), which was formally established in 2012 to improve the efficiency of the insurance industry. Provide information to international regulatory bodies and participate more effectively in international negotiations on issues of common interest. It consists of 40 member associations and one observer association in 67 countries. This represents approximately 89% of all awards worldwide.
Insurance involves the pooling of funds from multiple insured cities. (called risk) to pay
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