Exploring National And Regional Fire Insurance Providers – Advertisement for Norwich Union fire insurance company, showing amount of assets insured and insurance paid (1910)
Insurance is a form of protection against financial loss where, in exchange for payment, one party agrees to indemnify another party in the event of certain loss, damage, or injury. It is a form of risk management, mainly used to hedge the risk of contingencies or uncertain losses.
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The company that provides the insurance is known as the insurer, the insurance company, the insurance company, or the underwriter. The person or merchant who buys the insurance is known as the policyholder, while the person or money paid under the policy is called the insured. An insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insured (premium) in exchange for the insurer’s promise to indemnify the insured for the insured loss. The loss may or may not be monetary, but it must be reduced in monetary terms. Furthermore, it usually involves an item where the insured has an interest in the insured based on ownership, ownership, or a pre-existing relationship.
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The insured receives a contract, called an insurance policy, that states the terms and conditions under which the insurance will pay out to the insured, or a designated or assigned beneficiary. The sum insured to the policyholder in respect of the coverage specified in the insurance policy is called the premium. If the insured suffers a loss that is properly covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before the insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copaymt). The insured can protect his risk by taking insurance, where another insurance company agrees to bear some risks, especially if the first insurer sees the risk as too great to bear.
Traders have sought ways to reduce risk since ancient times. Image, Governors of the Guild of Wine Merchants by Ferdinand Bol, c. 1680.
Methods of transferring or spreading risk were practiced by Babylonian, Chinese and Indian traders as early as the 3rd and 2nd millnia BC, respectively.
Fraudulent Chinese river traders will redistribute their goods on multiple ships to minimize losses due to any one ship capsize.
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Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that a sea captain, captain, or charterer who saved a ship from total loss only had to pay half of the ship’s value to the shipowner. .
In the Digesta seu Pandectae (533), the second volume of law writing ordered by Justinian I (527–565), a legal treatise written by the Roman priest Paulus in 235 AD was included regarding the Lex Rhodia (“Rhodian law”). It explains the average maritime insurance policy established on the island of Rhodes around 1000 to 800 BC, apparently by the Phoicians during the proposed Dorian invasion and the emergence of the Sea Peoples called the Greek Dark Ages (c. 1100– c. 750).
In 1816, archaeological excavations in Minya, Egypt yielded a Nerva-Antonine period tablet from the ruins of the Temple of Antinous in Antinoöpolis, Aegyptus. The tablet sets out the rules and membership fees for the public burial college founded in Lanuvium, Italy around 133 AD during the reign of Hadrian (117–138) in the Roman Empire.
In 1851 AD, US Supreme Court Justice Joseph P. Bradley (1870–1892 AD), when he was employed as an expert by the Mutual Benefit Life Insurance Company, submitted an article to the Journal of the Institute of Experts. His article details a biographical account of Severan’s time compiled by the Roman consul Ulpian around 220 AD and included in the Digesta.
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Insurance concepts have been found in 3rd century BC Hindu scriptures such as Dharmasastra, Arthashastra and Manusmriti.
The ancient Greeks had maritime loans. Money was made on a ship or in goods, to be returned with high interest if the voyage was successful. However, the money would not be paid at all if the ship was lost, thus making the interest rate high enough to cover not only the use of capital but also the risk of losing it (explained fully by Demosthes). Loans of this character have since become common in maritime lands under the name of bottomry and respondtia bonds.
The direct insurance of marine risk in the payment of mortgages paid independently began in Belgium around 1300 AD.
Various insurance contracts (i.e., insurance policies not linked to loans or other types of contracts) were introduced in Goa in the 14th century, as were insurance pools backed by hereditary land contracts. The first known insurance contract appeared in Goa in 1347. In the following period, marine insurance was widely developed, and premiums varied by risk.
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These new insurance contracts allowed the insurer to be separated from the investmt, a separation of roles that proved useful for the first time in marine insurance.
The first known life insurance policy was executed at the Royal Exchange, London, on 18 June 1583, for £383, 6s. 8d. twelve months in the life of William Gibbons.
Property insurance as we know it today can be traced to the Great Fire of London, which in 1666 destroyed more than 13,000 houses. The devastating effects of the fire changed the developmentmt of insurance “from a matter of conviction to something urgent, a change of opinion expressed in Sir Christopher Wr’s inclusion of the site of the “Insurance Office” in his new plan of London in 1667.”
A number of insurance companies tried to insure fire without success, but in 1681, the economist Nicholas Barbon and his senior colleagues founded the first fire insurance company, the “House Insurance Company”, behind the Royal Exchange for brick assurance. and frame houses. Initially, 5,000 homes were insured by his Insurance Office.
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At the same time, the first insurance schemes for underwriting business vtures became available. By the end of the seventeenth century, London’s growth as a commercial center was fueled by the demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house, which became a meeting place for groups in the shipping industry wishing to insure cargo and ships, including those willing to write such vtures. These informal beginnings led to the establishment of Lloyd’s of London insurance market and many related transport and insurance businesses.
Life insurance policies were taken out in the early 18th century. The first company to offer life insurance was the Amicable Society’s Office of Perpetual Assurance, founded in London in 1706 by William Talbot and Sir Thomas All.
On the same principle, Edward Rowe Mores founded the Society for Equality of Life and Survival in 1762.
It was the world’s first insurance company and introduced age-based premiums based on mortality rate laying “the framework of a scitific insurance system and developmentmt” and “the foundation of modern life assurance on which all life assurance schemes were based thereafter.”
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The first company to offer accident insurance was the Railway Passengers’ Assurance Company, which was founded in 1848 in England to cover the growing number of people who died on the nasct railway system.
The first law of international insurance was the Rules of York Antwerp (YAR) for the distribution of costs between the ship and the cargo in the evt of the average geral. In 1873 the “Association for the Reform and Codification of the Law of Nations”, the predecessor of the International Law Association (ILA), was founded in Brussels. It published the first YAR in 1890, before switching to the first title of the “International Law Association” in 1895.
Towards the end of the 19th century governments began to introduce national insurance programs against sickness and old age. Germany developed a tradition of welfare programs in Prussia and Saxony that began as early as the 1840s. In the 1880s Chancellor Otto von Bismarck introduced pensions for the elderly, accident insurance and medical care that formed the basis of German welfare.
In Britain further legislation was introduced by the Liberal government in the National Insurance Act of 1911. This gave the British working classes the first system of providing insurance against sickness and unemployment.
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This system was greatly expanded after the Second World War under the influence of the Beveridge Report, creating the first modern welfare state.
In 2008, the International Network of Insurance Associations (INIA), an informal network, was launched and succeeded by the Global Federation of Insurance Associations (GFIA), which was formally established in 2012 with the aim of expanding the insurance industry. providing input to international governing bodies and contributing more effectively to international discussions on issues of common interest. It includes its 40 member associations and one observer association in 67 countries, where companies account for approximately 89% of total insurance premiums worldwide.
Insurance involves the pooling of funds from multiple insurers (known as exposures) to pay for
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