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“evaluating Homeowners Insurance Policies In Europe” – Advertisement for Norwich Union Fire Insurance Company, showing coverage and amount of insurance assets paid out (1910)
Insurance is a method of preventing financial loss in which, for a fee, one party agrees to compensate another party in the event of certain loss, damage or injury. It is a form of risk management, used primarily to prevent the risk of sudden loss. Turn or not exactly.
“evaluating Homeowners Insurance Policies In Europe”
Organizations that provide insurance are known as insurance companies, insurance companies, insurance providers or underwriters. The person or city that buys the insurance is called the policyholder, while the person or city that is covered by the policy is called the insured. An insurance transaction involves the policyholder accepting a guaranteed, known and relatively small loss in the form of a payment (premium) in exchange for the insurer’s promise to compensate the policyholder in the event of a covered loss. The loss may or may not be financial, but it should be minimized from a financial perspective. In addition, it often involves something in which the insured has an insurable interest arising from ownership, possession or existing relationship.
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The insurer receives a contract, called a policy, which details the terms and conditions under which the insurer will pay compensation to the insured or their beneficiaries or assigns. The amount charged by the insurer to the policyholder for the coverage specified in the policy is called the premium. If the insured suffers a loss that may be covered by the policy, the insured will submit a request to the insurer to be processed by a claims adjuster. Out-of-pocket expenses required by an insurance policy before the insurer pays a claim are called deductibles (or co-pays, if required by the health insurance policy). Insurers can offset their own risk by entering into reinsurance, in which other insurers agree to assume a portion of the risk, especially if the primary insurer considers the risk too large to assume.
Traders have been looking for ways to reduce risk from the start. Governor of the Guild of Wine Merchants, painted by Ferdinand Bol, c. 1680.
Methods of transferring or distributing risk were practiced by Babylonian, Chinese, and Indian merchants in the 3rd and 2nd centuries BC, respectively.
In order to limit the damage caused by shipwrecks, the Chinese merchants traveling in the dangerous river divided the goods of He made many ships.
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Law 238 of the Codex Hammurabi (around 1755-1750 BC) stipulates that the captain, ship manager, or ship charterer who saves the ship from total loss must pay only half of the ship’s value to the ship’s owner. ,
In Digesta seu Pandecte (533), the second edition of the codification of laws ordered by Justinian I (527-565), legal opinions compiled by the Roman jurist Paul in 235 AD. Includes Lex Rhodia (“Rhodian Law”) I. Go. , this explains the general medieval theory of maritime insurance established on the island of Rhodes around 1000 to 800 BC, probably by the Phoenicians during the proposed Dorian invasion and the appearance of the presumed sea people in the Greek Dark Ages (around 1100-c. ). I went. 750).
In 1816, archaeological excavations at Minya, Egypt, produced a tablet of the Nerva-Antonine dynasty from the ruins of the Temple of Antinous in Antinopolis, Egypt. The plaques set out the rules and membership of the Collegium, a burial society founded in Lanuvium, Italy, around 133 AD. In the reign of Hadrian (117-138) of the Roman Empire.
In 1851, a future associate of the United States Supreme Court. Joseph P. Badley (1870–1892), who once worked as a scientist for a mutual benefit life insurance company, submitted an article to the Journal of the Academy of Sciences. His article details a historical account of Severan period life tables compiled by the Roman jurist Ulpian around 220 AD, which was included in the Digesta.
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The concept of insurance is also found in Hindu scriptures such as Dharmashastra, Arthashastra and Manusmriti dating back to the 3rd century BC.
The ancient Greeks had naval debts. The money advanced to a ship or cargo ship, which was repaid with high interest if the voyage was successful. However, if the ship is lost, the money will not be returned at all, thus making the interest rate high enough to pay not only for the use of the capital, but also the risk of its loss (fully explained by Demosthenes). Loans of this nature became common in the desert under the names of bottomry bonds and respontia.
Direct insurance of marine risks for premiums paid without payment of debt began in Belgium around 1300 AD.
A separate insurance policy (that is, an insurance policy that is not accompanied by a loan or other type of contract) was called for in Goa in the 14th century, as insurance groups backed by contracts of landed property. The first known insurance policy was signed in Goa in 1347. In the following century, marine insurance developed widely and premiums varied according to risk.
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These new insurance policies allowed insurance to be separated from investment, a separation of roles that proved useful in marine insurance for the first time.
The first known life insurance policy was created on June 18, 1583 at at the Royal Exchange in London for £383.6s. 8 d. Twelve months in the life of William Gibbons.
Property insurance as we know it today can be traced back to the Great Fire of London, which destroyed more than 13,000 houses in 1666. The devastating effects of the fire turned the development of insurance “from a matter of assurance to an urgent necessity, a change. Heart reflects the inclusion of the website of Sir Christopher WR of the “Insurance Office” in his new plan for London in 1667.”
Several attempts at fire insurance failed, but in 1681, economist Nicholas Barbon and Aleve Associates established the first fire insurance company, the “Insurance Office for Houses”, behind 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 program for business underwriting became available. By the end of the seventh century, the demand for marine insurance led to the development of London as a commercial area. In the late 1680s, Edward Lloyd opened a coffee shop, which became a meeting place for participants in the shipping industry who wished to secure goods and ships, as well as those who wished to run the business. These informal beginnings lead to the establishment of the Lloyd’s of London insurance market and a number of related shipping and insurance businesses.
Life insurance policies were implemented in the early 18th century. The first company to offer life insurance was the Friendly Society for the Permanent Insurance Office, founded in London in 1706 by William Talbot and Sir Thomas All.
With this principle, Edward Rowe Morse established the Society for the Assurance of Life and Living in 1762.
It was the world’s first mutual insurance company and a pioneer of age-based premiums based on mortality, establishing “the insurance framework and scientific development” and “the foundation of modern life insurance on which all subsequent life insurance plans are based.”
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The first company to offer accident insurance was the Railroad Passenger Insurance Company, founded in 1848 to insure the increasing number of deaths on the fledgling railroad system.
The first international insurance rules were the York Antwerp Rules (YAR) for the allocation of costs between ships and cargo based on a general average. In 1873, the “Union for Reform and Code of Law of Nations”, the leader of the International Law Union (ILA), was founded in Brussels. It published the first YAR in 1890, before moving on to become the first title of the association. International law in 1895.
At the end of the 19th century, the government began to organize a national insurance program against illness and the elderly. Germany created a tradition of welfare programs in Prussia and Saxony that began in the 1840s. In the 1880s, Chancellor Otto von Bismarck introduced old age pensions, accident insurance, and medical care as the basis of the German welfare state.
In England, the Liberal government introduced more comprehensive legislation in the National Insurance Act of 1911. It gave the English working class the first salary scheme of sickness and unemployment insurance.
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The system was greatly expanded after the Second World War under the influence of the Beveridge Report, creating the first modern welfare state.
In 2008, an informal network, the International Network of Insurance Associations (INIA), became active and succeeded by the Global Insurance Federation (GFIA), which was officially established in 2012 with the aim of increasing the efficiency of the insurance industry. . Done. Provide information to international management organizations and actively contribute to international negotiations on issues of mutual interest. Interested. Consisting of 40 member associations and 1 regulatory association in 67 countries, its companies represent approximately 89% of all insurance premiums worldwide.
Insurance involves pooling money from multiple insured entities (called exposures) to make a payment.
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