History Of Insurance

From one entity to another in exchange for payment of insurance risk transfer is balanced. It's basically a contingent loss, uncertain used to cover the risk of a form of risk management. An insurer or insurance company is a company selling the insurance; Insured, or the person or entity buying the holder of the insurance policy. The amount of money charged for a certain amount of insurance coverage, called the premium. Risk management, risk control and assessment practice, research and practice has evolved as a discrete field.

Transactions in financial losses (personal) if the compensation (compensation) to the insurer in exchange for the promise of the insurance company a relatively small loss guaranteed and known in the form of payment, assuming the insured is involved. The insured receives a contract under which the insured will be compensated financially and in terms of the details of the insurance policy is called.

Early methods

Transmission or distribution system in the third and second millennium BC, it is, respectively, the risk that the Chinese and Babylonian traders practices. [1] Many of the products will be delivered to the Chinese merchant ship sinking traveling treacherous river rapids, there is no reason to prevent damage to the device. Babylon, Hammurabi, the C code, developed a system was recorded. 1750 BC, and practiced by early Mediterranean sailing merchants. A merchant, an additional amount of the loan to the lender in exchange for the guarantee to the lender, lost or stolen, the rule can not take out a loan to finance its mission should be.

Somewhere in the first millennium BC, the inhabitants of Rhodes' will create an overall average. Taken together, the products in this group is to ensure that suppliers are shipped. During the transportation of goods is canceled or the business of the storm will be available to collect the premium drop. [2]

Individual insurance contract insurance consortia estates (ie, insurance policies not bundled with loans or other types of contracts) in 1347 from the date of the insurance contract, in Genoa in the 14th century and in the next century, marine insurance, and many more are discovered in the premium was promised intuitively, the risk very varied. [3] These new insurance contracts allowed insurance, marine insurance in the introduction of the first evidence that the separation.

Modern insurance

"Renaissance Insurance and more complex, especially in the pursuit of Europe, it was."

"We are taking this great fire of London, in 1666, can be traced, the insured has more than 13,000. The fire insurance coverage of the devastating effect a matter of urgency, a change from London, Sir Christopher Wren, 1667 According to the new plan, the insurance office affiliation, to reflect, and to transform the site. [4] a number of attempted fire insurance, but there was nothing in 1681, economist Nicholas Barbon, and the first fire insurance company, Royal Exchange eleven employees brick and frame home insurance, home insurance office,, back. initially 5,000 homes are insured by insurance companies established. "

"At the same time, the insurance of the first commercial enterprises. In the seventeenth century, business, increased demand for marine insurance in London at the end of a center for the growing importance. Late 1680s, Edward Lloyd, cargo ships, sailing meeting space was signed. This kind of initiative is a cafe and parties, London insurance market Llo-ds to install the unofficial start to ensure that the lead has a variety of business-related shipping and insurance. "

"Life insurance is a friendly society .. [7] [8 ensures a permanent office in London was established in 1706, the beginning of the 18th century, life insurance, William Talbot and Sir Thomas Allen was the first 1762] Edward Rowe Law", Equitable Life Assurance Society and survivors

"Modern scientific term life insurance premiums are based on innovations in terms of insurance and insurance practices and the world's first mutual insurance system developed on the basis of age-specific mortality, and there was. [9]"

"19th century, accident insurance, disability insurance, many modern. Offer has begun. 1848 [10], [11], the insurance company to ensure passengers in England, to increase the number of deaths in the first companies to hedge against the rail system."

"In 1840, the 19th century, Germany, the government .., by Prussia, illness and aging of the National Insurance Program began in 1880, and the Chancellor Otto von Bismarck begins and create a tradition of social welfare programs, the state of the German Enigma insurance, old age pensions , formed the basis for the treatment of the accident. the Liberal government introduced in Britain in 1911, a more comprehensive control of the National insurance Act. British working class, the first [13] [12] in this system, it is widely used against sickness and unemployment insurance leaders. [14] , an early form of the modern welfare state was to extend the impact of World War II, the Beveridge report. "