Assurance Meaning Of Marathi

Assurance Meaning Of Marathi – Advertisement from the Norwich Union Fire Insurance Company showing the amount of property covered and the insurance paid (1910)

Insurance is a form of protection against financial loss in which one party agrees to compensate another party for a fee in the event of a loss, damage or injury. It is a type of risk management used primarily to protect against the risk of unexpected or uncertain loss.

Assurance Meaning Of Marathi

Assurance Meaning Of Marathi

An insurance company is called an insurer, an insurance company, an underwriter or an underwriter. The person or entity that buys the insurance is called the insured, while the person or entity that the policy protects is called the insured. An insurance contract means that the insurer pays a certain, known and minimum loss compensation to the insurer in the form of a payment (premium) in exchange for the insurer’s promise to pay the insurance premium for the indemnified loss. The loss may or may not be monetary, but it must be monetary. In addition, it usually includes something in which the guarantee has an interest that is not guaranteed by the strength of ownership, property or existing relationship.

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The insured agrees to a contract, called an insurance policy, which specifies the terms and conditions under which the insured will pay the premium or the beneficiary he or she designates. The amount that the insurer receives from the insured for the coverage in the insurance plan is called the premium. If the insured causes a loss that is covered by the insurance policy, the insured assigns a right to the insurer to handle the claim. The mandatory payment required by the insurance policy, before the insurer will pay the claim, is called the deductible (or, if the health insurance policy requires it, the co-payment). An insurer can hedge its risk by entering into a replacement, whereby another insurance company agrees to be part of the risk, even if the primary insurer deems the risk too great to bear.

Traders are looking for ways to reduce risk from the start. Pictured are the Governors of the Guild of Wine Merchants of Ferdinand Bol, approx. 1680.

Methods of transportation or risk sharing were used by traders in China and India in the 3rd and 2nd millennia BC, respectively.

Chinese merchants traveling through the treacherous river rapids also split their cargo among several ships to limit the damage caused by a ship sinking.

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Codex Hammurabi Law 238 (circa 1755-1750 BC) states that a captain, captain or commander of a ship who saves a ship from total destruction is required to pay the owner of the ship only half of the ship’s value. .

Digestta seu Pandectae (533), the second volume of the codification of laws commissioned by Justinian I (527–565), including a legal opinion on the Lex Rhodia (“Law of Rhodes”) written by the Roman writer Paulus in 235 BC . . ). It shows the general central structure of the sea wall established on the island of Rhodes c. 1000–800 BC, probably settled by the Phocians during the Dorian invasion and the rise of the Sea Peoples alleged in the Greek Dark Ages (c. 1100–c. .750).

In 1816, excavations in Minya, Egypt, brought out a Nerva-Antonius Dynasty tablet from the ruins of the temple of Antinous in Antinoepolis, Aegyptus. The tablet sets out the rules and fees for the collegium of the funeral society founded in Lanuvium, Italy, around 133 AD during the reign of Hadrian (117-138) of the Roman Empire.

Assurance Meaning Of Marathi

In 1851 AD, the future US Supreme Court Judge Joseph P. Bradley (1870-1892 AD), once an actuary for the Mutual Benefit Life Insurance Company, submitted an article to the Journal of the Institute of Actuaries. His article describes a historical account of Severan imperial biographies compiled by the Roman magistrate Ulpian around AD 220 and contained in the Digesta.

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Concepts of meditation are also found in 3rd century BC Hindu scriptures such as Dharmasastra, Arthashastra and Manusmriti.

The ancient Greeks had sea loans. The money has been paid in advance on the vehicle or cargo, which is paid back with high interest if the trip was successful. However, if the vehicle is lost, the money will never be returned, so the interest rate is high, paying not only for the use of capital, but also for the risk lost (explained in detail by Demostes). Since then, loans of this nature have become common in maritime countries under the name of North and South Africa.

Direct marine risk insurance for Premium paid independently of loans started in Belgium around 1300 AD.

In Goa in the 14th century, separate insurance contracts (i.e. insurance policies that are not combined with loans or other contracts) were established, as insurance funds were supported by contracts of natural resources. it is mineral. The first known insurance contract is from Goa in 1347. In the following year, marine insurance was widely developed and premiums were adjusted according to risks.

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These new insurance contracts allow for the separation of insurance from investment, a separation of duties that was first introduced in marine insurance.

The first known life insurance policy was issued on the Royal Exchange in London on 18 June 1583 for £383.6s. 8d. twelve months in the life of William Gibbons.

Property insurance as we know it today dates back to the Great Fire of London in 1666, which destroyed more than 13,000 houses. The devastating effects of the fire changed the development of insurance “from a matter of assurance to a matter of urgency, a change of thought contained in Sir Christopher Wr in his new London plan for the ‘office of insurance’ in 1667.”

Assurance Meaning Of Marathi

Many attempts at fire insurance schemes failed, but in 1681 the economist Nicholas Barbon and his enterprising partners set up the first fire insurance company, the House Insurance Company, at the back of the Royal Exchange to insure bricks and mortar. frame house. Initially, his insurance company had insured 5,000 houses.

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At the same time, the first insurance programs for commercial contracts are also available. In July, the growth of the London trade was due to the demand for marine insurance. In the late 1680s, Edward Lloyd opened a cafe that became a meeting place for groups in the shipping industry who wanted to insure goods and ships, including those who wanted to handle such insurance contracts. . These informal beginnings led to the creation of Lloyd’s of London, an insurance market, and many shipping and insurance companies.

Life insurance policies were brought out in the early 18th century. The first life insurance company was the Amicable Society for Life Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas All.

On the same principle, in 1762, Edward Rowe Mores founded the Society for Equal Assurances of Lives and Survival.

It is the world’s first insurer of life insurance and age-based premiums based on mortality, which carries “the principle of scientific insurance practice and development” and “the foundation of modern life insurance on which all systems life insurance is based”.

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The first company to offer accident insurance was the Railway Insurance Company, which was founded in 1848 to insure the increasing number of victims on the future railway system.

The first international insurance law is the York Antwerp Rules (YAR) for the division of costs between the ship and the cargo in the total sum evt. 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 changing to the final name of the International Law Society in 1895.

At the end of the 19th century, governments started to introduce general insurance schemes against sickness and old age. Germany built on a tradition of welfare programs in Prussia and Saxony that began as early as the 1840s. In the 1880s, Chancellor Otto von Bismarck introduced old-age pensions, accident insurance and medical care, which is the foundation of the welfare state in Germany.

Assurance Meaning Of Marathi

In Great Britain, the Liberal government introduced more extensive legislation with the National Insurance Act of 1911. It provided the British working classes with a first aid insurance system against sickness and unemployment.

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This program was greatly expanded after the Second World War under the influence of the Beveridge Report, among the first modern welfare states.

In 2008, the informal network International Network of Insurance Associations (INIA) became active, the successor of which is the Global Federation of Insurance Associations (GFIA), which was established in 2012 with the aim of increasing the efficiency of the insurance sector. provide input to international regulatory bodies and contribute effectively to international dialogue on issues of common interest. It has 40 member societies and 1 observer society in 67 countries, representing approximately 89% of global insurance premiums.

Insurance involves pooling funds from multiple policies (known as exposures) to cover losses.

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