Insurance Meaning For Kannada – Advertisement of the Norwich Union Fire Insurance Company, showing number of properties covered and insurance paid (1910).
Insurance is a form of protection against financial loss in which, in exchange for payment, one party agrees to indemnify another party against certain loss, damage or injury. It is a form of risk management, mainly used to protect against sudden or uncertain losses.
Insurance Meaning For Kannada
Companies that provide insurance are known as insurance companies, insurance companies, insurance carriers or underwriters. The person or entity who buys the insurance is known as the policyholder, the person or entity covered by the policy is called the insured. The insurance transaction involves the insured paying the insured (premium) for certain, known and relatively small losses on the assumption that the insurer’s commitment will be covered by evt losses. The loss may or may not be financial, but it should be mitigated for financial reasons. In addition, often the insured will have an insurable interest based on ownership, ownership or existing relationships.
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The insured receives a contract called an insurance policy that specifies the terms and conditions that cover the insured or the beneficiary or the beneficiary. The amount of money offered by the insurer for the coverage in the insurance policy is called premium. If the insured suffers a loss that is partially covered by the insurance policy, the insured submits a request to the insurer to be handled by the claims adjuster. An 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, Copaymt). When other insurers agree to assume certain risks, especially if the primary insurer believes the risk is too large to bear, insurers may reinsure their own risks.
Traders are looking for ways to reduce risk from the start. Image, Governor of the Guild of Wine Merchants by Ferdinand Ball, c. In 1680
Methods of transferring or distributing risk were used by Chinese and Indian merchants in the 3rd and 2nd millennia BC.
Chinese merchants navigating the treacherous river rapids would spread their wares across multiple ships to limit the losses caused by any one ship capsizing.
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Codex Hammurabi Law 238 (1755-1750 BC) stipulates that a sea captain, ship manager, or ship charterer who saves a ship from total loss must pay only half of the ship’s value to the ship owner. .
In the Diggesta seu Pandectae (533), the second codification of the law ordered by Justinian I (527-565), it includes the legal commentary Lex Rhodia (“Rhodian law”) written by the Roman jurist Paulus in AD 235. It refers to the general average marine insurance principle established on the island of Rhodes from around 1000 BC to 800 BC, probably in anticipation of the proposed Dorian invasion and the creation of seafarers in Greece’s Dark Ages by the Phocians (1100-c. 750).
In the year In 1816, archaeological excavations in Minas Gerais, Egypt produced a Nirva-Antonine Dynasty tablet from the ruins of the Temple of Antinous in Antinopolis, Egypt. The tablet records the rules and membership fees of the College of Sepulchres, founded around 133 AD in Lanuvium, Italy, during the reign of Hadrian (117-138) of the Roman Empire.
In 1851, future US Supreme Court Associate Justice Joseph P. Bradley (1870-1892), once employed as an actuary for the Mutual Benefit Life Insurance Company, submitted an article to the Journal of the Institute of Actuaries. The text describes a historical account of the biography of the Severan dynasty compiled by the Roman jurist Ulpian around 220 AD, which is also included in the Digesta.
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The concept of insurance is also found in 3rd century BC Hindu scriptures such as Dharmasastra, Arthashastra and Manusmriti.
The ancient Greeks had a sea loan. Money sent by ship or cargo must be paid with high interest if the voyage is prosperous. But if the ship is lost, the money is not paid at all, so a high rate of interest must be paid not only for the use of capital, but also for the risk of loss (which is fully described by Demostes). Loans of this nature were once common in maritime lands under the name of Subordinate and Reciprocal Bonds.
Direct insurance for marine risks with constant premiums was introduced in Belgium in 1300.
In the 14th century, separate insurance contracts (ie, insurance policies not linked to loans or other types of contracts) were introduced in Goa, such as insurance pools backed by pledges of landed properties. The first known insurance contract from Goa in 1347. In the next century, marine insurance became widespread, and premiums varied according to risks.
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This new insurance contract allowed insurance to be separated from investment, this separation of roles is important for the first time in marine insurance.
A well-known life insurance policy was issued at the Royal Exchange, London, on June 18, 1583, for £383, 6s. 8 d. Twelve months in the life of William Gibbons.
Property insurance as we know it today is the Great Fire of London in 1666 which destroyed over 13,000 houses. The devastating effect of the fire changed the development of insurance.
Several attempted methods of fire insurance failed, but in 1681 the economist Nicolas Barbon and Ellev’s associates established the first fire insurance company, the “House Insurance Office,” behind the Royal Exchange to insure brick and frame houses. Initially, 5,000 houses were covered by insurance.
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At the same time, the first insurance plan was found to write businesses. The growth of London as a commercial center in the seventh century increased the demand for marine insurance. In the year In the late 1680s, Edward Lloyd’s Tavern opened, which became a gathering place for parties in the shipping industry who wanted to insure cargo and ships. These informal beginnings led to the establishment of the Lloyds of London insurance market and several shipping and insurance businesses.
Life insurance policies originated in the early 18th century. The first life insurance company to offer life insurance was the Amiable Society for Perpetual Assurance, a life insurance company founded in London in 1706 by William Talbot and Sir Thomas All.
On the same principle, Edward Rowe Morse founded the Society for Equitable Assurances in Life and Survival in 1762.
It was the first age-based mutual insurance based on mortality rates and pioneered age-based premiums, which established a “framework for scientific insurance practice and development” and “the foundation of modern life insurance on which all life insurance programs are based.”
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Casualty Insurance The first company was the Railroad Passengers Insurance Company, established in 1848 to insure the growing risk of accidents on the early railroads.
The first international insurance rules, the York Antwerp Rules (YAR), defined the cost between the ship and the cargo as an average evt. In the year In 1873, the Society for the Reform and Reform of the Law of Nations, the forerunner of the International Law Society (ILA), was founded in Brussels. In the year He published the first YAR in 1890 before moving to the first title of the “International Law Society” in 1895.
At the end of the 19th government, the National Insurance Program for Sickness and Old Age was launched. Germany built on a tradition of welfare programs in Prussia and Saxony that began in the 1840s. In the year In the 1880s, Chancellor Otto von Bismarck introduced old-age pensions, accident insurance, and medical care as the basis of Germany’s welfare state.
In Britain, more extensive legislation was enacted by the Liberal government in the National Insurance Act of 1911. This was the first contribution of the English working class to sickness and unemployment insurance.
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This system was greatly developed after the Second World War under the influence of the Beveridge Report, to establish the first modern welfare state.
In the year In 2008, the International Network of Insurance Associations (INIA), an informal network, became active and in 2012 it was replaced by the International Federation of Insurance Associations (GFIA), which was established with the aim of improving the efficiency of the insurance industry. In the year 2008 by providing input to international regulatory bodies and contributing more effectively to international discussions on issues of common interest. Consisting of 40 member associations and 1 observer association in 67 countries, the organizations pay about 89% of the total insurance premiums in the world.
Insurance involves pooling funds from multiple insured parties (known as exposures) to pay for losses.
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