Insurance Meaning Wikipedia – The history of insurance traces the development of the modern business of insuring risks, particularly those involving goods, property, death, automobile accidents, and medical care.
The insurance industry helps eliminate risk (e.g. requires fire insurers to implement safe practices and install fire extinguishers), transfers risk from individuals to the larger community, and provides an important source of long-term financing for society and society. and the private sector.
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Between December 1901 and January 1902, under the guidance of archaeologist Jacques de Morgan, Father Jean-Vinct Scheil O.P. discovered a basalt or diorite stele 2.25 meters (or 88.5 inches) high, inscribed with 4130 lines. Cuneiform Law. By Hammurabi (1792-1750 BC) of the First Babylonian Empire in Shush, Iran.
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The Code of Hammurabi 100 provided for the repayment of the loan by the creditor according to a schedule with a maturity date specified in written contractual terms. Rules 101 and 102 provided that a shipping agent, factor or ship charterer is liable to repay the principal amount of the loan to a creditor only in the case of forced net income or total loss. 103 The law provided that the agent, factor, or charterer, upon the production of an affidavit of theft, was discharged from liability for tire debt, in case of theft during the period of the statute, by force, by force. to his creditor.
Code of Hammurabi No. 104 provided that the carrier (agts, factoring or charterer) issues a bill of lading and an invoice relating to the contract of carriage of goods, stating the contractual terms regarding sales, commissions and return period and receiving the bill of lading. Delivery of goods and delivery of goods. 105 The law stated that claims for damages made by agents, factors and charterers without a receipt were void.
235 The shipbuilder shall be liable within one year in lieu of the shipowner to the shipowner lost within the period prescribed by law. Rules 236 and 237 provided that the ship owner and the cargo were carried on by the ship owner and the cargo, and the ship’s master, manager or charterer was liable for the replacement of the ship and cargo lost during the charter party’s term of negligence. 238 The law stated that the captain, manager or charterer who saved a ship from total loss was liable to pay the shipowner only half of the value of the ship. Act 240 makes the owner of a cargo ship destroyed by collision with a passenger ship liable to replace the passenger ship and all cargo on board on the filing of an affidavit by the owner of the passenger ship about the collision.
In 1816, during archaeological excavations in Minya, Egypt (under the eye of the Ottoman Empire), a tablet from the Nervian and Antonine dynasties was found in the ruins of the Temple of Antinous in Antinopolis, Egypt. Rules and membership fees for the College of Sepulchres, founded in Lanuvium, Italy, around 133, during the reign of Hadrian (117-138) in the Roman Empire.
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In 1851, future US Supreme Court Justice Joseph P. Bradley (1870-1892), formerly an operator of the Mutual Buffett Life Insurance Company, submitted an article to the Journal of the Institute of Actuaries detailing the history of life in the Severn dynasty. The table, drawn up by the Roman jurist Ulpian around 220 during the reign of Elagabalus (218–222), was included in the second volume of the codification of laws ordered by Justinian I (527–565) of the Eastern Roman Empire, Digesta Seu. Pandectae (533).
In addition, AD The Digesta also included a legal opinion written by the Roman jurist Paulus at the beginning of the 3rd century crisis. In 235 the Lex Rhodia (“Rhodian Law”), which was passed on the island of Rhodes, BC. As a member of the Doric Hexapolis, it is often suggested that the Dorian invasion and the emergence of the Sea Peoples during the Greek Dark Ages (c. 1100–c. 750) led to the spread of the Doric dialect of Greek by the Phoenicians. .
In some ways insurance goes back to prehistoric times. Initially, people sold goods in their villages or gathering places.
A natural or non-monetary economy (using barter and trade without a centralized and standardized set of financial instruments) and a monetary economy (with markets, money, financial instruments, etc.). Insurance in non-financial economies is a mutual aid agreement. Institutions such as cooperatives, guilds, and proto-states that function to provide mutual security can support such economies.
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“Payment” for such “insurance” does not need to involve financial transactions. If one family’s house is destroyed, neighbors intervene to rebuild it. Common granaries were another early form of insurance against famine.
Babylonian, Chinese and Indian traders respectively in B.C. In the 3rd and 2nd millennium, money economies adopted methods of transferring or distributing risk.
Fast-moving Chinese merchants on the treacherous river would distribute their goods across several ships to limit losses from one ship capsizing. By the Babylonians B.C. Around 1750 a system recorded in the famous Code of Hammurabi was devised. and practiced by early Mediterranean sea traders. If a merchant received a loan to pay for his ship, he paid the elder an additional sum in exchange for the elder’s guarantee that the loan would be canceled if the ship was stolen or lost at sea. Insurance concepts can also be found in 3rd century BC Hindu texts such as Dharmashastra, Arthashastra and Manusmriti.
Traders have been looking for ways to reduce risk for a long time. Pictured: Governors of the Guild of Wine Merchants, Ferdinand Ball, circa 1680.
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The Achaemen kings of Ancient Persia received annual gifts (tributes) from the various ethnic groups under their rule. This served as an early form of political insurance and would officially bind the Persian monarchy to protect the group from harm.
The old so-called “Rhodian maritime law”, which applied to sailors and merchants, included a stipulation that if a sailor was forced to throw overboard to save a ship from sinking, the loss would be borne collectively by his fellow shipmates. It is often cited as one of the earliest examples of insurance law, and some believe its origins date back to 1000 BC. On the Greek island of Rhodes.
Ancient Athenian “sea loans” provided for the payment of funds for voyages, and repayment was canceled when a ship was lost. In the 4th century BC loan rates varied according to whether the period was secure or insecure, suggesting a perceptual pricing of risk with an insurance-like effect.
During the Peloponnesian Wars, some Atian slave owners volunteered their slaves to sail warships. These slave owners paid a small annual contribution to the Athenian state, and if a slave died in action, the value of a slave would be paid to the owner.
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600 BC He founded a guild called “Bevolt Sangam” which looked after the families of deceased members and also covered the funeral expenses of the members. Medieval guilds used similar practices. The Jewish Talmud deals with several aspects of cargo insurance. Before the introduction of modern insurance in the late 17th century, there were “primary societies” in England, where people contributed large sums of money that could be set aside for emergencies.
Maritime credit (fous nauticum) was common before traditional marine insurance in the Middle Ages, in which an investor lent his money to a traveling merchant, and the merchant was obligated to repay it if the ship returned safely. In this way, credit and marine insurance were provided at the same time. To cover maritime risk, the merchant was obliged to pay higher interest rates, unlike land-based merchants who simply shared the profits. Pope Gregory IX condemned fous nauticum as usury in his decretal Naviganti (Decretales, V, XIX, 19) in 1236.
Commda agreements were introduced in response. Under Commda contracts, investors bear the risk of loss in exchange for a favorable share of profits returned by the investor, and funds are transferred to an investor to complete a transaction.
In the late 13th century, Italian merchants began to separate risk management from finance, performing the latter through cambium contracts involving the purchase of bills of exchange at a discount from private seafaring merchants. To manage maritime risks, merchants took out an insurance loan: a premium paid to the shipowner as an unpaid loan under the agreement that the shipowner would cover the merchant’s losses if the merchant did not reach its cargo destination.
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In 1293, the Dis in Portugal supported the interests of Portuguese merchants and by mutual agreement established a fund called the Bolsa de Comércio, Europe’s first documented system of marine insurance, which was approved on 10 May 1293.
During the 13th and early 14th centuries, European merchants traveled around the world to sell their goods and protect themselves from risks.
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