Best Travel Insurance For Over 55's - Insurance is a form of protection against financial loss, in exchange for a price, one party agrees to pay another party in the event of certain loss, damage, or injury. . It is a form of risk management and is often used to protect against the risk of loss or uncertainty.
Organizations that provide insurance are known as insurers, insurers, insurers, or underwriters. The person or organization purchasing the insurance is called the policyholder and the person or organization that is covered by the policy is called the policy holder. The terms policy holder and insurance are often used interchangeably, but are not always the same. In the insurance industry, a known guarantee and a small down payment (loan) to the insurance company in exchange for the insurance company's promise to payment for insurance in the event of loss is underwritten by the secretary. The loss may or may not be financial, but should be reduced in financial terms. In addition, it often includes those who have an insurance interest established by ownership, ownership, or prior relationship.
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The insured receives a contract called an insurance policy. The contract specifies the terms and conditions under which the insurance company will pay the insured or the beneficiary or beneficiary. The amount that the insurance company pays the policyholder for the coverage specified in the policy is called the premium. When the insured has experienced a loss that will be covered by the insurance policy, the insured submits a claim to the insurance company for processing by the claim adjuster. Must pay the out-of-pocket amount required by the policy before the insurer pays the claims are called deductibles (or co-payments, if required by the policy) health). Insurance companies reduce their own risk by eliminating reinsurance that other insurers agree to bear as part of the risk, especially if the original Insurers decide that the risk is too big to be hedged.
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Traders are looking for ways to reduce risk. Photo: Governor of the Wine Merchants Guild by Ferdinand Boll, c. 1680.
The transfer or distribution of risk was introduced by Babylonian, Chinese and Indian traders as early as 3,000 and 2,000 BC, respectively.
Chinese merchants who navigated the dangerous river quickly redistributed their goods among several boats to limit losses if one boat sank.
Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that the owner, captain or steward who saved a ship from total loss only paid the owner half of the cost of the ship. .
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In the Digesta seu Pandectae (533), the second volume of laws ordered by Justinian I (527-565), he contains the laws written by the Roman lawyer Paulus in AD 235 . ). It is the Greek Dark Ages (c. 1100-c. 750).
In 1816, archaeological excavations at Minya, Egypt, produced a Nerva-Antonian dynasty tablet from the ruins of the Temple of Antinous at Antinopolis, Aegyptos. This tablet records the rights and debts of those buried in Lanuvium, Italy in 133 AD during the reign of Hadrian of Rome (117-138).
In 1851 AD, the future US Supreme Court Associate Judge Joseph P. Bradley (1870-1892 AD), once working as an actuary for a life insurance company, sent a letter Journal of the Actuarial Society. His article describes the history of the Severan dynasty's life table, compiled by the Roman lawyer Ulpian around 220 BC, which was also included in the Digesta.
The concept of insurance is also found in 3rd century BC Hindu scriptures such as Dharmasastra, Arthashastra and Manusmriti.
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The ancient Greeks borrowed sea money. Money was paid in advance for ships and cargo, and if the voyage went well, it was paid back with huge interest. However, if the ship is lost, there is no return at all, so there is more interest that must be paid not only for the investment, but also for the risk of losing it (started perfectly by Demothes). Loans of this nature have become many in the sea land based on the name of the bottom and the answer.
Around 1300, the direct insurance of marine risks against the payment of mortgages began in Belgium.
Discrete insurance policy (that is, insurance policies not bundled with loans or other contracts) was established in Goa in the 14th century. The first known insurance contract dates back to Goa in 1347. In the following century, marine insurance was widely established and premiums varied according to risk.
These new insurance contracts make it possible to separate insurance from investment. This is the first separation of duties to prove useful in marine insurance.
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The oldest life insurance policy was issued on 18 June 1583 at the Royal Exchange in London for £383 6 cents. 8d one. 12 months in the life of William Gibbons.
Building insurance as we know it today can be traced back to the Great Fire of London in 1666, which destroyed more than 13,000 buildings. The devastating effects of fire caused the development of insurance to change from "a matter of fact to an emergency," and the change of thinking led Sir Christopher Wr. "
Many attempts at fire insurance failed, but in 1681 economist Nicholas Barbon and elev Associates founded the first fire insurance company, the House Fire Insurance. Initially, 5,000 houses were insured by his insurance company.
At the same time, the first method of insurance for the financial collection of commercial companies has passed. By the end of the 7th century, London's growth as a trading center was fueled by demand for marine insurance. In the 1680s, Edward Lloyd opened a coffee house as a meeting place for those involved in the shipping business who wanted to insure cargo and ships, including those who needed good insurance. as I was. These informal initiatives led to the creation of the Lloyd's of London insurance business and various other shipping and handling insurance businesses.
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Life insurance was introduced in the 18th century. The first company to provide life insurance was the Association of Perpetual Assurance Firms, founded in London in 1706 by William Talbot and Sir Thomas Orr.
In the same context, Edward Rowe Mores founded the Society for the Ethical Promotion of Hope and Wealth in 1762.
It is the first integrated insurance company in the world, the leader in mortality based on age-based premiums, and "the foundation for insurance research and development" and "the foundation for all future life insurance". life insurance.
The first company to provide accident insurance was the Railroad Passenger Guarantee Company, founded in 1848 at Grande to prevent the increasing number of deaths on the new railroad.
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The first international insurance regulation is the York-Antwerp Regulations (YAR) for dividing the costs of ships and cargo in the middle. In 1873, the head of the International Law Association (ILA), the Institute for the Reform and Codification of International Law, was established in Brussels. After publishing its first YAR in 1890, it changed its name to "International Law Association" in 1895.
From the 19th century, the government began to initiate national insurance programs for sickness and old age. Germany developed a social welfare system that began in Prussia and Saxony in the 1840s. In the 1880s, Chancellor Otto von Bismarck introduced old-age, social insurance conception and treatment provided by the German welfare state.
In Great Britain, a general policy was introduced by the independent government in the National Insurance Act of 1911. This gave the working class in England its first mandate to provide insurance against sickness and unemployment.
This system was greatly expanded after World War II under the influence of the Beveridge Report to create the first modern welfare state.
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In 2008, an informal network, the International Insurance Associations Network (INIA), was launched and was succeeded by the Global Federation of Insurance Associations (GFIA), established in 2012. manage the world and contribute to a more effective international discussion on issues of common interest. There are 40 Affiliates and 1 Supervisory Organization in 67 countries, accounting for approximately 89% of global insurance premiums.
Insurance involves pooling money from multiple insurers
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