History of Insurance

A Brief History of Insurance From the primordial days of refinement men have create societies whose members promised to help each former(a) in the event of a misfortune. As early as 900 BC, the merchants of the Rhodes Island in the Mediterranean agreed to share certain risks among themselves. The current concept of indemnity â€" where insurers collect small premiums from their policy holders, behave claims to those of them who had incurred losses and make a profit for taking the risks afterward deducting business expenses â€" dates back to as early as 13th century. Life insurance dates back to as early as 1500s while fire insurance as early as second half of 1600s while the concept of Accident insurance was developed in Britain when in 1840, the Guarantee Society was formed to insure employers against embezzlement by their employees. The British became the principal leatherneck insurers when Sir Thomas Gresham established the Royal Exchange in capital of the United Kingdom in 1570 to transact the marine insurance. With the invention of automobile early this century a new clause Motor was developed by the insurance industry to provide insurance c over for automobiles which include such other clauses as accidental insurance.

From its modest set-back in a 17th century coffee-house in capital of the United Kingdom Lloyds today is the worlds leading insurance market. Although an insurance market, Lloyds is not an insurance familiarity which produce global results and an annual report. Lloyds also operates under certain conditions in the USA. Lloyds market is a bizarre service provider â€" though not a company it offers a competitive insurance market in which over 130 businesses both compete and cooperate. This combination of choice, information, experience and expertness under one roof enables Lloyds to provide expert printing of leading underwriters for many speciality classes of business including such different coverages as marine, aviation, catastrophy cover and professional indemnity.... If you want to get a full essay, order it on our website: Ordercustompaper.com

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