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Insurance > History Of insurance > Flashcards

History Of insurance Flashcards

1
Q

the first methods of transferring and distributing risks in monetary economy were practiced by? And when?

A

The Chinese and Babylonians in the 3rd and 2nd Millenia respectively

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2
Q

What is the Code Of Hammurabi

A

Babylonian Legal Text

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3
Q

Bottomary Contracts

A

The ship is the security/ collateral for the loan

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4
Q

Respondentia contracts

A

Cargo is the security or collateral for loan

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5
Q

Who established the Principle Of General Averages?

A

The Rhodians

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6
Q

Another name for the principle of General Averages?

A

Principle of Jettison

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7
Q

The Law Of Byzantine was declared in?

A

533 AD

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8
Q

Who declares General Average?

A

The Vessel Owner

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9
Q

What is the job of a General Average Adjuster?

A

He determines the cost owed by each party

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10
Q

What served as an early form of Political Insurance?

A

The presentation of gifts by ethnic groups to the Achaemenian Monarchs in Ancient Persia which led to the Monarchs being obligated to protect the groups from harm

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11
Q

What is Political Insurance?

A

Provides protection to financial institutions and businesses that could suffer from losses due to political events inclusive of the events outside the Govts control

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12
Q

What is the earliest form of insurance?

A

Marine Insurance

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13
Q

Marine Insurance originated with the Merchants of?

A

Hanseatic League and The Financiers Of Lombardy

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14
Q

Hanse is the German word for?

A

Guilds or Association

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15
Q

The anonymous letter that proposed that the people of Cound Oldenburg pay 1% of the value of their homes to be used to replace in the event of fire, was sent in what year?

A

1609

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16
Q

The name of the first printed Insurance book?

A

The Legal Treatise Of Insurance and Merchants’ Bets

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17
Q

The first printed insurance book was written by?

A

Pedro de Santarem (Santerna)

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18
Q

When was the first insurance book written and published?

A

Written in 1488
Published in 1552

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19
Q

The great fire of London was in what year?

A

1666

20
Q

In what century did London become the largest insurance market?

A

18th century

21
Q

Lloyds Coffee House was established in what year? And by? Who died in?

A

1686
Edward Lloyd
1713

22
Q

In what’ year did the participating members of Lloyd move to Royal Exchange on Cornhill?

A

1774

23
Q

In what century was the membership of Lloyds regulated?

A

19th

24
Q

Underwriting Members of Lloyd’s are known as?

A

Names

25
Q

The Royal Niger company was established in?

A

1879

26
Q

The first insurance company in Nigeria?

A

The Royal Exchange Assurance Agency

27
Q

The first insurance company in Ng was established in? And was upgraded to a branch office in?

A

1919 and 1920

28
Q

The Royal Niger was established as a full fledged insurance company in?

A

1921

29
Q

What insurance companies were established in Britain for the provision of insurance coverage for their trading activities?

A

Norwich Union Fire Insurance Society
Legal and General Assurance Society

30
Q

First Indigenous Insurance Company In Nigeria? And what year was it established

A

Africa Insurance Company
1958

31
Q

Whose report led to the establishment of the Dept of Insurance in the Ministry Of trade and Ministry of finance?

A

Obande JC commission

32
Q

In what year was the Insurance Company Act propounded?

A

1961

33
Q

In what year did the insurance company act take effect?

A

4th may 1967

34
Q

As at 1960, how many Nigerian insurance companies were there?

A

25

35
Q

As at 1975, how many Nigerian insurance companies were there?

A

80

36
Q

As at 2005, how many NG insurance companies were there?

A

104

37
Q

As at 2005, how many Nigerian reinsurance companies were there?

A

4

38
Q

Nigerian Insurance Decree of?

A

1976

39
Q

What are the decrees of the Twins Decree of of 1997?

A

NAICOM Decree 1
NAICOM Decree 2

40
Q

NAICOM decree 2 was replaced by?

A

Insurance Act 2003

41
Q

Section 86 of Insurance Act 2003 provides that?

A

NAICOM be responsible for the administration and enforcement of insurance and insurance laws/policies

42
Q

The Royal Exchange Agency was headed by?

A

George Golding

43
Q

Marine Insurance was introduced in Nigeria through REA in what year

A

1923

44
Q

Chambers of Assurances was established to aid the registering of every policy in what year?

A

1575

45
Q

Ptov

A

Insurance (9 decks)

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