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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the Code Of Hammurabi

A

Babylonian Legal Text

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Bottomary Contracts

A

The ship is the security/ collateral for the loan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Respondentia contracts

A

Cargo is the security or collateral for loan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Who established the Principle Of General Averages?

A

The Rhodians

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Another name for the principle of General Averages?

A

Principle of Jettison

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The Law Of Byzantine was declared in?

A

533 AD

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Who declares General Average?

A

The Vessel Owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the job of a General Average Adjuster?

A

He determines the cost owed by each party

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the earliest form of insurance?

A

Marine Insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Marine Insurance originated with the Merchants of?

A

Hanseatic League and The Financiers Of Lombardy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Hanse is the German word for?

A

Guilds or Association

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The name of the first printed Insurance book?

A

The Legal Treatise Of Insurance and Merchants’ Bets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

The first printed insurance book was written by?

A

Pedro de Santarem (Santerna)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

When was the first insurance book written and published?

A

Written in 1488
Published in 1552

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

The great fire of London was in what year?

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?

23
Q

In what century was the membership of Lloyds regulated?

24
Q

Underwriting Members of Lloyd’s are known as?

25
The Royal Niger company was established in?
1879
26
The first insurance company in Nigeria?
The Royal Exchange Assurance Agency
27
The first insurance company in Ng was established in? And was upgraded to a branch office in?
1919 and 1920
28
The Royal Niger was established as a full fledged insurance company in?
1921
29
What insurance companies were established in Britain for the provision of insurance coverage for their trading activities?
Norwich Union Fire Insurance Society Legal and General Assurance Society
30
First Indigenous Insurance Company In Nigeria? And what year was it established
Africa Insurance Company 1958
31
Whose report led to the establishment of the Dept of Insurance in the Ministry Of trade and Ministry of finance?
Obande JC commission
32
In what year was the Insurance Company Act propounded?
1961
33
In what year did the insurance company act take effect?
4th may 1967
34
As at 1960, how many Nigerian insurance companies were there?
25
35
As at 1975, how many Nigerian insurance companies were there?
80
36
As at 2005, how many NG insurance companies were there?
104
37
As at 2005, how many Nigerian reinsurance companies were there?
4
38
Nigerian Insurance Decree of?
1976
39
What are the decrees of the Twins Decree of of 1997?
NAICOM Decree 1 NAICOM Decree 2
40
NAICOM decree 2 was replaced by?
Insurance Act 2003
41
Section 86 of Insurance Act 2003 provides that?
NAICOM be responsible for the administration and enforcement of insurance and insurance laws/policies
42
The Royal Exchange Agency was headed by?
George Golding
43
Marine Insurance was introduced in Nigeria through REA in what year
1923
44
Chambers of Assurances was established to aid the registering of every policy in what year?
1575
45
Ptov