History Of insurance Flashcards
the first methods of transferring and distributing risks in monetary economy were practiced by? And when?
The Chinese and Babylonians in the 3rd and 2nd Millenia respectively
What is the Code Of Hammurabi
Babylonian Legal Text
Bottomary Contracts
The ship is the security/ collateral for the loan
Respondentia contracts
Cargo is the security or collateral for loan
Who established the Principle Of General Averages?
The Rhodians
Another name for the principle of General Averages?
Principle of Jettison
The Law Of Byzantine was declared in?
533 AD
Who declares General Average?
The Vessel Owner
What is the job of a General Average Adjuster?
He determines the cost owed by each party
What served as an early form of Political Insurance?
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
What is Political Insurance?
Provides protection to financial institutions and businesses that could suffer from losses due to political events inclusive of the events outside the Govts control
What is the earliest form of insurance?
Marine Insurance
Marine Insurance originated with the Merchants of?
Hanseatic League and The Financiers Of Lombardy
Hanse is the German word for?
Guilds or Association
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?
1609
The name of the first printed Insurance book?
The Legal Treatise Of Insurance and Merchants’ Bets
The first printed insurance book was written by?
Pedro de Santarem (Santerna)
When was the first insurance book written and published?
Written in 1488
Published in 1552
The great fire of London was in what year?
1666
In what century did London become the largest insurance market?
18th century
Lloyds Coffee House was established in what year? And by? Who died in?
1686
Edward Lloyd
1713
In what’ year did the participating members of Lloyd move to Royal Exchange on Cornhill?
1774
In what century was the membership of Lloyds regulated?
19th
Underwriting Members of Lloyd’s are known as?
Names