History Of insurance

Question 1

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

Answer 1

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

Question 2

What is the Code Of Hammurabi

Answer 2

Babylonian Legal Text

Question 3

Bottomary Contracts

Answer 3

The ship is the security/ collateral for the loan

Question 4

Respondentia contracts

Answer 4

Cargo is the security or collateral for loan

Question 5

Who established the Principle Of General Averages?

Answer 5

The Rhodians

Question 6

Another name for the principle of General Averages?

Answer 6

Principle of Jettison

Question 7

The Law Of Byzantine was declared in?

Answer 7

533 AD

Question 8

Who declares General Average?

Answer 8

The Vessel Owner

Question 9

What is the job of a General Average Adjuster?

Answer 9

He determines the cost owed by each party

Question 10

What served as an early form of Political Insurance?

Answer 10

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

Question 11

What is Political Insurance?

Answer 11

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

Question 12

What is the earliest form of insurance?

Answer 12

Marine Insurance

Question 13

Marine Insurance originated with the Merchants of?

Answer 13

Hanseatic League and The Financiers Of Lombardy

Question 14

Hanse is the German word for?

Answer 14

Guilds or Association

Question 15

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?

Answer 15

1609

Question 16

The name of the first printed Insurance book?

Answer 16

The Legal Treatise Of Insurance and Merchants’ Bets

Question 17

The first printed insurance book was written by?

Answer 17

Pedro de Santarem (Santerna)

Question 18

When was the first insurance book written and published?

Answer 18

Written in 1488
Published in 1552

Question 19

The great fire of London was in what year?

Answer 19

1666

Question 20

In what century did London become the largest insurance market?

Answer 20

18th century

Question 21

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

Answer 21

1686
Edward Lloyd
1713

Question 22

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

Answer 22

1774

Question 23

In what century was the membership of Lloyds regulated?

Answer 23

19th

Question 24

Underwriting Members of Lloyd’s are known as?

Answer 24

Names

Question 25

The Royal Niger company was established in?

Answer 25

1879

Question 26

The first insurance company in Nigeria?

Answer 26

The Royal Exchange Assurance Agency

Question 27

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

Answer 27

1919 and 1920

Question 28

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

Answer 28

1921

Question 29

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

Answer 29

Norwich Union Fire Insurance Society Legal and General Assurance Society

Question 30

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

Answer 30

Africa Insurance Company 1958

Question 31

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

Answer 31

Obande JC commission

Question 32

In what year was the Insurance Company Act propounded?

Answer 32

1961

Question 33

In what year did the insurance company act take effect?

Answer 33

4th may 1967

Question 34

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

Answer 34

25

Question 35

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

Answer 35

80

Question 36

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

Answer 36

104

Question 37

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

Answer 37

4

Question 38

Nigerian Insurance Decree of?

Answer 38

1976

Question 39

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

Answer 39

NAICOM Decree 1 NAICOM Decree 2

Question 40

NAICOM decree 2 was replaced by?

Answer 40

Insurance Act 2003

Question 41

Section 86 of Insurance Act 2003 provides that?

Answer 41

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

Question 42

The Royal Exchange Agency was headed by?

Answer 42

George Golding

Question 43

Marine Insurance was introduced in Nigeria through REA in what year

Answer 43

1923

Question 44

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

Answer 44

1575

Question 45

Ptov