Insurance

Question 1

two types of insurance that developed

Answer 1

• marine insurance

- fire insurance

Question 2

when were these types of insurance developed

Answer 2

• marine insurance; well established in the 17th century however a developed industry did not appear till after 1688
• fire insurance, began in Germany 1623, increased in 1666/67. boom in 17th century

Question 3

marine insurance

Answer 3

financial coverage provided against risks to shipping, including loss for theft of a ship or damage to cargo

Question 4

how did marine insurance help the economy

Answer 4

provided safety net for overseas trade

Question 5

fire insurance

Answer 5

the fire office 1681 and the friendly society in 1683 were set up
coverage on damages caused by a fire

Question 6

how did insurance help the economy

Answer 6

Insurance enables to mitigate loss, financial stability and promotes trade and commerce activities those results into economic growth and development. Thus, insurance plays a crucial role in sustainable growth of an economy.

Question 7

How did the great fire on London affect insurance?

Answer 7

Increased use of insurance

1667 act to rebuild city increased insurance use