Insurance

Question 1

What is insurance?

Answer 1

An arrangement by which a company undertakes to provide a guarantee of compensation for specified loss, damage, illness or death in return for payment of a specified premium

Question 2

When was insurance created?

Answer 2

17th century

Question 3

When did the great fire of London happen?

Answer 3

1666

Question 4

What happened in 1666?

Answer 4

Great fire of London

Question 5

What year did the first insurance company get created?

Answer 5

1667

Question 6

What was the name of the first insurance company?

Answer 6

Phoenix assurance

Question 7

What is a friendly society?

Answer 7

Where individuals donate an amount of money to a general sun which could be used for emergencies

Question 8

When was friendly societies formed?

Answer 8

1683

Question 9

What happened in 1683?

Answer 9

Friendly societies was established

Question 10

How would friendly societies support workers?

Answer 10

If people became sick or injured at work then friendly societies would support in exchange for subscription based payments these based on specific trades

Question 11

What happened in 1688?

Answer 11

Edward Lloyd opened a coffee shop called Lloyds coffee house

Question 12

What was popular about Lloyds coffee shop?

Answer 12

It was a popular destination for merchants, ship owners and sailors to discuss shipping news and insurance deals with each other.

Question 13

When was Lloyds insurance market formed?

Answer 13

1688

Question 14

What was formed in 1688?

Answer 14

Lloyds insurance market

Question 15

When was the workmen compensation act formed?

Answer 15

1897

Question 16

What was formed in 1897?

Answer 16

The workmen compensation Act

Question 17

What does the workmen compensation act require employers to do?

Answer 17

To insure their employees against work related mishaps, giving industrial workmen the right to compensation for any personal injuries