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Insurance The Need Of The Hour

1695 words - 7 pages

What is Insurance?The word insurance is well defined as "The act or system of insuring property, life etc.; a contract by which the one party (usually a company or corporation) undertakes, in consideration of a payment (called a premium) proportioned to the nature of the risk contemplated, to secure the other against pecuniary loss, by payment of a sum of money in the event of destruction of or damage to property (as by disaster at sea, fire, or other accident), or of the death or disablement of a person"( Oxford English Dictionary).It is not only important to know the definition of insurance but also to know about some significant terms as follows:1. Insured -"The person (or persons) to whom an insurance upon property is to be paid on the occurrence of loss or damage, or upon whose death or disablement a (life or accident) insurance becomes due" (Oxford English Dictionary).2. Insurer - "One who contracts, in consideration of the payment of a premium, to indemnify a person against pecuniary loss in the event of destruction of or damage to property, or against a particular event"(Oxford English Dictionary).3. Underwriting-It is one of the most important tools in any financial sector let it be a commercial bank or insurance company. Insurance Underwriter decides on the quantum of premium to be paid by the insured to the insurer for the risk exposure in insuring property/person.History of Insurance:-To proceed to details of the insurance we have to look back into history. The concept of insurance was started in 3000 B.C in China. The Chinese merchants, wanted to make some profit from their goods that they shipped overseas. In the event of ship being pirated or lost the insuring partner would pay the loss of the ship owner and owner of the goods. In turn the merchant is sold to the insurer until he repays the debt.The modern insurance came into lime light after the Great fire of London in 1666. After this incident of extensive damage of property and life, a man called Nicholas Barbon shaken by the incident started a company to insure buildings .This venture became very successful as he managed to find a partner in 1680 and started the first fire insurance company called fire office to insure bricks and frame houses. The first mutual fire insurance company was established in 1696 with the cumbersome name of "Contributor ship for Insuring Houses, Chambers, or Rooms from Loss by Fire by Amicable Contributions". (www.pier55.com/insurance/insurance-history-2.shtml, [Accessed 28th September 2006]).The same year, Mr. Edward Lloyd's started a coffee house which became popular among the ship owners, merchants and captains. Gradually it became a meeting place for the parties who wanted to insure their cargoes and ships and those who are willing to underwrite such ventures. Today Lloyd's London remains the leading market for marine insurance and other specialized insurance. (http://en.wikipedia.org/wiki/insurance#history_of_insurance, [Accessed 28th September...

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