xuv
New Member
Posts: 38
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Post by xuv on Oct 9, 2011 4:27:40 GMT -5
Insurance can be defined an assurance of a compensation for specific losses in the future, against a set of payments called insurance premiums. Insurance, regardless of the specific type, is an essential economic tool meant to reduce financial risks and to ensure that financial losses are kept to a minimum. Insurance policies are the contract agreements done between the insurance companies and the insured subject.
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Post by homeinsur80 on Oct 10, 2011 5:05:43 GMT -5
Insurance as a business originated with the great civilizations of mankind, when merchants would ship orders in several sea-faring vessels with the hope of minimizing losses in the event of a shipwreck. Then it was thought of only in the aftermath of great tragedy, as in the 1666 fire in London. Extraordinary disasters, such as London's Great Fire, gave birth to some insurance types such as property, casualty, and fire insurance. Insurance became popular in the middle of the 19th century, only two hundred years after its small beginning in England.
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