From Italy, the practice of insuring commercial ventures against disaster rapidly extended to other maritime states of Europe. The Italian merchants coming from the flourishing commercial centers in Northern Italy, and generally knows as Lombard's, founded trading houses in London. In the twelfth century they brought with them the custom of insuring against hazards of trade. Insurance Types/Payout ratios are very important in today's modern world.
The idea of insurance has been around for centuries. It is a vital concept that can help individuals if they need to claim compensation. Most insurance companies today offer no win no pay packages that fit around their client. Insurance companies are in competition with one another to offer the best insurance at the best price. For customers it can all get a bit confusing understanding what each insurance package means. It can seem like there is an insurance for everything and that is because there usually is.
It is thus apparent that in its early forms, the law of insurance was derived from the maritime laws and, as such, was part of the general law merchant, and international in its character. There are many different types of insurance around today. There are individual insurance plans that are required to be taken out by employers.
Anything having an appreciable pecuniary value, which is subject to loss or deterioration of of which one may be deprived so that his pecuniary interest is or may be prejudiced, may properly constitute the subject matter of insurance. Property insurance- Both persons and property may be the subject of insurance. The term "subject matter" is ordinarily used in reference to the insurance of property.
The property covered by a policy is regarded the subject matter of the insurance. If it is apparent that in the last analysis, it is the risk of loss of such property that is primarily involved. Life, health and accident insurance- While it is true that in life, health, or accident insurance the person becomes the subject of insurance, the matter i generally viewed as on in reference to the insured as a party to the contract.
People take out insurance over clothing or other expensive goods they have bought. It is common place to find that computers are insured If anything goes wrong with the computer it will then be protected. Either a professional workman will come and fix the computer or the person will be given the money to buy a new computer.
If the shop is not insured to look after an individual in case they have an accident then they could find out that they have a big sum of money to pay and no way of affording it. Work professionals like counsellors have to take out insurance to cover them in the eventuality of someone claiming insurance. It helps to know the payout ratio of insurance companies before you actually sign up.
In today's world there are multiple different forms of insurance and it can all get confusing. Often insurance companies compete against each other to reach the best price. There are many advertisements on the television claiming that this is the company that is best.
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Orignal From: A Look At The History Of Insurance
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