First Insurance Companies Marine insurance is the oldest branch of modern insurance, originating with the Lombard merchants in 13th century Italy, from whence it spread to the continent and then to England. The British dominated maritime trade and also marine insurance throughout the 1800s and well into the 1900s. Lloyd’s of London As a center of commerce and global trade, Great Britain was a natural place for marine insurance to develop, and one of the major insurers of voyages was Lloyd’s of London. Insurance was written by individuals rather than…
Read MoreCategory: Insurance
History of Insurance
History of Insurance The earliest forms of insurance were a primitive form of commercial insurance, especially in regards to shipping goods, since cargo was often lost or damaged or stolen by thieves and pirates. Please earliest methods of reducing risk involved either the pooling of risk or transferring the risk to moneylenders or investors of expeditions. For millennia, the primary and economical means of transport was to use waterways, but boats carrying cargo were often destroyed in rapids along the rivers. Enough cargo made it through to still make it…
Read MoreA – Glossary of Insurance Terms
A – Glossary of Insurance Terms This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general use of the term. Some words and/or phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable.…
Read MoreB – Glossary of Insurance Terms
B – Glossary of Insurance Terms This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general use of the term. Some words and/or phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable.…
Read MoreC – Glossary of Insurance Terms
C – Glossary of Insurance Terms This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general use of the term. Some words and/or phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable.…
Read MoreD – Glossary of Insurance Terms
D – Glossary of Insurance Terms This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general use of the term. Some words and/or phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable.…
Read MoreE – Glossary of Insurance Terms
E – Glossary of Insurance Terms This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general use of the term. Some words and/or phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable.…
Read MoreF – Glossary of Insurance Terms
F – Glossary of Insurance Terms This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general use of the term. Some words and/or phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable.…
Read MoreG – Glossary of Insurance Terms
G – Glossary of Insurance Terms This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general use of the term. Some words and/or phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable.…
Read MoreH – Glossary of Insurance Terms
H – Glossary of Insurance Terms This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general use of the term. Some words and/or phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable.…
Read More