Question No.1: History of Insurance
Solution
Such questions are made for enhancing self-creative skills and should be tried answering on your own. However, here are a few points that will help you in framing your answer:
. Point 1: Insurance is as old as historical society. Bottomry contracts were famous among merchants of Babylon. Bottomry was also practised by Hindus in 600 BCE.
. Point 2: 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.
. Point 3: With roots in marine insurance, the foundation of Lloyd's was laid by Edward Lloyd, in 1688. It was popular with sailors, merchants, and ship owners, and Lloyd catered to them with trustworthy shipping news. The establishment became referred to as a decent place to buy marine insurance. Lloyd's obtained a monopoly on maritime insurance associated with the slave traffic until the early 19th century. The Lloyd's Act provided the business with a sound legal footing. The Lloyd's Act of 1911 embarked on the organization's objectives, which include the promotion of its members' interests and also the collection and dissemination of data.
You may feel free to contact us if you face any issues or difficulty while composing your answer. You can also send us your answers here for feedback and required corrections if any.
Such questions are made for enhancing self-creative skills and should be tried answering on your own. However, here are a few points that will help you in framing your answer:
. Point 1: Insurance is as old as historical society. Bottomry contracts were famous among merchants of Babylon. Bottomry was also practised by Hindus in 600 BCE.
. Point 2: 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.
. Point 3: With roots in marine insurance, the foundation of Lloyd's was laid by Edward Lloyd, in 1688. It was popular with sailors, merchants, and ship owners, and Lloyd catered to them with trustworthy shipping news. The establishment became referred to as a decent place to buy marine insurance. Lloyd's obtained a monopoly on maritime insurance associated with the slave traffic until the early 19th century. The Lloyd's Act provided the business with a sound legal footing. The Lloyd's Act of 1911 embarked on the organization's objectives, which include the promotion of its members' interests and also the collection and dissemination of data.
You may feel free to contact us if you face any issues or difficulty while composing your answer. You can also send us your answers here for feedback and required corrections if any.