Amount paid for the purchase of an insurance policy.
 

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Insurance|learn About Insurance|all Insurance Types
By adel khamis hassan
finally, you're going to get all the information about all types of insurance.
Great! How long has it been since you've looking for this information? Well, not a problem.
Here are the 1st article that will help you to understand the define of in law and economics.
Also at this article you will know every thing about History of insurance.

Insurance

-Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss.
-Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium.
-Insurer, in economics, is the company that sells the insurance.
-Insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of coverage.
-Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

History of insurance

In some sense we can say that appears simultaneously with the appearance of human society.
We know of two types of economies in human societies:

1-Money economies (with markets, money, financial instruments and so on) and non-money or natural economies (without money, markets, financial instruments and so on).
2-The second type is a more ancient form than the first. In such an economy and community, we can see in the form of people helping each other.
For example, if a house burns down, the members of the community help build a new one. Should the same thing happen to one's neighbor, the other neighbors must help. Otherwise, neighbors will not receive help in the future.
This type of has survived to the present day in some countries where modern money economy with its financial instruments is not widespread.
For example countries in the territory of the former Soviet Union).

-Turning to in the modern sense (i.e., in a modern money economy, in which is part of the financial sphere), early methods of transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively.

-Chinese merchants traveling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants.

-If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen.

-Achaemenian monarchs were the first to insure their people and made it official by registering the insuring process in governmental notary offices.

-The tradition was performed each year in Norouz (beginning of the Iranian New Year); the heads of different ethnic groups as well as others willing to take part, presented gifts to the monarch. The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin weighing 8.35-8.42) the issue was registered in a special office. This was advantageous to those who presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices.

-The purpose of registering was that whenever the person who presented the gift registered by the court was in trouble, the monarch and the court would help him. Jahez, a historian and writer, writes in one of his books on ancient Iran: " Whenever the owner of the present is in trouble or wants to construct a building, set up a feast, have his children married, etc. the one in charge of this in the court would check the registration. If the registered amount exceeded 10,000 Derrik, he or she would receive an amount of twice as much."

-A thousand years later, the inhabitants of Rhodes invented the concept of the 'general average'. Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse

 

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