InformationWeek. com News, analysis and research for business technology professionals, plus peertopeer knowledge sharing. Engage with our community. Saint Vincent College is a welcoming environment, sharing the core values of the Benedictine tradition, especially hospitality, community, love, prayer and respect. There is no peace or holiness when one treats the Lords consecrated possession, His Holy Day, as public domain, insulting our great Heavenly Father and impeding. Kelowna k l o n listen is a city on Okanagan Lake in the Okanagan Valley, in the southern interior of British Columbia, Canada. It serves as the. Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Infowars. com the home of the 1 Internet News Show in the World. Insurance Wikipedia. This article is about the risk management method. For insurance in blackjack, see Blackjack. Ministry Of Sound The Annual 2004 Download Youtube' title='Ministry Of Sound The Annual 2004 Download Youtube' />An advertising poster for an insurance company from ca. Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurers promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and must involve something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. HistoryeditEarly methodsedit. Merchants have sought methods to minimize risks since early times. Pictured, Governors of the Wine Merchants Guild by Ferdinand Bol, c. Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2ndmillennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessels capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. BC, and practiced by early Mediterranean sailing merchants. YouTube stars Lynnette Hardaway and Rochelle Richardsonbetter known as Diamond and Silk, respectivelywere invited to the Commerce Departments. Ministry Of Sound The Annual 2004 Download Youtube' title='Ministry Of Sound The Annual 2004 Download Youtube' />If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lenders guarantee to cancel the loan should the shipment be stolen, or lost at sea. At some point in the 1st millennium BC, the inhabitants of Rhodes created the general average. This allowed groups of merchants to pay to insure their goods being shipped together. The collected premiums would be used to reimburse any merchant whose goods were jettisoned during transport, whether to storm or sinkage. Separate insurance contracts i. Genoa in the 1. 4th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Ministry Of Sound The Annual 2004 Download Youtube' title='Ministry Of Sound The Annual 2004 Download Youtube' />Modern insuranceeditInsurance became far more sophisticated in Enlightenment era. Europe, and specialized varieties developed. Property insurance as we know it today can be traced to the Great Fire of London, which in 1. The devastating effects of the fire converted the development of insurance from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wrens inclusion of a site for the Insurance Office in his new plan for London in 1. A number of attempted fire insurance schemes came to nothing, but in 1. Nicholas Barbon and eleven associates established the first fire insurance company, the Insurance Office for Houses, at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,0. 00 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, Londons growing importance as a center for trade was increasing demand for marine insurance. In the late 1. 68. Edward Lloyd opened a coffee house, which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, and those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyds of London and several related shipping and insurance businesses. The first life insurance policies were taken out in the early 1. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1. William Talbot and Sir Thomas Allen. Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1. It was the worlds first mutual insurer and it pioneered age based premiums based on mortality rate laying the framework for scientific insurance practice and development and the basis of modern life assurance upon which all life assurance schemes were subsequently based. In the late 1. The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1. Ministry Of Sound The Annual 2004 Download Youtube' title='Ministry Of Sound The Annual 2004 Download Youtube' />England to insure against the rising number of fatalities on the nascent railway system. By the late 1. 9th century, governments began to initiate national insurance programs against sickness and old age. Germany built on a tradition of welfare programs in Prussia and Saxony that began as early as in the 1. In the 1. 88. 0s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germanys welfare state. In Britain more extensive legislation was introduced by the Liberal government in the 1. National Insurance Act. This gave the British working classes the first contributory system of insurance against illness and unemployment. This system was greatly expanded after the Second World War under the influence of the Beveridge Report, to form the first modern welfare state. PrincipleseditInsurance involves pooling funds from many insured entities known as exposures to pay for the losses that some may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. Glory Roman Empire Full Game. In order to be an insurable risk, the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self insure through saving money for possible future losses. InsurabilityeditRisk which can be insured by private companies typically shares seven common characteristics 1. Large number of similar exposure units Since insurance operates through pooling resources, the majority of insurance policies are provided for individual members of large classes, allowing insurers to benefit from the law of large numbers in which predicted losses are similar to the actual losses. Exceptions include Lloyds of London, which is famous for insuring the life or health of actors, sports figures, and other famous individuals. However, all exposures will have particular differences, which may lead to different premium rates. Burnout Paradise Patch 1.9 Pc more. Definite loss The loss takes place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory.