Insurance - 1264 Words

In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into debt slavery, until the creditor recouped losses via their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years and debt slaves had protection of life and limb, which regular slaves did not enjoy. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions. In the Torah, or Old Testament, every seventh year is decreed by Mosaic Law as a Sabbatical year wherein the release of all debts that are owed by members of the†¦show more content†¦The Joint Stock Companies Act 1844[9] allowed people to create companies without permission through a royal charter. Companies had separate legal personality, the ability to sue and be sued, and served as an easy mechanism for raising capital through the purchase of shares (an equitable title) in the companys capital. The Acts corollary, to bring the existence of these legal persons to an end was the Joint Stock Companies Winding-Up Act 1844. The Limited Liability Act 1855 produced a further innovation. Before, if a corporation had gone broke, the people that lent it money (creditors) could sue all the shareholders to pay off the companys debts. But the 1855 Act said that shareholders liability would be limited to the amount they had paid in their shares. So if you had invested  £100 in a comp any, but now the company owed millions of pounds, the creditors could not come after you for the debts. You would lose  £100 and no more. Your liability to pay debts was limited to the value of your shares. The Joint Stock Companies Act 1856 consolidated the companies legislation in one, and the modern law of corporate insolvency was born. Finally, the Bankruptcy Act 1869 was passed allowing all people, rather than just traders to file for bankruptcy. Debtors prison, Fleet Prison, Marshalsea Prison, Kings Bench Prison, Debtors Act 1869 Charles Dickens, Hard Times, Mr Micawber in David Copperfield Modern development[edit] UnitedShow MoreRelatedInsurance1247 Words   |  5 PagesINSURANCE CONCEPT: Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. NATURE: The purpose of any insurance is to provide economic protection against the losses that may be incurred due to chance events such as: 1. Death 2. Disability 3. Medical expenses 4. Home or automobile damage, etc. FUNCTIONS: BasicRead MoreInsurance : Insurance And Insurance Essay1158 Words   |  5 PagesLiability Insurance (2011), insurance is a contract where the insurer on payment of premium binds to reimburse the insured, within certain boundaries agreed upon for damages caused to the insured from an accident or a principal sum that should be paid for an event that occurred that was liable to human life. The major types of insurance that were reviewed were Medicare, worker’s compensation, Tricare, group insurance, CHAMPVA, Medicaid, and individual insurance. Under Medicare insurance, people overRead MoreInsurance Policies And The Insurance Policy1209 Words   |  5 Pagesfirst page of the policy, the name of the insured, the address, the duration of the insurance policy, the location, the scope of the policy, and other key information from the insured to the insured. Definitions: In determining the scope of coverage, the insurance policy depends on a very specific and very clear meaning of the terms and phrases. Since these terms and phrases are often repeated many times in an insurance policy, a single definition of a term or phrase is included in the definition ofRead MoreInsurance Business - The Concept Of Insurance968 Words   |  4 PagesINSURANCE BUSINESS – PRE-NATIONALISATION 2.1.1 The Concept of Insurance The entire modern world process has to face numerous risks and uncertainties. Thus in business, as in private life, there are dangers and risks of every kind. The concept of risk may be explained as the possibility of unfavourable results following from any occurrence. In a dynamic and free economy and life such risks are inevitable. The risk may mean that there is a possibility of loss or damage. It may or may not happenRead MoreInsurance Liability And Liability Insurance1138 Words   |  5 PagesThere are many lines of different property and casualty insurances. Even though the general purpose and utilization of these insurances is the same across the nation, prices fluctuate from state to state. We will get into more detail in regards to Errors and Omission Insurance (EO) in the State of California. Errors and Omission Insurance, also called Professional Liability Insurance or Malpractice Insurance, is used to cover legal expenses caused by potential errors and omissions during operationsRead MoreA Brief Note On The Insurance And Insurance Essay3346 Words   |  14 PagesIntroduction Insurance is am agreement between two parties in which one party promises to compensate for future losses in return for a reoccurring payment. It protects an entity (such as an individual or company) against unexpected losses. Some forms of insurance are compulsory by law whilst others are optional. An insurance policy is a contract between the insured and the insurer. In the case of a certain event, the insurer agrees to pay the insured a lump sum of money in exchange for a monthlyRead MoreInsurance Is A Policy, Your Parents, And Insurance1059 Words   |  5 Pagesheard of insurance at least once in our lifetime. From the advertisements, the marketing companies, your parents, etc. Insurance is a policy, where for the premium paid, the insurance company agrees to protect you within stated amounts, from the potential losses listed in the policy. In other words, the insurance company is agreeing to protect you from certain events that can happen, listed in the policy. Did you know the re are tons of different types of insurance out there? There’s insurance for everythingRead MoreInterpreting Insurance Contracts And Insurance Policies1197 Words   |  5 PagesA. Interpreting Insurance Contracts In Maryland, insurance policies are generally construed in the same manner as contracts. Collier v. MD-Individual Practice Ass n, Inc., 327 Md. 1, 5, 607 A.2d 537 (1992). An insurance contract, like any other contract, is measured by its terms unless a statute, a regulation, or public policy is violated thereby. Pac. Indem. Co. v. Interstate Fire Cas. Co., 302 Md. 383, 388, 488 A.2d 486 (1985). We do not follow the rule, adopted in other jurisdictions, thatRead MoreA Brief Note On Health Insurance And Insurance Essay1957 Words   |  8 Pages While on the topic of insurance, I will also need to start putting diverting some of my income to cover health insurance, possibly disability insurance and even life insurance. I currently have an HMO plan through Blue Cross Blue Shield of TX and the rates are astronomical. Health insurance is one of the key factors I am using as I am looking for long-term employment. Since I am a student, there are not many individual insurance policies avail able so I am forced to pay extremely steep monthly ratesRead MoreThe Cost Of An Insurance1330 Words   |  6 PagesIntroduction Insurance in the simplest way is a method of risk transfer that ensures a full compensation in the case of disaster. It ensures a full or partial compensation for damage from events that the insured has no control over. In an insurance contract the insured pays a premium to the insurer with the promise that in case of a loss the insurer will refund the insured and cover the loss or at least part of it. The loss must not necessarily be financial but it should have the ability to be reduced