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Categories: InsuranceFinancial institutionsInformation, knowledge, and uncertaintyInstitutional investorsHidden categories: All articles with unsourced statementsArticles with unsourced statements from January 2012Articles with unsourced statements from July 2009Articles with unsourced statements from February 2009Articles with unsourced statements from September 2008 600 BCE when they created guilds called "benevolent societies" which cared for the families of deceased members, as well as paying funeral expenses of members. A broker generally holds contracts with many insurers, thereby allowing the broker to "shop" the market for the best rates and coverage possible.
A combined ratio of less than 100 percent indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with a combined ratio over 100% may nevertheless remain profitable due to investment earnings. A device that is offline uses no external clock reference and relies upon its own internal clock. A home insurance policy in the US typically includes coverage for damage to the home and the owner's belongings, certain legal claims against the owner, and even a small amount of coverage for medical expenses of guests who are injured on the owner's property. A number of independent rating agencies provide information and rate the financial viability of insurance companies.
A number of religious groups, including the Amish and some Muslim groups, depend on support provided by their communities when disasters strike. A properly designed and underwritten Protected Self-Insurance Program reduces and stabilizes the cost of insurance and provides valuable risk management information. A single policy may cover risks in one or more of the categories set out below. A tape recorder, digital audio editor, or other device that is online is one whose clock is under the control of the clock of a synchronization master device. According to a research conducted by Julian Allwood of the University of Cambridge, global energy use could be heavily reduced by using lighter cars, and an average weight of 500 kg has been said to be well achievable.
According to the American Surface Transportation Policy Project nearly half of all Americans are breathing unhealthy air. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather "contingent" insurance (i. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices. After a delay of sixteen years and a series of attachments to his application, on November 5, 1895, Selden was granted a United States patent (U. After producing rates, the insurer will use discretion to reject or accept risks through the underwriting process.
Agents can be captive, meaning they write only for one company, or independent, meaning that they can issue policies from several companies. Airports may also appear under this subcategory, including air traffic control and refuelling operations for international airports through to smaller domestic exposures. All-risk insurance is different from peril-specific insurance that cover losses from only those perils listed in the policy. Along the way this inevitably becomes related to other concepts such as the justice system and the welfare state. An insurance policy will set out in detail which perils are covered by the policy and which are not.
An insurance premium paid currently provides coverage for losses that might arise many years in the future. An insurer is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. Another illustrates "the off-line store" where "All items are actual size!" shoppers may "Take it home as soon as you pay for it!" and "Merchandise may be handled prior to purchase!"[9][10] Any factor that causes a greater likelihood of loss should theoretically be charged a higher rate.
Around the world, there were about 806 million cars and light trucks on the road in 2007; they burn over 260 billion US gallons (980,000,000 m3) of gasoline and diesel fuel yearly. Arth, driverless electric vehicles—in conjunction with the increased use of virtual reality for work, travel, and pleasure—could reduce the world's 800 million vehicles to a fraction of that number within a few decades. As part of this balancing act, fraudulent insurance practices are a major business risk that must be managed and overcome. As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA), which was constituted by an act of parliament. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance premiums.
Because France was more open to the early automobiles, initially more were built and sold in France through Roger than Benz sold in Germany. Because agents work directly for the insurance company, if there is a claim the agent may advise the client to the benefit of the insurance company. Because of this, consumers are advised to select high deductibles and to not insure losses which would not cause a disruption in their life. Before insurance was established in the late 17th century, "friendly societies" existed in England, in which people donated amounts of money to a general sum that could be used for emergencies. Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire in the form of perpetual insurance.
Benz began promotion of the vehicle on July 3, 1886, and about 25 Benz vehicles were sold between 1888 and 1893, when his first four-wheeler was introduced along with a model intended for affordability. Benz, Maybach and the Daimler team seem to have been unaware of each others' early work. Both enterprises standardized design, production, purchasing, and sales and they advertised or marketed their automobile models jointly, although keeping their respective brands. Both fuels are known to cause air pollution and are also blamed for contributing to climate change and global warming. Builder's risk insurance is coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from an insured peril.
Builder's risk insurance is typically written on an "all risk" basis covering damage arising from any cause (including the negligence of the insured) not otherwise expressly excluded. But a summary of its essence is that it is a collection of insurance coverages (including components of life insurance, disability income insurance, unemployment insurance, health insurance, and others), plus retirement savings, that requires participation by all citizens. By 1895 about 30 vehicles had been built by Daimler and Maybach, either at the Daimler works or in the Hotel Hermann, where they set up shop after disputes with their backers. By forcing everyone in society to be a policyholder and pay premiums, it ensures that everyone can become a claimant when or if he/she needs to. Capital constrains insurers' ability to sell earthquake insurance as well as wind insurance in hurricane zones.
Captives may take the form of a "pure" entity (which is a 100% subsidiary of the self-insured parent company); of a "mutual" captive (which insures the collective risks of members of an industry); and of an "association" captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Car-share arrangements and carpooling are also increasingly popular–the US market leader in car-sharing has experienced double-digit growth in revenue and membership growth between 2006 and 2007, offering a service that enables urban residents to "share" a vehicle rather than own a car in already congested neighborhoods. Children could be chauffeured in supervised safety, DUIs would no longer exist, and 41,000 lives could be saved each year in the US alone. Citroen did the same in France, coming to cars in 1919; between them and other cheap cars in reply such as Renault's 10CV and Peugeot's 5CV, they produced 550,000 cars in 1925, and Mors, Hurtu, and others could not compete.
Cover is available for mortality or economic slaughter as a result of accident, illness or disease but can extend to include destruction by government order. Coverage is also afforded for liability to third parties arising from contamination of air, water, or land due to the sudden and accidental release of hazardous materials from the insured site. Coverage is typically for mortality as a result of accident, illness or disease but may extend to include infertility, in-transit loss, veterinary fees, and prospective foal. DBA is required for all US citizens, US residents, US Green Card holders, and all employees or subcontractors hired on overseas government contracts. Department of the Treasury and it monitors all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that may contribute to a systemic crisis in the insurance industry or in the U.
Depending on the companies specific policies it might or might not cover the deductible as well. Disputes between insurers and insureds over the validity of claims or claims handling practices occasionally escalate into litigation (see insurance bad faith). During the last years of the nineteenth century, Benz was the largest automobile company in the world with 572 units produced in 1899 and, because of its size, Benz & Cie. Early versions were independently invented and patented by a major US auto insurance company, Progressive Auto Insurance (U. Efforts to improve or replace existing technologies include the development of hybrid vehicles, plug-in electric vehicles and hydrogen vehicles.
Emile Roger of France, already producing Benz engines under license, now added the Benz automobile to his line of products. Europe has however seen a decline in premium income during the year in contrast to the growth seen in North America and Asia. Even if a provider were so irrational as to want to provide such coverage, it is against the public policy of most countries to allow such insurance to exist, and thus it is usually illegal. Even so, only major makers could afford high costs, and even companies with decades of production, such as Apperson, Cole, Dorris, Haynes, or Premier, could not manage: of some two hundred American car makers in existence in 1920, only 43 survived in 1930, and with the Great Depression, by 1940, only 17 of those were left. Events that contain speculative elements, such as ordinary business risks or even purchasing a lottery ticket, are generally not considered insurable.
Examples would include offering prizes to contestants who can make a half-court shot at a basketball game, or a hole-in-one at a golf tournament. Exceptions include Lloyd's of London, which is famous for insuring the life or health of actors, sports figures and other famous individuals. Financial reinsurance is a form of reinsurance that is primarily used for capital management rather than to transfer insurance risk. Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.
For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. For example, discussions taking place during a business meeting are "online", while issues that do not concern all participants of the meeting should be "taken offline" — continued outside of the meeting. For example, in the 1930s, LaSalles, sold by Cadillac, used cheaper mechanical parts made by Oldsmobile; in the 1950s, Chevrolet shared hood, doors, roof, and windows with Pontiac; by the 1990s, corporate powertrains and shared platforms (with interchangeable brakes, suspension, and other parts) were common. For example, professional liability insurance in reference to the medical profession may be called medical malpractice insurance. For example, the will of the English colonist Robert Hayman mentions two "policies of insurance" taken out with the diocesan Chancellor of London, Arthur Duck.
For example, vehicle insurance would typically cover both the property risk (theft or damage to the vehicle) and the liability risk (legal claims arising from an accident). For instance, insurers charge older people significantly higher premiums than they charge younger people for term life insurance. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance policy add on, called loss recovery insurance, which covers the cost of a public adjuster in the case of a claim. For small losses these latter costs may be several times the size of the expected cost of losses. From a review of industry underwriting and marketing materials, court documents, and research by government agencies, industry and community groups, and academics, it is clear that race has long affected and continues to affect the policies and practices of the insurance industry.
Further, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. Generally, an insurance contract includes, at a minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i. Generally, such an insurance company must submit its rates and policy forms to the state's insurance regulator to receive his or her prior approval, although whether an insurance company must receive prior approval depends upon the kind of insurance being written. Generally, under the NRRA, only the insured's home state may regulate and tax the excess line transaction. Guilds in the Middle Ages served a similar purpose, as did friendly societies during Victorian times.
He also argues that even the telephone can be regarded as an online experience in some circumstances, and that the blurring of the distinctions between the uses of various technologies (such as PDA and mobile phone, internet television and Internet, and telephone and Voice over Internet Protocol) has made it "impossible to use the term on-line meaningfully in the sense that was employed by the first generation of Internet research". He also conjectures that an online/offline distinction may be seen by people as "rather quaint and not quite comprehensible" within 10 years. He conjectures that greater legal status may be assigned to online relationships (pointing out that contractual relationships, such as business transactions, online are already seen as just as "real" as their offline counterparts), although he states it to be hard to imagine courts awarding palimony to people who have had a purely online sexual relationship. High fuel taxes may provide a strong incentive for consumers to purchase lighter, smaller, more fuel-efficient cars, or to not drive. However, consumers have shown a tendency to prefer low deductibles and to prefer to insure relatively high-probability, small losses over low-probability, perhaps due to not understanding or ignoring the low-probability risk.
However, in some cases the benefit derived from tax deferral may be offset by a low return. However, since about 1996 insurers began to take a more active role in loss mitigation, such as through building codes. However, such a consultant must still work through brokers and/or agents in order to secure coverage for their clients. However, the use of such factors is often considered to be unfair or unlawfully discriminatory, and the reaction against this practice has in some instances led to political disputes about the ways in which insurers determine premiums and regulatory intervention to limit the factors used. However, treating insureds differently when there is no actuarially sound reason for doing so is unlawful discrimination.
However, with insurance brokers, the fee is usually paid in the form of commission from the insurer that is selected rather than directly from the client. Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements. If a government building was damaged, the cost of repair would be met from public funds because, in the long run, this was cheaper than paying insurance premiums. 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 or lost at sea. If the registered amount exceeded 10,000 Derrik, he or she would receive an amount of twice as much.
If there is no such chance of loss, the transaction may have the form of insurance, but not the substance. If you are unsure if GAP coverage had been purchased, you should check your vehicle lease or purchase documentation. In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. In 1978, market reforms led to an increase in the market and by 1995 a comprehensive Insurance Law of the People's Republic of China[33] was passed, followed in 1998 by the formation of China Insurance Regulatory Commission (CIRC), which has broad regulatory authority over the insurance market of China. In 2008, more than 70 million motor vehicles, including cars and commercial vehicles were produced worldwide.
In Internet Explorer version 6, the level of direct and indirect links, the maximum amount of local disc space allowed to be consumed, and the schedule on which local copies are checked to see whether they are up-to-date, are configurable for each individual Favourites entry. In commercial fire insurance it is possible to find single properties whose total exposed value is well in excess of any individual insurer's capital constraint. In order to be insurable, the risk insured against must meet certain characteristics in order to be an insurable risk. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). In recent years, some have called for a dual state and federal regulatory system (commonly referred to as the Optional federal charter (OFC)) for insurance similar to the banking industry.
In response to these issues, many countries have enacted detailed statutory and regulatory regimes governing every aspect of the insurance business, including minimum standards for policies and the ways in which they may be advertised and sold. In response to this, the federal government created the National Flood Insurance Program which serves as the insurer of last resort. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage caused by members of the household, including pets. In some geographical areas, the policy may exclude certain types of risks, such as flood or earthquake, that require additional coverage. In special cases, a government may authorize its use in protecting semi-private funds which are liable to tamper.
In supportive communities where others can be trusted to follow community leaders, this tacit form of insurance can work. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance. In the 4th century BC, rates for the loans differed according to safe or dangerous times of year, implying an intuitive pricing of risk with an effect similar to insurance. In the US and Canada, dental insurance is often part of an employer's benefits package, along with health insurance. In the US in the wake of 9/11, the Terrorism Risk Insurance Act 2002 (TRIA) set up a federal Program providing a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism.
In the late 1680s, Edward Lloyd opened a coffee house that became a popular haunt of ship owners, merchants, and ships' captains, and thereby a reliable source of the latest shipping news. In the offline state, users can perform offline browsing, where pages can be browsed using local copies of those pages that have previously been downloaded while in the on-line state. In this manner the community can even out the extreme differences in insurability that exist among its members. Incoming claims are classified based on severity and are assigned to adjusters whose settlement authority varies with their knowledge and experience. Insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.
Insurance companies will often try to encourage the person back into employment in preference to and before declaring them unable to work at all and therefore totally disabled. Insurance 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. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. Insurance policies that earn interest are generally considered to be a form of riba[43] (usury) and some consider even policies that do not earn interest to be a form of gharar (speculation). Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims — in theory for a relatively few claimants — and for overhead costs.
Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. Insurance scholars have typically used morale hazard to refer to the increased loss due to unintentional carelessness and moral hazard to refer to increased risk due to intentional carelessness or indifference. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. Internet Explorer will download to local copies both the marked page and, optionally, all of the pages that it links to. It also rates financial instruments issued by the insurance company, such as bonds, notes, and securitization products.
It also showed that African-Americans and Hispanics are substantially overrepresented in the lowest credit scores, and substantially underrepresented in the highest, while Caucasians and Asians are more evenly spread across the scores. It became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures. It is a broad spectrum of insurance that a number of other types of insurance could be classified, such as auto, workers compensation, and some liability insurances. It is purchased by organizations who do not want to assume 100% of the liability for losses arising from the plans. It is usually issued in conjunction with a search of the public records performed at the time of a real estate transaction.
It was a 65 cm-long scale-model toy for the Chinese Emperor, that was unable to carry a driver or a passenger. It was a horse-drawn stagecoach built by another manufacturer, that they retrofitted with an engine of their design. It was an integral design, without the adaptation of other existing components, and included several new technological elements to create a new concept. It was road-tested again on November 10, when the The Springfield Republican newspaper made the announcement. It was unable to maintain sufficient steam pressure for long periods, and was of little practical use.
Jahez, a historian and writer, writes in one of his books on ancient Iran: "[W]henever the owner of the present is in trouble or wants to construct a building, set up a feast, have his children married, etc. Just as there is a potential conflict of interest with a broker, an agent has a different type of conflict. Karl Benz remained a member of the board of directors of Daimler-Benz until his death in 1929, and at times, his two sons participated in the management of the company as well. Key developments included electric ignition and the electric self-starter (both by Charles Kettering, for the Cadillac Motor Company in 1910–1911), independent suspension, and four-wheel brakes. Larger cars can often carry six, seven or more occupants depending in the internal arrange of seats.
Liability insurance providers do not provide coverage for liability arising from intentional torts committed by or at the direction of the insured. Liability policies typically cover only the negligence of the insured, and will not apply to results of wilful or intentional acts by the insured. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity. Like a mortgage broker, these companies are paid a fee by the customer to shop around for the best insurance policy amongst many companies. Many insurers in the US do not provide flood insurance in some parts of the country.
Many marine insurance underwriters will include "time element" coverage in such policies, which extends the indemnity to cover loss of profit and other business expenses attributable to the delay caused by a covered loss. Many of his other inventions made the use of the internal combustion engine feasible for powering a vehicle. Many of these negative impacts fall disproportionately on those social groups who are also least likely to own and drive cars. Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse any merchant whose goods were deliberately jettisoned in order to lighten the ship and save it from total loss. More complex multivariate analyses are sometimes used when multiple characteristics are involved and a univariate analysis could produce confounded results.
Morris set up its production line at Cowley in 1924, and soon outsold Ford, while beginning in 1923 to follow Ford's practise of vertical integration, buying Hotchkiss (engines), Wrigley (gearboxes), and Osberton (radiators), for instance, as well as competitors, such as Wolseley: in 1925, Morris had 41% of total British car production. Mortgage insurance is a form of credit insurance, although the name "credit insurance" more often is used to refer to policies that cover other kinds of debt. Most definitions of the term specify that automobiles are designed to run primarily on roads, to have seating for one to eight people, to typically have four wheels, and to be constructed principally for the transport of people rather than goods. Mutual companies are owned by the policyholders, while stockholders (who may or may not own policies) own stock insurance companies. National Insurance Academy, Pune is apex insurance capacity builder institute promoted with support from Ministry of Finance and by LIC, Life & General Insurance compnies.
Negotiations between the two companies resumed several years later when these conditions worsened and, in 1924 they signed an Agreement of Mutual Interest, valid until the year 2000. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses. Numerous organizations have developed, or are developing, flash memory chips with collections of educational materials for off-line use in smartphones, tablets, and laptops. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable. Of the value of £100 each, one relates to the safe arrival of Hayman's ship in Guyana and the other is in regard to "one hundred pounds assured by the said Doctor Arthur Ducke on my life".
Often informal or formally intrinsic to local religious customs, this type of insurance has survived to the present day in some countries where a modern money economy with its financial instruments is not widespread. On average, today's automobiles are about 75 percent recyclable, and using recycled steel helps reduce energy use and pollution. On one hand it can increase fraud, on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. One includes Saint Peter asking for a username and a password before admitting a man into Heaven. One such web browser capable of being explicitly configured to download pages for offline browsing is Internet Explorer.
Only Japan black would dry fast enough, forcing the company to drop the variety of colors available before 1914, until fast-drying Duco lacquer was developed in 1926. Over the lifetime of the average automobile the "loss of habitat potential" may be over 50,000 square meters (540,000 sq ft) based on primary production correlations. Patent 549,160) for a two-stroke automobile engine, which hindered, more than encouraged, development of automobiles in the United States. Periodic payments are made directly to the insured until the home is rebuilt or a specified time period has elapsed. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
Purchase insurance can cover individual purchase protection, warranties, guarantees, care plans and even mobile phone insurance. Racial profiling or redlining has a long history in the property insurance industry in the United States. Rates depend on location and hence the likelihood of an earthquake, as well as the construction of the home. Rating for different risk characteristics involves at the most basic level comparing the losses with "loss relativities" - a policy with twice as many losses would therefore be charged twice as much. Research into future alternative forms of power include the development of fuel cells, Homogeneous Charge Compression Ignition (HCCI), Stirling engines,[46] and even using the stored energy of compressed air or liquid nitrogen.
Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. Selden applied for a patent for an automobile in 1879, but the patent application expired because the vehicle was never built. Short-term and long-term disability policies are available to individuals, but considering the expense, long-term policies are generally obtained only by those with at least six-figure incomes, such as doctors, lawyers, etc. Short-term disability insurance covers a person for a period typically up to six months, paying a stipend each month to cover medical bills and other necessities. Similar to an insurance consultant, an 'insurance broker' also shops around for the best insurance policy amongst many companies.
Similarly, a computer may be configured to employ a dial-up connection on demand (as when an application such as Outlook attempts to make connection to a server), but the user may not wish for Outlook to trigger that call whenever it is configured to check for mail. Since many UK government buildings have been sold to property companies, and rented back, this arrangement is now less common and may have disappeared altogether. Sloan who established the idea of different makes of cars produced by one company, so buyers could "move up" as their fortunes improved. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer's profit. Some insurance industry insiders, most notably Hank Greenberg, do not believe that it is forever possible to sustain a profit from float without an underwriting profit as well, but this opinion is not universally held.
Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed. Soon, companies had to have assembly lines, or risk going broke; by 1930, 250 companies which did not, had disappeared. Squires (2003) Racial Profiling, Insurance Style: Insurance Redlining and the Uneven Development of Metropolitan Areas Journal of Urban Affairs Volume 25 Issue 4 Page 391-410, November 2003 Standard line insurance companies usually charge lower premiums than excess line insurers and may sell directly to individual insureds. Such insurance is normally very limited in the scope of problems that are covered by the policy.
Such losses, if covered by conventional insurance, mean having to pay a premium that includes loadings for the company's general expenses, cost of putting the policy on the books, acquisition expenses, premium taxes, and contingencies. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market. Such risks include crop loss or damage caused by weather, hail, drought, frost damage, insects, or disease. That is, the computer itself may be online—connected to Internet via a cable modem or other means—while Outlook is kept offline by the user, so that it makes no attempt to send or to receive messages. The Association of British Insurers (gathering 400 insurance companies and 94% of UK insurance services) has almost 20% of the investments in the London Stock Exchange.
The BRIC countries might also kick in, as China briefly was the first automobile market in December 2009. The Greeks and Romans introduced burial insurance circa 600 AD when they organized guilds called "benevolent societies" which cared for the surviving families and paid funeral expenses of members upon death. The Hartford insurance company, for example, recently had to pay $80 million to an independent inventor, Bancorp Services, in order to settle a patent infringement and theft of trade secret lawsuit for a type of corporate owned life insurance product invented and patented by Bancorp. The Niépces' Pyréolophore was fuelled by a mixture of Lycopodium powder (dried spores of the Lycopodium plant), finely crushed coal dust and resin that were mixed with oil, whereas de Rivaz used a mixture of hydrogen and oxygen. The Sun Insurance Office 1710-1960: The History of Two and a half Centuries of British Insurance.
The US and Japan alone accounted for 40% of world insurance, much higher than their 7% share of the global population. The ability for humans to move flexibly from place to place has far reaching implications for the nature of societies. The adjuster must obtain legal counsel for the insured (either inside "house" counsel or outside "panel" counsel), monitor litigation that may take years to complete, and appear in person or over the telephone with settlement authority at a mandatory settlement conference when requested by the judge. The adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract, and if so, the reasonable monetary value of the claim, and authorizes payment. The alternative name car is believed to originate from the Latin word carrus or carrum ("wheeled vehicle"), or the Middle English word carre ("cart") (from Old North French), in turn these are said to have originated from the Gaulish word karros (a Gallic Chariot).
The amount to be charged for a certain amount of insurance coverage is called the premium. The assembly line forced workers to work at a certain pace with very repetitive motions which led to more output per worker while other countries were using less productive methods. The assembly line style of mass production and interchangeable parts had been pioneered in the U. The combination of high wages and high efficiency is called "Fordism," and was copied by most major industries. The concept requires that the insured have a "stake" in the loss or damage to the life or property insured.
The credit scores were also found to predict risk within each of the ethnic groups, leading the FTC to conclude that the scoring models are not solely proxies for redlining. The current state insurance regulatory framework has its roots in the 19th century, when New Hampshire appointed the first insurance commissioner in 1851. 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 Wren's inclusion of a site for 'the Insurance Office' in his new plan for London in 1667. The differing needs for passenger capacity and their luggage has resulted in a large variety of body styles to suit personal requirements such as the sedan/saloon, hatchback, station wagon/estate and Multi-Purpose Vehicle/Minivan. The distinction between what is considered online and what is considered offline has become a subject of study in the field of sociology.
The efficiency gains from the assembly line also coincided with the economic rise of the United States. The existence and success of companies using insurance agents is likely due to improved and personalized service. The fee paid by the insured to the insurer for assuming the risk is called the premium. The final premium is based on the insured's actual loss experience during the policy term, sometimes subject to a minimum and maximum premium, with the final premium determined by a formula. The first public run of the Duryea Motor Wagon took place on September 21, 1893, on Taylor Street in Metro Center Springfield.
The former is more primitive and the insurance in such economies entails agreements of mutual aid. The global insurance industry was sufficiently capitalised to withstand the financial crisis of 2008 and 2009 and most insurance companies restored their capital to pre-crisis levels by the end of 2010. The industry is also facing increasing external competition from the public transport sector, as consumers re-evaluate their private vehicle usage. The insurance 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 insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD. The loss should be pure, in the sense that it results from an event for which there is only the opportunity for cost. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature — coverage for life assurance or a pension can cover risks over many decades. The online or offline state of the MUA does not necessarily reflect the connection status between the computer on which it is running and the Internet.
The pages are downloaded either implicitly into the web browser's own cache as a result of prior online browsing by the user or explicitly by a browser configured to keep local copies of certain web pages, which are updated when the browser is in the online state, either by checking that the local copies are up-to-date at regular intervals or by checking that the local copies are up-to-date whenever the browser is switched to the on-line state. The policy may include inventory, or this can be bought as a separate policy, especially for people who rent housing. The policy pays the policy holder for covered accounts receivable if the debtor defaults on payment. The policy usually covers the costs of cleanup and may include coverage for releases from underground storage tanks. The program was extended until the end of 2014 by the Terrorism Risk Insurance Program Reauthorization Act 2007 (TRIPRA).
The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. The rate at which patents have issued has steadily risen from 15 in 2002 to 44 in 2006. The rationale for the differential treatment goes to the heart of the risk a life insurer takes: Old people are likely to die sooner than young people, so the risk of loss (the insured's death) is greater in any given period of time and therefore the risk premium must be higher to cover the greater risk. The return to growth and record premiums generated during the year followed two years of decline in real terms. The risk presented by any given person is assumed collectively by the community who all bear the cost of rebuilding lost property and supporting people whose needs are suddenly greater after a loss of some kind.
The role and powers of the Chinese insurance regulatory commission in the administration of insurance law in China. The societal benefits may include: economy benefits, such as job and wealth creation, of automobile production and maintenance, transportation provision, society wellbeing derived from leisure and travel opportunities, and revenue generation from the tax opportunities. The term property insurance may, like casualty insurance, be used as a broad category of various subtypes of insurance, some of which are listed below: Their study showed air quality in dozens of metropolitan areas has worsened over the last decade. There are two main types of legal expenses insurance: before the event insurance and after the event insurance.
There is hardly any point in paying such costs unless the protection offered has real value to a buyer. Thereafter an insurance company will collect historical loss data, bring the loss data to present value, and compare these prior losses to the premium collected in order to assess rate adequacy. These locomotive cars were often used on suburban routes by both interurban and intercity railroad systems. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. They are regulated by state laws, which include restrictions on rates and forms, and which aim to protect consumers and the public from unfair or abusive practices.
They never worked together; by the time of the merger of the two companies, Daimler and Maybach were no longer part of DMG. Third party administrators are companies that perform underwriting and sometimes claims handling services for insurance companies. This can be done on a formal basis by establishing a separate fund into which funds are deposited on a periodic basis, or by simply forgoing the purchase of available insurance and paying out-of-pocket. This can be useful when the computer is offline and connection to the Internet is impossible or undesirable. This coverage is marketed for those who put low down payments, have high interest rates on their loans, and those with 60 month or longer terms.
This coverage typically includes expenses related to medical treatment and loss of wages, as well as disability and death benefits. This definition can sometimes be extended to include some of the risks of the parent company's customers. This depends upon the insuring company, the type of policy and other variables (mortality, market return, etc. This is a large, complicated topic that engenders tremendous debate, which can be further studied in the following articles (and others): This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death.
This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle. This was a production of a small number of vehicles for Jellinek to race and market in his country. This would also allow for getting the appropriate vehicle for the particular need—a bus could come for a group of people, a limousine could come for a special night out, and a Segway could come for a short trip down the street for one person. To reduce their own financial exposure, insurance companies have contractual clauses that mitigate their obligation to provide coverage if the insured engages in behavior that grossly magnifies their risk of loss or liability.
Today, Lloyd's of London remains the leading market (note that it is an insurance market rather than a company) for marine and other specialist types of insurance, but it operates rather differently than the more familiar kinds of insurance. Two years later, in 1902, a new model DMG automobile was produced and the model was named Mercedes after the Maybach engine which generated 35 hp. Typically, courts construe ambiguities in insurance policies against the insurance company and in favor of coverage under the policy. Under United States tax law, for example, most owners of variable annuities and variable life insurance can invest their premium payments in the stock market and defer or eliminate paying any taxes on their investments until withdrawals are made. Under a stop-loss policy, the insurance company becomes liable for losses that exceed certain limits called deductibles.
Under an "indemnity" policy the homeowner would have to come up with the $10,000 to pay for the visitor's fall and then would be "indemnified" by the insurance carrier for the out of pocket costs (the $10,000). Under this plan, the current year's premium is based partially (or wholly) on the current year's losses, although the premium adjustments may take months or years beyond the current year's expiration date. Underwriting performance is measured by something called the "combined ratio"[9] which is the ratio of expenses/losses to premiums. Unlike a broker, who represents the policyholder, an agent represents the insurance company from whom the policyholder buys. Vehicles using alternative fuels such as ethanol flexible-fuel vehicles and natural gas vehicles are also gaining popularity in some countries.
We know of two types of economies in human societies: natural or non-monetary economies (using barter and trade with no centralized nor standardized set of financial instruments) and more modern monetary economies (with markets, currency, financial instruments and so on). What that "stake" is will be determined by the kind of insurance involved and the nature of the property ownership or relationship between the persons. When a car is used as collateral for a loan the lender usually requires specific coverage. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. When a large number of devices are connected to a sync master it is often convenient, if one wants to hear just the output of one single device, to take it offline because, if the device is played back online, all synchronized devices have to locate the playback point and wait for each other device to be in synchronization.
When online it will attempt to connect to mail servers (to check for new mail at regular intervals, for example), and when offline it will not attempt to make any such connection. When pages are added to the Favourites list, they can be marked to be "available for offline browsing". When something happens which triggers the need for legal action, it is known as "the event". When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck, etc. When the sync master commences playback, the online device automatically synchronizes itself to the master and commences playing from the same point in the recording.
While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures - particularly to prevent disaster losses such as hurricanes - because of concerns over rate reductions and legal battles. While on the surface it appears the broker represents the buyer (not the insurance company), and typically counsels the buyer on appropriate coverage and policy limitations, in the vast majority of cases a broker's compensation comes in the form of a commission as a percentage of the insurance premium, creating a conflict of interest in that the broker's financial interest is tilted towards encouraging an insured to purchase more insurance than might be necessary at a higher price. While this is true for all insurance, for small, frequent losses the transaction costs may exceed the benefit of volatility reduction that insurance otherwise affords. With premium income of $1,620bn, Europe was the most important region in 2010, followed by North America $1,409bn and Asia $1,161bn. With the continuation of the gradual recovery of the global economy, it is likely the insurance industry will continue to see growth in premium income both in industrialised countries and emerging markets in 2011.
and DMG finally merged as the Daimler-Benz company, baptizing all of its automobiles Mercedes Benz, as a brand honoring the most important model of the DMG automobiles, the Maybach design later referred to as the 1902 Mercedes-35 hp, along with the Benz name. when economic conditions began to deteriorate in Germany following the First World War, but the directors of DMG refused to consider it initially. " Will of Robert Hayman, 1628:Records of the Prerogative Court of Canterbury, Catalogue Reference PROB 11/163 "[17] A number of attempted fire insurance schemes came to nothing, but in 1681 Nicholas Barbon, and eleven associates, established England's first fire insurance company, the 'Insurance Office for Houses', at the back of the Royal Exchange.   – Note that the vehicle pictured is the 20th century diecast model made by Brumm, of a later vehicle, not a model based on Verbiest's plans.
 This article incorporates public domain material from the General Services Administration document "Federal Standard 1037C" (in support of MIL-STD-188). ) becomes the 'insured' party once risk is assumed by an 'insurer', the insuring party, by means of a contract, called an insurance policy. , 2001, The Science of Conjecture: Evidence and Probability Before Pascal, Baltimore:Johns Hopkins University Press, 259. , insurance in a modern money economy, in which insurance is part of the financial sphere), early methods of transferring or distributing risk were practised by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. , insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates.
, negative differential treatment of) potential insureds in the risk evaluation and premium-setting process is a necessary by-product of the fundamentals of insurance underwriting. , new entity or an entity that does not have an adequate loss history, an entity with unique risk characteristics, or an entity that has a loss history that does not fit the underwriting requirements of the standard lines insurance market). , the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). , workers' compensation and personal automobile liability, are subject to statutory requirements that injured parties have direct access to coverage. 9/11 was a major insurance loss, but there were disputes over the World Trade Center's insurance policy
A photograph of the original Benz Patent-Motorwagen, first built in 1885 and awarded the patent for the concept A recent example of a new insurance product that is patented is Usage Based auto insurance. A third example of a common use of these concepts is a web browser that can be instructed to be in either online or offline states. Accidental loss: The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. Achaemenian monarchs of Ancient Persia were the first to insure their people and made it official by registering the insuring process in governmental notary offices.
Adjusting liability insurance claims is particularly difficult because there is a third party involved, the plaintiff, who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket. Affordable premium: If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that the insurance will be purchased, even if on offer. All states have provisions in their rate regulation laws or in their fair trade practice acts that prohibit unfair discrimination, often called redlining, in setting rates and making insurance available. All-risk insurance is an insurance that covers a wide-range of incidents and perils, except those noted in the policy. Although several other German engineers (including Gottlieb Daimler, Wilhelm Maybach, and Siegfried Marcus) were working on the problem at about the same time, Karl Benz generally is acknowledged as the inventor of the modern automobile.
Although various pistonless rotary engine designs have attempted to compete with the conventional piston and crankshaft design, only Mazda's version of the Wankel engine has had more than very limited success. An "indemnity" policy will never pay claims until the insured has paid out of pocket to some third party; for example, a visitor to your home slips on a floor that you left wet and sues you for $10,000 and wins. An automobile powered by his own four-stroke cycle gasoline engine was built in Mannheim, Germany by Karl Benz in 1885, and granted a patent in January of the following year under the auspices of his major company, Benz & Cie. An automobile, autocar, motor car or car is a wheeled motor vehicle used for transporting passengers, which also carries its own engine or motor. An independent insurance consultant advises insureds on a fee-for-service retainer, similar to an attorney, and thus offers completely independent advice, free of the financial conflict of interest of brokers and/or agents.
An insurance company may inadvertently find that its insureds may not be as risk-averse as they might otherwise be (since, by definition, the insured has transferred the risk to the insurer), a concept known as moral hazard. An insurance underwriter's job is to evaluate a given risk as to the likelihood that a loss will occur. Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies, are regulated as insurance, and require the same kinds of actuarial and investment management expertise that life insurance requires. As a result, Ford's cars came off the line in fifteen minute intervals, much faster than previous methods, increasing productivity eightfold (requiring 12. At the most basic level, initial ratemaking involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils.
Auto insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision. Automobile propulsion technology under development include gasoline/electric and plug-in hybrids, battery electric vehicles, hydrogen cars, biofuels, and various alternative fuels. Aviation insurance protects aircraft hulls and spares, and associated liability risks, such as passenger and third-party liability. Boiler insurance (also known as boiler and machinery insurance, or equipment breakdown insurance) insures against accidental physical damage to boilers, equipment or machinery. Builder's risk insurance insures against the risk of physical loss or damage to property during construction.
Burial insurance is a very old type of life insurance which is paid out upon death to cover final expenses, such as the cost of a funeral. Business insurance can take a number of different forms, such as the various kinds of professional liability insurance, also called professional indemnity (PI), which are discussed below under that name; and the business owner's policy (BOP), which packages into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners' insurance packages the coverages that a homeowner needs. Business interruption insurance covers the loss of income, and the expenses incurred, after a covered peril interrupts normal business operations. Buy River, a river in Perm Krai and the republics of Bashkortostan and Udmurtia in Russia Calculable loss: There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost.
Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. Captives are becoming an increasingly important component of the risk management and risk financing strategy of their parent. Causa proxima, or proximate cause – the cause of loss (the peril) must be covered under the insuring agreement of the policy, and the dominant cause must not be excluded Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Claims and loss handling is the materialized utility of insurance; it is the actual "product" paid for.
Collateral protection insurance (CPI) insures property (primarily vehicles) held as collateral for loans made by lending institutions. Contribution – insurers which have similar obligations to the insured contribute in the indemnification, according to some method. Credit insurance repays some or all of a loan when certain circumstances arise to the borrower such as unemployment, disability, or death. Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. Crop insurance may be purchased by farmers to reduce or manage various risks associated with growing crops.
Daimler and Maybach founded Daimler Motoren Gesellschaft (DMG) in Cannstatt in 1890, and sold their first automobile in 1892 under the brand name, Daimler. Daimler died in 1900 and later that year, Maybach designed an engine named Daimler-Mercedes, that was placed in a specially ordered model built to specifications set by Emil Jellinek. Defense Base Act (DBA) insurance provides coverage for civilian workers hired by the government to perform contracts outside the US and Canada. Definite loss: The loss takes place at a known time, in a known place, and from a known cause. Demutualization of mutual insurers to form stock companies, as well as the formation of a hybrid known as a mutual holding company, became common in some countries, such as the United States, in the late 20th century.
Development of automotive technology was rapid, due in part to the hundreds of small manufacturers competing to gain the world's attention. Directors and officers liability insurance (D&O) protects an organization (usually a corporation) from costs associated with litigation resulting from errors made by directors and officers for which they are liable. Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. Disability overhead insurance allows business owners to cover the overhead expenses of their business while they are unable to work. Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property.
Environmental liability insurance protects the insured from bodily injury, property damage and cleanup costs as a result of the dispersal, release or escape of pollutants. Errors and omissions insurance is business liability insurance for professionals such as insurance agents, real estate agents and brokers, architects, third-party administrators (TPAs) and other business professionals. Established alternatives for some aspects of automobile use include public transit such as buses, trolleybuses, trains, subways, tramways light rail, cycling, and walking. Excess line insurance companies (also known as Excess and Surplus) typically insure risks not covered by the standard lines insurance market, due to a variety of reasons (e. Expatriate insurance provides individuals and organizations operating outside of their home country with protection for automobiles, property, health, liability and business pursuits.
Fidelity bond is a form of casualty insurance that covers policyholders for losses incurred as a result of fraudulent acts by specified individuals. For communities that lack adequate Internet connectivity -- like developing countries, rural areas, and prisons -- off-line information stores like the eGranary Digital Library (a collection of approximately 30 million educational resources from more than 2,000 Web sites and hundreds of CD-ROMs) provide off-line access to information. For example, life insurance companies may require higher premiums or deny coverage altogether to people who work in hazardous occupations or engage in dangerous sports. For example, most insurance policies in the English language today have been carefully drafted in plain English; the industry learned the hard way that many courts will not enforce policies against insureds when the judges themselves cannot understand what the policies are saying. Ford's complex safety procedures—especially assigning each worker to a specific location instead of allowing them to roam about—dramatically reduced the rate of injury.
Formal self insurance is the deliberate decision to pay for otherwise insurable losses out of one's own money. Fraternal insurance is provided on a cooperative basis by fraternal benefit societies or other social organizations. Fuel taxes may act as an incentive for the production of more efficient, hence less polluting, car designs (e. Fully autonomous vehicles, also known as robotic cars, or driverless cars, already exist in prototype, and are expected to be commercially available around 2020. Gap insurance covers the excess amount on your auto loan in an instance where your insurance company does not cover the entire loan.
His first Motorwagen was built in 1885, and he was awarded the patent for its invention as of his application on January 29, 1886. Home insurance, also commonly called hazard insurance, or homeowners insurance (often abbreviated in the real estate industry as HOI), is the type of property insurance that covers private homes, as outlined above. If a claims adjuster suspects under-insurance, the condition of average may come into play to limit the insurance company's exposure. If an internal link led you here, you may wish to change the link to point directly to the intended article. In 1807 Nicéphore Niépce and his brother Claude probably created the world's first internal combustion engine which they called a Pyréolophore, but they chose to install it in a boat on the river Saone in France.
In 1879, Benz was granted a patent for his first engine, which had been designed in 1878. In 1890, Émile Levassor and Armand Peugeot of France began producing vehicles with Daimler engines, and so laid the foundation of the automobile industry in France. In 1892, German engineer Rudolf Diesel was granted a patent for a "New Rational Combustion Engine". In 1893, the first running, gasoline-powered American car was built and road-tested by the Duryea brothers of Springfield, Massachusetts. In 2008, with rapidly rising oil prices, industries such as the automotive industry, are experiencing a combination of pricing pressures from raw material costs and changes in consumer buying habits.
In 2010, the federal Dodd-Frank Wall Street Reform and Consumer Protection Act established the Federal Insurance Office ("FIO"). In August 1888 Bertha Benz, the wife of Karl Benz, undertook the first road trip by car, to prove the road-worthiness of her husband's invention. In Britain, there had been several attempts to build steam cars with varying degrees of success, with Thomas Rickett even attempting a production run in 1860. In July, 2007, The Federal Trade Commission (FTC) released a report presenting the results of a study concerning credit-based insurance scores in automobile insurance. In November 1881, French inventor Gustave Trouvé demonstrated a working three-wheeled automobile powered by electricity at the International Exposition of Electricity, Paris.
In United States, economists and consumer advocates generally consider insurance to be worthwhile for low-probability, catastrophic losses, but not for high-probability, small losses. In determining premiums and premium rate structures, insurers consider quantifiable factors, including location, credit scores, gender, occupation, marital status, and education level. In managing the claims handling function, insurers seek to balance the elements of customer satisfaction, administrative handling expenses, and claims overpayment leakages. In many countries, such as the US and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules.
In some competitions such as the Shell Eco Marathon, average car weights of 45 kg have also been achieved. In some sense we can say that insurance appears simultaneously with the appearance of human society. In the European Union, the Third Non-Life Directive and the Third Life Directive, both passed in 1992 and effective 1994, created a single insurance market in Europe and allowed insurance companies to offer insurance anywhere in the EU (subject to permission from authority in the head office) and allowed insurance consumers to purchase insurance from any insurer in the EU. In the US, the tax on interest income on life insurance policies and annuities is generally deferred. In the United Kingdom, The Crown (which, for practical purposes, meant the civil service) did not insure property such as government buildings.
In the United States, insurance is regulated by the states under the McCarran-Ferguson Act, with "periodic proposals for federal intervention", and a nonprofit coalition of state insurance agencies called the National Association of Insurance Commissioners works to harmonize the country's different laws and regulations. In the United States, regulation of the insurance industry primary resides with individual state insurance departments. In the United States, standard line insurance companies are insurers that have received a license or authorization from a state for the purpose of writing specific kinds of insurance in that state, such as automobile insurance or homeowners' insurance. In the automotive industry, its success was dominating, and quickly spread worldwide seeing the founding of Ford France and Ford Britain in 1911, Ford Denmark 1923, Ford Germany 1925; in 1921, Citroen was the first native European manufacturer to adopt the production method. Indemnity – the insurance company indemnifies, or compensates, the insured in the case of certain losses only up to the insured's interest.
Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. Insurance can influence the probability of losses through moral hazard, insurance fraud, and preventive steps by the insurance company. Insurance company claims departments employ a large number of claims adjusters supported by a staff of records management and data entry clerks. Insurance involves pooling funds from many insured entities (known as exposures) to pay for the losses that some may incur. Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
Insurance policies can be complex and some policyholders may not understand all the fees and coverages included in a policy. Interest rate insurance protects the holder from adverse changes in interest rates, for instance for those with a variable rate loan or mortgage Inventors can now have their insurance US patent applications reviewed by the public in the Peer to Patent program. It was estimated in 2010 that the number of automobiles had risen to over 1 billion vehicles, with 500 million reached in 1986. Jewish rabbinical scholars also have expressed reservations regarding insurance as an avoidance of God's will but most find it acceptable in moderation.
Kay, Jane Holtz, Asphalt nation : how the automobile took over America, and how we can take it back, New York, Crown, 1997. Kidnap and ransom insurance is designed to protect individuals and corporations operating in high-risk areas around the world against the perils of kidnap, extortion, wrongful detention and hijacking. Large loss: The size of the loss must be meaningful from the perspective of the insured. 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. Legal expenses insurance covers policyholders for the potential costs of legal action against an institution or an individual.
Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Likewise, offline storage is computer data storage that is not "available for immediate use on demand by the system without human intervention. Limited risk of catastrophically large losses: Insurable losses are ideally independent and non-catastrophic, meaning that the losses do not happen all at once and individual losses are not severe enough to bankrupt the insurer; insurers may prefer to limit their exposure to a loss from a single event to some small portion of their capital base. Livestock insurance is a specialist policy provided to, for example, commercial or hobby farms, aquariums, fish farms or any other animal holding. Lloyd's of London, pictured in 1991, is one of the world's leading and most famous insurance markets
Long-term disability insurance covers an individual's expenses for the long term, up until such time as they are considered permanently disabled and thereafter. Many independent inventors are in favor of patenting new insurance products since it gives them protection from big companies when they bring their new insurance products to market. Many insurance executives are opposed to patenting insurance products because it creates a new risk for them. Marine insurance and marine cargo insurance cover the loss or damage of vessels at sea or on inland waterways, and of cargo in transit, regardless of the method of transit. Mary Ward became one of the first documented automobile fatalities in 1869 in Parsonstown, Ireland[29] and Henry Bliss one of the United States' first pedestrian automobile casualties in 1899 in New York.
Media liability insurance is designed to cover professionals that engage in film and television production and print, against risks such as defamation. Medical coverage, for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses. Mitigation - In case of any loss or casualty, the asset owner must attempt to keep the loss to a minimum, as if the asset was not insured. Moreover, FIO monitors access to affordable insurance by traditionally underserved communities and consumers, minorities, and low- and moderate-income persons. Most automobiles in use today are propelled by a internal combustion engine, fueled by deflagration of gasoline (also known as petrol) or diesel.
Most countries, such as the United Kingdom, require drivers to buy some, but not all, of these coverages. Most states require that excess line insurers submit financial information, articles of incorporation, a list of officers, and other general information. Neither insurance consultants nor insurance brokers are insurance companies and no risks are transferred to them in insurance transactions. New assurance products can now be protected from copying with a business method patent in the United States. New materials which may replace steel car bodies include duraluminum, fiberglass, carbon fiber, and carbon nanotubes.
Nicolas-Joseph Cugnot is widely credited with building the first self-propelled mechanical vehicle or automobile in about 1769; he created a steam-powered tricycle. No-fault insurance is a type of insurance policy (typically automobile insurance) where insureds are indemnified by their own insurer regardless of fault in the incident. Nuclear incident insurance covers damages resulting from an incident involving radioactive materials and is generally arranged at the national level. Oil consumption in the twentieth and twenty-first centuries has been abundantly pushed by automobile growth; the 1985-2003 oil glut even fuelled the sales of low economy vehicles in OECD countries. On July 21, 2010, President Barack Obama signed into law the Nonadmitted and Reinsurance Reform Act of 2010 ("NRRA"), which took effect on July 21, 2011 and was part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
One example of a common use of these concepts is a mail user agent that can be instructed to be in either online or offline states. Online and offline distinctions have been generalized from computing and telecommunication into the field of human interpersonal relationships. Other possible forms for an insurance company include reciprocals, in which policyholders reciprocate in sharing risks, and Lloyd's organizations. Pet insurance insures pets against accidents and illnesses; some companies cover routine/wellness care and burial, as well. Political risk insurance is a form of casualty insurance that can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions could result in a loss.
Pollution insurance usually takes the form of first-party coverage for contamination of insured property either by external or on-site sources. Prize indemnity insurance protects the insured from giving away a large prize at a specific event. Professional liability insurance, also called professional indemnity insurance (PI), protects insured professionals such as architectural corporations and medical practitioners against potential negligence claims made by their patients/clients. Protected self-insurance is an alternative risk financing mechanism in which an organization retains the mathematically calculated cost of risk within the organization and transfers the catastrophic risk with specific and aggregate limits to an insurer so the maximum total cost of the program is known. Public liability insurance covers a business or organization against claims should its operations injure a member of the public or damage their property in some way.
Redlining is the practice of denying insurance coverage in specific geographic areas, supposedly because of a high likelihood of loss, while the alleged motivation is unlawful discrimination. Reflecting the rapid pace of change, makes shared parts with one another so larger production volume resulted in lower costs for each price range. Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. Reinsurance is a type of insurance purchased by insurance companies or self-insured employers to protect against unexpected losses. Residents of low-density, residential-only sprawling communities are also more likely to die in car collisions[original research?] which kill 1.
Similarly the costs to society of encompassing automobile use, which may include those of: maintaining roads, land use, pollution, public health, health care, and of disposing of the vehicle at the end of its life, can be balanced against the value of the benefits to society that automobile use generates. Since the 1920s, nearly all cars have been mass-produced to meet market needs, so marketing plans often have heavily influenced automobile design. Slater asserts that there are legal and regulatory pressures to reduce the distinction between online and offline, with a "general tendency to assimilate online to offline and erase the distinction," stressing, however, that this does not mean that online relationships are being reduced to pre-existing offline relationships. Some Christians believe insurance represents a lack of faith[46] and there is a long history of resistance to commercial insurance in Anabaptist communities (Mennonites, Amish, Hutterites, Brethren in Christ) but many participate in community-based self-insurance programs that spread risk within their communities. Some communities prefer to create virtual insurance amongst themselves by other means than contractual risk transfer, which assigns explicit numerical values to risk.
Some forms of insurance had developed in London by the early decades of the 17th century. Subrogation – the insurance company acquires legal rights to pursue recoveries on behalf of the insured; for example, the insurer may sue those liable for insured's loss. Supplemental natural disaster insurance covers specified expenses after a natural disaster renders the policyholder's home uninhabitable. Telematics technology is allowing more and more people to share cars, on a pay-as-you-go basis, through car share and carpool schemes. The ancient Athenian "maritime loan" advanced money for voyages with repayment being cancelled if the ship was lost.
The business model is to collect more in premium and investment income than is paid out in losses, and to also offer a competitive price which consumers will accept. The concepts have however been extended from their computing and telecommunication meanings into the area of human interaction and conversation, such that even offline can be used in contrast to the common usage of online. The costs of automobile usage, which may include the cost of: acquiring the vehicle, repairs and maintenance, fuel, depreciation, driving time, parking fees, taxes, and insurance,[33] are weighed against the cost of the alternatives, and the value of the benefits – perceived and real – of vehicle usage. The distinction between online and offline is conventionally seen as the distinction between computer-mediated communication and face-to-face communication (e. The examples and perspective in this section may not represent a worldwide view of the subject.
The financial stability and strength of an insurance company should be a major consideration when buying an insurance contract. The first design for an American automobile with a gasoline internal combustion engine was made in 1877 by George Selden of Rochester, New York. The first insurance company in the United States underwrote fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina, in 1732. The first motor car in central Europe and one of the first factory-made cars in world, was produced by Czech company Nesselsdorfer Wagenbau (later renamed to Tatra) in 1897, the Präsident automobil. The first working steam-powered vehicle was likely to have been designed by Ferdinand Verbiest, a Flemish member of a Jesuit mission in China around 1672.
The insurance industry in China was nationalized in 1949 and thereafter offered by only a single state-owned company, the People's Insurance Company of China, which was eventually suspended as demand declined in a communist environment. The large-scale, production-line manufacturing of affordable automobiles was debuted by Ransom Olds in 1902 at his Oldsmobile factory located in Lansing, Michigan and based upon the assembly line techniques pioneered by Marc Isambard Brunel at the Portsmouth Block Mills, England in 1802. The most complicated aspect of the insurance business is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. The policyholder may hire their own public adjuster to negotiate the settlement with the insurance company on their behalf. 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.
The term motorcar has also been used in the context of electrified rail systems to denote a car which functions as a small locomotive but also provides space for passengers and baggage. The terms "online" and "offline" (also stylized as "on-line" and "off-line") have specific meanings in regard to computer technology and telecommunications. The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The types of risk that a captive can underwrite for their parents include property damage, public and product liability, professional indemnity, employee benefits, employers' liability, motor and medical aid expenses. The weight of a car influences fuel consumption and performance, with more weight resulting in increased fuel consumption and decreased performance.
The word automobile comes, via the French automobile from the Ancient Greek word αὐτός (autós, "self") and the Latin mobilis ("movable"); meaning a vehicle that moves itself. There are currently about 150 new patent applications on insurance inventions filed per year in the United States. There have been several projects aiming to develop a car on the principles of open design. This distinction between online and offline is sometimes inverted, with online concepts being used to define and to explain offline activities, rather than (as per the conventions of the desktop metaphor with its desktops, trash cans, folders, and so forth) the other way around. This tornado damage to an Illinois home would be considered an "Act of God" for insurance purposes
Through underwriting, the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks; Title insurance provides a guarantee that title to real property is vested in the purchaser and/or mortgagee, free and clear of liens or encumbrances. To "indemnify" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Total permanent disability insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance. Travel insurance is an insurance cover taken by those who travel abroad, which covers certain losses such as medical expenses, loss of personal belongings, travel delay, and personal liabilities.
Under the same situation, a "pay on behalf" policy, the insurance carrier would pay the claim and the insured (the homeowner in the above example) would not be out of pocket for anything. Upon termination of a given policy, the amount of premium collected and the investment gains thereon, minus the amount paid out in claims, is the insurer's underwriting profit on that policy. Utmost good faith – the insured and the insurer are bound by a good faith bond of honesty and fairness. What is often missing from the debate is that prohibiting the use of legitimate, actuarially sound factors means that an insufficient amount is being charged for a given risk, and there is thus a deficit in the system. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy.
Whereas insurance markets have become centralized nationally and internationally, state insurance commissioners operate individually, though at times in concert through the National Association of Insurance Commissioners. While road traffic injuries represent the leading cause in worldwide injury-related deaths,[28] their popularity undermines this statistic. Windstorm insurance is an insurance covering the damage that can be caused by wind events such as hurricanes. Wolfgang Sachs: For love of the automobile: looking back into the history of our desires, Berkeley: University of California Press, 1992, ISBN 0-520-06878-5 Workers' compensation insurance replaces all or part of a worker's wages lost and accompanying medical expenses incurred because of a job-related injury.
[12] He also constructed two steam tractors for the French Army, one of which is preserved in the French National Conservatory of Arts and Crafts. [13] Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. [13] In 1801, Richard Trevithick built and demonstrated his Puffing Devil road locomotive, believed by many to be the first demonstration of a steam-powered road vehicle. [14] Coincidentally, in 1807 the Swiss inventor François Isaac de Rivaz designed his own 'de Rivaz internal combustion engine' and used it to develop the world's first vehicle to be powered by such an engine. [14] Neither design was very successful, as was the case with others, such as Samuel Brown, Samuel Morey, and Etienne Lenoir with his hippomobile, who each produced vehicles (usually adapted carriages or carts) powered by clumsy internal combustion engines.
[15] Steam-, electric-, and gasoline-powered vehicles competed for decades, with gasoline internal combustion engines achieving dominance in the 1910s. [16] Toward the end of the seventeenth century, London's growing importance as a centre for trade increased demand for marine insurance. [17] This particular car was put into storage in 1894 and stayed there until 1920 when it was rescued by Inglis M. [17][18] To construct the Duryea Motor Wagon, the brothers had purchased a used horse-drawn buggy for $70 and then installed a 4 HP, single cylinder gasoline engine. [19] Congress adopted the McCarran-Ferguson Act in 1945, which declared that states should regulate the business of insurance and to affirm that the continued regulation of the insurance industry by the states is in the public's best interest.
[19] Santler from Malvern is recognized by the Veteran Car Club of Great Britain as having made the first petrol-powered car in the country in 1894[20] followed by Frederick William Lanchester in 1895, but these were both one-offs. [19] The Financial Modernization Act of 1999, commonly referred to as "Gramm-Leach-Bliley", established a comprehensive framework to authorize affiliations between banks, securities firms, and insurers, and once again acknowledged that states should regulate insurance. [20] FIO coordinates and develops federal policy on prudential aspects of international insurance matters, including representing the U. [20] The first production vehicles in Great Britain came from the Daimler Motor Company, a company founded by Harry J. [22] Germany's first mass-manufactured car, the Opel 4PS Laubfrosch (Tree Frog), came off the line at Russelsheim in 1924, soon making Opel the top car builder in Germany, with 37.
[22] In 1914, an assembly line worker could buy a Model T with four months' pay. [24][25] These cars are only single-seaters (still falling within the definition of a car, although 4-seater cars are more common), but it nevertheless demonstrates the huge degree in which car weights can still be reduced, and the subsequent lower fuel use (i. [27] Generally, when an excess line insurer writes a policy, it must, pursuant to state laws, provide disclosure to the policyholder that the policyholder's policy is being written by an excess line insurer. [27] Non-admitted insurers are generally not licensed or authorized in the states in which they write business, although they must be licensed or authorized in the state in which they are domiciled. [27] Rapidly increasing oil prices, concerns about oil dependence, tightening environmental laws and restrictions on greenhouse gas emissions are propelling work on alternative power systems for automobiles.
[27] These companies have more flexibility and can react faster than standard line insurance companies because they are not required to file rates and forms. [27] These insurers also are required to contribute to state guarantee funds, which are used to pay for losses if an insurer becomes insolvent. [27] They also may not write insurance that is typically available in the admitted market, do not participate in state guarantee funds (and therefore policyholders do not have any recourse through these funds if an insurer becomes insolvent and cannot pay claims), may pay higher taxes, only may write coverage for a risk if it has been rejected by three different admitted insurers, and only when the insurance producer placing the business has a surplus lines license. [28] Sprawl is more broadly a factor in inactivity and obesity, which in turn can lead to increased risk of a variety of diseases. [30] The National Conference of Insurance Legislators (NCOIL) also works to harmonize the different state laws.
[30] There are now standard tests for safety in new automobiles, like the EuroNCAP and the US NCAP tests,[31] and insurance industry-backed tests by the Insurance Institute for Highway Safety (IIHS). [35] In the United States the average passenger car emits 11,450 pounds (5,190 kg) of the greenhouse gas, carbon dioxide annually, along with smaller amounts of carbon monoxide, hydrocarbons, and nitrogen. [35] This is associated with reduced purchasing of insurance against low-probability losses, and may result in increased inefficiencies from moral hazard. [37] The report was disputed by representatives of the Consumer Federation of America, the National Fair Housing Alliance, the National Consumer Law Center, and the Center for Economic Justice, for relying on data provided by the insurance industry. [39] In the United States Congress, federally mandated fuel efficiency standards have been debated regularly, passenger car standards have not risen above the 27.
[43] This would be possible if almost all private cars requiring drivers, which are not in use and parked 90% of the time, would be traded for public self-driving taxis that would be in near constant use. [48] None of the projects have reached significant success in terms of developing a car as a whole both from hardware and software perspective and no mass production ready open-source based design have been introduced as of late 2009. [51] Additional individual modes of transport, such as personal rapid transit could serve as an alternative to automobiles if they prove to be socially accepted. [54] The markets in North America and Japan were stagnant, while those in South America and other parts of Asia grew strongly. [58] Roughly half of the US's fifty-one light vehicle plants are projected to permanently close in the coming years, with the loss of another 200,000 jobs in the sector, on top of the 560,000 jobs lost this decade.
[59] Combined with robust growth in China, in 2009, this resulted in China becoming the largest automobile producer and market in the world. [6] In the opinion of some, urban transport systems based around the car have proved unsustainable, consuming excessive energy, affecting the health of populations, and delivering a declining level of service despite increasing investments. [6] Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. [8] To support his argument that the distinctions in relationships are more complex than a simple online/offline dichotomy, he observes that some people draw no distinction between an on-line relationship, such as indulging in cybersex, and an offline relationship, such as being pen pals. [citation needed] Another example is the legal infrastructure which allows life insurance to be held in an irrevocable trust which is used to pay an estate tax while the proceeds themselves are immune from the estate tax.
[citation needed] That is, some insurance products or practices are useful primarily because of legal benefits, such as reducing taxes, as opposed to providing protection against risks of adverse events. [citation needed] The failure to address the deficit may mean insolvency and hardship for all of a company's insureds. [citation needed] The options for addressing the deficit seem to be the following: Charge the deficit to the other policyholders or charge it to the government (i. ^ "And whereas I have left in the hands of Doctor Ducke Channcellor of London two pollicies of insurance the one of one hundred pounds for the safe arivall of our Shipp in Guiana which is in mine owne name, if we miscarry by the waie (which God forbid) I bequeath the advantage thereof to my said Cosin Thomas Muchell. ^ "Islam Question and Answer - The true nature of insurance and the rulings concerning it".
^ This discussion is adapted from Mehr and Camack “Principles of Insurance”, 6th edition, 1976, pp 34 – 37. ^ US application 20,060,287,896  “Method for providing crop insurance for a crop associated with a defined attribute” whereas there is an other insurance of one hundred pounds assured by the said Doctor Arthur Ducke on my life for one yeare if I chance to die within that tyme I entreat the said doctor Ducke to make it over to the said Thomas Muchell his kinsman.