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History of insurance: Ancient world
History of insurance. Ancient world. Initially people used to sell goods in their own villages and gathering society. However, with the passage of time, they turned to nearby villages to sell. Furthermore, in the thirteenth and early fourteenth centuries, the European traders used to travel to sell their goods across the globe and to hedge the risk of theft or fraud by the Capitan or crew also known as Risicum Gentium. However, they realized that selling this way, involves not only the risk of loss (i.e. damaged, theft or life of trader as well) but also they cannot cover the wider market. Therefore, the trend of hiring commissioned base agents across different markets emerged. The traders sent (export) their goods to the agents who on the behalf of traders sold them. Sending goods to the agents by road or sea involves different risks i.e. sea storms, pirate attack; goods may be damaged due to poor handling while loading and unloading, etc. Traders exploited different measures to he...
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Travel Insurance Tips
Travel Insurance Tips Travel insurance can minimize the considerable financial risks of traveling: accidents, illness, missed flights, canceled tours, lost baggage, theft, terrorism, travel-company bankruptcies, emergency evacuation, and getting your body home if you die. Each traveler’s potential loss varies, depending on how much of your trip is prepaid, the refund ability of the air ticket you purchased, your state of health, the value of your luggage, where you’re traveling, the financial health of your tour company and airline, and what coverage you already have (through your medical insurance, homeowners or renters insurance, and/or credit card). Do I Need Travel Insurance? When considering an insurance plan, it’s good to know what it does and doesn’t cover. For some travelers, insurance is a good deal; for others, it’s not. What are the chances you’ll need it? How willing are you to take risks? How much is peace of mind worth to you? Take these considerations into account, ...
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Aircraft Owner's Liability Insurance
Air owner's liability insurance (including carrier's liability) Aircraft Owner's Liability Insurance (including Carrier's Liability) is a type of insurance under which the subject of the insurance contract are property interests not inconsistent with the law relating to compensation for damage caused by the Insured or another person whose civil liability is insured to life, health, working capacity, property of third parties, including owners of cargo and baggage (cargo), during operation of an aircraft and transportation or forwarding of cargo. This type of insurance provides for the Insurer's obligation to pay the insurance indemnity in accordance with the insurance policy for the payment (insurance premium, insurance payment, insurance premium) established by the insurance policy for the damage caused to life, health, working capacity and/or property of third parties by the person whose civil liability is insured as a result of an aviation event (aviation acc...
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How do insurers decide whether to total my car?
How do insurers decide whether to total my car? A car insurance company's decision to total a car depends on the extent of the damage following an accident. Car insurance companies take into account several factors when deciding whether to total your car, including: Repair estimates List value Salvage value State laws, if applicable While each car insurance company approaches the decision differently, many insurers declare the vehicle a total loss if the estimated cost of repairs plus the salvage value equals or exceeds the car's actual cash value. The actual cash value is a car's fair market value – or, replacement cost less depreciation. Adjusters typically determine a car's actual cash value by looking to their company's proprietary database of values. Some insurers total the car if repair costs exceed a certain percentage of the car's actual cash value. Common thresholds for totaling a vehicle are 51 percent or 80 percent of the value, at...
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Guide to multi-car insurance policies
Guide to multi-car insurance policies One of the easiest ways to save on car insurance is to insure more than one car on the same policy. When you get married, for example, you’ll save because married drivers tend to file fewer claims and thus get lower rates. A good driver discount requires a clean record. But a multi-car discount doesn’t require a lifelong commitment or scrupulous attention to speed-limit signs. Instead, it’s a reward for bringing your insurance company additional business. What are the requirements for a multi-car policy? Does the coverage need to be the same on each vehicle? Can I insure a car and a motorcycle on the same policy? What are the benefits of a multi-car policy? How big is a multi-car discount? Can I add other family members’ cars to my policy? What are the requirements for a multi-car policy? To obtain a multiple-car policy, you need to insure two or more passenger vehicles on the same auto insurance policy. It’s that simple. ...
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