Auto insurance as a business: How to start a car insurance business
How to Start a Auto Insurance Business Auto Insurance as a Business The number of car enthusiasts and car owners is constantly increasing, which means that auto insurance services are becoming more and more in demand. It is important for a potential founder of an auto insurance business to know the basic nuances operating in this field, as well as the most important steps needed to establish an insurance agency. Auto Insurance: The Nuances of the Business If you want to start a business related to auto insurance, it is important to understand the differences between the concepts of an insurance company and an agency. In addition, it is necessary to immediately determine the areas of the insurance business that are of interest to the future owner of such a business. Thus, it can be a full-fledged insurance company specializing in concluding insurance contracts, and in addition, the scope of such a company will include the implementation of payments under the contracts. The creation...
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Types of compulsory insurance
Types of compulsory insurance In Ukraine, the following types of compulsory insurance are carried out: health insurance; personal insurance of medical and pharmaceutical employees (except for those working in institutions and organizations financed from the State Budget of Ukraine) in case of infection with the human immunodeficiency virus during the performance of their official duties; personal insurance of departmental employees (except for those working in institutions and organizations financed from the State Budget of Ukraine) and rural fire brigades and members of voluntary fire brigades (teams); insurance of sportsmen of higher categories; life and health insurance of specialists in veterinary medicine; personal insurance against accidents in transport; aviation insurance of civil aviation; liability insurance of the maritime carrier and the performer of work related to the servicing of maritime transport, in respect of compensation for losses incurr...
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History of insurance: Medieval era
History of insurance. Medieval era. Sea loans or foenus nauticum were common before the traditional marine insurance in the medieval times, in which investor lend his money to a travelling merchant, and merchant will be liable to pay back if the ship returns safely, providing credit and sea insurance at the same time. The rate of interest for sea loans was high to compensate higher risk involved. Hence, in sea loans merchants have to pay the interest charges to the lenders for bearing the sea risk rather than profit sharing, as it was the case in sedentary-travelling merchant relationship. Therefore, due the usury involvement in the transaction, in 1236 the Pope Gregory IX condemned this practice in his decretal Naviganti (Roover, 1945, p. 175; See also Kingston, 2011). The commenda contracts were introduced when Pope Gregory IX condemned the sea loans because of usury. Capitalist provide funds to entrepreneur to carry out trade on partnership, sharing the profit but both sea and c...
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