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emmyboy | Insurance means what? |
How do we mean if we had to insure a car,house and all that. |
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Mikhail
|
it means the Insurance Company pays for them if they are damaged |
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viking
 |
Insurance started in the coffee houses of London, this was where for example; a ship owner had to sail the oceans and bring back goods from around the world to trade back in London. He would meet with business men in the coffee houses and arrange for them to cover his ship and goods in the event of a disaster/loss. The details would be agreed meaning that these business men would cover the risks but required a sum of money from the ship owner for themselves. The sum required would depend on how dangerous/risky was the voyage. If all went well the business men would make a profit and the ship owner knew that he would not face ruin in case of a disaster to the ship.
This is still the principle of modern day insurance. Lloyd's of London a very large insurance house still works in this way, the members taking on the risk.
In the example described the ship owner did not need to take out insurance for his ship, and would have had a greater return on the profits from his voyage, but could have faced ruin if his ship had met with an accident.
You do not have to ( take out ) insurance with any company for any goods that you own, taking all the risks yourself. Insurance is only mandatory when the law of the country requires it, ie car insurance etc.
I hope this helps.
Regards |
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Peter M
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There are two types ~ Insurance and Assurance and people tend to get confused between them.
With Insurance, you pay a premium, either monthly, yearly etc. for a company to provide you with cover, so that if something gets damaged it can be replaced or mended [that's a very simple way of explaining it]
If nothing gets damaged, you do not get any money back, and pay a new set of premiums each year.
With Assurance, you pay premiums into a "plan" could be a savings plan, or life cover, and you are "assured" of getting money back after a certain time, or into your estate in the event of death.
Hope this helps ~ Oh by the way, it's illegal to own and run a car without insurance.
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Loopy-Lou
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the official term for describing insurance is that it is "a risk transfer mechanism". what this basically means is that the insurance company accepts the risk involved of insuring the house/car/holiday, etc and will pay out on a claim if covered under the insurance.
hope this helps xxx |
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Atalanta
 |
In the UK, at least, it is compulsory to insure your car, so that if it causes an accident, the people who suffer will be compensated. You are in big trouble if you drive a car uninsured and have an accident.
If you insure your house, you agree with the insurance company what you are insuring against. Both the fabric ( brickwork, etc) of the house and the contents ( furniture, etc) can be insured. You insure against fire, flood, accidental damage to contents, theft of valuables, being knocked into by elephants, being struck by lightning - you can choose which risks you want covered. You can choose whether to pay the first £100 or £200 of the loss yourself. The less the risk for the insurance company, the less the insurance costs. If you want to be covered for staying in a hotel for months while the house is rebuilt, that insurance will be more expensive.
You can insure against disasters on holiday, or illness, or having the holiday cut short. If you are ill on holiday your insurance can cover the cost of sending a relative out to fetch you back. You agree all that in advance.
You can insure against bad weather for your village fete.
If you are a film star famous for your splendid legs, you can insure against them getting injured and spoiling your career. ( I think Marlene Dietrich insured her legs)
You can ask insurance companies to insure almost anything. Like a bookie, they will look at the odds, and give you an estimate for what risk they are prepared to cover, for what price.
You can, for instance insure against getting a "hole in one" at golf, which means you have to buy drinks for everyone in the club house. If you have that insurance, the insurance company which agreed to your insurance would pay for the champagne. |
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