General Insurance
INDEX
Chapter 1:History ……………………………………………………………..2 -Insurance Business -India’s Insurance Business
Chapter 2: Insurance sector reforms…………………………………………4
Chapter 3: IRDA……………… ……………………………………………….5 -History -Powers, Duties & Functions
Chapter 4: Non –Life Insurance companies…. ……………………………8
Chapter 5: General Insurance Products …………………………………….9
Chapter 1
History of Insurance Business Insurance probably made a beginning in the ancient land of Babylonia In the 18th century B.C., Babylonian king Hammurabi developed a code of law, known as the Code of Hammurabi, which codified many specific rules governing the practices of early risk-sharing activities. For instance, the code dictated that traders had to repay merchants who financed trading voyages unless thieves stole goods in transit, in which case debts would be cancelled. This was similar to the system of insurance known as bottomry which existed in Phoenicia in 1200 B.C.In this system, backers loaned money to merchants to finance voyages. Merchants offered their ships (the hull was known as the ship’s ‘bottom’) as collateral for such loans. When a trip succeeded, the merchant would pay the trip’s backer the original loan plus interest, the equivalent of a premium. If a ship went down on its voyage, the trip’s backer would cancel the merchant’s loan. The Greeks and Romans developed the earliest systems of life insurance. They formed societies which paid dues that went toward paying for the burial of members. Sometimes these societies also paid for the living expenses of deceased members’ families. During the Middle Ages (5th to 15th centuries A.D.), workers joined together in craft. Many guilds, particularly in England and Italy, provided benefits to workers and their families in the event of illness or death.
Lloyd’s
Insurance as we know it today took its shape in 17th century England. There was a place called Lloyd's Coffee House in
Chapter 1:History ……………………………………………………………..2 -Insurance Business -India’s Insurance Business
Chapter 2: Insurance sector reforms…………………………………………4
Chapter 3: IRDA……………… ……………………………………………….5 -History -Powers, Duties & Functions
Chapter 4: Non –Life Insurance companies…. ……………………………8
Chapter 5: General Insurance Products …………………………………….9
Chapter 1
History of Insurance Business Insurance probably made a beginning in the ancient land of Babylonia In the 18th century B.C., Babylonian king Hammurabi developed a code of law, known as the Code of Hammurabi, which codified many specific rules governing the practices of early risk-sharing activities. For instance, the code dictated that traders had to repay merchants who financed trading voyages unless thieves stole goods in transit, in which case debts would be cancelled. This was similar to the system of insurance known as bottomry which existed in Phoenicia in 1200 B.C.In this system, backers loaned money to merchants to finance voyages. Merchants offered their ships (the hull was known as the ship’s ‘bottom’) as collateral for such loans. When a trip succeeded, the merchant would pay the trip’s backer the original loan plus interest, the equivalent of a premium. If a ship went down on its voyage, the trip’s backer would cancel the merchant’s loan. The Greeks and Romans developed the earliest systems of life insurance. They formed societies which paid dues that went toward paying for the burial of members. Sometimes these societies also paid for the living expenses of deceased members’ families. During the Middle Ages (5th to 15th centuries A.D.), workers joined together in craft. Many guilds, particularly in England and Italy, provided benefits to workers and their families in the event of illness or death.
Lloyd’s
Insurance as we know it today took its shape in 17th century England. There was a place called Lloyd's Coffee House in