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INSURANCE IN 20th CENTURY

First of all i wold like to analyse the content which am gonna share with you in this article, I wish it will be helpful and interesting as well.

  • What is insurance
  • Historical back ground of Insurance in the world
  • Why insurance
  • Types of insurance

What is Insurance
The term Insurance can be defined in two different ways though all of these two categories works together
In term of properties (Owned asset & Liabilities) Insurance is the legal agreement by which a company or an authority guarantee a compensation or return of someone properties loss or damage

In terms of Health (Human's life) Insurance is the legal agreement by which a company or an authority guarantee a certain percent participation and or compensation in rescuing someone life under any circumstances such as accident, illness,

Depending with various policies offered by companies world wide insurance is categorized in different classes, due to this factor the degree of participation for the company in return,compensation,rescuing and any other associated costs depends upon the level of the insurance to which you have registered,

Why different percentage return to damage or lost properties is offered by insurance companies?

When you register your properties to any insurance company and or your family for health insurance, there must be an insurance fee which must be paid annually, or monthly, by then the insurance fee is not constant, it varies with the level (Category of the insurance you need, "for instance you own a $6000 car and you have registered this car to a certain company which offer three categories of insurance services as follows,

First class insurance: (Description)
Property or asset value = X
Annual insurance fee = 10% of X
Percentage return on damage/loss = 100%
When you afford to pay such fee annually you can get a hundred percent return of your asset once damaged over accident or lost under unexpected circumstances.

Second class insurance: (Description)
Property or asset value = X
Annual insurance fee = 5% of X
Percentage return on damage/loss = 60%
If you can afford to register your property or asset with second class insurance and fulfill the insurance fees annually you can get a sixty percent return of your asset on damage or loss
That's is the reason to why there are different degree of return in insurance companies for loss or damage of properties"

Historical background of Insurance in the world
Initially during stone age up to a certain level of iron age trade was conducted locally there ware neither travel nor monetary exchange because people were used to exchange goods and commodities with in their local villages, among the common method known which were used by people during that time is Burter trade system where by the mean of exchange was good to good, but during a certain level of iron age there was a rapid growth in technology as well as business, during this time good started to be transferred from one country to another to economy growth is some nations particularly European nations, This is where a certain group of people from china decided to introduce a Risk sharing idea due to the fact that some goods were lost during exportation (shipping) especially when the ship loose direction in oceans and disappear completely, peoples properties got lost in that way as well as other means though shipping was the common mean of international good transport during that time,
This small group of people from china introduced such a system of risk sharing where by any one who wished to register was supposed to pay a certain amount as security fee depending with the value of the goods transported so that once the lost along the way, he will get return depending with the agreement,
From there other groups from different countries introduced the same system, and the system developed from time to time up to now days the system is know as insurance and it's conducted by different companies and authorities world wide.

Why Insurance
Unlike God who is able to know what may happen to you, to your family, to your property tomorrow or even an hour from now, we are human our capability have been fixed with in a certain limit, we only work according to our plan but we actually do not know any thing about the future, so insurance can help to ensure security of your properties, your asset as well as your family on future.

Types Of Insurance
There are many different types of Insurance but the following are the main types for 20th century oworld.
>>Auto Insurance
Most of accidents now days are caused by auto mobiles (vehicles) unfortunately accident is not selective, even your new car which your bout today may crush and become useless completely, this is where the use of Auto insurance arise when your auto mobile crush from unexpected accident, your insurance company will buy a new one for you, or will pay a certain percent of the total buying cost depending with the legal agreement set within the company.
>>Health Insurance
With our enter life time , we always pray to be safe all the time and we always ask God to keep us far away from diseases, but diseases as well as accidents are parts of our lives and we can't walk away from these two thinks in our life, but sometimes the level of disease and or accident may become so high to the extent that we cant handle it financially, but when you have a health insurance from any legal company and authority everything will be easy
>>Life Insurance
This is the category of insurance where by a company or an authority legally guarantee to serve all the basic and advanced needs of the family such as education and travel for the entire of the life for all of your family members whom you have registered through your insurance, this type of insurance is very important particularly when there is a certain group of people who depends on you for all their needs, once you fall down financially their life will stack instantly, but with this type of insurance no thing will still being okay to their life goals.
Some other minor categories of insurance
>Disabled Insurance
>Shipping Insurance
>House/Estate Insurance

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