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Risk Factors
History of Insurance
Bermuda History of Insurance
Definitions
Bonus
100
What are the 3 sources of risk?
Exposure Uncertainty Missed Opportunity
100
How far back can commercial insurance be traced back to?
3000 BC
100
What did Bermuda Assurance Company insure?
The Bermuda Assurance Co. insured marine cargo.
100
What is a Risk?
Risk is the potential impact (positive or negative) to a person or a asset.
100
Who is Edward Lloyd?
He owned a coffee shop were merchants and insurers frequented
200
The chance of an unexpected or unplanned loss without the accompanying chance of gain is a.....?
Pure Risk
200
Merchants and insurers frequented....
Coffee Houses
200
What was the siginificance of Bermuda fire and marine?
Bermuda Fire and Marine was Bermuda's first local insurance company
200
What is Insurance?
A llegal device that permits the tranfer of risk from one party to another through the use of a contract of indemnity.
200
Where was the major fire in 1861?
Happened on Tooley street
300
How can you reduce a risk?
Lower the frequency or severity.
300
When was the Great Fire of London?
1666
300
why was the Insurance Act created?
To regulate the industry
300
What is Indemnity?
A reinbursement that compensates exactly for a loss.
300
when was the Prudential insurance company founded?
Founded in 1848
400
What is the difference between speculative risk and pure risk?
Rure risk is a chance of an unexpected or unplanned loss without the chance of gain. Speculative is the chance where both loss and gain is possible.
400
What is the corporation of Lloyds?
The corporation of Lloyds was the first insurance market.
400
why was the Bermuda Insurance Institute formed?
Was formed to provide insurance education
400
What is Pooling of Losses?
The spreading of actual losses incurred by a few over many units who pay the average loss.
400
What does liability insurance cover?
1) Bodily injury liability 2) Property damage liability
500
Name 4 kinds of hazards
Physical Moral Behavioral Legal
500
What are fire marks?
Fire marks are plates given by the insurance company to show that property was insured.
500
What was created to encourage Bermudian students to consider careers in insurance?
The Bermuda Foundation for Insurance
500
What is Adverse Selection?
The tendency of persons with high chances of loss to seek insurance at average rates.
500
What are the benefits of insurance?
Peace of mind Encourage enterprise Loss control Investment of insurance Social benefits