History of insurance
Main article: History of insurance
In some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies: money economies (with markets, money, financial instruments and so on) and non-money or natural economies (without money, markets, financial instruments and so on). The second type is a more ancient form than the first. In such an economy and community, we can see insurance in the form of people helping each other. For example, if a house burns down, the members of the community help build a new one. Should the same thing happen to one's neighbour, the other neighbours must help. Otherwise, neighbours will not receive help in the future. This type of insurance has survived to the present day in some countries where modern money economy with its financial instruments is not widespread (for example countries in the territory of the former Soviet Union).
Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which insurance is part of the financial sphere), early methods of transferring or distributing risk were practised by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively.[7] Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practised by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen.
Achaemenian monarchs of Ancient Persia were the first to insure their people and made it official by registering the insuring process in governmental notary offices. The insurance tradition was performed each year in Norouz (beginning of the Iranian New Year); the heads of different ethnic groups as well as others willing to take part, presented gifts to the monarch. The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. This was advantageous to those who presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices.
The purpose of registering was that whenever the person who presented the gift registered by the court was in trouble, the monarch and the court would help him. Jahez, a historian and writer, writes in one of his books on ancient Iran: "[W]henever the owner of the present is in trouble or wants to construct a building, set up a feast, have his children married, etc. the one in charge of this in the court would check the registration. If the registered amount exceeded 10,000 Derrik, he or she would receive an amount of twice as much."[1]
A thousand years later, the inhabitants of Rhodes invented the concept of the 'general average'. Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse any merchant whose goods were jettisoned during storm or sinkage.
The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when they organized guilds called "benevolent societies" which cared for the families and paid funeral expenses of members upon death. Guilds in the Middle Ages served a similar purpose. The Talmud deals with several aspects of insuring goods. Before insurance was established in the late 17th century, "friendly societies" existed in England, in which people donated amounts of money to a general sum that could be used for emergencies.
Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in post-Renaissance Europe, and specialized varieties developed.
Toward the end of the seventeenth century, London's growing importance as a centre for trade increased demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house that became a popular haunt of ship owners, merchants, and ships’ captains, and thereby a reliable source of the latest shipping news. It became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures. Today, Lloyd's of London remains the leading market (note that it is not an insurance company) for marine and other specialist types of insurance, but it works rather differently than the more familiar kinds of insurance.
Insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured 13,200 houses. In the aftermath of this disaster, Nicholas Barbon opened an office to insure buildings. In 1680, he established England's first fire insurance company, "The Fire Office," to insure brick and frame homes.
The first insurance company in the United States underwrote fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina, in 1732. Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire in the form of perpetual insurance. In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company was the first to make contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses. In the United States, regulation of the insurance industry is highly Balkanized, with primary responsibility assumed by individual state insurance departments. Whereas insurance markets have become centralized nationally and internationally, state insurance commissioners operate individually, though at times in concert through a national insurance commissioners' organization. In recent years, some have called for a dual state and federal regulatory system (commonly referred to as the Optional federal charter (OFC)) for insurance similar to that which oversees state banks and national banks.
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Rabu, 24 Juni 2009
Principles of insuranceFinancial market participants
Principles of insuranceFinancial market participants
Collective investment schemes
Credit Unions
Insurance companies
Investment banks
Pension funds
Prime Brokers
Trusts
Finance series
Financial market
Participants
Corporate finance
Personal finance
Public finance
Banks and Banking
Financial regulation
v • d • e
Commercially insurable risks typically share seven common characteristics.[1]
A large number of homogeneous exposure units. The vast majority of insurance policies are provided for individual members of very large classes. Automobile insurance, for example, covered about 175 million automobiles in the United States in 2004.[2] The existence of a large number of homogeneous exposure units allows insurers to benefit from the so-called “law of large numbers,” which in effect states that as the number of exposure units increases, the actual results are increasingly likely to become close to expected results. There are exceptions to this criterion. Lloyd's of London is famous for insuring the life or health of actors, actresses and sports figures. Satellite Launch insurance covers events that are infrequent. Large commercial property policies may insure exceptional properties for which there are no ‘homogeneous’ exposure units. Despite failing on this criterion, many exposures like these are generally considered to be insurable.
Definite Loss. The event that gives rise to the loss that is subject to the insured, at least in principle, take place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable. Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.
Accidental Loss. The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be ‘pure,’ in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements, such as ordinary business risks, are generally not considered insurable.
Large Loss. The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses these latter costs may be several times the size of the expected cost of losses. There is little point in paying such costs unless the protection offered has real value to a buyer.
Affordable Premium. If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that anyone will buy insurance, even if on offer. Further, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, the transaction may have the form of insurance, but not the substance. (See the U.S. Financial Accounting Standards Board standard number 113)
Calculable Loss. There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
Limited risk of catastrophically large losses. The essential risk is often aggregation. If the same event can cause losses to numerous policyholders of the same insurer, the ability of that insurer to issue policies becomes constrained, not by factors surrounding the individual characteristics of a given policyholder, but by the factors surrounding the sum of all policyholders so exposed. Typically, insurers prefer to limit their exposure to a loss from a single event to some small portion of their capital base, on the order of 5 percent. Where the loss can be aggregated, or an individual policy could produce exceptionally large claims, the capital constraint will restrict an insurer's appetite for additional policyholders. The classic example is earthquake insurance, where the ability of an underwriter to issue a new policy depends on the number and size of the policies that it has already underwritten. Wind insurance in hurricane zones, particularly along coast lines, is another example of this phenomenon. In extreme cases, the aggregation can affect the entire industry, since the combined capital of insurers and reinsurers can be small compared to the needs of potential policyholders in areas exposed to aggregation risk. In commercial fire insurance it is possible to find single properties whose total exposed value is well in excess of any individual insurer’s capital constraint. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market.
Collective investment schemes
Credit Unions
Insurance companies
Investment banks
Pension funds
Prime Brokers
Trusts
Finance series
Financial market
Participants
Corporate finance
Personal finance
Public finance
Banks and Banking
Financial regulation
v • d • e
Commercially insurable risks typically share seven common characteristics.[1]
A large number of homogeneous exposure units. The vast majority of insurance policies are provided for individual members of very large classes. Automobile insurance, for example, covered about 175 million automobiles in the United States in 2004.[2] The existence of a large number of homogeneous exposure units allows insurers to benefit from the so-called “law of large numbers,” which in effect states that as the number of exposure units increases, the actual results are increasingly likely to become close to expected results. There are exceptions to this criterion. Lloyd's of London is famous for insuring the life or health of actors, actresses and sports figures. Satellite Launch insurance covers events that are infrequent. Large commercial property policies may insure exceptional properties for which there are no ‘homogeneous’ exposure units. Despite failing on this criterion, many exposures like these are generally considered to be insurable.
Definite Loss. The event that gives rise to the loss that is subject to the insured, at least in principle, take place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable. Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.
Accidental Loss. The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be ‘pure,’ in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements, such as ordinary business risks, are generally not considered insurable.
Large Loss. The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses these latter costs may be several times the size of the expected cost of losses. There is little point in paying such costs unless the protection offered has real value to a buyer.
Affordable Premium. If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that anyone will buy insurance, even if on offer. Further, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, the transaction may have the form of insurance, but not the substance. (See the U.S. Financial Accounting Standards Board standard number 113)
Calculable Loss. There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
Limited risk of catastrophically large losses. The essential risk is often aggregation. If the same event can cause losses to numerous policyholders of the same insurer, the ability of that insurer to issue policies becomes constrained, not by factors surrounding the individual characteristics of a given policyholder, but by the factors surrounding the sum of all policyholders so exposed. Typically, insurers prefer to limit their exposure to a loss from a single event to some small portion of their capital base, on the order of 5 percent. Where the loss can be aggregated, or an individual policy could produce exceptionally large claims, the capital constraint will restrict an insurer's appetite for additional policyholders. The classic example is earthquake insurance, where the ability of an underwriter to issue a new policy depends on the number and size of the policies that it has already underwritten. Wind insurance in hurricane zones, particularly along coast lines, is another example of this phenomenon. In extreme cases, the aggregation can affect the entire industry, since the combined capital of insurers and reinsurers can be small compared to the needs of potential policyholders in areas exposed to aggregation risk. In commercial fire insurance it is possible to find single properties whose total exposed value is well in excess of any individual insurer’s capital constraint. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market.
Insurance
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
Sabtu, 30 Mei 2009
International Journal of Industrial Ergonomics
International Journal of Industrial Ergonomics
Int J Ind Ergon
Published by Elsevier Science. ISSN: 0169-8141.
The journal covers all aspects of industrial and occupational ergonomics, including such topics as human productivity, work-station design, methods engineering, design-oriented cognitive engineering, musculoskeletal injuries, design of tools, machines, controls and displays, safety, physical/mental stress and fatigue, modelling of the human body and human response behaviour, environmental stresses, etc. Moreover, the journal encourages the submission of articles dealing with the application of ergonomic principles to advanced manufacturing, such as FMS, interface design and robotics, as well as the submission of non-traditional articles, such as those involving the application of computers and systems methodologies to ergonomics. From time to time, the journal publishes special editions dealing with pressing ergonomic issues.
International Journal of Industrial Ergonomics,ergonomi,ergonomic
Int J Ind Ergon
Published by Elsevier Science. ISSN: 0169-8141.
The journal covers all aspects of industrial and occupational ergonomics, including such topics as human productivity, work-station design, methods engineering, design-oriented cognitive engineering, musculoskeletal injuries, design of tools, machines, controls and displays, safety, physical/mental stress and fatigue, modelling of the human body and human response behaviour, environmental stresses, etc. Moreover, the journal encourages the submission of articles dealing with the application of ergonomic principles to advanced manufacturing, such as FMS, interface design and robotics, as well as the submission of non-traditional articles, such as those involving the application of computers and systems methodologies to ergonomics. From time to time, the journal publishes special editions dealing with pressing ergonomic issues.
International Journal of Industrial Ergonomics,ergonomi,ergonomic
Applied Ergonomics
Applied Ergonomics is aimed at ergonomists and all those interested in applying ergonomics/human factors in the design, planning and management of technical and social systems at work or leisure. Readership is truly international with subscribers in over 50 countries. Professionals for whom Applied Ergonomics is of interest include: ergonomists, designers, industrial engineers, health and safety specialists, systems engineers, design engineers, organizational psychologists, occupational health specialists and human-computer interaction specialists.
Applied Ergonomics welcomes original contributions on the practical applications of ergonomic design and research. Areas covered include applications in the office, industry, consumer products, information technology and military design.
Applied Ergonomics,ergonomis,ergonomic
Applied Ergonomics welcomes original contributions on the practical applications of ergonomic design and research. Areas covered include applications in the office, industry, consumer products, information technology and military design.
Applied Ergonomics,ergonomis,ergonomic
Rabu, 27 Mei 2009
Cop Without A Badge Real Housewives of New Jersey - Danielle Staub Book
The Real Housewives of New Jersey is TV program on Bravo channel Television Network. This reality show first season started on May 12, 2009. Last week of this program, it was revealed that The Real Housewives of New Jersey have lazy, entitled, overindulged, poorly educated kids. This week, wash, rinse, repeat, only replace "kids" with "women".
Real Housewives of New Jersey' recap: For Danielle, Dina's barbs. The next week we learn "Cop Without a Badge" book. Cop Without a Badge: The Extraordinary Undercover Life of Kevin Maher (Hardcover) written by Charles Kipps (author).
Real Housewives of New Jersey' recap: For Danielle, Dina's barbs. The next week we learn "Cop Without a Badge" book. Cop Without a Badge: The Extraordinary Undercover Life of Kevin Maher (Hardcover) written by Charles Kipps (author).
Iron Mike loses daughter
Iron Mike loses daughter
Mike Tyson's four-year-old daughter died May 26 of injuries sustained in a freak home accident. The champion boxer immediately flew to Arizona.
Exodus Tyson was found Monday morning hanged from a cord that was connected to a treadmill in the family’s activity room in their Phoenix, Arizona home. She was discovered when her mother, who was cleaning in another room, sent the girl’s seven-year-old brother in to check on her.
Police are treating the case as an accident, saying it appears the child was playing on or near the treadmill and became tangled in the cord. The girl’s mother was administering CPR when paramedics arrived on the scene. Exodus died a day later of her injuries.
Tyson was in Las Vegas at the time of the incident but rushed to his daughter’s side upon being notified of the tragedy.
“Mike was very dedicated to that baby,'' said Sig Rogish, a longtime friend of Tyson and his former agent. “I think every parent's greatest fear is that they live beyond their children. I know Mike has had his troubles in his life, but he's always been a good father.”
The troubles Rogish refers to are numerous. Tyson’s father left the family when Mike was two; his mother died when he was 16. By the age of 13 he had been arrested 38 times, but was saved from a life on the streets after juvenile hall when a counselor discovered his boxing talent.
His short-lived marriage to actress Robin Givens ended amidst allegations of physical and emotional abuse and mental illness. He was convicted of raping a beauty queen and spent three years in prison for the crime. He was stripped of his boxing license for a year after biting off a chunk of Evander Holyfield’s ear during a match, went to prison again on new assault charges, filed for bankruptcy in 2003 after squandering nearly $300 million -- around the same time his second marriage ended due to his reported infidelities -- and was arrested again in 2006 on charges of DUI and felony drug possession.
Tyson knows his life has been one big tragedy of Shakespearean proportions. In 2005 he told USA Today:
"My whole life has been a waste -- I've been a failure. I just want to escape. I'm really embarrassed with myself and my life. I want to be a missionary. I think I could do that while keeping my dignity without letting people know they chased me out of the country. I want to get this part of my life over as soon as possible. In this country nothing good is going to come of me. People put me so high; I wanted to tear that image down."
Mike Tyson's four-year-old daughter died May 26 of injuries sustained in a freak home accident. The champion boxer immediately flew to Arizona.
Exodus Tyson was found Monday morning hanged from a cord that was connected to a treadmill in the family’s activity room in their Phoenix, Arizona home. She was discovered when her mother, who was cleaning in another room, sent the girl’s seven-year-old brother in to check on her.
Police are treating the case as an accident, saying it appears the child was playing on or near the treadmill and became tangled in the cord. The girl’s mother was administering CPR when paramedics arrived on the scene. Exodus died a day later of her injuries.
Tyson was in Las Vegas at the time of the incident but rushed to his daughter’s side upon being notified of the tragedy.
“Mike was very dedicated to that baby,'' said Sig Rogish, a longtime friend of Tyson and his former agent. “I think every parent's greatest fear is that they live beyond their children. I know Mike has had his troubles in his life, but he's always been a good father.”
The troubles Rogish refers to are numerous. Tyson’s father left the family when Mike was two; his mother died when he was 16. By the age of 13 he had been arrested 38 times, but was saved from a life on the streets after juvenile hall when a counselor discovered his boxing talent.
His short-lived marriage to actress Robin Givens ended amidst allegations of physical and emotional abuse and mental illness. He was convicted of raping a beauty queen and spent three years in prison for the crime. He was stripped of his boxing license for a year after biting off a chunk of Evander Holyfield’s ear during a match, went to prison again on new assault charges, filed for bankruptcy in 2003 after squandering nearly $300 million -- around the same time his second marriage ended due to his reported infidelities -- and was arrested again in 2006 on charges of DUI and felony drug possession.
Tyson knows his life has been one big tragedy of Shakespearean proportions. In 2005 he told USA Today:
"My whole life has been a waste -- I've been a failure. I just want to escape. I'm really embarrassed with myself and my life. I want to be a missionary. I think I could do that while keeping my dignity without letting people know they chased me out of the country. I want to get this part of my life over as soon as possible. In this country nothing good is going to come of me. People put me so high; I wanted to tear that image down."
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