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| The History of Insurance |
The History of Insurance
Insurance is a system for financial loss by channeling lower the risk of loss of a person or entity to another.
Insurance in Act 2 Th 1992 on business insurance is an agreement between two or more parties, with which the insurer is binding to the insured, by accepting the insurance premium, to provide reimbursement to the insured for loss, damage or loss of expected profit or legal liability to third parties that may be suffered by the insured, arising out of an uncertain event, or provide a payment based on death or life of an insured person.
Agencies that distribute the risks referred to "the insured", and accept the risk of loss is called "the insurer". The agreement between the two bodies is called the policy: This is a legal contract that explains all the terms and conditions protected. Fees paid by "tetanggung" to the "insurer" for the risks covered by so-called "premium". This is usually determined by the "insurer" for funds that can be claimed in the future, administrative costs, and profits.
For example, a couple bought a house for Rp. 100 million. Knowing that the loss of their homes would lead them to financial ruin, they take insurance protection in the form of home ownership policy. The policy will pay for replacement or repair their homes in case of disaster. Insurance companies on their premiums amounting to Rp1 million per year. The risk of losing their homes have been channeled from the homeowner to the insurance company.
Insurers use actuarial science to calculate the risks they expect. Actuarial science uses mathematics, especially statistics and probability, which can be used to hedge risks for expected claims in the future with reliable accuracy.
For example, many people buy homeowner's insurance policy and then they pay a premium to the insurance company. If the loss of a protected place, the insurer must pay the claim. For some of the insured, the insurance benefits they receive much greater than the money they had paid to the insurer. Others may not make a claim. When averaged over the whole policy of the sale, total claims paid out less than the total premiums paid to the insured, the difference is the cost and benefit.
Insurance companies also earn investment profits. Is obtained from the investment premiums received until they have to pay the claim. This money is called "float". Insurers can benefit or harm from price changes and interest rates float or dividends on the float. In the United States, loss of property and deaths recorded by the insurance company is U.S. $ 142.3 billion in the five years ending in 2003. But the total profit in the same period was U.S. $ 68.4 billion, as a result of the float.
Some people think of insurance as a form of betting which is valid for a period of policy. Property insurance companies are betting that buyers will not be lost when the buyer pays the money. Differences in fees paid to the insurance company against the amount they can receive when the accident occurred about the same as if someone bet on horse racing (eg, 10 vs. 1). For this reason, some religious groups including the Amish avoid insurance and rely on the support received by their communities when disasters strike. In the community and supports a close relationship in which people can help each other to rebuild lost property, this plan can work. Most people can not effectively support the system as above and the system will not work for large risks
INSURANCE HISTORY
2250 years BC
Insurance concept stems from circa 2250 BC by the Babylonian hidupdi Euphrates valley region and the Tigris. At the time when a pemilikkapal need funding to operate a boat or do suatuusaha trade, he can borrow money from a merchant (Creditors) USING ship as collateral with the agreement that the owner kapaldibebaskan of its debt payments if the vessel is safe sampaitujuan, in addition to a sum of money as return for the risks that have been dipikuloleh pinjaman.Kita giver may assume additional costs can be considered similar to "uangpremi" known in the insurance now. In addition to the ship which is used as collateral, charge goods (cargo) can also be used as jaminanberupa). Such transactions are called "RESPONDENT / A CONTRACT". Then padaakhirnya transactions is growing.
The year 215 BC
In the year 215 BC the Roman Empire was urged by the Government of the royal army supplies Supplierpelengkapan and to accept the concept of their yangmelindungi against all risk of loss they suffered atasbarang their belongings on the ship as a result of any hazard maritimseperti serangah enemies and storms.
50 BC
CICERO in approximately 50 BC gave an explanation of the practice pemberianproteksi or guarantee the safety of sending money and letters suratberharga during the trip. In return the party back-diberiproteksi provide such services in the form of cash contributions to the protection pihakpemberi.
50 BC - 200 AD
Emperor Claudius issued a guarantee to the importer against semuakerugian they suffered due to wind storm. Obviously in this case about 200 dikenakanpula premi.Pada this in Romans grew associations yangdisebut "collegia" which is a social activity for one of them, raise money for funeral expenses ataugugur members who die on the battlefield. The slaves were forming collegia with tujuanapabila later died could be buried properly (called collegia Nititum).
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