Car Insurance Cover can give Car Owners Desired Peace of Mind

Car Insurance Cover can give Car Owners Desired Peace of Mind

Everybody owns a car these days because of the freedom to travel it provides. And everybody is also aware of the dangers that are associated with the vehicle, breakdowns and accidents are common occurrence and it can also meet with theft. So, in order to protect the cherished vehicle it becomes pertinent to have the car insured. And car insurance cover is the pre-requisite for availing car insurance and almost all of us need to obtain.

Usually there are three variations of these covers comprehensive cover policy, third part fire and theft and third part cover. The comprehensive cover policy is one of the most elaborate one and covers all the aspects of the damage done to your car as well as other vehicles that incidentally get damaged by your car as well. This way you remain assured and can drive with free mind but you should not intently damage other cars thinking you won’t suffer the financial implication. This cover comes quite expensive and is associated with higher premiums.

Third part fire and theft is primarily concerned with the damages done to other vehicles through your car. This cover does not include the accidental damages done to your car. However, if your car suffers from theft or fire then it can adequately be compensated. These insurance covers are best for those who can not or are not willing to shell out a hefty sum as premium against the insurance covers.

Third Part cover pays for the damages done to other vehicles and your car is not protected against any damage, fire, accidents or thefts. These covers are the cheapest among the three and also the most popular ones. Third part car insurance cover is best suited for small vehicles. You can avail the appropriate car insurance cover through various channels, of which the online route is the most suitable and preferred one. You can gain comprehensive knowledge about the cost, coverage and other related issues through plenty of websites that deal with these primary insurance covers. So, if you have purchased a car and you crave for financial protection against any damage done to your car then the first step to this starts with car insurance covers.

Health Insurance Plans

buying health insurance

Should you buy health insurance?
With health insurance plans you can save big one time payments out-of-pocket. Health insurance allows you to accumulate finances for any medical need in the future. Health can be unpredictable and you may need medical attention any moment. Unless you have hoarded a huge amount of money, it is quite a difficult task to pump out a lump sum at a time.
Need for health insurance
The growing cost of treatment makes it difficult for anyone to bear the expenses out-of-pocket. Hence, health insurance has been designed to help you find coverage when you need it. In case of a medical emergency, you can use health insurance to cover you for the treatment that you may need.
Types of coverage
There are various types of insurance plans available. What type of insurance you buy depends on what requirements you have. You do not necessarily have to buy an expensive health insurance policy. You must buy only how much you need.
Buying health coverage
Just like being underinsured is not a good idea, being over insured is not sensible either. You must consult an agent before you can finalize the policy that you would like to buy. It is a good idea to compare your options. You may get health insurance quotes from different insurance providers and then compare the price each one has quoted.
You may then settle for the best deal that suits your needs. If you are looking for quotes and have access to the internet, then begin your search from the internet. You can save time on running about from one insurance company to the other. You can still do that but in the comforts of your room. Before you can physically visit an insurance company for quotes, download them from the internet and make a comparative study.
If you are working and your employer provides health insurance, you may avail the service. Employer provided group health insurance plans are usually cheaper than individual plans. Employers usually get huge discounts from the insurance companies because of the thousands of leads they get from big companies and hence it is cheaper to purchase insurance from your employer.

source article base

Are You Looking For Travel Insurance?

Are You Looking For Some Travel Insurance?

Camp tuition can be expensive; similar to travel insurance, there are now insurance policies for families sending their children to overnight summer camp to cover last minute cancellations, homesickness, medical emergencies and emergency evacuations. Adjustments to your lifestyle and diet will certainly lower your premiums for life, critical illness and probably travel insurance too. These points can then be redeemed for air miles, or other travelling rewards such as hotel accommodation, travel insurance, cruises, and car rentals.

A comprehensive list of insurers can be found in the Travel Insurance Index. Please note that there will be a charge for any treatment from the doctor and therefore adequate travel insurance is a necessity. If the costs of treatment are higher than the maximums of your medical plan, you will be responsible for the difference, unless you have already purchased travel insurance.

Don't Lose Your Pre-Existing Condition Coverage There is another reason to buy travel insurance without delay. If you don't have travel insurance, you can choose a card which provides for it. With that in mind, it is easy to understand why travel insurance for pensioners is so necessary.

You are eligible to earn the many different types of travel insurance, auto rental insurance and many different types of fraud protection and security that can occur on travel and from home. Some insurance companies specialize in overseas travel insurance and may allow you to buy short-term coverage. You should also consider having travel insurance for a crewed yacht charter, just as you would if you planned a trip to a resort destination.

At the very least a good travel insurance policy buys you a little extra peace of mind. Some might also provide emergency roadside service, fraud protection, travel insurance, and auto rental insurance. For instance, a business credit card may provide travel insurance, lost luggage insurance, and auto rental insurance.

These include and are not restricted to discount on car rentals, travel insurance on purchases using your card, emergency cash withdrawal from the card while travelling and discounts in certain restaurants and shopping malls. Also, it almost goes without saying that you should bring your travel insurance policy with you when you go abroad, travel agencies specializing in medical tourism offer 'surgery packages' including airfare, ground transport, hotel, travel insurance, medical procedures, nursing, post-operative treatment, and the services of a tour guide.

With the premium account I would also be entitled to a whole bunch of benefits, which in fact would not be of benefit to me, such as extensive travel insurance, as I didn't need any of them. However, with travel insurance, you can recoup some or all of your costs in case your Florida vacation plans change. Also avail other benefits such as auto rental insurance and travel insurance of up to $1,000,000.

Other Credit Card Services Many online applications forms offer you the chance to take up additional services such as payment protection insurance, travel insurance, household insurance and much more. For this reason, many travellers are happy to find that their travel rewards credit cards often offer free travel insurance. Very good travel insurance, accident insurance and auto rental insurance are some of the other perks you can expect.

Ensure you have purchased any additional health travel insurance you may need. Some cards offer travel insurance as part of the. Premium cards have the highest credit limits and come with a number of extra features such as product warranties, travel insurance or emergency services.

insurance news:Insurance consumers increase online focus

More than 60% of web users who have bought insurance online say they will continue to do so due to the economic climate, new research has indicated.
Advertisement

According to Harris Interactive survey, commissioned by Tealeaf, some 63% of respondents said that the financial downturn has meant that the will continue to shop online.

In addition, 79% of respondents revealed that the ability to compare products was their motivation for using the internet to buy insurance.

However, not all online insurance transactions went smoothly, with 79% reporting problems in using insurance webpages, with 13% sharing their experiences via online media.

Commenting on the study, Tealeaf CEO Rebecca Ward said that making sure consumers had a positive web experience was becoming increasingly important for insurers and other online companies.

"Over the past few years, companies have increasingly focused on the online customer experience as the impact of that experience on their business results has become apparent," Ms Ward said.

"The focus on the online customer experience accelerated in 2009 as the economy drove more transactions online and the web became an increasingly critical channel for organisations," she added.

insurance news:Harrington Briefs Capitol Hill on AIG, the Economic Collapse and Regulatory Reform

WASHINGTON (Oct. 13, 2009) - As proponents of federal insurance regulation continue to invoke the collapse of American International Group (AIG) as evidence of the significant risk posed by insurers to financial system, Scott E. Harrington, a professor at the Wharton School of the University of Pennsylvania offered a contrary perspective to reporters and congressional staffers at a Capitol Hill briefing Tuesday.

Harrington is the Alan B. Miller Professor in the Health Care Management and Insurance and Risk Management departments at the Wharton School, University of Pennsylvania and the author of a recent report, “The Financial Crisis, Systemic Risk, and the Future of Insurance Regulation” published by the National Association of Mutual Insurance Companies.

“What happened in the past year shouldn’t be a factor” in the debate over whether to establish optional or mandatory federal chartering of insurance companies, Harrington said, since AIG’s problems cannot be attributed to any alleged defects in the current system of insurance regulation. Instead, said Harrington, numerous federal regulatory agencies in the U.S. and Europe had authority over AIG and the units that caused its collapse, but those regulators were “asleep at the switch,” failing not only to properly assess the riskiness of AIG’s credit default swap portfolio, but also the degree to which regulated commercial and investment banks were over-exposed to the risk that AIG might be unable to meet its obligations to counterparties.

In the report, Harrington identifies the factors leading up to the worldwide financial collapse of September 2008, plainly explaining what was and wasn't to blame for the crisis. The analysis digs deep into the role of AIG and credit default swaps in bringing down the economy and the federal oversight that allowed it to happen. In addition, Harrington examines the idea of designating certain institutions as “systemically significant,” as the Obama Administration proposes to do by classifying certain institutions, including insurers, as so-called “Tier 1 Financial Holding Companies” that would be subject to special oversight by a new systemic risk regulator.





“If you designate certain insurance companies as systemically significant you might as well yell from the rooftops that they will be bailed out and they are ‘too big to fail’” Harrington said. Even with the more stringent regulation and increased capital standards promised by the federal government, Harrington said that investors and consumers would know that they would be made whole by the government in the event of an insolvency of a systemically significant company, giving those companies a distinct competitive advantage.

Each year, NAMIC publishes an issue analysis examining a significant public policy issue involving risk management and insurance. Through these studies, NAMIC seeks to elevate public discourse, inform policymakers and improve the functioning of insurance markets for consumers, insurers and taxpayers.

“Financial services regulatory reform will be one of the main issues debated in Congress for the remainder of this year,” said Jimi Grande, senior vice president of federal and political affairs for NAMIC. “We’re glad Prof. Harrington was able to provide his insight and hope that it will guide policymakers as they craft financial regulatory reform legislation.”

For further information, contact
Matt Brady
Director of Media Relations
(202) 580-6742 Tel
mbrady@namic.org

insurance news:HSBC Insurance urges financial planning amid recession

HSBC Insurance is warning consumers to review their finances amid the current economic climate.

The fact remains that many have had to tighten their purse strings but HSBC Insurance is urging consumers to review their finances in order to limit the adverse impact of the economic downturn on their finances in the future.

The insurer is concerned that as finances become tight, one in ten people have cut existing insurance policies. This is particularly worrying says the insurer as it is advisable to insure against loss of income/health/job - particularly in a climate of rising unemployment. The insurer also advises to continue saving into a pension.

Ian Martin, Head of Retirement Businesses at HSBC Insurance UK, comments: “Our report shows that there are big gaps in people’s financial preparation for later life and many are simply not acting to plug them.

“It is important that people do the right thing, not simply the optimistic thing, for future pension provision. With confidence returning to the markets, people should exercise caution by diversifying their risk when saving for the long term in order to take advantage of an improving economic position“, adds Mr Martin.

Meanwhile, HSBC economist, Dennis Turner, adds that financial planning is extremely important as he warns that the recession is not over yet.

“Both the Nationwide and Halifax measures of house prices have been creeping up over the summer and while an end of recession in the UK is to be welcomed, it is only the first step in the recovery process,” explains Mr Turner.

“For all the growing optimism there is nervousness that there is still bad news to come. Access to credit, possible public spending cuts and inflation all have the capacity to turn the initial recovery into a false dawn. We are certainly not out of the woods yet,” cautioned Mr Turner.

Michael Dicks, Barclays Wealth head of research, also cautioned: “While the UK economy appears to have emerged from the recession, we are anticipating a rocky road ahead.”

In other news, the British Chambers of Commerce (BCC) has today cast doubt over the UK’s exit from recession in the third quarter.

The leading business group said while business confidence has strengthened, the economy was still “frail”.

by Kay Murchie

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Vehicle insurance

what is vehicle insurance?

Vehicle insurance (also known as auto insurance, car , insurance or motor insurance)is insurance purchased for cars, trucks, and other vehicles. The primary use of this insuranceis to provide protection against losses incurred as a result of traffic accidents and against liability that could be incurred in an accident.

Public policy on vehicle insurance

In many jurisdictions it is compulsory to have vehicle insurance (auto insurance , car insurance , or motor insurance) before using or keeping a motor vehicle on public roads. Most jurisdictions relate to both the car and the driver, however the degree of each varies greatly.

A 1994 study by Jeremy Jackson and Roger Blackman showed, consistent with the risk homeostasis theory, that increased accident costs caused large and significant reductions in accident frequencies.

Having established what public policy on vehicle insurance(auto insurance, car insurance, or motor insurance ) let take a look at these insurance policies in various country.

Public policy on vehicle insurance in
Australia.

In South Australia,

Third Party Personal insurance from the Motor Accident Commission is included in the licence registration fee for people over 16. A similar scheme applies in Western Australia.

In Victoria,

Third Party Personal insurance from the Transport Accident Commission is similarly included, through a levy, in the vehicle insurance(auto insurance, car insurance, or motor insurance ) registration fee.

In New South Wales,

Compulsory Third Party insurance(commonly known as CTP ) is a mandatory requirement and each individual car must be insured or the vehicle will not be considered legal. Therefore, a motorist cannot drive the vehicle until it is insured. A 'Green Slip,another name CTP insurance is commonly known by due to the colour of the pages the form is printed on, must be obtained through one of the seven main insurers in New South Wales.

In Queensland,

CTP insurance is a mandatory part of registration for a vehicle. There is choice of insurer but price is government controlled in a tight band.

These state based third party insurances chemes usually cover only personal injury liability. Comprehensive vehicle insurance(auto insurance, car insurance, or motor insurance ) is sold separately to cover property damage and cover can be for events such as fire, theft, collision and other property damage.

Public policy on vehicle insurance in
Canada.

Several Canadian provinces (British Columbia, Saskatchewan, Manitoba and Quebec) provide a public vehicle insurance(auto insurance, car insurance, or motor insurance ) system while in the rest of the country insurance is provided privately. Basic vehicle insurance(auto insurance, car insurance, or motor insurance )is mandatory throughout Canada with each province's government determining which benefits are included as minimum required vehicle insurance (auto insurance, car insurance, or motor insurance ) coverage and which benefits are options available for those seeking additional coverage. Accident benefits coverage is mandatory everywhere except for Newfoundland and Labrador. All provinces in Canada have some form of no-fault insurance available to accident victims. The difference from province to province is the extent to which tort or no-fault is emphasized. Typically, coverage against loss of or damage to the driver's own vehicle is optional - one notable exception to this is in Saskatchewan, where SGI provides collision coverage (less than a $700 deductible, such as a collision damage waiver) as part of its basic insurance policy. In Saskatchewan, residents have the option to have their vehicle insurance (auto insurance, car insurance, or motor insurance ) through a tort system but less than 0.5% of the population have taken this option.

Public policy on vehicle insurance in
Hungary.

Third-party vehicle insurance(auto insurance, car insurance, or motor insurance ) is mandatory for all vehicles in Hungary. No exemption is possible by money deposit. The premium covers all damage up to HUF 500M (about €1.8M) per accident without deductible. The coverage is extended to HUF 500M (about €4.5M) in case of personal injuries. Vehicle insurance(auto insurance, car insurance, or motor insurance ) policies from all EU-countries and some non-EU countries are valid in Hungary based on bilateral or multilateral agreements. Visitors with vehicle insurance (auto insurance, car insurance, or motor insurance ) not covered by such agreements are required to buy a monthly, renewable policy at the border.

Public policy on vehicle insurance in
Ireland.

The Road Traffic Act, 1933 requires all drivers of mechanically propelled vehicles in public places to have at least third-party , or to have obtained exemption - generally by depositing a (large) sum of money with the High Court as a guarantee against claims. In 1933 this figure was set at £15,000. The Road Traffic Act, 1961 (which is currently in force) repealed the 1933 act but replaced these sections with functionally identical sections.

From 1968, those making deposits require the consent of the Minister for Transport to do so, with the sum specified by the Minister.

Those not exempted from obtaining insurance must obtain a certificate of insurance from their insurance provider, and display a portion of this (an insurance disc) on their vehicles windscreen (if fitted). The certificate in full must be presented to a police station within ten days if requested by an officer. Proof of having insurance or an exemption must also be provided to pay for your motor tax.

Those injured or suffering property damage/loss due to uninsured drivers can claim against the vehicle insurance (auto insurance, car insurance, or motor insurance ) Bureau of Ireland's uninsured drivers fund, as can those injured (but not those suffering damage or loss) from hit and run offences.

Public policy on vehicle insurance in
Romania.

Romanian law mandates Răspundere Auto Civilă, vehicle liability insurance (auto insurance , car insurance, or motor insurance )for all vehicle owners to cover damages to third parties.

Public policy on vehicle insurance in
South Africa.

South Africa allocates a percentage of the money from gasoline into the Road Accidents Fund, which goes towards compensating third parties in accidents.

Public policy about vehicle insurance in
United kingdom

In 1930, the UK government introduced a law that required every person who used a vehicle on the road to have at least third party personal injury . Today UK law is defined by the Road Traffic Act 1988, which was last modified in 1991. The Act requires that motorists either be insured, have a security, or have made a specified deposit (£500,000 as of 1991) with the Accountant General of the Supreme Court, against their liability for injuries to others (including passengers) and for damage to other persons' property resulting from use of a vehicle on a public road or in other public places.

The minimum level of insurance cover commonly available and which satisfies the requirement of the Act is called third party only insurance The level of cover provided by Third party only insuranceis basic but does exceed the requirements of the act.

Road Traffic Act Only insurance is not the same as Third Party Only insurance and is not often sold. It provides the very minimum cover to satisfy the requirements of the Act. For example Road Traffic Act Only insurance has a limit of £1,000,000 for damage to third party property - third party only insurance typically has a greater limit for third party property damage.

It is an offence to drive a car, or allow others to drive it, without at least third party insurance whilst on the public highway (or public place Section 143(1)(a) RTA 1988 as amended 1991); however, no such legislation applies on private land.

Vehicles which are exempted by the act, from the requirement to be covered, include those owned by certain councils and local authorities, national park authorities, education authorities, police authorities, fire authorities, health service bodies and security services.

The insurance certificate or cover note issued by the insurance company constitutes legal evidence that the vehicle specified on the document is insured. The law says that an authorised person, such as the police, may require a driver to produce an insurance certificate for inspection. If the driver cannot show the document immediately on request, then the driver will usually be issued a HORT/1 with seven days, as of midnight of the date of issue, to take a valid insurance certificate (and usually other driving documents as well) to a police station of the driver's choice. Failure to produce an insurance certificate is an offence. The HORT/1 is commonly known - even by the issuing authorities when dealing with the public - as a "Producer"

.

Vehicle insurance (auto insurance, car insurance, or motor insurance )is more expensive in Northern Ireland than in other parts of the UK

Most motorists in the UK are required to prominently display a vehicle licence (tax disc) on their vehicle when it is kept or driven on public roads. This helps to ensure that most people have adequate insuranceon their vehicles because an insurance certificate must be produced when a disc is purchased.

The Motor Insurers Bureau compensates the victims of road accidents caused by uninsured and untraced motorists. It also operates the vehicle insurance (auto insurance, car insurance, or motor insurance ) Database, which contains details of every insured vehicle in the country.

Public policy on vehicle insurance in
United states.

In the United States, auto insurance covering liability for injuries and property damage done to others is compulsory in most states, though enforcement of the requirement varies from state to state. The state of New Hampshire, for example, does not require motorists to carry liability insurance (the ballpark model), while in Virginia residents must pay the state a $500 annual fee per vehicle if they choose not to buy liability . Penalties for not purchasing vehicle insurance (auto insurance, car insurance, or motor insurance ) vary by state, but often involve a substantial fine, license and/or registration suspension or revocation, as well as possible jail time in some states. Usually, the minimum required by law is third party insurance to protect third parties against the financial consequences of loss, damage or injury caused by a vehicle.

Some states, such as North Carolina, require that a driver hold liability insurance before a license can be issued.

Arizona Department of Transportation Research Project Manager John Semmens has recommended that car insurers issue license plates, and that they be held responsible for the full cost of injuries and property damages caused by their licensees under the Disneyland model. Plates would expire at the end of the insurance coverage period, and licensees would need to return their plates to their insurance office to receive a refund on their premiums. Vehicles driving without insurance would thus be easy to spot because they would not have license plates, or the plates would be past the marked expiration date.

history of insurance in world

History of insurance

Introduction:
Lets start with this question. Insurance and human race which is older? Ofcourse we would say is insurance but in some sense we can say that insurance appears simultaneously with the appearance of human society. This idea about insurance can be argued but as we go on we shall get to know why insurance appeared almost same time with human race.
Now lets continue……………………….
There are two types of economies in human societies they are

1. Money economies: this type of economy deals with markets, money, financial instruments and so on.
2. non-money or natural economies: this is the reverse of the fomer type of economy that enonomies 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.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 Mediterranians.
INSURANCE HISTORY
We have been able to at this point from the above illustration about insurance infer that insurance has come so long so what we are going to focuss main;y is on the historical development of insurance.
HISTORICAL DEVELOPMENT OF INSURANCE
By historical development of insurance we refer to the development of a modern laws and market in insurance against risks.

Insurance In The Ancient World
To understand insurance in Ancient world we need to atleast know what modern insurance look like. 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 practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively.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 practiced 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 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 Nowruz (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.”
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.

Insurance in early world.
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, Mr. 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 concept of health insurance was proposed in 1694 by Hugh the Elder Chamberlen from the Peter Chamberlen family. In the late 19th century, "accident insurance" began to be available, which operated much like modern disability insurance.This payment model continued until the start of the 20th century in some jurisdictions (like California), where all laws regulating health insurance actually referred to disability insurance.
The first insurance company in the United States underwrote fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina in 1732, but it provided only fire insurance.
Insurance during Industrial revolution
Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire ( ie fire insurance) 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.
The sale of life insurance in the U.S. began in the late 1760s. The Presbyterian Synods in Philadelphia and New York created the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests organized a similar fund in 1769. Between 1787 and 1837 more than two dozen life insurance companies were started, but fewer than half a dozen survived.
Prior to the American Civil War, many insurance companies in the United States insured the lives of slaves for their owners. In response to bills passed in California in 2001 and in Illinois in 2003, the companies have been required to search their records for such policies. New York Life for example reported that Nautilus sold 485 slaveholder life insurance policies during a two-year period in the 1840s; they added that their trustees voted to end the sale of such policies 15 years before the Emancipation Proclamation.
Insurance is essentially a hedge against misfortune, in modern usage. In the twentieth century ‘insurance’ was also used as a form or extortion, most notably used by organized crime as a means of generating tax free income and to control businesses, populations, and politics, usually on a local level.
Until the passage of the Social Security Act, the federal government had never mandated any form of insurance upon the nation as a whole, but this program expanded the concept and acceptance of insurance as a means to achieve indidual financial security that might not otherwise be available. That expansion experienced its first boom market immediately after the Second World War with the original VA Home Loan programs that greatly expanded the idea that affordable housing for veterans was a benefit of having served. The mortgages that were underwritten by the federal government during this time included an insurance clause as a means of protecting the banks and lending institutions involved against avoidable losses. During the 1940’s there was also the GI life insurance policy program that was designed to ease the burden of military losses on the civilian population and survivors.
During the 1970’s and 1980’s there was a growth in support for the requirement for drivers to have insurance as a means of proving financial responsibility since it was recognized that the automobile, in the case of an accident, could cause significant collateral damage. It soon followed that car insurance became a mandatory requirement for all drivers.
Although insurance is neither intrinsically good or evil, historically it has a checkered history which lends a note of skepticism by the general populace towards the industry in general, although it must be noted that the insurance industry is generally a soundly profitable industry in most free market economies.

Modern health insurance
Accident insurance was first offered in the United States by the Franklin Health Assurance Company of Massachusetts. This firm, founded in 1850, offered insurance against injuries arising from railroad and steamboat accidents. Sixty organizations were offering accident insurance in the US by 1866, but the industry consolidated rapidly soon thereafter. While there were earlier experiments, the origins of sickness coverage in the US effectively date from 1890. The first employer-sponsored group disability policy was issued in 1911.
Before the development of medical expense insurance, patients were expected to pay all other health care costs out of their own pockets, under what is known as the fee-for-service business model. During the middle to late 20th century, traditional disability insurance evolved into modern health insurance programs. Today, most comprehensive private health insurance programs cover the cost of routine, preventive, and emergency health care procedures, and also most prescription drugs, but this was not always the case.
Hospital and medical expense policies were introduced during the first half of the 20th century. During the 1920s, individual hospitals began offering services to individuals on a pre-paid basis, eventually leading to the development of Blue Cross organizations.
The predecessors of today's Health Maintenance Organizations (HMOs) originated beginning in 1929, through the 1930s and on during World War II.
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 for insurance similar to that which oversees state banks and national banks.