Background

Your own insurance needs depend on your occupation, interests, age, number of dependants and general financial position.

Much depends on what you can afford and what other claims there are on your personal income. Since these criteria are so subjective and vary from person to person, it is not easy to give a hard-and-fast rule, but as a very rough indication, a married man with two children may spend around 20 % of his income on insurance (three quarters of which may be for life assurance and pensions).

After reading this website, however, you will have a clearer idea of how much and what insurance you require.

The hardest decisions, and those involving most money, are connected with life assurance, annuities and pensions.

Section 2 gives a number of case histories covering people of various ages with different commitments, and further details of particular insurance policies are given in the relevant chapters. As a general guide only, here is a list of priorities for the private individual:

The businessman should besides regard the insurances of Section i6 as being particularly important, and the following as essential: fire and theft, mishaps to employees and public, loss of profits.

Before we get down to the small print', however, the reader may be interested to have a glimpse into the historical development of insurance; it is a far older bushiness', than is sometimes realized

We know, for instance, that it was practised nearly 2,000 years ago when a Greek prosecutor called Demosthenes described to the Athenian court an insurance arrangement for shipping 3,000 jars of wine through the Bosporus. Two men advanced 3,000 euros which they were to lose should there be a shipwreck or should the cargo be lost during the journey.



If the cargo was safely delivered, the full sum assured was to be repaid together with a bonus, the amount of Which depended on the season and, therefore, the risk of the voyage.

During the Middle Ages, similar transactions were quite common on the world's trading routes, especially in parts of Italy and along the Mediterranean coast.

So much capital was tied up in a ship and the valuable cargo it carried, that no one man alone could afford to carry the loss, especially at a time when ships were exposed to so many risks while travelling on uncharted seas.

Because of this several merchants would combine resources to provide cover for their colleagues.




The Background of Insurance

read on: Background

Your own insurance needs depend on your occupation, interests, age, number of dependants and general financial position.
Much depends on what you can afford and what other claims there are on your personal income. Since these criteria are so subjective and vary from person to person, it is not easy to give a hard-and-fast rule, but as a very rough indication, a married man with two children may spend around 20 % of his income on insurance (three quarters of which may be for life assurance and pensions).
After reading this website, however, you will have a clearer idea of how much and what... see: Background