Insurance Definition
Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that a sea captain, ship-manager, or ship charterer that saved a ship from total loss was only required to pay one-half the value of the ship to the ship-owner. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. Personal lines insurance includes property and casualty insurance products that protect individuals from losses they couldn’t cover on their own. The policy limit is the maximum amount an insurer will pay under a policy for a covered loss. Frequently Asked Questions About Insurance The earliest known policy of life insurance was made in the Royal Exchange, London, on the 18th of June 1583, for £383, 6s. Auto insurance is purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Deductibles can apply per-policy or per-claim depending on the insurer and the type of policy. Policies with very high deductibles are typically less expen