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Insuring
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Policy
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language. Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies. Available through HeinOnline. The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer.Wollner KS. (1999). How to Draft and Interpret Insurance Policies. Casualty Risk Publishing LLC. In some cases, however, supplementary writings such as letters sent after t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reinsurance
Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insurance liabilities to the other insurance company. The company that purchases the reinsurance policy is called a "ceding company" or "cedent" or "cedant" under most arrangements. The company issuing the reinsurance policy is referred to as the "reinsurer". In the classic case, reinsurance allows insurance companies to remain solvent after major claims events, such as major disasters like hurricanes and wildfires. In addition to its basic role in risk management, reinsurance is sometimes used to reduce the ceding company's capital requirements, or for tax mitigation or other purposes. The reinsurer may be either a specialist reinsurance company, which only undertakes reinsurance business, or another insurance company. Insurance companies ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Health Insurance
Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment". Background A health i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Underwriter
Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee. An underwriting arrangement may be created in a number of situations including insurance, issues of security in a public offering, and bank lending, among others. The person or institution that agrees to sell a minimum number of securities of the company for commission is called the underwriter. History The term "underwriting" derives from the Lloyd's of London insurance market. Financial backers (or risk takers), who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a insurance premium, premium, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose. Securities un ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Code Of Hammurabi
The Code of Hammurabi is a Babylonian legal text composed 1755–1750 BC. It is the longest, best-organised, and best-preserved legal text from the ancient Near East. It is written in the Old Babylonian dialect of Akkadian, purportedly by Hammurabi, sixth king of the First Dynasty of Babylon. The primary copy of the text is inscribed on a basalt stele tall. The stele was rediscovered in 1901 at the site of Susa in present-day Iran, where it had been taken as plunder six hundred years after its creation. The text itself was copied and studied by Mesopotamian scribes for over a millennium. The stele now resides in the Louvre Museum. The top of the stele features an image in relief of Hammurabi with Shamash, the Babylonian sun god and god of justice. Below the relief are about 4,130 lines of cuneiform text: one fifth contains a prologue and epilogue in poetic style, while the remaining four fifths contain what are generally called the laws. In the prologue, Hammurabi claims ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sea Captain
A sea captain, ship's captain, captain, master, or shipmaster, is a high-grade licensed mariner who holds ultimate command and responsibility of a merchant vessel.Aragon and Messner, 2001, p.3. The captain is responsible for the safe and efficient operation of the ship, including its seaworthiness, safety and security, cargo operations, navigation, crew management, and legal compliance, and for the persons and cargo on board. Duties and functions The captain ensures that the ship complies with local and international laws and complies also with company and flag state policies. The captain is ultimately responsible, under the law, for aspects of operation such as the safe navigation of the ship,Aragon and Messner, 2001, p.4. its cleanliness and seaworthiness,Aragon and Messner, 2001, p.5. safe handling of all cargo,Aragon and Messner, 2001, p.7. management of all personnel,Aragon and Messner, 2001, p.7-11. inventory of ship's cash and stores,Aragon and Messner, 2001, p.11-12. an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Technical Management
In general, technical management is the systematic efforts used in the deployment of a system or process and in balancing its cost, effectiveness and supportability during its life cycle. Technical managers can be found at the interface of application and technique; they act between the user and the technical means. Examples of technical management are: ICT management, real estate management, financial management, quality management. Often the managed field is a resource of the organisation. Technical managers combine technical and management knowledge for the benefit of the user. In logistics, technical management involves the duties a shipping company must perform for the technical operation of a vessel. This involves management related to crew management with related tasks, logistics related to operations as well as operations, service and maintenance. Often technical management is performed by the ship owning company, but not always. Technical management is sometimes performe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chartering (shipping)
Chartering is an activity within the Maritime transport, shipping industry whereby a ship-owner, shipowner hires out the use of their vessel to a charterer. The contract between the parties is called a charterparty (from the French ''"charte partie"'', or "parted document"). The three main types of charter are: demise charter, voyage charter, and time charter. The charterer In some cases a charterer may own cargo and employ a shipbroker to find a ship to deliver the cargo for a certain price, called freight rate. Freight rates may be on a per-ton basis over a certain route (e.g. for iron ore between Brazil and China), in Worldscale points (in case of oil tankers) or alternatively may be expressed in terms of a total sum - normally in U.S. dollars - per day for the agreed duration of the charter. A charterer may also be a party without a cargo who takes a vessel on charter for a specified period from the owner and then trades the ship to carry cargoes at a profit above the hire r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pro Rata
''Pro rata'' is an adverb or adjective meaning in equal portions or in proportion. The term is used in many legal and economic contexts. The hyphenated spelling ''pro-rata'' for the adjective form is common, as recommended for adjectives by some English-language style guides. In American English this term has been vernacularized to ''prorated'' or ''pro-rated''. Meanings More specifically, ''pro rata'' means: * In proportionality to some factor that can be exactly calculated * To count based on an amount of time that has passed out of the total time * Proportional ratioInvestigator web site Accessed May 29, 2008. Pro rata has a |
Shipwreck
A shipwreck is the wreckage of a ship that is located either beached on land or sunken to the bottom of a body of water. Shipwrecking may be intentional or unintentional. Angela Croome reported in January 1999 that there were approximately three million shipwrecks worldwide (an estimate rapidly endorsed by UNESCO and other organizations). When a ship's crew has died or abandoned the ship, and the ship has remained adrift but unsunk, they are instead referred to as ghost ships. Types Historic wrecks are attractive to maritime archaeologists because they preserve historical information: for example, studying the wreck of revealed information about seafaring, warfare, and life in the 16th century. Military wrecks, caused by a skirmish at sea, are studied to find details about the historic event; they reveal much about the battle that occurred. Discoveries of treasure ships, often from the period of European colonisation, which sank in remote locations leaving few livin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2nd Millennium BC
The 2nd millennium BC spanned the years 2000 BC to 1001 BC. In the Ancient Near East, it marks the transition from the Middle to the Late Bronze Age. The Ancient Near Eastern cultures are well within the historical era: The first half of the millennium is dominated by the Middle Kingdom of Egypt and Babylonia. The alphabet develops. At the center of the millennium, a new order emerges with Mycenaean Greek dominance of the Aegean and the rise of the Hittite Empire. The end of the millennium sees the Bronze Age collapse and the transition to the Iron Age. Other regions of the world are still in the prehistoric period. In Europe, the Beaker culture introduces the Bronze Age, presumably associated with Indo-European expansion. The Indo-Iranian expansion reaches the Iranian plateau and onto the Indian subcontinent (Vedic India), propagating the use of the chariot. Mesoamerica enters the Pre-Classic (Olmec) period. North America is in the late Archaic stage. In Maritime Southeast ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
