BUISENESS MANAGEMENT
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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life
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vehicle
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marine
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fire
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Detailed explanation-1: -The earliest account of insurance came in the form of ‘bottomry’, a monetary payment that protects traders from debt if merchandise is lost or damaged. Then came the very first actual insurance contract, signed in Genoa in 1347. “The Santa Clara” dated 1347 in Genoa.
Detailed explanation-2: -The first known insurance contract dates from Genoa in 1347, and in the next century maritime insurance developed widely and premiums were intuitively varied with risks. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance.
Detailed explanation-3: –(1) A contract of marine insurance may, by its express terms, or by usage of trade, be extended so as to protect the assured against losses on inland waters or on any land risk which may be incidental to any sea voyage. 1. 1st August, 1963, vide notification No.
Detailed explanation-4: -’Gunford’ Ship Co. Ltd. [1911] A.C. 529, H.L. [48] Indian Marine Insurance Act, 1963, Section34 (2) (= Section 32 (2), English Act of 1906).