What is meant by fire insurance?
What is meant by fire insurance?
Fire insurance is a contract under which the insurer in return for a consideration (premium) agrees to indemnify the insured for the financial loss which the latter may suffer due to destruction of or damage to property or goods, caused by fire, during a specified period.
Who invented home insurance?
Benjamin Franklin: America’s First Insurer Property insurance was certainly not an unknown concept in the 18th century: England’s famed insurer Lloyd’s of London was established in 1688. 1 But it took until the mid-1700s for the American colonies to become prosperous and sophisticated enough to adopt the concept.
Who is father of insurance?
Solomon Huebner’s designation as the “father of insurance education” is undisputed. He taught the first course ever given in insurance, established the insurance department — and became the architect of the modern financial services industry.
