FN241 Final Project
FN241 Final Project
2013

2013

Group Member
Group Member
Jeerawut Kamolvisit 5302640361
Patchara Bupadham 5302640866
Phongvasu Siraprapaphong 5302640932
Possathorn Surapongrukcharoen 5302641021
Quentin de Lovinfosse 5602930066
Viktor Ihler 5602930231

Group Member
Jeerawut Kamolvisit 5302640361
Patchara Bupadham 5302640866
Phongvasu Siraprapaphong 5302640932
Possathorn Surapongrukcharoen 5302641021
Quentin de Lovinfosse 5602930066
Viktor Ihler 5602930231

History of Insurance Simple forms of modifying risk have been around for five thousand years first described and used by the Chinese. From transferring risk, to distributing risk the first forms of insurance was formed. Starting of as insurance on loans and property, it rapidly became more defined and evolved. Merchants started to insure their shipping goods. By 600 B.C. the first step is taken in the way of modern life insurance. By the 14th century the first forms of insurance contracts are made. Another two hundred years later in the late 1660s the first insurance office is set up. This came as a result of the Great Fire of London and the insurance company that was set up was a fire insurance company. Throughout the 18th and 19th century fire insurances spread around the world and late in the 19th century the first forms of accident insurances came on the market. Throughout the 20th century insurances was modified and new types became a part of the market, like health insurance and social security. All lead up to insurances as we know them today.

General Type of Insurance Product Insurance is a form of transferring a risk from one instance to another, where the risk holder will be paid to carry the risk for someone else. This is the basic of insurance. The principle of insurance is to pool the risk of something happening. This means