Definition of "Bottomry"
Method of transferring pure risks that is perhaps the seed of the modern day insurance policy. Ancient Greece held to the concept that a loan on a ship was canceled if the ship failed to return to its port. This concept was adopted by Lloyd's of London in the 1600s when insuring England's merchants for goods shipped to the colonies. The formation of property and casualty insurance companies worldwide began by insuring the transport of merchandise over bodies of water.
Popular Insurance Terms
Wrong against the government or society as a whole. An individual representing the state (usually the district attorney) brings an action on behalf of the state against an individual (s) or ...
Type of livestock insurance that covers for cattle and sheep on the range from October 1 to May 1 in the Western states. Perils insured against are the weather, including freezing; most ...
Voluntary state insurance programs that aid small businesses in acquiring insurance coverages when there are impediments to obtaining the coverage. ...
Federal law passed in 1920 that allows any seaman incurring bodily injury as the result of the performance of one or more functions of the job to bring a suit for damages against the ...
Arrangement whereby the insured pays the insurance company a relatively small monthly premium payment. In exchange for this premium payment, the insurance company processes and pays claims ...
Evaluation of the demographic characteristics of the entire group (such as age, sex, morbidity, mortality), as opposed to the evaluation of individuals in that group. ...
Total value of all goods and services produced by companies located in the United States as well as that produced by United States companies whose production facilities are outside the ...
Use of a life insurance policy dividend by the owner of a participating policy. Here the policy dividend is left with the insurance company to accumulate at a guaranteed minimum interest ...
Specialist whose task is to place insurance with the specialized syndicates that underwrite particular risks at Lloyd's of London. ...
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