Who destroyed the world the most. Citi Insurance has had a colorful past but how do the gray suits who sell insurance really make money and how do the inner workings of a highly complex physical model really work if these questions pique your curiosity.
And stay tuned for today's episode of Infographics. Show why insurance companies make money and how they work. What is insurance? Insurance is financial aid. It is worth going to the business level and let's spread this risk from financial disaster
Insurance Explained sees two people one is named bob and the other is Jim bob says I will give you 10 dollars but if I lose my cell phone you have to buy me a new one then is that right there insurance Companies make money because they assess risk and decide whether it's worth the gamble. Jim believes that Bob probably won't lose his phone.
And therefore he shall be. $10 richer If Jim finds 100 more people willing to pay him ten bucks each to hide their phone, he has $1,000 if one of those 100 people loses their phone and Jim gets $100 If he pays the compensation, he still has nine hundred rupees which was the insurance consideration.
Insurance Explained Shipping has been sailing around since the ancient Chinese and Babylonians rolled out their shipping wrists, but it wasn't until around the 17th century in London that modern insurance really took off merchant marine men, and merchants were often Londoners. While hanging out in coffee shops in the business district and drinking copious amounts of coffee, the idea of modern-day insurance was born by Lloyds of London.
Insurance Explained
Insurance Explained The heart of Worldwide Insurance will be developed inside one of these coffee houses and here's how it works. d First you have the client say that the client has a ship that he is worried about losing to pirates or maybe the ship will be in bad weather,
The client contacts an insurance broker, and the broker looks at the vessel or pays someone to look at the vessel. And they decide what the total value of the ship is for the broker. Instead of assessing risk, he asks the client where he is traveling
And what luggage will he carry with all the information he has drawn and the insurance policy when she shows him. A third-party underwriter in the chain can exclude some risks and cover some additional risks for a few bucks more.
Insurance Explained Now usually many underwriters are contacted but there will be one lead and the lead underwriter like Jim will usually take the largest proportion of the risk and sign his name first on the policy document that he underwrites. Known as the underwriter because he writes his name under the risk on the insurance policy
What is insurance and how it works?
Makes important decisions when it comes to accepting the policy and will be the key man to agree on any claim on the policy after the policy terms are legal or agreed upon and the client is happy and afloat. Ships that sail but will take about 10% before paying the insurance premium to the broker and give the rest to the underwriter but what if
Insurance Explained If the pirates on board steal the cargo and Bernadette takes a good look at the client if she is still alive, she is not representative. The client will talk to the insurance broker and the broker will meet with the lead underwriter and tell them the bad news.
READ MORE: What is Insurance Definition, Benefits, and Types
Now, this may not be all bad news for the underwriter, if he is wise and not greedy, he may have reinsured the policy he underwrote. The writer is placed in the position of the client
which the underwriter sells. The policy of retaining a share of the premium on another underwriter or firm of underwriters confuses you with what you think about Jim and his phone insurance if Jim Reeves has renewed his $10 phone policy for $9. Not instead of $10
What are the 4 main types of insurance?
When he gets a chance to keep every single dollar. For each of the 100 client meetings he has $100 completely risk-free, so much of the modern insurance that goes through Lloyds of London is reinsurance to smaller insurance companies around the world out of the building. is done
So what is a simple contract between stores? Client and broker or Jim and Bob are spread across a business community each to take advantage of stand premiums or to reduce their losses. How insurance works through spreads.
I don't know when marine insurance was born, it was developed out of a need for ship owners and if they lost everything with this set, but what about property insurance around the same time as the Great Fire of London in 1666. had destroyed the city.
Modern-day insurance was born and the famous architect Sir Christopher Wren made sure to include an insurance office in his new plan for his great London redevelopment project in 1667. Now property insurance is coming to please most homeowners. There is also a policy
What are the 5 main types of insurance?
Medical life travel car and dental insurance are all common policies even pet insurance is a big insurance business these days the overtime business model has evolved and the insurance companies are fiercely competitive which is good for your client.
Because policies are priced as low as they possibly can be, point companies are now visible. They take premiums from thousands of policies to write more policies to build a financial pool and create money and other financial products so that the insurance underwriter can pay more claims than policy premiums.
But they invest all these premiums in a high-interest investment scheme so they make their money out of the actual insurance product in this example insurance. A way to generate cash flow to be used in more profitable investments and if you're wondering
What are other creative and profitable ways to make more money Take a Skillshare class called How to Generate Passive Income Skillshare is an online learning community
What are the 3 types of insurance?
Which is more than 20,000. Classes in Management Marketing UI UX Design and more If you use our promo code Infographics 9 you will get Premium Membership for two months Totally Free Premium Membership gives you unlimited access to all classes available on Skillshare
who are among the millions who already exist. member and at the same time support the infographics show by visiting skillshare.com infographics 9 scripts and sta What do you think today you have insurance to protect against the unexpected from insurance companies that charge too much Do all these just ask.
READ MORE: What is Insurance Definition, Benefits, and Types
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