Property And Casualty Broker Quiz

Property and casualty insurance was first established in the Maritime Field. This is because the maritime industry has always faced significant risks and hazards, such as shipwrecks, piracy, and natural disasters. As a result, maritime businesses and individuals involved in maritime activities needed a way to protect their assets and cover potential losses. Therefore, property and casualty insurance was developed to provide coverage for damages to ships, cargo, and other maritime properties, as well as liability coverage for injuries or accidents that occur in the maritime industry.

Workers compensation insurance was first sold in 1910. This type of insurance provides coverage for employees who are injured on the job or develop work-related illnesses. Prior to the introduction of workers compensation insurance, injured workers had to rely on personal injury lawsuits to seek compensation from their employers. The introduction of workers compensation insurance marked a significant shift in the way workplace injuries were handled, providing a more streamlined and efficient process for compensating injured workers.

London is the correct answer because it is widely recognized as the birthplace of organized maritime insurance. The city has a long history of maritime trade and was a major hub for shipping in the past. In the late 17th century, the first marine insurance market, Lloyd's of London, was established in the city. Lloyd's became a central institution for insuring ships and their cargoes, setting the foundation for modern maritime insurance practices. Today, London remains a leading global center for marine insurance and plays a vital role in the industry.

The correct answer is 1863. This is the year when the first accident insurance was sold in the US. This indicates that prior to 1863, accident insurance was not available in the country. It is significant because it marks the beginning of a new type of insurance that provides coverage specifically for accidents, offering financial protection to individuals in case of unforeseen events resulting in injury or disability.

The correct answer is 1898. This was the year when the first automobile policy was sold. It marked a significant milestone in the history of automobile insurance, as it provided coverage for the emerging industry of automobiles. This policy paved the way for the development of the modern automobile insurance industry, which has become an essential aspect of owning and operating a vehicle.

Direct writers refers to insurance agents who work directly for an insurance company and sell policies exclusively for that company. They do not represent multiple insurance companies and have a direct contractual relationship with the company they work for. This distinguishes them from independent agents who represent multiple insurance companies, exclusive agents who represent only one insurance company, and indirect writers who sell insurance policies through intermediaries.

Theft insurance was first written in 1899. This means that the concept and practice of insuring against theft was established in that year. It is likely that prior to 1899, theft insurance did not exist or was not commonly offered by insurance companies.

Direct writers do not own rights to the policies they sell because they are employees of the insurance company. They are authorized to sell policies on behalf of the company but do not have ownership or control over the policies themselves. Independent agents, dependent agents, and exclusive agents, on the other hand, typically have more ownership and control over the policies they sell as they operate as separate entities or have contractual agreements with the insurance company.

The correct answer is 1792. This was the year when the first marine insurance company was established in the US. Marine insurance provides coverage for ships and other maritime vessels against risks such as damage, loss, or theft. The establishment of the first marine insurance company in 1792 marked an important development in the US maritime industry, providing a means for ship owners and operators to protect their assets and investments.

Insurance against loss by fire became available after the great London fire of 1666. This catastrophic event led to the realization of the need for protection against fire-related damages and financial losses. As a result, insurance companies started offering fire insurance policies to individuals and businesses to cover their properties and assets in case of fire incidents.