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History of Commercial Insurance and Risk Reduction

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History of Commercial Insurance and Risk Reduction

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Questions and Answers

What was one of the earliest methods of reducing risk for shippers?

Transferring all risk to moneylenders

Paying high premiums to insurance companies

Hiring more security personnel for cargo protection

Pooling the risk amongst all shippers (correct)

What did the Code of Hammurabi allow in terms of risk transfer?

Transfer of risk from moneylenders to merchants

Transfer of risk from merchants to other merchants

Complete exemption from any risk for merchants

Transfer of risk from merchants to moneylenders (correct)

What did Chinese merchants do to pool their risk of loss when moving cargo down rapid rivers?

Transferred all risk to moneylenders

Insured their cargo with specialized companies

Avoided transporting cargo through rapid rivers

Pooled their risk of loss (correct)

What did Phoenicians and Greeks allow shipowners and merchants to pledge as collateral for loans?

Either the ship or the cargo Signup and view all the answers

What was a common concern for shippers using waterways as a means of transport?

Boats carrying cargo being destroyed in rapids Signup and view all the answers

What was one of the earliest forms of insurance in regards to shipping goods?

Pooling of risk Signup and view all the answers

What did the Code of Hammurabi allow in terms of risk transfer for merchants?

Transfer of risk from merchants to moneylenders Signup and view all the answers

What was a common concern for shippers using waterways as a means of transport?

Destruction of cargo in rapids Signup and view all the answers

What did Phoenicians and Greeks permit shipowners and merchants to pledge as collateral for loans?

The ship or the cargo Signup and view all the answers

What was an early method used by Chinese merchants to reduce the risk of moving cargo down rapid rivers?

Pooling their risk of loss Signup and view all the answers

History of Commercial Insurance and Risk Reduction

Choose a study mode

Podcast

Questions and Answers

What was one of the earliest methods of reducing risk for shippers?

What did the Code of Hammurabi allow in terms of risk transfer?

What did Chinese merchants do to pool their risk of loss when moving cargo down rapid rivers?

What did Phoenicians and Greeks allow shipowners and merchants to pledge as collateral for loans?

What was a common concern for shippers using waterways as a means of transport?

What was one of the earliest forms of insurance in regards to shipping goods?

What did the Code of Hammurabi allow in terms of risk transfer for merchants?

What was a common concern for shippers using waterways as a means of transport?

What did Phoenicians and Greeks permit shipowners and merchants to pledge as collateral for loans?

What was an early method used by Chinese merchants to reduce the risk of moving cargo down rapid rivers?

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