The History of Insurance

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I hope you've all finished reading the assigned chapter on insurance--- so that you're prepared for our discussion today.

But, before we start, I'd like to mention a few things your text doesn't go into.

It's interesting to note that insurance has existed in some form for a very long time.

The earliest insurance policies were what we called bottomry contracts.

They provided shipping protection for merchants as far back as 3000 B.C.

In general, the contracts were often no more than verbal agreements.

They granted loans to merchants with the understanding that if a particular shipment of goods was lost at sea, the loan didn't have to be repaid.

Interest on the loans varied according to how risky it was to transport the goods.

During periods of heavy piracy at sea, for example, --- the amount of interest and the cost of the policy went up considerably.

So, you can see how insurance helped encourage international trade.

Even the most cautious merchants became willing to risk shipping their goods over long distances，not to mention in hazardous weather conditions when they had this kind of protection available.

Generally speaking, the basic form of an insurance policy has been pretty much the same since the Middle Ages.

There are four points that were salient then and remain paramount in all policies today.

These were outlined in chapter six and will serve as the basis for the rest of today's discussion.

Can anyone tell me what one of those points might be?

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表达

No more than: only仅仅只是

Verbal agreements 口头协议

go into something: you describe or examine it fully or in detail. 详述; 细查

•  It was a private conversation and I don't want to go into details about what was said.

insurance policies 保险单，保险合同

bottomry /ˈbɒtəmrɪ/ N船舶抵押契约

as far back as 早在，远在

BC (before Christ) 公元前 dates back to the fourth century BC.

AD (Anno Domini) 公元after the birth of Christ •54 AD •the first century AD 公元1世纪

Merchant(s) 商人

a shipment of〔经海路、陆路或航空运送的〕货物；〔货物的〕装运，运送

The goods are ready for shipment. 货物已经准备好装运。

a shipment of grain 一批粮食

arms/oil/drug etc shipment

an illegal arms shipment 非法军火运输

repay a loan or a debt: pay back the money that you owe to sb付还; 偿还 (贷款、债务)

Interest on the loans: 贷款利息收入

Policy CN 保险单 car insurance policies

piracy /ˈpaɪrəsɪ/  海盗行为；盗版行为

pirate海盗

Piracy海盗行为；盗版行为 robbery at sea carried out by pirates.

current account活期存款账户

Does your current account pay interest? 计息

hazardous /ˈhæzədəs/ADJ 有危害的

•They have no way to dispose of the hazardous waste they produce.

他们没法处理那些由他们制造出来的危害性废弃物。

salient /ˈseɪlɪənt/ ADJ最重要的; 突出的the most important

He read the salient facts quickly. 他迅速地阅读了那些最重要的事实。

the salient points of the report 这份报告的要点

paramount /ˈpærəˌmaʊnt/ ADJ 首要的more important than anything else

be paramount

be of paramount importance

The children's welfare must be seen as paramount. 孩子们的福利必须被视为是最为重要的。

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