Reality of WW

Main examples of traces of insurancd in past are. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. Property insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured more than 1000houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office in his new plan for London in 1667. A number of attempted fire insurance schemes Nicholas Barbon and eleven associates established the first fire insurance company, the Insurance Office for Houses at the back of the Royal Exchange to insure brick and frame homes. Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for money.

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