Encyclopedia of Early Modern History Online

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(3,370 words)

1. Commercial history

1.1. Definition and historical origins

Insurance is the elimination of individual financial risk by distributing it to a community with similar risk. This is done by the payment of individual contributions or premiums into a common fund, the total sum of which is determined by the amount of risk to be covered. The commercial insurance industry facilitates the creation of risk communities, the collection of premiums, and…

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Denzel, Markus A., Pahlow, Louis and Mittag, Jürgen, “Insurance”, in: Encyclopedia of Early Modern History Online, Editors of the English edition: Graeme Dunphy, Andrew Gow. Original German Edition: Enzyklopädie der Neuzeit. Im Auftrag des Kulturwissenschaftlichen Instituts (Essen) und in Verbindung mit den Fachherausgebern herausgegeben von Friedrich Jaeger. Copyright © J.B. Metzlersche Verlagsbuchhandlung und Carl Ernst Poeschel Verlag GmbH 2005–2012. Consulted online on 11 December 2023 <http://dx.doi.org/10.1163/2352-0272_emho_COM_029676>
First published online: 2015
First print edition: 20190124

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