Which of the following contained one of the earliest applications of transcribed insurance principles? a. Arabian Insurance O b. Charter of London O c. Code of Hammurabi O d. Chinese traders Every contract needs consideration. The consideration in a contract of insurance is O a. Money O b. Transfer O c. Premium. O d. Value. ah - ELearning of Shield Insurance Ltd. agreed to insure a large commercial client. Due to the size of this client's operations, there is the potential that it could suffer a substantial loss. It would be financially difficult for Shield Insurance Ltd. to pay the entire claim by itself. To spread this risk, Shield Insurance Ltd. contacted Adequate Insurance Company to request that it cover a portion of the risk. Adequate Insurance Company agreed, but only on the condition that it receives a portion of the premium the client has paid to Shield Insurance Ltd. The term that best describes this scenario is a. Retention. O b. Loadings. O c. Casualty insurance. O d. Reinsurance. ELearning The first insurance contract was entered around 3000 years back to accept ....insurance as a practice. O a. Fire O b. Vehicle O c. Marine O d. Life -- may be described as a social device to reduce or eliminate risk of loss to life and Property. O a. Saving O b. Loan O c. Insurance O d. Investment