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Property Insurance
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways—open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, cyber-attack, and theft. History Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of con ...
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Tornado Damage, Illinois 2
A tornado is a violently rotating column of air that is in contact with both the surface of the Earth and a cumulonimbus cloud or, in rare cases, the base of a cumulus cloud. It is often referred to as a twister, whirlwind or cyclone, although the word cyclone is used in meteorology to name a weather system with a low-pressure area in the center around which, from an observer looking down toward the surface of the Earth, winds blow counterclockwise in the Northern Hemisphere and clockwise in the Southern. Tornadoes come in many shapes and sizes, and they are often visible in the form of a condensation funnel originating from the base of a cumulonimbus cloud, with a cloud of rotating debris and dust beneath it. Most tornadoes have wind speeds less than , are about across, and travel several kilometers (a few miles) before dissipating. The most extreme tornadoes can attain wind speeds of more than , are more than in diameter, and stay on the ground for more than 100 k ...
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Fire Department
A fire department (American English) or fire brigade (Commonwealth English), also known as a fire authority, fire district, fire and rescue, or fire service in some areas, is an organization that provides fire prevention and fire suppression services. Fire departments are most commonly a public sector organization that operate within a municipality, county, state, nation, or special district. Private and specialist firefighting organizations also exist, such as those for aircraft rescue and firefighting. A fire department contains one or more fire stations within its boundaries, and may be staffed by firefighters, who may be professional, volunteers, conscripts, or on-call. Combination fire departments employ a mix of professional and volunteer firefighters. Organization Fire departments are organized in a system of administration, services, training, and operations; for example: * Administration is responsible for supervision, budgets, policy, and human resources. * S ...
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September 11 Attacks
The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commercial airliners scheduled to travel from the Northeastern United States to California. The hijackers crashed the first two planes into the Twin Towers of the World Trade Center in New York City, and the third plane into the Pentagon (the headquarters of the United States military) in Arlington County, Virginia. The fourth plane was intended to hit a federal government building in Washington, D.C., but crashed in a field following a passenger revolt. The attacks killed nearly 3,000 people and instigated the war on terror. The first impact was that of American Airlines Flight 11. It was crashed into the North Tower of the World Trade Center complex in Lower Manhattan at 8:46 a.m. Seventeen minutes later, at 9:03, the World Trade Center’s So ...
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UA Flight 175 Hits WTC South Tower 9-11
UA, U-A, Ua, uA, or ua may refer to: Arts and entertainment Gaming * ''Unearthed Arcana'', a Dungeons & Dragons sourcebook * '' Unknown Armies'', a role playing game * '' Urban Assault'', a first-person shooter and real-time strategy computer game Music * Ua (born 1972), a Japanese singer-songwriter * '' United Abominations'', an album by the band Megadeth Other uses in arts and entertainment * United Artists, a film studio * ''The Umbrella Academy'', a graphic novel by Gerard Way Businesses and organizations * ''Uitgesloten aansprakelijkheid'' (lit. "excluded liability"), a Dutch form of cooperative, which has legal personality, but with members (at least two on incorporation) rather than shareholders, with no capital and therefore no minimum capital or equity requirement, and with articles of association that can be worded such that members are not liable for the actions performed by the Cooperative (or losses suffered), usually used as a holding or finance company * ul ...
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Depreciation
In accountancy, depreciation is a term that refers to two aspects of the same concept: first, the actual decrease of fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wear, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are used (depreciation with the matching principle). Depreciation is thus the decrease in the value of assets and the method used to reallocate, or "write down" the cost of a tangible asset (such as equipment) over its useful life span. Businesses depreciate long-term assets for both accounting and tax purposes. The decrease in value of the asset affects the balance sheet of a business or entity, and the method of depreciating the asset, accounting-wise, affects the net income, and thus the income statement that they report. Generally, the cost is allocated as depreciation expense among the periods in which the asset is expected to be used ...
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Actual Cash Value
In the property and casualty insurance industry, Actual Cash Value (ACV) is a method of valuing insured property, or the value computed by that method. Actual Cash Value (ACV) is not equal to replacement cost value (RCV). ACV is computed by subtracting depreciation from replacement cost. The depreciation is usually calculated by establishing a useful life of the item determining what percentage of that life remains. This percentage multiplied by the replacement cost equals the ACV. As an example: a man purchased a television set for $2,000 five years ago and it was destroyed in a hurricane. His insurance company says that all televisions have a useful life of 10 years. A similar television today costs $2,500. The destroyed television had 50% (5 years) of its life remaining. The ACV equals $2,500 (replacement cost) times 50% (useful life remaining) or $1,250. This concept is different from the book value used by accountants in financial statements or for tax purposes. Accoun ...
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Philadelphia Contributionship For The Insurance Of Houses From Loss By Fire
The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire is the oldest property insurance company in the United States. It was organized by Benjamin Franklin in 1752, and incorporated in 1768. The Contributionship's building, at 212 S. 4th Street between Walnut and Locust Streets in the Society Hill neighborhood of Philadelphia, was built in 1835-36 and was designed by Thomas U. Walter in the Greek Revival style, with Corinthian columns. The portico was replaced in 1866 by Collins and Autenreith who also expanded the living quarters on the top two floors by the addition of a mansard roof. A marble cornice between the third and fourth floors was also added. The building was listed on the National Register of Historic Places in 1971 and was designated a National Historic Landmark in 1977. and   History The Philadelphia Contributionship was founded in 1752, largely through the efforts of Benjamin Franklin. It was structured as a mutual insurance o ...
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Perpetual Insurance
Perpetual insurance is a type of homeowners insurance policy written to have no term, or date, when the policy expires. From the effective start date, the coverage exists for perpetuity. The insured deposits money, called a deposit premium, with the insurer for insurance for the life of the risk. The deposit is many times larger than the cost of a non-refundable, annual premium for an equivalent policy with a one-year term. The insurer must earn enough income from investing the deposits to cover losses and operating expenses for the model to be economically viable. Upon cancellation, the insured is entitled to a full refund of the initial deposit premium, usually without interest. Perpetual insurance, first issued in the U.S. in Philadelphia in 1752, is still used for fire and homeowner's insurance. In the United States, there are also tax advantages to perpetual insurance. The deposit premium does not yield any income to the insured. However, the expense of the annual pre ...
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Benjamin Franklin
Benjamin Franklin ( April 17, 1790) was an American polymath who was active as a writer, scientist, inventor, statesman, diplomat, printer, publisher, and political philosopher. Encyclopædia Britannica, Wood, 2021 Among the leading intellectuals of his time, Franklin was one of the Founding Fathers of the United States, a drafter and signer of the United States Declaration of Independence, and the first United States Postmaster General. As a scientist, he was a major figure in the American Enlightenment and the history of physics for his studies of electricity, and for charting and naming the current still known as the Gulf Stream. As an inventor, he is known for the lightning rod, bifocals, and the Franklin stove, among others. He founded many civic organizations, including the Library Company, Philadelphia's first fire department, and the University of Pennsylvania. Isaacson, 2004, p. Franklin earned the title of "The First American" for his early and indefatigab ...
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Colonial America
The colonial history of the United States covers the history of European colonization of North America from the early 17th century until the incorporation of the Thirteen Colonies into the United States after the Revolutionary War. In the late 16th century, England (British Empire), Kingdom of France, Spanish Empire, and the Dutch Republic launched major colonization programs in North America. The death rate was very high among early immigrants, and some early attempts disappeared altogether, such as the English Lost Colony of Roanoke. Nevertheless, successful colonies were established within several decades. European settlers came from a variety of social and religious groups, including adventurers, farmers, indentured servants, tradesmen, and a very few from the aristocracy. Settlers included the Dutch of New Netherland, the Swedes and Finns of New Sweden, the English Quakers of the Province of Pennsylvania, the English Puritans of New England, the Virginian Cavaliers, ...
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RSA Insurance Group
RSA Insurance Group Limited (trading as RSA, formerly RSA Insurance Group plc and Royal and Sun Alliance) is a British multinational general insurance company headquartered in London, England. RSA has major operations in the United Kingdom, Ireland, Scandinavia & Canada. It provides insurance products and services in more than 100 countries through a network of local partners. It has 9 million customers. RSA was formed by the merger of Sun Alliance and Royal Insurance in 1996. RSA was listed on the London Stock Exchange until it was acquired by Danish insurer Tryg and Canada's Intact Financial Corporation in May 2021. The transaction closed on 1 June 2021. History RSA was formed by the merger of Sun Alliance and Royal Insurance in 1996. On 4 February 2014, it was announced that Stephen Hester, former CEO of RBS Group would become CEO of RSA with immediate effect. In 2014/15 Hester led a major restructuring of RSA to bolster its finances. Many non-core overseas operatio ...
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London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a major settlement for two millennia. The City of London, its ancient core and financial centre, was founded by the Romans as ''Londinium'' and retains its medieval boundaries.See also: Independent city § National capitals The City of Westminster, to the west of the City of London, has for centuries hosted the national government and parliament. Since the 19th century, the name "London" has also referred to the metropolis around this core, historically split between the counties of Middlesex, Essex, Surrey, Kent, and Hertfordshire, which largely comprises Greater London, governed by the Greater London Authority.The Greater London Authority consists of the Mayor of London and the London Assembly. The London Mayor is distinguished from the Lord May ...
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