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79-549: The Transport Accident Commission (TAC) is the statutory insurer of third-party personal liability (CTP insurance in other states) for road accidents in the State of Victoria , Australia . It was established under the Transport Accident Act 1986. Its purpose is to fund treatment and support services for people injured in transport accidents. The TAC's support covers medical and non-medical expenses incurred as

158-684: A Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , Aegyptus . The tablet prescribed the rules and membership dues of a burial society collegium established in Lanuvium , Italia in approximately 133 AD during the reign of Hadrian (117–138) of the Roman Empire . In 1851 AD, future U.S. Supreme Court Associate Justice Joseph P. Bradley (1870–1892 AD), once employed as an actuary for

237-1240: A pay-to-play relationship for premium content. While typically generating income though these other revenue sources, freemium and free-to-play games often feature advertisements as well via splash advertisements or advertiser sponsorships of virtual-good giveaways as additional income. Pay-to-play games charge players to access the game content. Depending on the game environment, some pay-to-play games feature IGA. For example, City of Heroes and Anarchy Online both use dynamic IGA in an urban game setting to mimic real world stimuli. In contrast, fantasy games such as EverQuest II and World of Warcraft may not include IGA when real-world advertisements do not fit contextually. Blizzard has previously remarked that it would not consider using IGA within World of Warcraft; conversely, SOE experimented briefly with an in-game command-line function allowing players to order food delivery from Pizza Hut in EverQuest II . Virtual worlds and MMORPGs may host persistent online advertisements by allowing marketers to purchase virtual real estate. Aside from establishing

316-592: A sea captain , ship-manager , or ship charterer that saved a ship from total loss was only required to pay one-half the value of the ship to the ship-owner . In the Digesta seu Pandectae (533), the second volume of the codification of laws ordered by Justinian I (527–565), a legal opinion written by the Roman jurist Paulus in 235 AD was included about the Lex Rhodia ("Rhodian law"). It articulates

395-543: A 2010 Nielsen Company study showed that IGA had a return on investment of $ 3.11 per dollar spent. In 2007, Nielsen Media Research branched out into the IGA space by announcing a video games ratings service, GamePlay Metrics, to serve in-game advertisers and measure IGA effectiveness. Several advertising agencies or ad networks specialize in IGA, and even more traditional advertising agencies have experimented with IGA. However, many advertisers do not embrace video games as

474-669: A brand presence, companies can use it to test future real-world locations. For example, the Aloft Hotels brand was established within Second Life prior to the completion of its real-world counterpart. The advertising industry has generally embraced IGA and advergaming as effective ways to reach 16 to 34-year-old males. IGA is seen as an important means of gaining access to a generation of young males who use gaming as their relaxation activity instead of watching television. Advertisers may also appreciate IGA's economic returns;

553-458: A claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured: From an insured's standpoint, the result is usually the same: the insurer pays the loss and claims expenses. If the Insured has a "reimbursement" policy, the insured can be required to pay for a loss and then be "reimbursed" by the insurance carrier for

632-448: A claim. Adjusting liability-insurance claims is particularly difficult because they involve a third party, the plaintiff , who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket . The adjuster must obtain legal counsel for the insured—either inside ("house") counsel or outside ("panel") counsel, monitor litigation that may take years to complete, and appear in person or over

711-601: A combined ratio over 100% may nevertheless remain profitable due to investment earnings. Insurance companies earn investment profits on "float". Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. The Association of British Insurers (grouping together 400 insurance companies and 94% of UK insurance services) has almost 20% of

790-423: A commercial during the pause created when a game loads , or highly integrated within the game so that the advertised product is necessary to complete part of the game or is featured prominently within cutscenes . Due to the custom programming required, dynamic advertising is usually presented in the background; static advertisements can appear as either. One of the advantages of IGA over traditional advertisements

869-455: A company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include: To "indemnify" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather "contingent" insurance (i.e.,

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948-707: A duty to help reduce accidents on Victorian roads. It is responsible for the majority of road safety advertising in the state. In 1973, the Parliament of Victoria passed the Motor Accidents Act, which established the Motor Accidents Board to pay compensation to people injured in motor vehicle accidents . The Act granted a form of no-fault insurance to Victorian residents in certain circumstances, but victims retained their common law right to sue other drivers for fault or negligence , and

1027-410: A fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management , primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer , insurance company , insurance carrier , or underwriter . A person or entity who buys insurance is known as a policyholder , while

1106-449: A free basic game with options for players to purchase advanced features or additional items. They operate under the theory that a gamer will pay for additional in-game features after investing enough time in the game. In freemium games like Farmville , these transactions are typically one-time payments for specific in-game goods ( micro-transactions ). Free-to-play games like Age of Conan instead try to induce players to enter into

1185-485: A grass-roots level. Most famously, the TAC was the major sponsor of Richmond for 16 years through the "Drink, drive, bloody idiot" campaign, which saw the "Drink drive" message displayed on the team's jerseys which was terminated when a Richmond player was caught drink-driving. The TAC also sponsored Essendon from 1994 until 2000 with the "Don't fool yourself, speed kills" campaign, and Collingwood from 2002 until 2006 with

1264-413: A minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be " indemnified " against the loss covered in

1343-477: A monthly subscription fee. Gamers have shown a distaste for advertisements that distract them while they are trying to enjoy themselves. A small, 100 participant, 2010 study suggested that gamers may be more likely to favorably respond to advertisements and products which are congruent with the game environment. Gamers may feel that IGA is invasive and in some cases have dubbed IGA-supported software as spyware . Some gamers choose to remove advertisements from

1422-453: A more active role in loss mitigation, such as through building codes . According to the study books of The Chartered Insurance Institute, there are variant methods of insurance as follows: Insurers may use the subscription business model , collecting premium payments periodically in return for on-going and/or compounding benefits offered to policyholders. Insurers' business model aims to collect more in premium and investment income than

1501-458: A person or entity covered under the policy is called an insured . The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which

1580-631: A premium paid independently of loans began in Belgium about 1300 AD. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347. In the next century, maritime insurance developed widely, and premiums were varied with risks. These new insurance contracts allowed insurance to be separated from investment,

1659-611: A realistic gaming environment. For example, many sports games incorporate these advertisements to simulate the heavy advertising within professional sports. Similarly, many games employ brand-name products such as guns and cars as in-game status symbols. These brand references may not be advertisements and are instead placed in the game purely for plot or design reasons. However, trademark owners sometimes object to unlicensed references to their trademarks. See, e.g., E.S.S. Entertainment 2000, Inc. v. Rock Star Videos, Inc. Increasing Internet connectivity and bandwidth has increased

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1738-425: A refund agreement if a certain number of game sales are not reached. This may not, however, protect the advertiser from an unwanted association with a poorly performing game or advertisement. It is also difficult to plan in-game advertisements because game development generally takes longer than the development and implementation of an advertising campaign; typically, most static advertisements must be disclosed to

1817-697: A relatively few claimants – and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer's profit . Policies typically include a number of exclusions, for example: Insurers may prohibit certain activities which are considered dangerous and therefore excluded from coverage. One system for classifying activities according to whether they are authorised by insurers refers to "green light" approved activities and events, "yellow light" activities and events which require insurer consultation and/or waivers of liability, and "red light" activities and events which are prohibited and outside

1896-447: A result of an accident, for example income support for people whose injuries prevent them from performing normal job duties, or return to work programs, and equipment or aids, such as wheelchairs or crutches that are recommended by a healthcare professional. Funding used by the TAC to perform these functions comes from compulsory payments made by Victorian motorists when they register their vehicles each year with VicRoads. The TAC also has

1975-556: A separation of roles that first proved useful in marine insurance . The earliest known policy of life insurance was made in the Royal Exchange, London , on 18 June 1583, for £383, 6s. 8d. for twelve months on the life of William Gibbons. Insurance became far more sophisticated in Enlightenment-era Europe , where specialized varieties developed. Property insurance as we know it today can be traced to

2054-399: A staff of records management and data entry clerks . Incoming claims are classified based on severity and are assigned to adjusters, whose settlement authority varies with their knowledge and experience. An adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract (and if so,

2133-586: A time-sensitive advertisement campaign because they do not need to be designed months or years before the game is finished. Dynamic advertisements can be purchased after a game is released to the general public are featured in a developer determined in-game location. For example, in October 2008, billboard advertisements were purchased in 10 swing states by then- US Democratic presidential candidate Barack Obama in numerous Xbox games. Freemium and free-to-play games are typically playable online and provide

2212-649: A tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state . In Britain more extensive legislation was introduced by the Liberal government in the National Insurance Act 1911 . This gave the British working classes

2291-572: A univariate analysis could produce confounded results. Other statistical methods may be used in assessing the probability of future losses. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit on that policy. Underwriting performance is measured by something called the "combined ratio", which is the ratio of expenses/losses to premiums. A combined ratio of less than 100% indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with

2370-499: A viable advertising medium because of the continuing difficulties in measuring IGA's effectiveness despite the implementation of GamePlay Metrics, uncertainty about how many viewers the game will reach, and the long development cycle inherent in video games. Viewer numbers are hard to estimate because it is difficult to gauge the popularity of a game before its release; however, advertiser risk can be partially mitigated through benchmark-based advertisement payments on game units sold or

2449-461: Is integrating IGA into games without alienating or frustrating players. The general goal of IGA is to insert advertising that gets noticed while not interrupting the player's enjoyment of the game. Developers need some creative control of the IGA to ensure it fits the virtual setting, which can be an issue because advertisers usually want to project a certain image and protect their brand image. Game companies worry that they may be forced to change

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2528-409: Is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Insurers make money in two ways: The most complicated aspect of insuring is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates,

2607-444: Is that consumers are less likely to multitask with other media while playing a game, however, some attention is still divided between the gameplay, controls, and the advertisement. Similar to product placement in the film industry, static IGAs cannot be changed after they are programmed directly into the game (unless it's completely online). However, unlike product placement in traditional media, IGA allows gamers to interact with

2686-426: Is the materialized utility of insurance; it is the actual "product" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents . The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD . Insurance-company claims departments employ a large number of claims adjusters, supported by

2765-680: 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 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 came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established

2844-742: The Mutual Benefit Life Insurance Company , submitted an article to the Journal of the Institute of Actuaries . His article detailed an historical account of a Severan dynasty -era life table compiled by the Roman jurist Ulpian in approximately 220 AD that was also included in the Digesta . Concepts of insurance has been also found in 3rd century BC Hindu scriptures such as Dharmasastra , Arthashastra and Manusmriti . The ancient Greeks had marine loans. Money

2923-617: The general average principle of marine insurance established on the island of Rhodes in approximately 1000 to 800 BC, plausibly by the Phoenicians during the proposed Dorian invasion and emergence of the purported Sea Peoples during the Greek Dark Ages (c. 1100–c. 750). The law of general average is the fundamental principle that underlies all insurance. In 1816, an archeological excavation in Minya, Egypt produced

3002-580: The "Wipe off 5" message. The TAC has been the major sponsor of the quasi-national under-18s Australian Rules Football league, known as the TAC Cup , since its inception in 1992. Outside Australian Rules, the TAC has partnerships with A-League side Melbourne Victory and the Australian Formula One Grand Prix . Insurance company Insurance is a means of protection from financial loss in which, in exchange for

3081-464: The Board was prevented from providing compensation in some situations, such as where the victim's blood alcohol content at the time of the accident was above 0.05%. Over the following decade, the compensation scheme was heavily criticised from two main perspectives: first, that the retention of common law rights discriminated between victims who could prove fault and those who could not; and second, that

3160-681: The TAC began in-game advertising in Saint's Row 2 , and have their slogans featured on banners in Trackmania Nations . In Grand Theft Auto IV , there is a homage to the "bloody idiot" slogan. If the player gets Niko drunk and makes him drive, either he or his drinking partner will say "Niko, if you drink then drive, you're a bloody idiot". The TAC has had partnerships with the Australian Football League and its teams to help road safety messages reach audiences at

3239-446: The demand for marine insurance . In the late 1680s, Edward Lloyd opened a coffee house , which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, including those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. Life insurance policies were taken out in

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3318-399: The developer. Gamer reaction to IGA has also been mixed. A 2009 study by an advertising company found that 80% of consumers correctly recalled an advertiser and 56% had a more favorable impression of the advertiser because it allowed them to play a free game. However, companies have found that gamers do not want distracting advertisements when they have already paid the retail price and/or

3397-552: The developers at least eighteen months before a game is released. This timing discrepancy can be solved though use of dynamic advertisements, which are available for purchase at any time in-game space is available, but this choice constrains the advertisement to the in-game predetermined spaces and sizes and does not allow for highly integrated static ads. Game publishers have mixed feelings about IGA. IGA can create new revenue streams; in some cases publishers' profits have increased by an extra $ 1–2 per game unit sold (in addition to

3476-791: The early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office , founded in London in 1706 by William Talbot and Sir Thomas Allen . Upon the same principle, Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based." In

3555-695: The event of general average. In 1873 the "Association for the Reform and Codification of the Law of Nations", the forerunner of the International Law Association (ILA), was founded in Brussels. It published the first YAR in 1890, before switching to the present title of the "International Law Association" in 1895. By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on

3634-578: The financial risks associated with game development. However, not all publishers have found IGA successful. In 2008, Sony Corporation expressed doubts about advertisement-funded games because of limited advertiser dollars and gamers' skepticism of IGA, although Sony completed an IGA deal 5 months later. However, in 2010, an Electronic Arts representative remarked, "We actually aren't getting much from ad revenue at all. The in-game advertisement business hasn't grown as fast as people expected it to." Another issue publishers and developers must deal with

3713-706: The first contributory system of insurance against illness and unemployment. This system was greatly expanded after the Second World War under the influence of the Beveridge Report , to form the first modern welfare state . In 2008, the International Network of Insurance Associations (INIA), then an informal network, became active and it has been succeeded by the Global Federation of Insurance Associations (GFIA), which

3792-472: The first fire insurance company, the "Insurance Office for Houses", at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London's growth as a centre for trade was increasing due to

3871-419: The float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance-premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle . Claims and loss handling

3950-418: The game as requested by advertisers if IGA becomes a common revenue source, and face a possible backlash from consumers. In some games it may be easier to rely on revenue from sales of virtual goods , as they may provide a more reliable and greater stream of income than advertising while having the advantage of being directly incorporated into the game experience and being under the complete creative control of

4029-658: The game experience, either by paying more for an advertisement-free copy or disabling the advertisements through exploits . In-game advertising can also lead to negative reviews for a video game, as occurred in 2013 with Maxis ' promotion of a heavily branded Nissan Leaf charging station as downloadable content in SimCity . Maxis claimed "Plopping down the station will add happiness to nearby buildings. It will not take power, water, or workers away from your city." Several academic researchers have attempted to understand how effective IGA is. The effectiveness of such advertising

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4108-436: The game. Dynamic IGAs allow the game manufacturer or its advertisement delivery service to track advertisements in real time and capture viewing data such as screen time, type of advertisement, and viewing angle. This information may be used to improve future advertisement campaigns and to correct copy problems or make a current advertisement more appealing to players. Dynamic advertising campaigns allow IGA to be part of

4187-501: The increasing cost of accidents caused VicRoads and the TAC to adopt a new approach including: For its part, the TAC funds television and billboards coupled with high-impact advertising. The TAC's most well known slogan is "If you drink, then drive, you're a bloody idiot," which was introduced in 1989. This slogan has become a catchphrase in Australia, and has even been used in other countries (including Canada and New Zealand). It

4266-447: The insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the "insured" party once risk is assumed by an "insurer", the insuring party, by means of a contract , called an insurance policy . Generally, an insurance contract includes, at

4345-774: The insurance company. Insurance scholars have typically used moral hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures—particularly to prevent disaster losses such as hurricanes—because of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take

4424-529: The insurance policy is called the premium . If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment ). The insurer may hedge its own risk by taking out reinsurance , whereby another insurance company agrees to carry some of

4503-413: The insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract , called the insurance policy , which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in

4582-409: The insurer will use discretion to reject or accept risks through the underwriting process. At the most basic level, initial rate-making involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils. Thereafter an insurance company will collect historical loss-data, bring the loss data to present value , and compare these prior losses to

4661-542: The investments in the London Stock Exchange . In 2007, U.S. industry profits from float totaled $ 58 billion. In a 2009 letter to investors, Warren Buffett wrote, "we were paid $ 2.8 billion to hold our float in 2008". In the United States , the underwriting loss of property and casualty insurance companies was $ 142.3 billion in the five years ending 2003. But overall profit for the same period

4740-620: The late 19th century "accident insurance" began to become available. The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. The first international insurance rule was the York Antwerp Rules (YAR) for the distribution of costs between ship and cargo in

4819-443: The loss and out of pocket costs including, with the permission of the insurer, claim expenses. Under a "pay on behalf" policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language, which enables the insurance carrier to manage and control the claim. Under an "indemnification" policy,

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4898-612: The losses that only some insureds may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk , the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses. Risk which can be insured by private companies typically share seven common characteristics: When

4977-562: The most seriously injured victims would retain a right to damages. This solution was enshrined in law by the Transport Accident Act 1986, which established the Transport Accident Commission and became effective on 1 January 1987. The TAC is known for its powerful road safety public education campaigns which emphasize the personal costs of dangerous driving practices (such as speeding and drunk driving ) using emotive, educational and enforcement based themes. In 1989,

5056-414: The policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for

5135-406: The premium collected in order to assess rate adequacy. Loss ratios and expense loads are also used. Rating for different risk characteristics involves—at the most basic level—comparing the losses with "loss relativities"—a policy with twice as many losses would, therefore, be charged twice as much. More complex multivariate analyses are sometimes used when multiple characteristics are involved and

5214-404: The reasonable monetary value of the claim), and authorizes payment. Policyholders may hire their own public adjusters to negotiate settlements with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance-policy add-on, called loss-recovery insurance, which covers the cost of a public adjuster in the case of

5293-473: The risks, especially if the primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Indian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel capsizing. Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that

5372-498: The scheme was financially unviable in the long term. In 1986, the Labor government under Premier John Cain proposed legislation that would re-establish the compensation scheme and completely eliminate the right of individuals to sue for damages in motor vehicle accidents. However, due to widespread political and public opposition, a compromise solution was arranged, whereby the no-fault compensation scheme would be radically expanded, but

5451-456: The scope of insurance cover. Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud; on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. Insurance can influence the probability of losses through moral hazard , insurance fraud , and preventive steps by

5530-490: The telephone with settlement authority at a mandatory settlement-conference when requested by a judge. In-game advertising In-game advertising ( IGA ) is advertising in electronic games . IGA differs from advergames , which refers to games specifically made to advertise a product. The IGA industry is large and growing. In-game advertising generated $ 34 million in 2004, $ 56 million in 2005, $ 80 million in 2006, and $ 295 million in 2007. In 2009, spending on IGA

5609-405: The typical $ 5–6 profit per unit). Some mobile phone games have replaced charging fees to gamers with IGA, and it is an important source of income for browser-based and other Internet games that do not feature micro-transactions or pay-to-play. Some publishers see IGA as a way to offset growing game development costs, while others believe IGA will allow them to experiment with gameplay by reducing

5688-412: The use of dynamic IGA, which allows the game manufacturer or its advertisement vendor to deliver advertisements remotely, update advertisements after the game is launched, and target advertisements based on time or geography. This approach combines the customization of web banners with the functionality of traditional billboards and posters as most in-game advertisements do not link to a website outside

5767-409: The virtual product. For example, Splinter Cell has required the use of in-game Sony Ericsson phones to catch terrorists. Unlike static IGAs, dynamic IGAs are not limited to a developer and publisher determined pre-programmed size or location and allow the advertiser to customize the advertisement display. A number of games utilize billboard -like advertisements or product placement to create

5846-452: Was $ 68.4 billion, as the result of float. Some insurance-industry insiders, most notably Hank Greenberg , do not believe that it is possible to sustain a profit from float forever without an underwriting profit as well, but this opinion is not universally held. Reliance on float for profit has led some industry experts to call insurance companies "investment companies that raise the money for their investments by selling insurance". Naturally,

5925-485: Was advanced on a ship or cargo, to be repaid with large interest if the voyage prospers. However, the money would not be repaid at all if the ship were lost, thus making the rate of interest high enough to pay for not only for the use of the capital but also for the risk of losing it (fully described by Demosthenes ). Loans of this character have ever since been common in maritime lands under the name of bottomry and respondentia bonds. The direct insurance of sea-risks for

6004-415: Was estimated to reach $ 699 million USD , $ 1 billion by 2014 and according to Forbes is anticipated to grow to $ 7.2 billion by 2016. The earliest known IGA was the 1978 computer game Adventureland , which inserted a self-promotional advertisement for its next game, Pirate Adventure . IGA can be integrated into the game either through a display in the background, such as an in-game billboard or

6083-492: Was formally founded in 2012 to aim to increase insurance industry effectiveness in providing input to international regulatory bodies and to contribute more effectively to the international dialogue on issues of common interest. It consists of its 40 member associations and 1 observer association in 67 countries, which companies account for around 89% of total insurance premiums worldwide. Insurance involves pooling funds from many insured entities (known as exposures) to pay for

6162-652: Was replaced in 2011 with "Only a little bit over? You bloody idiot," to reflect the danger of low-level drink-driving. Another well known slogan is "Don't fool yourself, speed kills," which was introduced in 1994. This was modified in 2013 to reflect low-level speeding to "Wipe off 5." Other recognised TAC slogans from the 1990s include "Belt up, or suffer the pain," "Take a break, fatigue kills," "It's in your hands, concentrate or kill," and "Country people die on country roads." A recent safety campaign drew attention to life-saving in-car technologies, such as Electronic Stability Control and curtain airbags. The aim of this campaign

6241-411: Was to encourage car buyers to ask for these important safety features when purchasing their next car (the TAC has set up a website to promote this). The Victorian Government has mandated this as a future design requirement. In 2016, the TAC commissioned the lifelike figure depicting what a human would look like if the species evolved to survive car crashes known as Project Graham . On 10 March 2009,

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