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90-660: The Hamilton Watch Complex is a former industrial complex in Lancaster , Pennsylvania . It was owned by the Hamilton Watch Company and was used as their headquarters from its founding in 1892 until 1980. The complex was listed on the National Register of Historic Places in 1982. The main building was converted into a luxury apartment and condominium complex, while the Administrative Offices are now home to
180-663: 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
270-446: A humid subtropical climate ( Cfa ) if the −3 °C (27 °F) isotherm is used. The hottest recorded temperature in the city was 107 °F (42 °C) on August 7, 1918, while the coldest recorded temperature was −16 °F (−27 °C) on January 22, 1984. On average, the city receives 42 inches of precipitation a year. September is the wettest month of the year and February the driest. The snowiest winter on record for Lancaster
360-577: 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
450-428: A Montessori school called "New School Montessori." The complex is located on the western edge of Lancaster on Pennsylvania Route 462 (Columbia Avenue). The twin 90-foot (27 m) clock towers are the most dominant feature of the building. Each tower is topped with a mansard roof trimmed with copper and a clock with four faces . The four-story complex was built out of brick and is shaped roughly like an 'E' with
540-453: 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
630-448: 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
720-601: 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
810-455: 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.,
900-410: 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
990-470: A female householder with no husband present, and 41.9% were non-families. 33.1% of all households were made up of individuals, and 9.9% had someone living alone who was 65 years of age or older. The average household size was 2.52 and the average family size was 3.23. In the city, the population was spread out, with 27.5% under the age of 18, 13.9% from 18 to 24, 30.5% from 25 to 44, 17.7% from 45 to 64, and 10.5% who were 65 years of age or older. The median age
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#17329050676891080-771: A holiday recognizing Lancaster's one day as capital of the United States in 1777. Lancaster receives 20 times more refugees per capita than the rest of the United States, leading it to be dubbed "America's refugee capital" in 2015. Between 2005 and 2019, nearly 5,000 refugees were resettled in Lancaster. Lancaster announced its designation as a Certified Welcoming City in 2019. Nobel laureate Malala Yousafzai visited Lancaster in 2017 to honor its commitment to refugees, an experience she detailed in her book We Are Displaced . Lancaster City Council voted to end cooperation with U.S. Immigration and Customs Enforcement in 2024. Lancaster
1170-654: A manufacturer of vacuum tube products. Burle completed a voluntary clean-up under the Pennsylvania Land Recycling Program. In addition to Lancaster's boutiques, vintage shops, and art galleries ( Gallery Row ), Park City Center is the largest enclosed shopping center in South Central Pennsylvania . The mall includes more than 150 stores and is anchored by Boscov's , JCPenney , and Kohl's . Park City opened in September 1971. Built in 1889,
1260-413: 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
1350-453: 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
1440-458: 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
1530-622: 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,
1620-697: 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
1710-539: 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
1800-399: 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,
1890-463: A thriving art community. Gallery Row on the 100 block of North Prince St. features a block of art galleries, and the city proper has over 40 galleries and artists' studios. The galleries host a "First Friday" each month, extending their business hours to exhibit new artwork and new artists to the public. The Lancaster County Quilts and Textile Museum, completed in 2007, celebrates the art of the hand-sewn quilts and other textile items produced by women of
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#17329050676891980-624: 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
2070-572: 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
2160-580: Is headquartered in Lancaster, co-founded by Franklin & Marshall College in 1981. The Lancaster Stormers played their inaugural season in 2005, ending Lancaster's 44-year period without professional baseball since the demise of the Red Roses . Their main Atlantic League rival is the Revolution from nearby York . Lancaster is the hometown of Major League Baseball alumnus Tom Herr . He played for
2250-402: Is home to about 65 stores. The Shops at Rockvale contains over 100 stores and restaurants. According to Lancaster's 2018 Comprehensive Annual Financial Report, the top employers in the city are: Many of Lancaster's landmarks are significant in local, state, and national history. The city of Lancaster has art, craft and historical museums. The Demuth Museum is located in the former home of
2340-507: Is located in the Piedmont region of Pennsylvania . According to the U.S. Census Bureau , the city has a total area of 7.35 square miles (19.0 km ), of which, 7.23 square miles (18.7 km ) of it is land and 1.65% is water. Under the Köppen climate classification , Lancaster falls within either a hot-summer humid continental climate ( Dfa ) if the 0 °C (32 °F) isotherm is used or
2430-514: Is nine hours and 19 minutes. The sun reaches its lowest point in the sky of 26° between December 11 and December 31. The longest days of the year are June 19 to June 23, reaching 15 hours and one minute. The sun reaches its highest point in the sky of 73° from June 10 to July 2. According to the 2020 United States census , Lancaster had a population of 58,039. Of which, 40.3% were Hispanic/Latino, 38.9% were non-Hispanic White, 12.6% were non-Hispanic Black, 3.8% were Asian, 4.4% mixed or other. As of
2520-546: Is one of the oldest working theaters in the United States. The Ware Center hosts live theater, concerts, and performances. Lancaster is home to Franklin & Marshall College and its various sports teams, including the Diplomats football team. The Diplomats play their home games at Shadek Stadium in Lancaster. Shadek Stadium was built in 2017 and surrounds Tom Gilburg Field. Aside from football, Shadek Stadium also hosts men's and women's lacrosse. The Centennial Conference
2610-409: 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,
2700-426: 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
2790-657: 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
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2880-769: The Lancaster Central Market is the oldest continuously operated farmers market in the United States, and many tourists come to purchase the handmade Amish goods that are not commonly found elsewhere. Central Market is listed with the National Register of Historic Places , and its towers are of the Romanesque Revival style. The market underwent renovations beginning in July 2010. Lancaster also has two outlet shopping centers, both of which are located in East Lampeter Township on U.S. Route 30 . Tanger Outlets
2970-514: The Lancaster City Historic District on September 7, 2001. Lancaster, Pennsylvania Lancaster ( / ˈ l æ ŋ k ɪ s t ər / LANG -kih-stər ) is a city in and the county seat of Lancaster County, Pennsylvania , United States. With a population of 58,039 at the 2020 census , it is the tenth-most populous city in the state. It is a core city within South Central Pennsylvania , with 552,984 residents in
3060-689: The Lewis and Clark Expedition . In 1879, Franklin Winfield Woolworth opened his first successful five and dime store in the city of Lancaster, the F. W. Woolworth Company . Lancaster was one of the winning communities for the All-America City award in 2000. In 2009, a community organization installed and began monitoring 164 closed-circuit cameras in Lancaster, which engendered some local opposition. On October 13, 2011, Lancaster's City Council officially recognized September 27 as Capital Day,
3150-712: 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
3240-669: The Pennsylvania long rifle . The Conestoga wagon was named after the Conestoga River , which runs through the city. The innovative gunsmith William Henry lived in Lancaster and was a U.S. Congressman and leader during and after the American Revolution. In 1803, Meriwether Lewis visited Lancaster to be educated in survey methods by the well-known surveyor Andrew Ellicott . During his visit, Lewis learned to plot latitude and longitude as part of his overall training needed to lead
3330-968: The St. Louis Cardinals for the majority of his career. He also played for the Minnesota Twins , Philadelphia Phillies , New York Mets , and the San Francisco Giants . Herr subsequently coached the Hempfield High School Black Knights baseball team for several years. He also managed the Lancaster Stormers in their first season. The Stormers have won the Atlantic League Championship three times: in 2006, 2014, and 2022. The Lancaster Bicycle Club hosts an annual Covered Bridge Metric Century bicycle race. In 2010, more than 2,500 riders participated. The city of Lancaster hosted
3420-600: 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
3510-412: The poverty line . 29.2% of those under the age of 18 and 12.9% of those 65 and older were living below the poverty line. Poverty in Lancaster is twice the state's average, and public school records list more than 900 children as homeless. Although there are many Amish people from this area, not everyone from Lancaster is Amish, contrary to popular belief. Since 2005, Lancaster's downtown has increased
3600-470: The 1920s. A new factory wing was constructed in 1936 behind the original 1874 clock tower. The four-story office building between the two clock towers was built in 1941, along with another wing extending north from the end of the 1929 addition. The final addition of the complex was completed in 1963, with the construction of another wing adjacent to the 1941 wing. In 1980, the Hamilton Watch Company
3690-566: The 1997, 1998, and 2006 British Open, and placed sixth in the 1997 PGA championship. Furyk also won the Vardon Trophy in 2006. He is an alumnus of Manheim Township High School, located in the immediate suburb of Manheim Township. The 2015 and 2024 U.S. Women's Open tournaments were held at the Lancaster Country Club . Insurance company Insurance is a means of protection from financial loss in which, in exchange for
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3780-562: The 2010 census, the city was 55.2% White , 16.3% Black or African American , 0.7% Native American , 3.0% Asian , 0.1% Native Hawaiian , and 5.8% were two or more races. 39.3% of the population were of Hispanic or Latino ancestry. As of the census of 2000, there were 56,348 people, 20,933 households, and 12,162 families residing in the city. The population density was 7,616.5 people per square mile (2,940.7 people/km ). There were 23,024 housing units at an average density of 3,112.1 per square mile (1,201.6/km ). The racial makeup of
3870-561: The Lancaster metropolitan area . Settled in the 1720s, Lancaster is one of the oldest inland cities in the US. It served as the capital of Pennsylvania from 1799 to 1812. The city's primary industries include healthcare, tourism, public administration, manufacturing, and both professional and semi-professional services. Lancaster is a hub of Pennsylvania Dutch Country , located 59 miles (95 km) southwest of Allentown and 61 miles (98 km) west of Philadelphia . Originally called Hickory Town,
3960-542: The Tom Bamford Lancaster Classic , an international, professional bicycle racing event held each June since 1992. It was part of the 2006–2007 UCI America Tour and the 2007 USA Cycling Professional Tour . Professional golf is well represented by the Professional Golf Association 's Jim Furyk . He placed 4th in the 1998 and 2003 Masters tournament, won the 2003 U.S. Open, placed fourth in
4050-436: The central portion of a building situated east and west, paralleling Columbia Avenue, and three wings extending north. An unconnected, four-story, Art Deco office building stands south of the main building, between the two clock towers. The westernmost wing of the complex was designed in a "restrained" International style . The Adams and Perry Watch Manufacturing Company was formed in September 1874 and started construction on
4140-447: The cities of Lancaster and Philadelphia. Opened in 1795, the turnpike was paved with stone the whole way, and overlaid with gravel. The sixty-two-mile turnpike cost more than $ 450,000, a staggering sum for the time. The route followed what is now Pennsylvania Route 340 (also called the "Old Philadelphia Pike") from Lancaster to Thorndale and U.S. Route 30 Business and U.S. Route 30 from Thorndale to Philadelphia. The city of Lancaster
4230-412: The city was 61.55% White , 14.09% African American , 0.44% Native American , 2.46% Asian , 0.08% Pacific Islander , 17.44% from other races , and 3.94% from two or more races. 30.76% of the population were Hispanic or Latino people of any race. The largest ethnic groups in Lancaster as of recent estimates are: In 2010, 29.2% of Lancaster residents were of Puerto Rican ancestry. The city has
4320-627: The city was named for Lancaster native Robert Fulton , a renaissance man who created the first fully functional steamboat. All of these individuals have had local schools named after them. After the American Revolutionary War , Lancaster became an iron-foundry center. Two of the most common products needed by pioneers to settle the Frontier were manufactured in Lancaster: the Conestoga wagon and
4410-567: The city was renamed after the English city of Lancaster by native John Wright . Its symbol, the red rose , is from the House of Lancaster . Lancaster was part of the 1681 Penn's Woods Charter of William Penn , and was laid out by James Hamilton in 1734. It was incorporated as a borough in 1742 and incorporated as a city in 1818. During the American Revolution , Lancaster served for one day as
4500-457: The clock tower and modification of its mansard roof in 1905. The complex was repeatedly expanded in the early 1910s, ending in 1916 with the construction of the second clock tower. An addition was constructed in 1923 on the eastern end of the building. An extension was built, extending north from the western clock tower, in 1925 to 1926, and another, extending west from the same tower, in 1929. Various landscaping projects were also undertaken during
4590-531: The current Lancaster County Prison , known locally as Lancaster Castle, was built in the city but shares no visual similarities with the Lancaster Castle in England. The prison remains in use, and was used for public hangings until 1912. It replaced a 1737 structure on a different site . The first long-distance paved road in the United States was the former Philadelphia and Lancaster Turnpike , which connected
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#17329050676894680-446: 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
4770-774: 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
4860-671: 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
4950-798: The exhibits of the Louise Arnold Tanger Arboretum and the North Museum of Nature and Science . The National Watch & Clock Museum, founded in 1977, has the largest collection of clocks and watches in North America. Stevens and Smith Historic Site is located within the Vine Street lobby of the Lancaster County Convention Center . The site includes the preserved home of U.S. Senator Thaddeus Stevens and his companion Lydia Hamilton Smith . The underground portion of
5040-673: 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
5130-465: 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
5220-419: 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
5310-447: 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
5400-774: 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
5490-529: 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
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#17329050676895580-413: 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
5670-409: 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
5760-526: 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
5850-543: 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
5940-443: 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,
6030-612: 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
6120-412: The number of specialty shops, boutiques, bars, clubs, and galleries. Burle Business Park, the city's only commercial and industrial park. originally opened in 1942 as a U.S. Navy electronics research, development and manufacturing plant operated by RCA . The facility was purchased after World War II by RCA. Burle Business Park was originally occupied by Burle Industries, the successor company to RCA, and
6210-535: The original building in the complex, which was completed in July 1875. The building, designed by Chicago -architect Clarence Luther Stiles in the Second Empire style, was three stories high and consisted of only the eastern tower, flanked on either side with a wing. The company went bankrupt in 1876, and after several years of attempts to organize a new company, the Keystone Standard Watch Company
6300-414: 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
6390-406: 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
6480-404: 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
6570-575: The region's Amish and Mennonite communities. The museum was closed in 2011. The Lancaster Mennonite Historical Society Museum and the Heritage Center Museum display artifacts and interpret the region's unique history. Children can have a hands-on experience with educational learning at the Hands-on House, also known as the Children's Museum of Lancaster. Nature and geology-minded visitors can view
6660-399: The renovations of the main building was completed in July 2000; a total of 135 condos were constructed in the building. The 1941 and 1963 wings were sold to the city in 1999; after a $ 4.5 renovation, the wings were leased to an insurance company in 2003. The complex was listed on the National Register of Historic Places on August 14, 1982, and was designated a contributing property to
6750-473: 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
6840-456: 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
6930-523: The second highest concentration of Puerto Ricans in Pennsylvania after Reading . For this reason, it is sometimes referred to as the "Spanish Rose." Lancaster celebrates its Puerto Rican heritage once every year with the Puerto Rican Festival. There were 20,933 households, out of which 31.6% had children under the age of 18 living with them, 33.4% were married couples living together, 19.0% had
7020-592: The site includes a recently discovered Underground Railroad feature: a converted water cistern used in the antebellum years to hide fugitive slaves on their way to freedom. In Lancaster County, the Landis Valley Museum in Manheim Township has exhibits that interpret the county's history and culture, especially as a center of ethnic German Amish and Mennonite culture. The Lancaster Symphony Orchestra has been performing since 1947. The Fulton Opera House
7110-653: The temporary capital of the United States , seated at the Court House (built 1739, destroyed by fire in 1784 and rebuilt before relocating to current Lancaster County Courthouse in 1852; original site is now the Soldiers & Sailors Monument at Penn Square c. 1874), on September 27, 1777, after the Continental Congress fled Philadelphia , which had been captured by the British. The revolutionary government then moved still farther away to York, Pennsylvania . Lancaster
7200-616: The well-known painter Charles Demuth , who had a national reputation in the 20th century. Additional museums include the Lancaster Museum of Art and the Philips Museum of Art on the campus of Franklin & Marshall College . Art students at the state-of-the-art Pennsylvania College of Art and Design present their works at the academy's gallery, which is open to the public. LancasterARTS, a non-profit organization founded in 2002, promotes contemporary arts and crafts. Lancaster city has
7290-452: 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,
7380-402: Was 30 years. For every 100 females, there were 95.2 males. For every 100 females age 18 and over, there were 91.4 males. The median income for a household in the city was $ 29,770, and the median income for a family was $ 34,623. Males had a median income of $ 27,833 versus $ 21,862 for females. The per capita income for the city was $ 13,955. 21.2% of the population and 17.9% of families were below
7470-485: 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
7560-492: 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
7650-476: Was halted in 1984 by a " legal dispute ", leaving 78 units unfinished and dozens more only partially completed. A Montessori school, formerly called "The New School Of Lancaster" now called "New Schooler Montessori" was opened in the 1941 office building in the autumn of 1995. The complex was sold to a Baltimore -based developer in 1998 with plans to convert the existing apartments into luxury apartments and condominiums for $ 8 million. The final phase of
7740-563: Was home to several important figures in American history. Wheatland , the estate of James Buchanan , the fifteenth President of the United States, is one of Lancaster's most popular attractions. Thaddeus Stevens , considered among the most powerful members of the United States House of Representatives , lived in Lancaster as an attorney. Stevens gained notoriety as a Radical Republican and for his abolitionism . The Fulton Opera House in
7830-423: Was renamed Hamilton Technology and was moved out of the complex into downtown Lancaster. A proposal was put forth in 1981 by a Philadelphia -based real estate developer to convert the complex into 202 apartments and 61 townhouses , but it fell through; its failure being blamed on "high interest rates and restrictive zoning regulations". Another developer bought the site in 1983. However, that project
7920-480: Was started in 1886. Keystone Standard Watch went bankrupt , as well, in 1890. Its assets were sold in 1892 in a public auction to a group of investors from Lancaster, who had also bought another bankrupt watch company in Aurora , Illinois . They founded the Hamilton Watch Company on December 14, 1892. In 1902, the western wing was extended, and a fourth floor was added to the entire building, as well as an extension of
8010-410: Was the capital of Pennsylvania from 1799 to 1812, with the state capital located at the Court House (built 1784 and demolished 1852 and now site of Soldiers & Sailors Monument at Penn Square). In 1812, the capital was moved to Harrisburg , where it has remained since. U.S. census reports show that, from 1800 to 1900, Lancaster ranked among the nation's top 100 most populous urban areas. In 1851,
8100-458: Was the winter of 2009-10 when 72 inches of snow fell and the smallest amount of snow on record was when four inches fell during the winter of 1949–50. The highest recorded January temperature was 77 °F (25 °C) on January 26, 1950, and the coldest July temperature 42 °F (6 °C) on July 4, 1918. On average, the city receives 203 days of sun a year. The shortest days of the year are between December 18 and December 25, when day length
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