Insurance
Types of insurance, policies, premiums and claim payments
Lessons: from zero to confident
Topics in order: start with the first lesson and read them one by one. 2 lessons
1Lesson 1 What is insurance: how do many people paying a little each cover one person's big loss?The first lesson of the course: what insurance is in plain words, its core idea (spreading risk across many) shown with a hundred cafés, what the English word «insurance» means, and who has contributed to this field.Start →Where did it all begin?
Where did insurance begin: who paid the merchant whose cargo was thrown overboard?
Insurance was born at sea long before the policy: if one merchant's cargo was thrown overboard to keep the ship from sinking, everyone shared the loss. This rule, preserved in ancient Roman law, still works today.
5 November 2026Medieval Genoa: how were the first insurance contracts drawn up?
In the 14th century, in the trading cities of Italy, risk separated from the loan and became a contract of its own. These documents written by notaries are regarded as the grandfather of today's insurance policy.
5 November 2026The coffee house and the fire: how did London turn insurance into a business?
At the end of the 17th century two things in London changed the fate of insurance: the Great Fire of 1666, which turned the city to ashes, and Edward Lloyd's coffee house, where seafarers gathered.
5 November 2026From the life table to the state pension: how did insurance become available to everyone?
A mortality table drawn up by the astronomer Edmond Halley gave life insurance a mathematical basis, and laws passed in Germany in the 1880s turned insurance into compulsory protection for millions of workers.
5 November 2026A policy on your smartphone: how has insurance changed in the 21st century?
Insurance, which began in a coffee house, has today moved into an app: policies are issued online, the price is calculated according to driving style, and some payouts are made automatically without waiting for a claim.
5 November 2026Halley's table: how was the price of life insurance calculated?
The astronomer famous for Halley's Comet also left his mark on the history of insurance: in 1693 he compiled a life table from the birth and burial records of a single city and tried to calculate the price of life annuities. How the table was compiled, why Breslau was chosen and how it is used.
5 November 2026From a one-cylinder car to the compulsory policy: how did motor insurance come about?
When the automobile first appeared on the streets, a question arose: who pays the pedestrian it hits? About one of the first motor insurance policies, the first compulsory insurance laws in the USA and Britain, and who protects the victim if the driver is uninsured.
6 November 2026From the punched card to the electronic computer: why were insurance companies interested in calculating machines so early?
A life insurance company keeps records of premiums, ages and payments for hundreds of thousands of policies every year. That is why insurers became interested in punched cards as early as the end of the 19th century, and in electronic computers in the 1940s–1950s. The main stages of this path.
7 November 2026Two laws, twenty years: how has insurance legislation in Uzbekistan been renewed?
The 2002 Law "On Insurance Activities" was the main document of the insurance market for nearly twenty years, and from 2022 a new law took its place. Dates, the concepts introduced in the new law, and a hypothetical calculation of co-insurance.
9 November 2026Articles and briefs
All →Maternity (pregnancy and childbirth) benefit: who receives it, how is the length-of-service coefficient applied, and how is the benefit calculated if an employee becomes pregnant again while on childcare leave?
How many months of insurance record are needed for the benefit, which months do not break continuous service, when the 75, 85 and 100 percent coefficient applies, and how average earnings are determined if an employee on childcare leave becomes pregnant again: under the Regulation of Resolution No. 796 and Instruction No. 2667, with three scenarios for an employee of one sewing company.
11 November 2026Trade credit insurance: if a buyer who took goods on credit goes bankrupt, who covers the receivable?
A confectionery wholesaler sold 500 million soum of goods on credit to a large supermarket, and the supermarket became unable to pay. With trade credit insurance, how much of the loss comes back, and why do the limit set for the buyer and the seller's own share matter? Calculation and entries under NAS No. 21.
11 November 2026The damage happened last year, the claim came this year: will the liability policy pay? Occurrence and claims-made terms
A design firm's error happened in 2024, and the client made a claim in 2025. Which year's policy responds, and does it respond at all? The two main principles of liability policies, the retroactive date and the extended reporting period, with a table of four situations.
10 November 2026Bonus-malus: when does claiming insurance for a small loss cost more than the future premium?
The insurer may cover 1.2 million soum of damage to a vehicle. But if the claim is paid, the discount built up for claim-free years is lost, and over the next five years the premium becomes 1.4 million soum more expensive in total. The logic of bonus-malus, a table of hypothetical coefficients and the threshold for the decision "pay it myself or claim on the insurance".
9 November 2026Conditional and unconditional deductible (franchise): how much is the insurance payout reduced?
A loss of 2.9 million brings a payout of zero, a loss of 3.1 million brings the full 3.1 million: that is how the «jump» of a conditional deductible works. An unconditional deductible, by contrast, takes the same amount off every loss that exceeds it. Calculations and journal entries for five different losses, a percentage deductible and three incidents in one year.
8 November 2026If insured equipment is destroyed in a fire: how are the write-off and the insurance payout recorded?
A packaging machine burned down, and the insurer paid compensation. Writing off a fixed asset through 9210, taking the carrying amount to loss and recording the payout as income: only with the entries in the NAS No. 21 tables.
7 November 2026When the business stops: how does business interruption insurance calculate the loss?
After a fire the kitchen is repaired, but rent and salaries do not stop during the months it stays closed. A property policy does not cover this. The logic of business interruption insurance and a simple calculation.
6 November 2026In property insurance, is the payout made at the new price or is wear and tear deducted?
A five-year-old printing machine burned down. Will the insurer pay the price of a new machine or deduct wear and tear? The two bases, how they differ, and not confusing them with carrying amount in the accounts.
5 November 2026How is property insurance recorded in the accounts: from the annual premium to the insurance payout
The insurance premium was paid a year in advance, then materials in the warehouse were flooded. Using a metal structures workshop as an example, all the journal entries with accounts 3190, 6510, 5910 and 9390.
5 November 2026