We love finance and we love trivia. You can test your finance trivia knowledge with the following questions.

This is Part 10 in our ongoing financial trivia series. Scroll down below to find the answers.

 

Q1. A form of life insurance was developed by a general from:

b. Greece

b. Rome

c. England

d. China

 

Q2. The modern life insurance industry developed in:

a. A salon in Paris

b. A coffee house in London

c. An ale house in the Netherlands

d. A tea house in Beijing

 

Q3. Lloyd’s of London has insured the legs ($40m), the voice ($6.0m), the breasts ($350k) and the moustache ($200k) of:

a. Marilyn Monroe, Frank Sinatra, Jayne Mansfield, Tom Selleck

b. Pele, Elvis Presley, Bridgette Bardot, Clark Gable

c. David Beckham, Bruce Springsteen, Dolly Parton, Merv Hughes

d. Jane Fonda, Michael Jackson, Bo Derek, Charlie Chaplin

 

Q4. In 2009, Lloyd’s of London insured the tongue of Gennaro Pellicia. He is one of the the best at what he does and needs his tongue for his work. What does he do?

 

Q5. In 2008 Lloyd’s of London insured the nose of Ilja Gort. He is one of the best at what he does and needs his nose for his work. What does he do?

 

 

Quiz answers are below.

 

ANSWERS

Q1. A form of life insurance was developed by a General from:

b. Rome

What did the Romans ever do for us? Well, apart from the sanitation, medicine, education, wine, public order, irrigation, roads, the fresh water system and public health, they also introduced the world to a form of life insurance.

In 100 BC the Roman General Gaius Marius created a “burial club” among his legionaries (troops) where if one soldier died the remaining, other members would pay for a proper funeral. This was important for both morale of the soldiers remaining (who knew they’d be taken care of) and for the soldiers’ chances of living a happy afterlife. It later evolved to include a regular stipend for the soldiers’ family.

Marius was elected Consul of Rome 7 times in a time when it was illegal to serve as Consul more than once. If you haven’t heard of Marius, you may have heard of his nephew, Julius Caesar.

As well, there are records of similar burial clubs among Egyptian stone masons from 2,500 BC and in India in 1,000 BC.

 

Q2. The modern life insurance industry developed in:

b. A coffee house in London

Lloyd’s Coffee House was established in London in 1688. Sailors and merchants would gather to share shipping stories and news and negotiatate how they could help each other insure themselves.

This developed into Lloyd’s of London, a corporate body (not a company) governed by its own act of the UK parliament – the Lloyd’s Act of 1871. It’s similar to an old mutual structure (as AMP and NRMA used to be) where multiple financial backers come together to pool and spread risk.

Did you know?

You may have heard of Torrens Title (Australia’s main land ownership system). Robert Torrens (Colonial Land Commissioner for the Colony of NSW from 1842) modelled his system on the Lloyd’s of London Shipping Register.

An early agent for Lloyd’s of London in the Colony of NSW was Stuart Donaldson. You may not have heard of him but he went on to become NSW’s first Premier, a founder of the Australian club and the Union Club. He had a pistol duel with Thomas Mitchell (explorer) and both of them missed (the last recorded duel in Australia). Donaldson was also a member of the Senate of the University of Sydney from 1851–61, one year after its founding in 1850 and helped choose its academics.

 

Q3. Lloyd’s of London has insured the legs ($40m), the voice ($3.5m), the breasts ($600k) and the moustache ($200k) of:

c. David Beckham, Bruce Springsteen, Dolly Parton, Merv Hughes

Insuring David Beckham legs was reportedly the largest personal insurance policy in sport history. It was so large the policy was rumored to have been split among several insurers.

To show who was in charge, The Boss insured his own voice for a cool $6m. when the lights go out, he’ll never go dancing in the dark.

All real, Dolly’s breasts were insured for $300,000 each.

Merv Hughes’s handle bar walrus style moustache was insured for $200k. We have no idea how you steal or lose a moustache. Perhaps the biggest risk he faced was potentially one of his Australian team mates on tour giving it a sneaky trim in the night.

 

Q4. In 2009, Lloyds of London insured the tongue of Gennaro Pellicia. He is one of the the best at what he does and needs his tongue for his work. What does he do?

Gennaro Pellicia is the Master of Coffee at Costa Coffee in the UK. You can read more <here>.

 

Q5. In 2008 Lloyds of London insured the nose of Ilja Gort. He is one of the best at what he does and needs his nose for his work. What does he do?

Ilja Gort is a chateau owner and master wine taster. You can read more <here>.

 

 

We hope you enjoyed doing our finance quiz as much as we did writing it.  Let us know what you think or let us know if you have some great finance trivia questions!

As always, make smart financial decisions.