Monday 22 November 2010

The History of the Concept of Insurance

We all know that we must at least Buy Life Insurance to protect ourselves and at the same time provide coverage to our family members in case of anything goes bad. We all also know that the basis of insurance is "guarantee against loss", but how many of us really know when the concept really first started?

Way back the Babylonian times which is around 2100 B.C., the Code of Hammurabi was the first basic insurance policy. This policy was paid by the traders in the form of a loan to guarantee the safe arrival of their goods by caravan. Of course, caravans faced the same kind of perils our transportation industry faces today – like robbery, bad weather and breakdowns.

As history progressed, the needs for insurance increased. The Phoenicians and the Greeks wanted the same type of insurance with their seaborne commerce. The Romans were the first to have burial insurance – people joined burial clubs which paid funeral expenses to surviving family members. In medieval times, the guilds protected their members from loss by fire and shipwreck, paid ransoms to pirates, and provided respectable burials as well as support in times of sickness and poverty.

Of course, you can do some of your research and realize that the progress and evolution of insurance has always been the same...the need for a guarantee for protection.


Nowadays, insurance has become very organize and insurance company are coming out with new ruling that don't seems to happen in the past where Life Insurance No Exam required for understanding.


For those of you in the United States of America, 1-800-939-0710 is a toll free number where clients that are looking for Term Life Insurance in United States can get a free insurance quote.

No comments:

Post a Comment