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In December 1901 and January 1902, at the direction of archaeologist Jacques de Morgan, Father Jean-Vincent Scheil, OP found a 2.25 meter (or 88.5 inch) tall basalt or diorite stele in three pieces inscribed with 4,130 lines of cuneiform law dictated by Hammurabi (c. 1792–1750 BC) of the First Babylonian Empire in the city of Shush, Iran.
- King Hammurabi's Code and Early Insurance
- Medieval Guilds Provided Group Coverage
- Spreading Risk in Dangerous Waters
- Fire Insurance Rises Out of The Ashes
- History of Life Insurance
- Insurance Immigrates to America...Slowly
- The Bottom Line
The concept of insurance dates back to around 1750 B.C. with the Code of Hammurabi, which Babylonians carved into a stone monument and several clay tablets. The code describes a form of bottomry, whereby a ship’s cargo could be pledged in exchange for a loan. Repayment of the loan was contingent on a successful voyage, and the debtordid not have to...
In the Middle Ages, most craftsmen were trained through the guild system. Apprentices spent their childhoods working for masters for little or no pay. Once they became masters themselves, they paid dues to the guild and trained their own apprentices. The wealthier guilds had large coffers that acted as a type of insurance fund. If a master's practi...
In the late 1600s, shipping was just beginning between the New World and the Old, as colonies were being established and exotic goods were ferried back. The practice of underwriting emerged in the same London coffeehouses that operated as the unofficial stock exchange for the British Empire. A coffeehouse owned by Edward Lloyd, later of Lloyd's of ...
In 1666, the Great Fire of London destroyed around 13,200 homes. London was still recovering from the plague that had begun to ravage it a year earlier and an estimated 100,000 survivors were left homeless. The following year, property developer Nicholas Barbon began selling fire insuranceas a personal business, which was then established as a join...
Life insurance began to emerge in the 16th and 17th centuries in England, France, and Holland. The first known life insurance policy in England was issued in 1583.But, lacking the tools to properly assess the risk involved, many of the groups that offered insurance ultimately failed. That started to change in 1693, when astronomer and mathematician...
Insurance companies thrived in Europe, especially after the Industrial Revolution. Across the Atlantic, in America, the story was very different. Colonists' lives were fraught with dangers that no insurance company would touch. For example, starvation and related diseases killed almost three out of every four colonists in the Jamestown settlement b...
The history of insurance is long and detailed, and it has involved significantly over time. Though it can be expensive, insurance has prevented people and businesses from suffering financial loss and it has financially protected people throughout time.
While ‘accident’ insurance had been a common form of insurance dating back to ancient times, it was largely limited to covering physical injuries that incapacitated a person, rendering them unable to work. The first modern health insurance was the firm Blue Cross, which came out of Dallas in 1929.
May 15, 2023 · The growth of large insurance companies, the need for employers’ liability insurance, and the importance of actuarial practices all contributed to the development of a robust insurance industry. With the regulations brought about by laws and building codes, insurance companies had a better chance of minimizing risks and protecting their clients effectively.
As the 1800s arrived and passed, insurance companies evolved to include life insurance and several other forms of coverage. No type of insurance was mandatory in the United States until the 1930s. At that time, the government created Social Security. In the 1940s, GI insurance surfaced.
Naturally, it did not last very long. Only in 1762, did the Equitable Society for the Assurance of Life and Survivorship varied premiums with the age of the insured, thus helping it to become more successful. In 1792, the Insurance Company in North America sold the 1 st life insurance policies in the United States to the public. They also sold ...
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Feb 7, 2006 · Fire insurance indemnifies the insured in the event of damage or destruction of property by fire. Over the years standard forms of fire policies have been developed. Fire insurance is typically part of the homeowner's policy, which includes, in addition, protection against break-ins, theft, water damage and personal liability.
