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Monday, November 22, 2010
How The Concept of Insurance Comes About?
Most of the people has at least Buy Life Insurance to protect themselves and to provide coverage to their family members. The basis of insurance is "guarantee against loss" and the concept first started way back in Babylonian times.
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 of insurance has always been the same...the need for a guarantee for protection.
Today, insurance has become very organize. If you are studying Actuarial science, you will have a lot of headache with figures...something that don't 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.