Thursday, 15 September 2011

The History of Life Insurance

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The history of life is not very difficult to understand. Today, life insurance is simply a contract established between a person and an insurance company that the company must pay the beneficiaries of the insured if the insured dies. But where does the idea of ​​death is insured? Who were the first to put this idea into practice? What do they do if the amounts are not as high as that of companies in the life insurance today? When did the current life insurance industry? These are all very interesting questions and the fact of the matter is that some of them can not be answered with a high degree, but we know a lot about the history of this wonderful thing, now covers people in the world.

History The first signs of life

Historians have sought the true beginning of a lifeinsurance as we know, but have decoded the first small steps that eventually ended in the cash payment of the death benefit. Store by ancient Chinese sailors Financial Network hackers steal their possessions carries many other freighters prevent in this way, if a hacker stole the cargo of a ship, do not lose the entire load. A little later in Babylon traders simply loans that are returned when the work content is delivered safely was granted.

So what does this have to do with life insurance? For these two civilizations prevent losing everything. They made baby steps that would help in the long run. Life insurance as we know, however, began in the city of Rome. The inhabitants of this civilization decided to form what they called "burial clubs". These clubs are designed for one purpose, to help in the event of an unexpected death of a member of the club, everyone would pay their funeral expenses and the family survive with little money. The concept of life insurance because they knew that the spectacular end in 450 AD when the Roman Empire fell and practices have been abandoned for a long time. It is also important to note that many historians agree that about the same time, Rome, the empire of India and its citizens as "burial clubs" to help pay for the funeral and educated people with expenses. A key to this game shopper Financial Network is the "Yogakshema the name of the Life Insurance Corporation of India Headquarters" the Vedas.

Great Britain and Step History of Life Insurance

Modern life insurance, but do not begin until the British decided to try to make it work. The practice of life insurance was banded in the entire European continent, with the exception of England and it was only the British who are the largest life insurer known European countries started today. It was the middle of the 17th Century decided the streets of London, England, a group of people in the house of Lloyd coffee collected and come up with ideas about life insurance. The cafeteria is a famous place for merchants, ship owners and merchants, then that would be the perfect place to know about life insurance is that most of these people had to talk money.

History of life insurance in the United States

With the British know the basics of life and the things that might help people such as life insurance, decided to try it in the United States of America. After talking about how they decide to go on the first life insurance, decided that the best currently known is the British model. The first life insurance policy was founded on American soil in the colony of South Charleston, South Carolina in 1735.

Some 20 years later saw the whole colonies, it was a good idea when the Presbyterian Synod of Philadelphia has decided to sponsor the first life insurance company in the United States, wrote their first policy year in 1761. The problem with life insurance at the time was that many, in contrast, because religious groups that it is as if anticipating the death of the religious zeal of the self and in the colonies of North America would in time, but it proved a challenge to be all began.

The life insurance industry as we know it today really started in 1840 settled because of religious groups, and not to interfere with the government on matters. Another reason that life insurance companies found in New York and Chicago Fire, which killed many people in both cities. Then more and more life insurance companies began to come and in 1900 the company has really grown. People want to be protected in the event of accidental death.

The year 1900 proved to be a period of growth in the life insurance industry. Two wars have continued, and many people have decided to make sure to establish a secure future for their families money. It is also said that after an attack on the country that most people buy life insurance. No one can resist simply because after Pearl Harbor, many people panicked and decided to open the political fear for their lives. The same thing happens after the beginning of this century, when the attacks on the World Trade Center. The people have decided that it is not worth protecting and small bonus every month was better to leave their families of the financial burden.


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