History Of Insurance

Insurance has been an institution of human society for thousands of years, having been practiced by Babylonian traders as long ago as the 2nd millennium BCE. Eventually it was given legal mention in the Code of Hammurabi, and practiced by early Mediterranean sailing merchants. The Greeks and Romans had "benevolent societies" which acted to care for the families and funeral expenses of members upon death.

Guilds in the middle ages served a similar purpose. Insurance became much more sophisticated in post-Renaissance Europe, and specialized varieties developed. In America, Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire.

The 19th century saw a rise in the government regulation of insurance, and the 20th century saw further specialization and, in the United States, a bit of deregulation that allowed other financial institutions, such as banks, to offer insurance. The ever-increasing ability of science to predict catastrophes of any measure or variety continues to affect the way insurance is conducted.

What is Insurance - Home

Table of Contents

What is Insurance Introduction

History of insurance

Types of insurance:

• Auto insurance
  (car insurance or motor insurance)

• Home insurance
  (homeowners insurance or household)

• Boiler insurance
  (machinery and equipment insurance)

• Title insurance

• Health Insurance
  (private and public health insurance)

• Life insurance
  (whole life or term life insurance)

• Political risk insurance

Types of insurance companies

Life insurance and saving

Criticisms of the insurance industry
(arguments for universal heathcare)