Get an Insurance Quote  Or Call Us: (817)283-7955

The History of the Insurance Industry

Insurance During The Ancient and Medieval Era: Insurance, in some form dates back to prehistory. Initially, people sold goods in their own village or gathering places and slowly started selling in nearby villages. In non monetary economies (economies with no standardized and set financial instruments), the risk was mitigated through mutual risk agreements. The risk was distributed through Guilds, Co-operative societies and proto-states-institutions to provide protection and encouraged mutual survival in adverse circumstances. The payoff for losses did not involve any financial transaction. For example, if someone's house burnt down or was destroyed, the neighbors committed to rebuild it. Public Granaries (a storehouse built above ground to protect grain or animal food against mice) is another example of ancient Insurance to indemnify against famines. During the 2nd and 3rd Millennia BC, the Chinese, Indian and Babylonian merchants practiced the transfer of Risk in a monetary Economy (with markets, currency, financial instruments) by various methods. The Chinese, for example distributed the loss to a single vessel of a shipment by distributing it over the merchandise in multiple vessels of a shipment. The Babylonians practiced a system recorded in the famous Code of Hammurabi, where if a merchant received a loan and the cargo was destroyed or stolen during transportation, the loan would be written off by the lender. The Rhodean Sea Law, in reference to merchants and seafarers, includes that a seafarer would be reimbursed by his collegues if the shipment was thrown into the sea to save the vessel.

Continue to: The History of Insurance Industry

Types of Personal Insurance

Auto Insurance Boat Insurance Condo Insurance Earthquake Insurance Health Insurance Home Insurance Landlord Insurance Life Insurance Long Term Care Insurance Medicare Supplement Insurance Motorcycle Insurance Renters Insurance

Types of Commercial Insurance

Aircraft Insurance Boiler and Machinery Insurance Business Income Insurance Businessowners Insurance Commercial Automobile Insurance Commercial General Liability Insurance Commercial Property Insurance Crime Insurance Directors and Officers Liability Insurance Employment Benefits Liability and Fiduciary Liability Insurance Employment Practices Liability Insurance Farm Insurance Inland and Ocean Marine Insurance Professional Liability Insurance Surety Bonds Umbrella and Excess Liability Insurance Workers Compensation and Employer's Liability Insurance

Other Types of Insurance Policies

Builders Risk Insurance(US Assure) Fine Arts Insurance(HTB)

(1) Risk in our Society (2) Insurance and Risk (3) Risk Management (4) Fundamental Legal Principles (5) Analysis of Insurance Contracts (6) The Liability Risk (7) Homeowners Insurance (8) Other Personal Property and Liability Insurance Coverages (9) Automobile Insurance and Society (10) Commercial Property Insurance (11) Commercial Liability Insurance (12) Crime Insurance & Surety Bonds (13) Fundamentals of Life Insurance (14) Types of Life Insurance & Annuities (15) Life Insurance Contractual Provisions (16) Buying Life Insurance (17) Life Insurance Planning & Estate Planning (18) Individual Health Insurance (19) Employee Benefits: Group Life & Health Insurance (20) Employee Benefits: Retirement Plans (21) Social Insurance (22) Types of Insurers and Marketing Systems (23) Insurance Company Operations (24) Insurance Pricing (25) Government Regulation of Insurance

(26) Concept and Understanding The Personal Financial Planning Process (27) Heath Insurance Planning (28) Life Insurance Planning (29) Investment Planning (30) Retirement Planning (31) Estate Planning (32) Business Continuation Planning

Insurance in Alabama Insurance in Alaska Insurance in Arizona Insurance in Arkansas Insurance in California Insurance in Colorado Insurance in Connecticut Insurance in Delaware Insurance in Florida Insurance in Georgia Insurance in Hawaii Insurance in Idaho Insurance in Illinois Insurance in Indiana Insurance in Iowa Insurance in Kansas Insurance in Kentucky Insurance in Louisiana Insurance in Maine Insurance in Maryland Insurance in Massachusetts Insurance in Michigan Insurance in Minnesota Insurance in Mississippi Insurance in Missouri Insurance in Montana Insurance in Nebraska Insurance in Nevada Insurance in New Hampshire Insurance in New Jersey Insurance in New Mexico Insurance in New York Insurance in North Carolina Insurance in North Dakota Insurance in Ohio Insurance in Oklahoma Insurance in Oregon Insurance in Pennsylvania Insurance in Rhode Island Insurance in South Carolina Insurance in South Dakota Insurance in Tennessee Insurance in Texas Insurance in Utah Insurance in Vermont Insurance in Virginia Insurance in Washington State Insurance in West Virginia Insurance in Wisconsin Insurance in Wyoming