Aneka Info

The concept of insurance gaining increasingly popularity also in India, if instead of as a protective shield, its seen as an investment. Insurance can be as a promise of reimbursement for certain future losses for a regular payment between the insurer and the insured.

How important insurance really is? An insurance product as to protect the life and/or the property of a person, company or other entity of losses under unforeseen circumstances.

It would be wrong to say that the concept of insurance is as old as the human societies. In ancient times when an individual house burned, helped the other members of the community to build a new one by contributing the necessary resources.

In practiced as early as the 2nd and 3rd millennia BC, the Chinese and Babylonian traders methods of risk transfer. The Chinese were known, their were many ships, the loss by limit, if a ship sunk to distribute travel through dangerous rapids.

Insurance of Babylonians in the form of a system that performed famous code of Hammurabi, c. 1750 BC and the early Mediterranean sailing merchants. If a trader took a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee the loan cancel the broadcast should be stolen.

The concept of insurance was also the Iranian Achaemenian King of Iran, the pioneers in insurance were their people. By registering the insuring process in governmental notary offices, they went an extra step. Insurance was almost ceremonial and every year in NOROUZ (beginning of the Iranian new year) has been performed. The heads of the various ethnic groups take part as other ready, gave the monarch presented. The most important gift was presented during a special ceremony. As a gift to the value of more than 10,000 Derrik (Achaemenian gold coin) was the issue in a special Office has been registered. This was advantageous for those who presented such special gifts. For others, the gifts of the familiar of the Court of Justice was judged fairly. Then, the review in particular was registered offices.

People in Rhodes came up with the concept of the 'general average'. Dealers which were together were delivered would pay a proportionally divided premium which would be used, to reimburse all merchants, which were during the storm or sink bodies were thrown overboard.

Life and health insurance have to since "benevolent societies", called cared 600 AD when the Greeks and Romans, the Guild organized families and paid funeral expenses to members after death. In the late century England, "Friendly Societies" existed where people means for emergencies are donated. This was much, before the concept was formally brought the insurance in place.

It was in the fourteenth century in Genoa, which came to the concept of separate insurance contracts, which were bundled with loans. The insurance pools have been supported by mortgage property.

At the end of the century, the concept of insurance in a concrete form existed.

The modern concept of insurance 1666 destroyed its origin in the great fire of London the 13,200 houses. First fire led to insure brick and frame houses by Nicholas Barbon 1680 this insurance company, "The Fire Office," to the creation of England.

The first insurance company in the United States were fire insurance and was South Carolina, 1732 in Charles Town (today's Charleston) founded. Benjamin Franklin popular practice of insurance, particularly against fire in the form of perpetual insurance. In 1752, he founded the Philadelphia Contributionship for the insurance of houses from loss by fire. Today, insurance has come a long way.