History of Life Insurance Assignment
Inter professional Health Education Essay
April 10, 2021Information Management in Healthcare Systems
April 10, 2021History of Life Insurance Assignment
History of Life Insurance Assignment
From the earliest days, Man has organized himself to control three main hazards, which confronted him, and still do. These hazards are: •History of Life Insurance Assignment
Life Insurance originated and developed to reduce the impact of these hazards by grouping together with others and thus sharing the risk. The story of the origin of life insurance is very inspiring. The idea of guarding against risk is almost as old as mankind. We know that Joseph recommended storing grain during seven fat years in Egypt against the impending seven lean years.
Centuries ago in England, little groups banded together into guilds and societies. Members of these guilds and societies by paying small sums were assured that a certain measure of relief would be given to their families if the breadwinner were taken away. In 1705, “The Amicable Society for a Perpetual Assistance Office” was founded and it became England’s first successful Life Insurance Company. One of the first records of life insurance was in Rome.
The groups called Fratres (burial clubs) came together. These were set up by the poor to pay for the funerals of the members and to help the surviving family members financially.