The first symptoms of the product we know as insurance emerged in Ancient Rome when the families of military leaders were struggling to pay for the expensive funerals they were expected to arrange. Th...
is form of common fund to cover the cost of burials or the loss of ships and their cargo at sea persisted into more modern times. But the real progress came in London with the trading in Lloyds coffee shop. When the statistical work was done to calculate life expectancy, life insurance was added to property insurance and the baby industry took its first steps into the modern world.
The first American insurance company was founded in Charleston, South Carolina in 1732 and, with some anxiety as to where insurers stood on the Civil War, everything proceeded up to 1904 when the first of the modern companies emerged.
Up to 1904, life insurance had only been available to men. Once gender equality was established, the industry moved rapidly forward, selling group life policies in 1911 and accepting the world of modern technology, paying out on the death of an insured in an airplane crash in 1914. The racial barrier was crossed in 1951 with Metropolitan Life selling cover to African Americans for the first time. From 1999 onwards, financial institutions were allowed to merge creating the industry we know today. It has taken a long time to get this far. We should get it right sometime soon.
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