History of Life Insurance

HISTORY OF LIFE INSURANCE IN THE USA A military leader named Caius Marius created the first documented burial club, the soldiers of which paid for funeral expenses in case one of their members died unexpectedly. After some time similar clubs started paying out stipends to the families of the deceased. ANCIENT ROME 100 B.C. 1662 John Graunt, a draper from London, was the first to outline a set of predictable patterns of longevity and death in a particuler group of people. But it wasn't until 1693 when the famous astronomer Edmond Halley created the first mortality chart a Great Britain was used to calculate life insurance premiums. Initiation of the first insurance company in the United States. But life insurance made it to the list of the services it offered only three decades later. INSURANCE COMPANY in the US 1732, Charleston,S.C. Right before and during the Civil War, the insurance company New York life has confirmed its commitment to settling all legitimate claims regardless of the client's affiliation. There were many cases of the company's agents crossing battle lines between the North and the South just to pay out a claim. The U.S. Civil War pension program, which was establish right after the war has ended, was the precursor of various Social Security programs introduced by the government in the years that would come. 1861, New York 1893, California The death of the former Californian governor Leland Stanford, who was also the founder of the Stanford University and the president of Pacific Mutual Life, has put the existence of the famous university in danger as its financial support was unstable at the time. Mr. Stanford's widow used the money delivered by her husband's life insurance policy to provide the necessary funding for the university he has created. every day?" Morher-eby do you have to go to work 1904, Des-Moines, IA the Central Life Insurance company (today known as Aviva) issues its first life insurance policy to a woman. However, initially female policyholders had to be married for at least two years and have at least one child in order to get insured. THE UNION CENTRAL LIFE Insurance Company Gquitable LINEASSURACE SOCIEN 1911, New York the first group life insurance policy is issued by Equitable Life Assurance Society (now AXA Equitable) to all 125 workers of Pantasote Leather Company with no individual medical exams or applications required. During the same year the U.S. Supreme Court determines life insurance policies as assets, which can be freely assigned with value like any other asset. 1912 the infamous sinking of the R.M.S. Titanic lead to a record payout in death benefits ($500,000) by a single company, Northwestern Mutual, as 13 of its policyholders were aboard the ship. 1914 the same insurance company, Northwestern Mutual, pays out the first death benefit to a person deceased as a result of an airplane crash. Life Insurance Selling 1926, St. Louis, MO the first book aimed at life insurance companies and salesmen, entitled "Life Insurance Selling" hits the shelves in bookstores across the country. MetLife CAN DO THIS. 1930 before the onset of the Great Depression, life insurance is a blooming industry with over 120 million policies sold across the country, which at that time translated into a single policy for every man, woman and child in the USA. After the Great Depression, MetLife was one of the few companies that managed to stay relatively unscratched to the point where it helped funding the Empire State Building and the Rockefeller Center in New York. 1945 MetLife becomes the largest single contributor to the Allied Cause by placing over 51% of all of its assets into war bonds. 1951, New York Metropolitan Life becomes the first insurance company to authorize its agents to work with the African-American population, subject to the same rules and regulations as for white Caucasian policyholders. 1956, Minnesota the first company to purchase a computer for its operations is Minnesota Mutual. The gigantic Burroughs Datatron 205 with a price tag of $350,000 required an entire floor with 1,000 square feet but helped the company to save at least $100,000 on a yearly basis. the "cluster-selling" technique, which is characterized by group Afac 1964 presentations to employees at work and now accounts for 96% of all life insurance policy sales in the USA, is pioneered by Aflac. APOLLO 16 witED S In SAGE 1969 since the Apollo program astronauts were subject to special provisions and virtually uninsurable, NASA has come up with a substitute for traditional life insurance policies in the form of special postcards that carried the name of each crew member and would rise dramatically in value were they to die. 1971 the first adjustable life insurance policy is issued by the Minnesota Mutual, which allows the policyholder to set the desired premium levels that in turn affect the policy's surrender value. LSA 1995 The Life Insurance Settlements Association (LISA) is established with the scope of promoting an overseeing the integrity, reputation and development of the life insurance industry. GRAMM LEACH BLILET ACT 1999 The Gramm-Leach-Bliley Act adopted by the Congress allows banks, insurance companies, brokerages and other financial institutions to deliver their services simultaneously. What followed was a flurry of mergers and acquisitions that created new companies and terminated a lot of the old ones. 2004 Genworth Financial, a company formed of numerous insurance businesses founded by General Electric Company, becomes the largest IPO of the year and accumulates over $100 billion in assets, making it one of the largest insurance companies in the USA. You can find more info on www.lifewithouttroubles.com OF 082642528 HANES OF 082642528