History of Life Insurance

History is not always as certain as we would like. The way in which the world worked centuries ago is known in outline, but we often only see highlights. So, for example, there have been versions of life insurance for more than two thousand years. It all began in Ancient Rome when military leaders faced the problem of high-cost funerals. Their families were expected to pay for major events. Their solution was to contribute into a fund that would pay for their funerals should they die unexpectedly when fighting wars.
This was translated into something more recognizably life insurance by John Graunt in 1662. He was a statistician and noticed predictable patterns in mortality. In the 1760’s, life insurance crossed the Atlantic and was offered in Charleston, South Carolina. This was not controversial and spread throughout America. However, when the Civil War broke out, the life insurance industry decided to pay out no matter which side the deceased supported. This openhanded approach became the basis of the Social Security programs we know today.
The next major event occurred in 1904 when the Central Life Insurance Company issued a policy covering a woman. The rest, as people say, is history. The basics were in place and all that followed just added details like the first claimants who died in an air crash, computerization, and so on. No doubt there will be something spectacular to add to the list tomorrow.
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