Insurance History Essay

Some 2,000 years ago in Roman times a take a crap of keep-time redress was practiced by inhumation societies who paid out funeral costs of members funded by monthly contributions. It is thought that these were year to year arrangements but unfortunately there is non enough reason remaining to be exact on how they operated. In Britain in the philia ages Trade Guilds provided funeral costs to members in much the same way. The earliest life insurance policy in England was recorded as being do on the 15th June 1583. The policy was on the life of a William Gybbons (a salt merchant in the City of London) and was take a shitn out by a Richard Martin. The agio was batch at 8 per 100 pounds of benefit insured. Even at that early date it is of interest that when the policy ended in a claim there was dispute between the insurer and the policy toter over whether the policy should pay up. Luckily for Richard Martin he won the casing and the insurer lost. In those days life insura nce policies where underwritten by individuals as opposed to insurance companies. It was also common practice for people to take out life policies on the rich and famous in the entrust that they might benefit if that person died. We would have regarded it as a form of gabling.The first actual life insurance company was the Annuity connectedness founded by the Rev Dr Assheton on the 4th October 1699. Unfortunately this company but if survived for 46 years before going bankrupt. Many life insurers were set up as mutual companies where ownership of the company was among the members of the life fund. The policies did non have fixed sum ups insured as they do today, but preferably the fund would pay out what it could afford based on the material body of people in the fund that died that year. Now we can be glad that life insurance has developed since those days. Most policies offer fixed sum insured which can be up to very large amounts. in that respect argon a numerous number of insurers all vying for your business. Not only are there pure protection policies but also those which are also linked to some form of investment factor. Life insurance law has grown up and now there are some(prenominal) layers of protection for the nave consumer. Whilst all these changes have been good for the consumer it also performer that the consumer needs to be more aware of what type of life policy they need and where best to purchase that cover. Choice is a wonderful good but you need to be able to make a discerning selection.More recent changes have been in the growth of life insurers and life insuranceintermediaries who are using the internet as a fall out of business. Here costs can be controlled, wider markets searched at the click of a mouse and policies handled and concluded at a faster pace. Why not check out what term life cover you could get by visiting http//www.protected.co.uk/ This article was written on the 15th February 2007.This article does not represe nt financial advice as each persons individual requirements will be unique to their needs. If there is something in the article which you which to rely on then(prenominal) please check those details with any person from whom you purchase a term life policy at the time of purchase.