05 Jun Rome- Where Life Insurance Originated
The genuine life insurance industry as we know it took off in the year 1840 since those religious groups calmed down and did not interfere with governmental affairs anymore. Another huge reason life insurance companies came about proved to be the New York and Chicago Fire’s that killed a whole group of people in each of the two cities. Following this more and more life insurance companies and advertising company started coming about and in the 1900’s business actually grew. People desired to be safeguarded in case of an accidental death.
Modern life insurance however didn’t start until the British decided to attempt to make it work. The custom of life insurance has been banded in the entire continent of Europe except for England and it was just the British which began the most notable life insurance companies known to the European countries now. It was in the middle of the 17th century which from the roads of London, England a group of people met together at Lloyd’s Coffee house and decided to come about with life insurance ideas. The coffee house was a renowned place for merchants, ship owners and owners and therefore it’d be the perfect place to talk about life insurance knowing that the majority of those people had money.
About 20 decades after the whole colonies found that this was a fantastic idea, so the Presbyterian Synod of Philadelphia decided to sponsor the first life insurance company in the USA, that wrote its first policy in the year 1761. The bad thing about life insurance then was that many spiritual groups opposed it because it would be similar to anticipating one’s own death and with the spiritual fervor from the North American Colonies in the time; it proved to be quite a challenge to get the entire thing started.
The people of the highly advanced civilization chose to form what they called“burial teams”. These clubs were created with one sole purpose, in the event of an unexpected death of a club member; everyone else will be willing to pay for their funerary expenses and assist the family of the survivor with some cash. It’s also very important to highlight that many historians agree that about in the exact same time of , the Indian Empire and its citizens also shaped“burial teams” to be able to pay for funerals and help people with expenses.