Sample Research Paper
History of insurance outlines the development of the laws in a market to ensure that there is a lesser risk with the economies. The beginning of the human society is marked with the beginning of the insurance. Chinese and Babylonians practiced the concept of insurance since the 2nd and the 3rd millennia BC (Baldwin, 2001).
Achaemenian monarchs were the first ones who started ensuring their people and the insurance registration were carried out in the government offices. The insurance tradition was followed every Nowruz year, which is also known as the beginning of every Iranian year. The Greeks and Romans established the idea of health and life insurance in 600 A.D when the benevolent societies were created which paid for the funeral expenses. The Romans first introduced the concept of burial insurance. In the 14th century, the insurance contracts were invented in Genoa (Vollbrecht, and Organization for Economic Co-operation and Development, 2001).
Contemporary insurance goes back to the Great Fire in London in 1666, that destroyed 13,200 houses leading Nicholas Barbon start insurance on buildings. In the 19th century, the concept of accident insurance came into life. the first insurance company in America was created in 1732 in South Carolina while health insurance policies were first instituted at the beginning of the 20th century. It has been realized that there is a need for the federal and regulatory systems for the insurance in order to strengthen the policies.
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