It all started in 1750 BC as told in the history of the insurance review below .
insurance history
Code of Hammurabi
King Hammurabi 's Law
The main concept of insurance - ie the transfer and dissemination of risk - have long operated in line with human existence . Whether it's during the time of the hunt , which animal they hunt in groups to spread the risk of death , or at the time of delivery of cargo by using different caravans to avoid the risk of losing the entire charge as a result of the robbery . From ancient times people are alert to the risks .
Insurance policies written first appeared in ancient times on the obelisk monument of King Hammurabi of Babylon by law engraved in it . The " Hammurabi Code " was one of the first written laws in the world . This ancient law does have extreme consequences in many ways , but offers a basic principle of insurance that is where the debtor does not have to pay back the loan if they experience a disaster that mustahilkan them to make payments ( disability , death , floods , etc. ) .
Protection of Trade Unions
In medieval times , most craftsmen are trained through union system . The children spend their childhood to apprentice craftsmen who work to have advanced a fee that is not worth it , even sometimes not paid at all . Once they grow up and become an expert in their work , they pay dues to the union and began to train their own interns . A lot of craftsmen who have rich coffers or property that serves as a backup insurance fund . If their garage on fire , is a common thing befall wooden shacks in medieval Europe , the rich craftsmen will build back his workshop using the money from the coffers of savings . If robbed , they would cover their obligations until the money starts flowing again . If these craftsmen suddenly can not work or be killed , then the union will support him or widow and family . This safety net system to encourage more and more people leave the world plunge into the world of agriculture and trade . As a result , the number of items available for trade increased , so did the number of variants of goods and services that are available . Insurance style used by the union is still there to this day in the form of " protection group " .
insurance history
Lloyd's Coffee House
Dangerous waters
Underwriting practices appeared in the city of London for the rest of the operation that is running the coffee house functions as an official for the United Kingdom market . In the late 1600s , a new import-export activities started between the British empire and the colonies that began well established . A coffee house of Edward Lloyd , who later became Lloyd's of London , is the main meeting place for merchants at that time where the ship owners also gathered to seek insurance .
A basic system for funding the voyage to the new world was created . In the first phase , the merchant and the company will seek funding from venture capitalists . Then the venture capitalist is responsible for assisting and find people who want to make a colony , which usually is the people of the poorer areas of London . They will later who will pay most of the cost of shipping . As profits , venture capitalists will get profit from the luggage area results colonies . Although expected from the colonies that gold or gemstones are not always obtained , the venture capitalists are still willing to fund the voyage with crop yields of the new world of tobacco .
Once the trip is guaranteed by venture capitalists , the merchants and ship owners would go to Lloyd and submit a copy of the ship's cargo to be read to the investors and underwriters who gathered there . People interested in taking the risk to benefit agreed to sign the copy below a price that is lower than the number that shows the value of the charge of cargo where they took the risk and responsibility of the shipping ( it is then called ' underwriting ' the literal meaning of ' written at the bottom ' ) . In this way , a single trip will have several underwriters , where they spread their risk by taking a stake or role in several different cruise .
insurance history
the first calculator
In 1654, Blaise Pascal , a French citizen found the world's first calculator , and compatriot , Pierre de Fermat , finding a way to assess the probability and thus , the level of risk can be dipamami . Pascal's triangle led to the discovery that the first actuarial tables , and are still , used to calculate insurance rates . This helps underwriting practices and make insurance more affordable menjdi
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