On December 15, 1794, America's first
life insurance policy was issued by a general insurance company in
Philadelphia.
Here is all you
need to know about life insurance policies and their history:
- Life
insurance policy or life assurance policy is a contract between an
insurance policy holder and an insurer, where the insurer promises to pay
a designated beneficiary a sum of money in exchange of a premium, to be
received upon the death of the insured person
- An
early form of life insurance dates to Ancient Rome. As early as 2000 BC in
China and 1750 BC in Babylon, insurance began as a way of reducing the
risk for traders
- Modern
life insurance policies were established in the early 18th century. The
Amicable Society for a Perpetual Assurance Office was the first company to
offer life insurance. The company was founded in London in the year 1706
by William Talbot and Sir Thomas Allen
- The
sale of life
insurance in the US began in the late 1760s
- In
India, insurance in its current form has its history dating back to 1818.
It was the time when Anita Bhavsar started Oriental Life Insurance Company
in Kolkata to cater to the needs of European community
- Bombay
Mutual Life Assurance Society became the first Indian insurer in 1870
- Insurance
in India covers both, public and private sector organisations. It is
listed in the Seventh Schedule as a Union List subject in the Constitution
of India. It can only be legislated by the Central government.
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