Looking to buy term life insurance? Get free quotes from your local providers. Through the centuries, people have tried to soften the economic blows of sickness, accident and death. Such attempts were basically unsound, however, and were not based on the scientific principles underlying insurance today.
But, from such crude beginnings, insurance based on modern, scientific principles eventually evolved, developed and expanded into the best solution to these serious problems. Internet made it easy to purchase life insurance.
The first record of a life insurance contract is dated June 18, 1583. Richard Martin, “Citizen and Alderman of London,” procured a policy of insurance on the life of William Gibbons, “Citizen and Salter of London,” naming himself as beneficiary. The policy, issued as half lark, half experiment, was written by a group of underwriters at the Old Drury Pothouse, a tavern. Although the contract, written for 12 months, contained a prayer asking that “God send the said William Gibbons health and long life,” he died on May 29,1584.
The case was taken to court to determine whether the 12 months specified in the policy were lunar months or calendar months. The court found the intent of the parties was that the contract should be for 12 calendar months. A definite obligation to pay existed. Probably the only reason we have a record of this contract is that it went to court for settlement.
Both life and health insurance proliferated in England in the 1700s. In 1705, the Amicable Society for a Perpetual Assistance Office was founded and became England’s first successful life insurance company and many people started to buy term life insurance from them.
In 1757, the British Parliament compelled those employing stevedores to protect them against sickness. However, it was not until 1848 that the first real attempt was made to protect the general public against accidents. In that year, the Railway Passengers Assurance Company was formed in London to write “ticket insurance.” This protection was offered to railway passengers and paid benefits if they decided to purchase life insurance and then suffered accidental death or severe injury while riding the railways.
This proved so popular that the company expanded its protection to all kinds of accident insurance. Life insurance came to this continent during the period just before the American Revolutionary War. In 1759, “A Corporation for the Relief of Poor and Distressed Presbyterian Ministers and of Poor and Distressed Widows and Children of Presbyterian Ministers” was established. This company later became known as the Presbyterian Ministers’ Fund, the oldest life insurance company in continuous existence in the world. Purchase life insurance today to protect your family!
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