GET TO KNOW THE HISTORY OF INSURANCE
ANCIENT TIMES
Because his evidence can be trusted, then there is a difference of opinion regarding the origins of insurance that we know today. However, the seed of insurance can be seen from the ancient human ways of handling risk their souls and possessions.
Seed Property Insurance
Some experts consider that the seeds of wealth insurance already existed in the Valley of the Euphrat. Babylonia, some thousands of years ago. At that time, Commerce Should have been growing rapidly so that merchants send their salespeople to the area around Babylonia to sell their goods. With the passage of time, then this sale to travel abroad so that the more time consuming. The seller is working based on a percentage of the profits from their trading journey. Them in trust carry goods that belong to their employers.
This is of course the employer is asking for something for collateral. The seller assured him that it would be returned by bringing profit and will not escape. Thus the sellers that make their own property as a guarantee that they will not cheat their employer.
Unfortunately, the most visited area of the seller is not so secure goods and money belonging to the employer is taken away in the middle of the street so that the sellers return empty-handed to their country and their property that the guarantee in confiscated by their employers. This sacrifice which is clearly not fair has aroused protests from the vendors so that later there was born the change settings for the agreement. With this new system, employers and the median divides the seller gains in travel trade gained from it, but in case of losses caused by theft or robbery in a foreign country and not the fault of the seller, then seller guarantees that property will not be seized by the employer. So, some of the risks of the business on the move from the sellers to his employer. The transfer of risk which is one of the characteristics of this insurance is insurance of property of seed.
The concept of transfer of risk and one party to the other party in the transaction in an encounter in Ancient Greece. If a moneylenders Greece gives loans to ship owners to finance a cruise, then ship it on set as collateral for such loans. However, the lender agreed that loans were null and void if the vessel failed to return home. In fact the lender insuring ships for a number of these loans because of the magnitude of the risk of the venture then the interest rate must be in the pay of the loans is higher than usual. The difference between the interest rate paid on a loan with an interest rate of normal is the same as what is now called insurance premiums.
This kind of contract that makes the ship as a collateral contract called bottomry, whereas if the guarantee that is in charge then called respondentia. The system of transfer of the risk of this sea in use across the country around the Mediterranean Sea, but the system was somewhat his comes from Greece.
An other example about efforts address the issue of risk in ancient times is what is practiced by Chinese merchants. The merchant sends a lot of amount of goods by boat via the River because of the way this is the most suitable for transporting massive. Some parts of the River were very dangerous on the go through so there is rarely a boat and is missing altogether. In such case, the owner of the goods that bear the entire burden of the loss. The end, arise the idea of boat owners to spread the risk, i.e. the delivery of the goods does not load the goods in one boat but divide it among a number of boats. So, the content is something that is a boat belonging to a large number of the owner of the goods. If the boat was sunk, the burden of loss does not bear a single person but rather are borne along. Modern insurance also uses the principle of spreading of risks are the same, although the spread of it funded through financial instruments and not physical tools.
The Seed Of Life Insurance
A pioneer of modern life and health insurance is also in the encounter in Greece and ancient Rome. In Greece there are religious groups that conduct fund-raising activities of its members to ensure the cost of burial. This activity item times is an early form of burial insurance.
While Roman Greece succeeding as the leader of the ancient world, the Romans used the same system for life insurance. However, with the development of the Roman system is heavy, the point of this activity is no longer on the religious elements, but are open to the general public. In some ways, developing a broader closure to certain groups such as the Group of soldiers.
