SAP The History of Life Insurance 1_1.pptx

By cbrowninsurancebroker | Updated: Aug. 31, 2024, 9:52 a.m.

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This lesson is created to nurture the understanding of the history of Life Insurance of those taking the free Silver Age Pros. Life Insurance Information Course.

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Lesson 1: The History of Life Insurance
July 2023
Objective
This lesson is created to nurture the understanding, of the history of Life Insurance, of  those taking the free Silver Age Professionals of America's "Things You Need To Know About Life Insurance" Course.  
A Quick Timeline of The History of Life Insurance 
625BC- 476AD
Romans used Life Insurance to insure those who died in battle.
1500s
The first Life Insurance Policy is written in England.
1700s
Term Life Insurance was written in Pennsylvania 
1800s
The State of New York passed legislation creating what we know as modern Life Insurance.  
1900s
Cash Value and living benefits are added to policies. The McCarron - Ferguson Act was enacted. Also Universal Life Policies were created. 
625BC - 1500’s
The beginning of Life Insurance is said to be documented in during the Roman empire. The Romans used Life Insurance as a way to prepare to take care of the  burial and religious burial rights of their soldiers.

In the 1500s in England a man who worked preserving meats and fish was insured in a Life Insurance Policy. 
1700’s - 1800’s
In the 1700’s in Pennsylvania a Term Life Insurance Product was written to Insure the life of a Ministers and their Families. A corporation known as The Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers.

In 1840 the State of New York passed legislation allowing women to take out Life Insurance Policies on their husbands creating what is known as Traditional Life Insurance today. 
1900’s 
To help in protecting the consumer of Life insurance the McCarron-Ferguson Act was enacted in 1945 giving the states the power to regulate insurance sales.

At some time in the 1900’s Cash Value and living benefits were introduced to make Life Insurance Policies more valuable to consumers. The youngest form of Whole Life Insurance Universal Life Insurance was created in 1979.
Summary 
Since 625 BC Life Insurance has been used to take care of the burial expenses and final wishes of those knowing they have the responsibility to take care of this need. Though Life Insurance has had some additions to make it more attractive to consumers, it is still being used to handle post mortem events for those who deserve to have their wishes carried out for centuries and continues to get better for the consumer. There is literally no better time in the history of Life Insurance to get a Life Insurance Policy.

SAP The History of Life Insurance 1_1.pptx

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