Insurance is a system that insure your minimum damage in any condition its you or your property.
Its takes a long time to gain from any insurance coverage.
Insurance starts in early human society.There are two types of economics in human society
Insurance is a case of agreement between the policy holder and the policy makehr. If your house gets destroyed the neighbor (insurance company) committed to rebuild it.
The thought of insurance first come in Chines and Babylonians traders in 3rd BC when Chinese merchants go threw the treacherous river with there many ships they suddenly fall in loss. The Babylonians develop a system that was recorded in the famous code of Hammurabi science 1750 BC. If a merchant receive a lone to fund his shipment he would pay launders gar runty against his ricks as the shipment be stolen or lost at sea.
The ancient Parisian awarded many gifts under the group which in their control. This function called early form of political insurance.
The advance lone was cancelled if their ship was lost. The Greeks and Romans include the health and life insurance. But the insurance established later in 17th century. Insurance generally used for emergencies.
There are many insurance present in modern world.. First insurance taken by Arther duke of the value of 100 pound.
Accident insurance available in the late 19th century. Railway passenger assurance company which takes the accident insurance in 1848.