 |
| Image courtesy of PANPOTE / FreeDigitalPhotos.net |
The
first known documented life insurance contract was concluded on June 18, 1583,
with the Office of Insurance, based in London, and the insured was a citizen of
London, William Gybbons. The agreement provides for the sum insured in the
amount of 382 pounds, 6 shillings and 8 pence, to be paid in case of death of
the insured within 12 months from the contract.
In
the sixteenth century in England, there were concluded life insurances
associated with the loans, and the amount of insurance was established in the
amount of the debt. Further development of life insurance, which occurred at
the turn of the seventeenth and eighteenth centuries, was highly due to the
wider use of Actuarial founded the science of probability theory , also
developed the first signs of mortality.
In
1699 in England, the first commercial insurance Society of Assurances for
Widows and Orphans was created, which dealt exclusively with insurance in case
of death. In the eighteenth century a new insurance company opened in England,
but also in the USA and France.
