How Can You Insure Your Future?
Long ago, people realized that there is strength in numbers.
For hundreds of years, we have been
joining forces against all kinds of calamities — including financial troubles.
The concept of insurance is simply that if...
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How Can You Insure Your Future?
Long ago, people realized that there is strength in numbers.
For hundreds of years, we have been
joining forces against all kinds of calamities — including financial troubles.
The concept of insurance is simply that if enough of us can pool our money to form a large enough
fund, then together we can handle practically any financial disaster.
Our motivation for contributing
to this fund is our own eligibility to draw from it in the event of a disaster.
One for all and all for
one, so to speak.
An early example of the concept comes from the Code of Hammurabi, Babylonian laws dating back
to 1700 B.
C.
, which contain a credit insurance provision.
For a little higher interest, the ancients
could exempt themselves from repayment of loans in the event of personal misfortune.
A citizen of
the Roman Empire could buy life insurance through the Collegia Tenuiorum for slaves and wage
earners, or the Collegia for members of the military.
The funds provided o
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