insurance etymology

Etymology:

The word "insurance" derives from the Latin word "insurare," meaning "to make secure or guarantee."

Meaning:

Insurance refers to a financial arrangement where an individual or entity (the policyholder) pays a premium to a company (the insurer) in exchange for the insurer's promise to provide financial compensation or protection in the event of a specific event or loss occurring.

Origin:

The concept of insurance has its origins in ancient civilizations.

• Mesopotamian Era (c. 3000 BCE): Evidence suggests that merchants in ancient Mesopotamia used a form of insurance to cover cargo losses during sea voyages.
• Babylonian Code of Hammurabi (c. 1750 BCE): This legal code included provisions for compensation in cases of theft, damage, or loss of property.
• Ancient Greece: Temples and other institutions offered a form of insurance to cover the costs of major events such as funerals and shipwrecks.
• Ancient Rome: Mutual aid societies and guilds provided insurance-like protection to their members.

Development of Modern Insurance:

• 13th Century: Marine insurance emerged as a major form of insurance in Mediterranean trade.
• 15th Century: Land-based property insurance began to develop in Europe.
• 18th Century: Life insurance became widely available, initially focusing on wealthy individuals.
• 19th Century: Insurance spread throughout the world, covering a wide range of risks and areas.

Types of Insurance:

Today, there are numerous types of insurance available, including:

• Property insurance (e.g., homeowners, auto)
• Liability insurance
• Health insurance
• Life insurance
• Disability insurance
• Travel insurance
• Business insurance

insurance relate terms

• assurance

  Etymology Old French asseurance Latin assecurantia from assecurare to make sure

• assure

  Etymology assure from Old French aseürer from Late Latin assecurare from Latin ad

• insure

  Etymology Middle English assurer Anglo French asseurer Old French asseürer Late Lat

• sure

  Etymology Sure comes from the Old English word sīcur which meant carefree safe

• sure

  Etymology Sure comes from the Old English word sīcur which meant carefree safe

• indemnity

  Etymology Origin Latin indemnis meaning uninjured unharmed Root in not

• policy

  Etymology The word policy originates from the Latin word polyptycha which means fol

• prudential

  Etymology The word prudential comes from the Latin word prudentia which means fore

• mail order

  Etymology and Meaning of Mail Order The term mail order originated during the mid 19t

• premium

  Etymology The word premium comes from the Latin word praemium meaning reward or

• contract

  Etymology The word contract comes from the Latin word contractus which means drawn

• protection

  Etymology The word protection comes from the Old French word protection which in tur

• shelter

  Etymology The word shelter comes from the Middle English word sheltren which in turn