The rudiments of insurance go back to ancient history. If one family’s house gets destroyed, the neighbors are commit rebuild it. When a woman was widowed with children, the unmarried men in her husband’s family were bound by honor to marry and protect her
The first methods of transferring risk and compensation in a monetary fashion occurred in the 3rd millennia BC by Chinese and Babylonian. Ancient Persia annual gifts from the various ethnic groups were given to the Persian monarchs to ensure protection and physical safety.
In 600 BC, he Greeks and Romans introduced the roots of health and life insurance by creating guilds called "benevolent societies." These guild cared for the families of deceased members. In Genoa in the 14th century, there were insurance pools backed by pledges of landed estates. In the early 19th century, Insurance became more complex and started setting the tone for insurance as investment.
In Colonial America in 1732, the first insurance company began in Charles Town (modern-day Charleston), South Carolina in 1732. Benjamin Franklin counseled that the standard the practice of insurance should be adopted.
So, over the years, various kinds of property and life insurance have ebbed and flowed in the history of man, for the protection of the living. You don’t have to die to win. Now with some of the more modern versions of life insurance, there can even be an investment arm.