According to this article, Life Insurance “dates back to 5000 BC in China and 4500 BC in Babylon as an element to reduce the life risk of the traders”. Modern Life Insurance started in the 17th century protecting traders. The first American Insurance company was founded in 1732 in Charleston, SC providing only fire insurance. Life insurance was not offered in the US until 1760. Prior to the Civil War, many companies even insured slaves. Eventually this policy was voted out by share holders.
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