Where did the concept of insurance come from?
Insurance has always been problem solving strategy in case of a catastrophe. Many people site the code of Hammurabi
as the earliest written reference to a “policy.” In fact, the code
offered an alternative to a person who owed a debt. If debtor could not
pay because a harvest failed, the debt was deferred to the next year
with no interest payments. On the Ancient History Source Book on the
Fordham University website I found this translation of Hammurabi’s law “If
any one owe a debt for a loan, and a storm prostrates the grain, or the
harvest fail, or the grain does not grow for lack of water; in that
year he need not give his creditor any grain, he washes his debt-tablet
in water and pays no rent for this year.”
This may seem like a very contemporary concept of fairness, yet most of
his code includes eye-for-an-eye punishments that may seem ludicrous
I was researching history of insurance, I came across an article on
investopedia.com that mentioned medieval guilds as an early form of
group insurance. I am unfamiliar with the history of Europe in the
Middle Ages, so I did some research on the website
for the Economic History Association. Two examples of medieval guilds
are merchant and craft guilds. Merchant guilds were organizations in
which members were under contract to assist a member who was unable to
sell his merchandise. In craft guilds, artisans collected money, as a
coalition, in case one of their members encountered difficulties.
For the history of Homer Smith Insurance check out our page.
There are pluses and minuses to purchasing a used car. You can get a nice car that is in good condition and only a couple years old at a fraction of the original price. On the other hand it is difficult to know if the car is truly in good condition. Many of my friends will invite a trusted friend who is automobile savvy to look at used vehicles with them. Thanks to United States laws, you can run vehicle history on AutoCheck and other similar websites. This webpage on Edmunds.com also offers a list of all the factors you should pay attention to when test driving a used car.
Are you saving on Washington Automobile Insurance by purchasing a used vehicle?
The easy answer is yes. The premium cost is lower because a used car does not represent as big of a financial investment to the owner as a new car would. For example, if the a used car was damaged it a collision it might cost less to get a new vehicle. According to Auto Insurance USA, “used cars also can inflict an equivalent damage to other vehicles, people, structures, etc, the liability rates are the same, regardless of how old the car is.” You may not save a huge amount on insurance with a used car, but you will certainly save on the price of the car.