[amp_mcq option1=”1750 BC” option2=”1907 BC” option3=”1971 BC” option4=”2000 BC” correct=”option1″]<\/p>\n
The correct answer is: A. 1750 BC<\/p>\n
The first recorded instance of insurance was in Babylon in 1750 BC. The Code of Hammurabi, a set of laws written on a stele, included a provision for marine insurance. The law stated that if a ship sank, the owner of the ship would be responsible for paying the debts of the passengers and crew. This is an early example of risk pooling, which is the foundation of insurance.<\/p>\n
Option B is incorrect because it is the year that the first commercial insurance company was founded in London.<\/p>\n
Option C is incorrect because it is the year that the first life insurance company was founded in the United States.<\/p>\n
Option D is incorrect because it is the year that the first automobile insurance company was founded in the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”1750 BC” option2=”1907 BC” option3=”1971 BC” option4=”2000 BC” correct=”option1″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[261],"tags":[],"class_list":["post-31941","post","type-post","status-publish","format-standard","hentry","category-insurance","no-featured-image-padding"],"yoast_head":"\n