History of Insurance - Fire Insurance & Emergence of Insurance to America

Fire and Plague
In 1666, the great fire of London destroyed around 14,000 buildings. London was still recovering from the plague had that ravaged it a year earlier, and many survivors found themselves without homes. As a response to the chaos and outrage that followed the burning of London, groups of underwriters who had dealt exclusively in marine insurance formed insurance companies that offered fire insurance. Armed with Pascal's triangle, these companies quickly expanded their range of business. By 1693, the first mortality table was created using Pascal's triangle and life insurance soon followed.

The Slow Exodus to America
Insurance companies thrived in Europe, especially after the industrial revolution. In America, the story was very different. Colonists' lives were fraught with dangers that no insurance company would touch. As a result of lack food, wars with indigenous people and disease, almost three out of every four colonists died in the first 40 years of settlement. It took more than 100 years for insurance to establish itself in America. When it finally did, it brought the maturity in both practice and policies that developed during that same period of time in Europe.

Source:  Andrew Beattie is a managing editor and contributor at Investopedia.com.

History of Insurance - Guild Coverage

In the dark and middle ages, most craftsmen were trained through the guild system. Apprentices spent their childhoods working for masters for little or no pay. Once they became masters themselves, they paid dues to the guild and trained their own apprentices. The wealthier guilds had large coffers that acted as a type of insurance fund. If a master's practice burned down, a common occurrence in the wooden hovels of medieval Europe, the guild would rebuild it using money from its coffers. If a master were robbed, the guild would cover his obligations until money started to flow in again. If a master were suddenly disabled or killed, the guild would support him or his widow and family. This safety net encouraged more and more people to leave farming and take up trades. As a result, the amount of goods available for trade increased, as did the range of goods and services available. The style of insurance used by guilds is still around today in the form of "group coverage".

Source:  Andrew Beattie is a managing editor and contributor at Investopedia.com.

COVERAGE CHOICES - Life Insurance Ontario by Smart Term Life Insurance - FAQ - SmartTerm.ca

What is the right choice for you? Listen to our Frequently Asked Questions Series video.

Can I Buy Life Insurance Without Seeing An Advisor?

Good question.  Find out the answer in our short YouTube video below from our Frequently Asked Questions Series.  If you have any further questions, please contact SmartTerm Life Insurance today at 1-866-699-TERM (8376). Our agents will be happy to assist you.

Do You Offer Independent Healthcare?

Independent and Group Health Care Benefits are a very important and key subject.  Watch below as we answer this question.  If you have any further questions, please contact SmartTerm Life Insurance today at 1-866-699-TERM (8376). Our agents will be happy to assist you.

Is SmartTerm Giving Away A Prize?

Listen below for the exciting answer to this question from our Frequently Asked Questions Series.  It's part of our way to say thank you for your interest in our company.  If you have any further questions, please contact SmartTerm Life Insurance today at 1-866-699-TERM (8376). Our agents will be happy to assist you.

Do I Need A Medical Exam?

This question is very popular so to make things easy and quick to get you the answer, as part of our Frequently Asked Question Series, below is a short video clip on YouTube for you to watch.  If you have any further questions, please contact SmartTerm Life Insurance today at 1-866-699-TERM (8376). Our agents will be happy to assist you.

How do I Start The Application Process?

Find out more about how to start the application process through this short tutorial from our Frequently Asked Questions Series.  If you have any further questions, please contact SmartTerm Life Insurance today at 1-866-699-TERM (8376). Our agents will be happy to assist you.

How Long Has SmartTerm Been In Business?

SmartTerm Insurance Company has been around for over 20 years now.  To find out more check out the video below, part of our series of Frequently Asked Questions.  If you have any further questions, please contact SmartTerm Life Insurance today at 1-866-699-TERM (8376).  Our agents will be happy to assist you.

Why SmartTerm?

Why SmartTerm?

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Why Term Insurance?

Why Term Insurance? It’s a smart, trusted way
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If you could always be there, watching over those you love, you wouldn’t need life insurance. But since you can’t, life insurance is essential for your family’s future and your peace of mind. After all, if you were to pass away suddenly, what would happen to those who depend on your financial support?

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