When did insurance begin in Babylon?
A. 1750 BC
B. 1907 BC
C. 1971 BC
D. 2000 BC
Answer: Option A
Solution(By Examveda Team)Insurance begin in Babylon in 1750 BC. Babylonians also practiced insurance in the form of a system, called the Code of Hammurabi, c. 1750 BC. It was practiced by the early Mediterranean sailing merchants. When a merchant takes a loan to fund his shipment, he would also pay an extra sum to the lender to would guarantee him to cancel the loan when the shipment is stolen or lost at sea.
A. Cover would cease and policy cancelled
B. Cover would be subject to certain exclusions
C. Cover would decrease
D. No claim Bonus allowed for claim-free years
A. Amortised plan of loan
B. Annuity in perpetuity