Features of a society before and after insurance.?

Question

Briefly define insurance and give the features of a society before and after insurance.

Answer 1

New Orleans 9th ward-NO insurance and look at results.

Florida and Mississippi-Insured and look at results.

Answer 2

The problem is that you have to go way back to find a time without insurance. Originally, insurance was for commercial ventures, especially ships going out for trade. Thus Italy a considerable time back (1400 or earlier) and England a fair amount of time back (1700 or so) had arrangements where by a ship owner might give up in advance some of his possible profit in exchange for covering some of his losses if the ship did not return.
Insurance on land took the form of paying fees in advance to companies that would send men to fight fires, which they would fight if not their insurance logo on the building and sometimes had fights with other teams trying to get business when the burning building was not insured yet.
So a society that has insurance must have a strong money economy with the concept of paying fees for money (which gets tied into bans on usary - loaning money) and have predictable events, such as ships or fire. Life insurance - predicting the chance of death - began when odds could be calculated and first took the form of mutual benefit societies where many people in a modest area paid in to have money paid out to beneficiaries in the event of death.