Insurance Teacher

In Ancient Rome people founded an association to help families when one of their members died. They founded it according to rules created by them and it supposed an entrance contribution and periodical payment. The members of the association were sure they would own a funeral pyre and a tomb when they died.

Some forms of goods insurance are known since slavery, under different forms. Thus, losses resulted from discharging in the water the merchandise in order to save the expedition in danger (caused by shipwreck, storm, etc.) were distributed proportionally, being supported by all the people taking part in the expedition, according to the principle of common damage. These principles have been included in the sea law of Rhodes Island since 916 BC and they are still valid nowadays.

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