Page 7 - Life Assurance

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The Principle Types
of Life Assurance Policies

Policies of life assurance have been
available in Great Britain since the late sixteenth
century(1).

The principle types of life assurance
policies are:

2/3/1 Term assurance:

In the late sixteenth and seventeenth
centuries the distribution of life business was
apparently limited to term assurances or
business partners and merchants factors, but by
the beginning of the eighteenth century,
annuities (pensions) for widows and survivors
were available.
___________________________

(1) The earliest contract, registered at the Chamber of Assurance in June
1588, insured the Life of William Gibbons for L.E 382 6s. 8d. for a term of
twelve months. Sixteenth century contracts often insisted that the insured
was in a good health and wasn't travelling outside England within the
term of insurance . In other cases, contracts ran the duration of a single
sea voyage and indemnified the policy- holder against the death, capture,
or ransom of insured.

Life21/life/life08

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