Insurance Quizzes-When was the first known insurance

Answer to Quiz

When was the first known insurance policy sold?

Answer: (c), 1st Century B.C.
In the 1st Century B.C., Chinese merchants wanted to protect themselves from shipping losses that occurred from storms, pirates and other experiences at sea. They made a decision to divide the cargo among many ships as a means of insurance if the cargo was lost at sea.

Next Quiz:

An insurance policy that provides specific protection damages that may not be covered within standard liability insurance policies is called:

(a) Umbrella liability insurance
(b) Comprehensive liability insurance
(c) Global insurance
(d) All risk insurance

Word of the Day

Joint Venture

A "joint venture" is an arrangement by two or more parties to pursue a particular...

Joint Venture

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