IC38 LIFE INSURANCE AGENT EXAM - Study Notes

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  • Babylonian Traders - Bottomry loans - the loan taken against the security of the ship or its goods had to be repaid only if and when the ship arrived safely, after the voyage, at its destination
  • Greeks - Benevolent societies - 7th century AD, to take care of the funeral - and families - of members who died. The Friendly Societies of England were similarly constituted.
  • The inhabitants of Rhodes adopted a practice whereby, if some goods were lost due to jettisoning during distress, the owners of goods (even those who lost nothing) would bear the losses in some proportion.
  • Chinese traders in ancient days would keep their goods in different boats or ships sailing over the treacherous rivers to distribute or reduce losses
  • Life Insurance Companies Act, 1912 was passed to regulate insurance business

IRDA IC 38 Life Insurance Agent Exam

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