The History of Insurance

Everything Everywhere Daily

Gary Arndt

History, Education

4.8 • 1.8K Ratings

🗓️ 30 May 2023

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Insurance seems like a pretty modern concept. There are insurance commercials on television, and insurance companies sponsor major sports teams. Most of us have to buy insurance, or we are at least under someone else’s insurance policy. However, insurance is far from a modern concept. It is actually one of the oldest financial arrangements in human history. Learn more about insurance, how it was created, and how it works on this episode of Everything Everywhere Daily. Sponsors BetterHelp is an online platform that provides therapy and counseling services to individuals in need of mental health support. The platform offers a range of communication methods, including chat, phone, and video sessions with licensed and accredited therapists who specialize in different areas, such as depression, anxiety, relationships, and more. Get 10% off your first month at BetterHelp.com/Everywhere ButcherBox is the perfect solution for anyone looking to eat high-quality, sustainably sourced meat without the hassle of going to the grocery store. With ButcherBox, you can enjoy a variety of grass-fed beef, heritage pork, free-range chicken, and wild-caught seafood delivered straight to your door every month. Visit ButcherBox.com/Daily to get 10% off and free chicken thighs for a year. InsideTracker provides a personal health analysis and data-driven wellness guide to help you add years to your life—and life to your years. Choose a plan that best fits your needs to get your comprehensive biomarker analysis, customized Action Plan, and customer-exclusive healthspan resources. For a limited time, Everything Everywhere Daily listeners can get 20% off InsideTracker’s new Ultimate Plan. Visit InsideTracker.com/eed. Subscribe to the podcast! https://link.chtbl.com/EverythingEverywhere?sid=ShowNotes -------------------------------- Executive Producer: Charles Daniel Associate Producers: Peter Bennett & Thor Thomsen Become a supporter on Patreon: https://www.patreon.com/everythingeverywhere Update your podcast app at newpodcastapps.com Discord Server: https://discord.gg/UkRUJFh Instagram: https://www.instagram.com/everythingeverywhere/ Facebook Group: https://www.facebook.com/groups/everythingeverywheredaily Twitter: https://twitter.com/everywheretrip Website: https://everything-everywhere.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Insurance seems like a pretty modern concept.
0:02.5	There are insurance commercials on television and insurance company sponsor major sports teams.
0:07.0	Most of us have to buy insurance, or at least we're under someone else's insurance policy.
0:12.0	However, insurance is far from a modern concept.
0:15.2	It is actually one of the oldest financial arrangements in human history.
0:19.5	Learn more about insurance, how it was created, and how it works, on this episode of Everything Everywhere Daily. Insurance is insurance.
0:43.0	It's often very technical and most importantly it deals with something that we don't want to think about.
0:49.0	So before we get too far into it, what exactly is insurance?
0:53.6	The common definition of insurance is that insurance is a contract in which a policy
0:57.7	holder receives financial reimbursement against losses from an insurance company if a predetermined event should occur.
1:05.0	Basically, insurance is a form of risk mitigation.
1:08.0	If something should happen with a negative financial consequence,
1:11.0	an insurance company would pay a policyholder based on the terms of their
1:14.2	deal.
1:15.2	You can, if you really want, get an insurance policy for almost anything.
1:20.6	More on that in a bit.
1:22.4	In reality, there are a small number of categories that most
1:24.9	people buy insurance for. Auto insurance is probably one of the most popular
1:29.0	forms of insurance worldwide. Getting in a car accident is a low probability event. However, if you should get into a car accident, it will cost you a lot of money.
1:38.0	You might need repairs to your car. You might even need to entirely replace your car.
1:42.0	If the accident was severe, you may need to entirely replace your car.
1:42.9	If the accident was severe, you may need to pay for medical treatment, or you might have to pay
	...

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