What Is Insurance?
Insurance is not necessarily an investment from whichone expects to get one's money back, nor it is gambling. Agambler takes risks, while insurance offers protectionagainst risks that already exist.
Insurance is a way toshare risk with others.
Since ancient times, communities have pooled some of their resources to help individuals who suffer loss. About3,500 years ago, Moses instructed the nation of Israel tocontribute a portion of their produce periodically for "thealien resident and the fatherless boy and the widow."-Deuteronomy 14:28, 29.
The Origins of Insurance
Insurance has existed for thousands of years. A form of credit insurance was included in the
Code of Hammurabi,
acollection of Babylonian laws said to predate the Law of Moses. To finance their trading expeditions in ancient times,ship-owners obtained loans from investors. If a ship waslost, the owners were not responsible for paying back the