The first insurance contract was entered into by European maritime nations in 1347 to accept ________ insurance as

Question

Question: The first insurance contract was entered into by European maritime nations in 1347 to accept ________ insurance as a practice.

Options:

1.  life
2.  vehicle
3.  marine
4.  fire

Answer 1

3. Marine

The first insurance contract was entered into by European maritime nations in 1347 to accept marine insurance as a practice.

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More info:

The first known insurance contract was entered in Genoa in 1347, and in the next century maritime insurance expanded and premiums increased statistically by accident.

These new insurance contracts allowed insurance to be separated from investment, a division of roles that began to prove useful in maritime insurance.