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Women insurance executives. Insurance executives share what they’ve learned from their careers in the insurance industry. Pictured from L-R: Darla Finchum, MetLife; Trudy Hardin, Aon; Lori Bailey, Zurich; and Marlyss Gage, Travelers. (Photo: Claims Magazine)

Believe it or not, insurance existed during the ancient world, as people wanted to trade farther than from the nearest village. As trade routes expanded, so did risks, causing a need for insurance to mitigate the risk of pirates, fire and other dangers. During the Medieval era, it was common practice to apply for a sea loan. With this kind of loan, investors would give funds to traveling merchants.

The merchant would then be responsible for paying back the loan if and when the ship made it back in one piece. This acted as a form of insurance. Of course, the rules underwent several changes over the centuries, which leads us to today’s insurance.

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