Life Insurance Industry Facts
According to the Investopedia website. the life insurance industry attempts to manage the mortality rates of its policy holders. By assessing the life expectancy of its members, the life insurance industry charges premiums with higher rates for a shorter life expectancy.
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History
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The Financial Shopper Network reports the earliest form of life insurance was established in ancient Rome with the introduction of burial clubs. Modern life insurance was begun by England's Lloyd's of London after the Glorious Revolution of 1688, even though it was banned in the majority of Europe at the time.
Types
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According to the Insurance Information Institute website, the life insurance industry still deals in traditional forms of life insurance, such as term life and group insurance. The industry also manages annuities that accumulate funds as the policy holder pays premiums.
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Life Insurance
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The life insurance industry collects payments, called premiums, from its members before investing the money. When the policy holder dies or the policy matures, the premiums paid to the insurance company are returned to the policy holder or beneficiaries.
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