History on the concept: Insurance

The idea of transferring and distributing risk were practiced by the Chinese(yay!) and Babylonia traders as long ago as the 3rd and 2nd millennia BC.

The merchants when received a loan to fund a shipment, they would pay the lender additional fee in xchange to cancel the loan should the goods gone missing due to a certain circumstances.
So i would say that "GENERAL INSURANCE" was started first as compared to "LIFE INSURANCE".

But It's the Achaemenian monarchs who started something more practical to human life. But they don't pay premiums as what we did today, they pay with "gifts". So whenever the "gifter" was in trouble or his children wants to get married, the monarchs will help him.

However, the greeks and romans introduce "health & life insurances"
They got a guild called, benevolent societies, who cares for the families of the deceased as well as paying for their funerals. So let us not forget the basis in which why life insurance was started.

Insurance contract was first introduced in GENOA, and insurances pools was backed by pledges of landed estate.

The concept of health insurance was made available in 1694 by the efforts of Hugh the Elder Chamberlen from Peter Chamberlen family.

And from then on, insurances take on a whole new identity in the world as the manufacturers give it a new "facelift" every now and then. In our today's world, Insurance companies are the supporting pillar of every well to do society. It provides welfare benefits and it pays them when they need the money most.

The healthcare industry can only reached their fullest potential, provided first, insurance company in that country is doing well, when medical inflation rising at an alarming rate of 4-5% a year in singapore, how many of us, actually have that kind of funds available to seek the best medical treatment?

but in singapore at least, insurance was deem as a "dirty" word,
so why not called it "Indemnification".
High class word for insurance.