Discussion
When did insurance begin in Babylon?
Answer: A
Correct answer: 1750 BC
The earliest recorded insurance arrangements appear in the Code of Hammurabi, about 1750 BC, under which a Babylonian merchant receiving a loan for a shipment paid an additional sum for the lender’s agreement to cancel the debt if the cargo were lost or stolen - a bottomry contract, and recognisably marine insurance. The practice passed from Babylon to the Phoenicians, the Greeks and the Romans.
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