ACSC 533 Lecture 1: ACSC 513 Lecture 1: ACSC 513 - David Scollnik - Winter 2018
20 Mar 2018
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Document Summary
The actuarial profession began with the need for life insurance in the mid-18th century. However, the business of insurance dates back almost 4,000 years in the marine/shipping industry. The babylonians developed a system which was recorded in the famous code of. Hammurabi, and practiced by early mediterranean sailing merchants. The keel is the main structural member and the backbone of a ship or boat, running longitudinally along the centre of the bottom of the bull from stem to stern. A bottomry is an arrangement in which the master of a ship borrows money upon the bottom or keel of it. The ship is forfeited to the creditor if the money with interest is not paid at the time appointed at the ship"s safe return. The code of hammurabi describes a form of bottomry that was a type of insurance. A bottomry would be taken, but the repayment would be contingent on the ship successfully completing the voyage.
