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Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, ...
Amicable Society for a Perpetual Assurance Office, established in 1706, was the first life insurance company in the world. The first life table was written by Edmund Halley in 1693, but it was only in the 1750s that the necessary mathematical and statistical tools were in place for the development of modern life insurance.
Insurance in the United States refers to the market for risk in the United States, the world's largest insurance market by premium volume. [1] According to Swiss Re, of the $6.782 trillion of global direct premiums written worldwide in 2022, $2.959 trillion (43.6%) were written in the United States.
Universal life insurance (often shortened to UL) is a type of cash value [1] life insurance, sold primarily in the United States.Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.
Insurance Company of North America (INA) is the oldest capital stock insurance company in the United States, [2] founded in Philadelphia in 1792. It was one of the largest American insurance companies of the 19th and 20th centuries before merging with Connecticut General Life to form CIGNA in 1982, and was acquired by global insurer ACE Limited (currently Chubb Limited) [3] in 1999.
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For example, in 2004, The Hartford insurance company had to pay $80 million to an independent inventor, Bancorp Services, in order to settle a patent infringement and theft of trade secret lawsuit for a type of corporate owned life insurance product invented and patented by Bancorp. [85]
Variable universal life insurance (often shortened to VUL) is a type of life insurance that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner.