Which of the following is referred to as the oldest form of insurance?
Answer Details
Marine insurance is referred to as the oldest form of insurance. This is because it has been in existence for over 4000 years, with evidence of its practice dating back to ancient Babylonian times. Marine insurance is a type of insurance that provides coverage for marine vessels, cargo, and related risks, such as piracy and collisions at sea. It was originally developed to protect merchants and traders from the risks associated with shipping goods over long distances, and it remains an important form of insurance today.