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Life Insurance [Australia]

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Life insurance — the major tool of social and economic protection of property interests of the citizens requiring the additional monetary help in connection with adverse vital circumstances.

History of Insurance Business

The funeral insurance history is conducted from time immemorial. Monetary funds for the charitable purposes in ancient India, municipal establishments in ancient Judea, board in Roman empire it's only known facts of insurance of that time. Similarity of the insurance organizations existed in the Middle Ages in separate guilds.

Mother and sonThese insurance organizations rendered material support to members of community at certain difficulties, and also cared of a family of the died. In 1765 in England openly first insurance society which has officially started to practice life insurance and health of citizens.

Originally this insurance has been focused on widows and orphans, but later became accessible to all other citizens of the Great Britain. In 19th century of a society of life insurance have started to work officially in Australia.

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Thus, by the end of 19th century, life insurance has received a wide circulation worldwide. Today, in the majority of civilized countries, life insurance is strategically important branch which provides investments into economy and promotes the decision of the majority of social problems of a society.

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Life insurance in Australia already became for a long time ordinary practice for the majority of citizens. Life insurance quotes became an integral part of expenses, such as: hypothecary purchase of habitation, inquiry of the credit in bank, minimization of taxes and many other things.