Historical Background
The development of the concept of insurable interest as a prerequisite for the purchase of insurance distanced the insurance business from gambling, thereby enhancing the industry's reputation and leading to greater acceptance of the insurance industry. The United Kingdom was a leader in that trend by passing legislation that prohibited insurance contracts if no insurable interest could be proven, notably the Life Assurance Act 1774 which renders such contracts illegal, and the Marine Insurance Act 1906, s.4 which renders such contracts void.
Read more about this topic: Insurable Interest
Famous quotes containing the words historical and/or background:
“Some of us still get all weepy when we think about the Gaia Hypothesis, the idea that earth is a big furry goddess-creature who resembles everybody’s mom in that she knows what’s best for us. But if you look at the historical record—Krakatoa, Mt. Vesuvius, Hurricane Charley, poison ivy, and so forth down the ages—you have to ask yourself: Whose side is she on, anyway?”
—Barbara Ehrenreich (b. 1941)
“I had many problems in my conduct of the office being contrasted with President Kennedy’s conduct in the office, with my manner of dealing with things and his manner, with my accent and his accent, with my background and his background. He was a great public hero, and anything I did that someone didn’t approve of, they would always feel that President Kennedy wouldn’t have done that.”
—Lyndon Baines Johnson (1908–1973)