Question

What did the insurance product mentioned on the Babylonian obelisk monument offer?

a.

A replacement of goods lost at sea

b.

Compensation for injury or death

c.

Relief from loan repayment under personal catastrophe

d.

A share in the profits of traded goods

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).Relief from loan repayment under personal catastrophe Explanation:The basic insurance product offered on the Babylonian obelisk monument ensured that for a small additional payment on the loan, the debtor was relieved from repaying the loan if a personal catastrophe made repayment impossible.

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Q. What did the insurance product mentioned on the Babylonian obelisk monument offer?
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