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Insurance in some form is as old as historical society. So-called bottomry contracts were known to merchants of Babylon as early as 4000–3000 bce. Bottomry was also practiced by the Hindus in 600 bce and was well understood in ancient Greece as early as the 4th century bce. Under a bottomry contract, loans were granted to merchants with the provision that if the shipment was lost at sea the ...
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