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Life Insurance

May 22, 2013

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Profile America -- Wednesday, May 22nd. Many things we take for granted in current society actually had their beginnings in colonial America. And many beginnings in colonial America took place in Philadelphia. The first known life insurance company was called the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers chartered this month in 1759. Given the time and location, it should not be surprising that Benjamin Franklin was involved in setting up the business. Now, there are 946 life insurance companies in the U.S., with nearly 300 million policies in force. Finance and insurance is a $3.7 trillion a year sector of the economy. You can find more facts about America from the U.S. Census Bureau, online at <www.census.gov>.

Sources: Presbyterian Heritage Center
2007 Economic Census, NAICS 524210
http://www.census.gov/econ/industry/hierarchy/i524210.htm
Statistical Abstract of the United States 2012, t. 1220, 1221
http://www.census.gov/compendia/statab/cats/banking_finance_insurance.html