Insurance is not a new concept. As a matter of fact, it may even be said that insurance evolved almost simultaneously with human society. Insurance in its modern sense - that is, modern money economy insurance - was practiced as far back as the 2nd and 3rd millennia BC by Babylonian and Chinese traders. Chinese merchants sailing through perilous river rapids would distribute their merchandise across many vessels. In so doing, they limit losses that may be incurred once a single vessel capsizes. The Babylonians, for their part, created a system that was recorded in the famous Code of Hammurabi. Under this system, a merchant who receives a loan to fund his shipment must pay the lender an extra sum as guarantee that the loan would be canceled should the shipment be stolen. This section provides information relating to insurance and all the concepts under its umbrella.