With numerous inventions that ranged from the lighting rod to bifocals, it shouldn't be too surprising that Benjamin Franklin was also one of the forefathers of insurance in the United States. According to PBS, Franklin formed the Philadelphia Contributionship in 1751, which was the first company in the colonies to provide fire insurance.

Members of the Philadelphia Contributionship agreed to make payments that would be used if any other member fell victim to fire-related losses. In the first year, the contributionship issued 143 policies, which lasted for seven years, PBS reports. Not one insured property caught on fire during that time

Automobile insurance was a little before Ben Franklin's time, but he did recommend coverage that included crop and life insurance, as well as coverage for widows and orphans. Regardless of what type of policy Franklin proposed, the policies all ultimately had the same goal: to ease financial burdens that can occur when disaster strikes.