Mr. Gybbon worked in London as a Salter of meat and fish used to preserve meat. His insurance claim ended up being the first in history to be disputed by the time honored “Loophole Card.”
The oldest life insurance policy can be traced back to London in 1583. The insured was a gentleman by the name of William Gybbon. Mr. Gybbon worked in London as a Salter of meat and fish used to preserve the meat.
The company underwriting the plan was not clear, but the beneficiary was known to be Richard Martin. No one really knows their relationship or the face amount of the policy other than it was a one year term, but it is an interesting story.
William Gybbons actually died near the end of the policy year. The underwriting company refused to pay the claim on the grounds that the contract was for a lunar year versus a calendar year. The courts ruled in favor of Richard Martin and the claim was paid. So, even 430 years ago insurance companies were playing the loophole card.