Conduction. 1  Conduction is the transfer of thermal energy through direct contact between particles of a substance, without moving the particles to a new location. 2  Usually occurs in solids. 3  When heat is supplied to one end, molecules at that end start to move more quickly.
Episcopalian ministers organized a similar fund a decade later. (The first insurance company in the American colonies was formed before this, in Charleston, S.C., in 1735, but it offered only fire insurance at first. It didnât add life insurance until 1760.). (AP Photo/Lefteris Pitarakis).
During the depression years of 1871 to 1874, 46 life insurance companies ceased operations, with 32 failing outright. The result: $35 million in losses for policyholders. In 1875, the Widows and Orphans Friendly Society was founded in Newark, N.J. with a single product: burial insurance. It was the first company in the United States to make life insurance available to the working class. That company eventually became Prudential.