Background
Human kind has been facing uncertainties throughout ages related to illness, disability, unemployment, old age and death. These facets of life have been referred to as a threat to the economic security of an individual. The ancient Greeks considered the olive oil to be a form of their economic security while in the medieval Europe, the economic security was considered to be the responsibility of the feudal lords. With the developments in economy and the rise in social complexities, formal organizations were developed in Europe; these regulated production and employment while providing certain benefits to the members in times of need. ...