Humorous statements

Some humorous statements taken from actual insurance accident claims forms: "Coming home I drove into the wrong house and collided with a tree I don't have", "I pulled away from the side of the road, glanced at my mother-in-law and headed over the embankment", I thought my window was down, but I found it was up when I put my head through it."
More Insurance

Traffic safety data

Consider the following traffic safety data provided by the National Highway Traffic Safety Administration when driving your car. The deadliest days of the week to drive are Saturday and Sunday. The deadliest time to drive is 3 p.m. to 6 p.m. The deadliest days of the year to drive are July 4 and July 3. The deadliest day of the year for pedestrians is December 23 and January 1.
More Insurance

Extreme value theory

The field of extreme value theory was pioneered by German mathematician Emil Julius Gumbel. Extreme value theory deals with extreme deviations from the median of probability distributions. Applications of extreme value theory include predicting the probability distribution of extreme floods, large insurance losses and equity risks.
More Insurance

Declining Life Insurance

According to the Life Insurance Coop, ownership of life insurance has been declining over the past couple of decades. Additionally, those who qualify and have purchased life insurance usually do not own enough life insurance. Studies show that 60 percent of adult Americans have no life insurance whatsoever, and millions lack adequate life insurance.
More Insurance

Comparison shopping for insurance

Comparison shopping for insurance is worth the time and expense, according to a recent study by Kiplingers. Kiplingers gathered auto insurance quotes for a single driver and found about $1,200 difference between the highest and lowest quote for the exact same policy. For a family, the difference was more than double for the same policy.
More Insurance

MoneyInstructor.com

MoneyInstructor.com is a recommended online resource for teaching and learning all about money: spending, saving, investing and management. One section of the website is devoted to insurance. It provides online insurance lessons, worksheets and informational articles for insurance products, car insurance and health insurance.
More Insurance

Dauphin Island

Dauphin Island, Alabama is one of the most vulnerable places to flooding in the U.S. According to a Washington Post article, Dauphin Island has been hit by six hurricanes and has lost nearly 500 homes and rental properties since 1979. Repeated losses in Dauphin and along the Gulf Coast have some policy analysts suggesting limits on coastal development as a means of reducing exposure and losses.
More Insurance

Trade credit insurance

Trade credit insurance protects policyholders from risk of loss due to customer bankruptcies or payment default, or events such as political turmoil or import and trade restrictions. The trade credit insurance market has grown significantly over the past few years. Beyond the core benefits, policy-holders are able to leverage this insurance strategically to improve borrowing terms with their banks.
More Insurance

Hartford of the West

Des Moines, Iowa is known as "Hartford of the West" with respect to its high concentration of insurance and financial companies. The city is the headquarters for the Principal Financial Group, the Meredith Corporation, Ruan Transportation, and Wellmark Blue Cross Blue Shield. Other major corporations include Wells Fargo, ING Group and Marsh. The city is the third-largest insurance center in the world.
More Insurance

FaithGuard

GuideOne Insurance began selling FaithGuard in 1998. FaithGuard offers auto and homeowners insurance polices with specific benefits for churchgoers. At no extra cost, FaithGuard benefits include deductible waivers for accidents occurring to or from church and coverage of church tithing or donations when a disability event causes a loss of income. FaithGuard is available in nineteen states.
More Insurance

McCarran-Ferguson Act

The McCarran-Ferguson Act, also known as Public Law 15, was passed by Congress in 1945 after the Supreme Court ruled in U.S. v. Southeastern Underwriters that insurance could be regulated by the federal government. The law empowers Congress to pass laws in the future that will have the effect regulating insurance. The Act also stipulates when federal antitrust laws apply to insurance.
More Insurance

PMI

Private Mortgage Insurance (PMI) is insurance lenders require from homebuyers who put less than 20% down on their mortgages. PMI protects a lender against loss if a borrower defaults on a loan. It also enables borrowers with less cash to have greater access to homeownership. Mortgage lenders must automatically cancel PMI coverage once a mortgage is paid down to 78% of the home's value.
More Insurance

American Insurance Association

The American Insurance Association dates back more than 130 years. AIA is a leading property/casualty insurance trade organization, representing 350 insurers that write more than $123 billion in premiums each year. AIA works to solve industry issues through member communication and by representation before state and federal legislative and regulatory bodies.
More Insurance

Insurance investigators

Insurance investigators handle claims with suspected fraudulent or criminal activity, such as suspicious fires, questionable disability claims, and dubious medical treatment. Investigators take photographs, inspect facilities, perform database searches, conduct surveillance on people, and obtain a recorded statements. Investigators may work for insurance companies or as consultants.
More Insurance

Global warming

A recent National Research Council study of global warming suggests continued climate change will affect the world through rising sea levels, increased rainfall and more intense storm surges. Roads, bridges and trains will feel the affect of climate change. Further complicating matters, more people are moving into coastal areas, creating the need for more roads and services in the most affected areas.
More Insurance

Auto insurance myth

A commonly held auto insurance myth is that collision insurance is adequate coverage for all car damage. This is not true. Damage sustained from theft, storms, floods, or deer accidents are not covered by collision. You need to purchase comprehensive coverage to cover these types of car damages. Most auto insurance policies should include both comprehensive and collision coverage.
More Insurance

CPCU

A Chartered Property Casualty Underwriter is a professional designation granted by the American Institute of Chartered Property Casualty Underwriters. CPCU designation requires an individual to pass exams in five core courses and three courses in either a personal or commercial insurance concentration. CPCU designees are also bound by a Code of Ethics.
More Insurance

Insurance companies reward loyalty

Insurance companies reward loyalty. If you have stayed with a company for several years, you may receive a special discount for being a long-term policyholder. Some insurers will reduce their premiums by five percent if you stay with them for three to five years, and by ten percent if you remain a policyholder for six years or more.
More Insurance

Insurance jobs

According to the Bureau of Labor Statistics, the insurance industry accounts for about 2.3 million wage and salary jobs. Insurance carriers accounted for 62 percent of jobs, while insurance agencies, brokerages, and providers of other insurance-related services accounted for 38 percent of jobs. Future insurance job growth will be limited by corporate downsizing, new technology, and direct marketing.
More Insurance

Pay-as-you-go

Some insurers are experimenting with "pay-as-you-go" insurance policies. Pay-as-you-go auto insurance calculates rates based on a driver's actual mileage and times of day driving versus a calculated flat premium. Technology is a key factor in this concept. This first American pilot for pay-as-you-go insurance was initiated in Washington State.
More Insurance

Defensive medicine

A recent PricewaterhouseCoopers study found that medical liability costs and defensive medicine accounted for about ten percent of national medical care costs. Defensive medicine practices are used to avert the future possibility of malpractice suits. Doctors may order tests, procedures or visits, or avoid high-risk patients or procedures to reduce their exposure to malpractice liability.
More Insurance

Insurance fraud

Most Americans believe insurance fraud occurs because people feel they can get away with it, according to a recent insurance survey by Accenture. Over 30% of the 1,000 U.S. adult respondents believe people who commit insurance fraud do so because they believe they pay too much for insurance. Additionally, 24% believe people commit insurance fraud to make up for their deductibles.
More Insurance

Dog bite claims

Insurers are taking steps to limit their exposure to dog bite claims. Insurance carriers are inclined to use government health data and insurance industry claim histories that show some breeds as higher loss risk than others. Pennsylvania and Michigan have laws that prohibit insurers from canceling or denying coverage to the owners of particular dog breeds. Similar laws are pending in several other states.
More Insurance

Mergers and acquisitions

The most significant macro trend in the insurance industry is the prevalence of mergers and acquisitions among insurance carriers and agencies. This is occurring as a result of strong investment returns and record profits among insurance companies. With increasing reserves earmarked for acquisition, the resulting consolidation is making large insurance companies even larger.
More Insurance

Reinsurance

Reinsurance is insurance for insurance companies. A reinsurance policy covers all or a part of a risk previously assumed by an insurance company. Reinsurance spreads the risk associated with selling insurance so the danger of one large monetary loss for an insurance company is minimized. Swiss Re is the world's largest Reinsurance company.
More Insurance

Self insurance

Self insurance is an arrangement where an individual or organization establishes a pool of money to compensate for potential losses. A self insured organization is essentially underwriting itself, its exposure, and its expected loss levels. Benefits of self insurance include reduced costs and more control. Disadvantages include administrative complexities and potential risk.
More Insurance

Traditional whole life

Traditional whole life is a type of life insurance that provides coverage of the contract holder for his or her entire life. The insurance payout is made to the contract's beneficiaries upon the policyholder's death. Whole life policies also include an investment component, which accumulates a cash value that the policyholder can withdraw or borrow against.
More Insurance

Policy premium for a home

Most lenders require a homeowners insurance policy from their mortgage customers. A general rule of thumb for estimating the annual policy premium for a home says $3 for every $1,000 of loan value. For example, a $200,000 home would have an estimated $600 annual homeowner’s insurance premium.
More Insurance

Employment practices liability insurance

Employment Practices Liability Insurance was created in response to the passage of the Civil Rights Act of 1991, the Americans with Disabilities Act of 1992, and the Family Medical Leave Act of 1993. These laws provided more rights to employees, resulting in increasing numbers of lawsuits based on harassment, discrimination and wrongful termination.
More Insurance

Burglary every ten seconds

A burglary with an average loss of $1,300 worth of property is committed every ten seconds in the U.S. This equates to nearly 13 million homes, or one in every twenty, on an annual basis. Several studies have shown that a home without a security system is three times as likely to be burglarized as compared to one equipped with a security system.
More Insurance