Health insurance premiums

According to the Health Care Costs Snapshot published on the Kaiser Family Foundation website, health insurance premiums have increased a cumulative 78 during the past seven years, far outpacing cumulative wage growth of 19 percent over the same period. All told, these figures demonstrate the growing burden of health insurance costs on employers and employees.
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The Insurance Journal

The Insurance Journal features several channels of real-time web casts and videos focused on the insurance industry. Video channels include agency management, news, market forum, commercials, education, mergers and humor. Web casts and videos are ranked for popularity, listed by newness, and identified as features. Learn more at InsuranceJournal.tv.
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HSAs

According to a survey of 100 insurance and healthcare executives conducted at the recent American Re HealthCare Symposium, when asked which areas within the healthcare market they saw growing the fastest over the next year, 36% said health savings accounts/high deductible plans will see the most significant growth, followed by mini-med plans and Medicare/Medicaid advantage plans.
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Life insurance tax advantages

There are two important tax advantages associated with life insurance. The first tax advantage is that death benefits are generally not taxable as income for income tax purposes for a person named as the beneficiary. The second tax advantage is that for cash value plans there is generally no tax on the increase in the cash value as it grows over time.
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Best health plans across America

U.S. News and World Report annually ranks the best Health Plans across America. More than 500 HMOs and POS plans and many smaller ones are evaluated on their performances in up to 50 measures on a scale of 1 to 5 and converted to overall scores that determined their rankings. Eight of the top ten health plans from the latest rankings were located in the New England states.
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The Rainmaker

John Grisham's 1995 novel "The Rainmaker" is the underdog story of one lawyers fight against a large insurance company. Recent law school graduate Rudy Baylor represents the family of a terminally ill patient whose insurance company has denied coverage for a life-saving operation. Drama unfolds as Baylor makes his case of bad faith against the team of insurance lawyers.
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Expense ratio

In the business of insurance, the expense ratio is the ratio of underwriting expenses to net premiums written. It measures the company's operational efficiency in underwriting its book of business. A company's expense ratio can be lowered through economies of scale and by direct marketing strategies.
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Insurance career websites

According recent website traffic data compiled by Alexa, GreatInsuranceJobs.com is the most popular website by traffic rank among all insurance industry employment websites. The other top insurance employment websites include InsuranceJobs.com, InsuranceJobsBoard.com, UltimateInsuranceJobs.com and InsuranceWorkForce.com.
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Marsh & McLennan

Marsh & McLennan is the world's largest insurance broker. According to annual rankings published by Business Insurance, Marsh & McLennan compiled revenue of nearly $10.5 billion, more than $3 billion more than its nearest competitor. Marsh & McLennan has been the top insurance broker by volume for 36 consecutive years.
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Title insurance

Title insurance protects both the lender and the homeowner against loss resulting from any defects in the title or claims against a property not discovered in a title search. Title insurance premiums are usually paid in one lump sum at the time the policy is issued, and the policy remains in force until the property is sold. Mortgage lenders normally require that borrowers obtain title insurance.
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Life expectancy

The life expectancy of Americans is nearly 78 years, according to the latest data released by the U.S. Census Bureau. This figure has increased from 69.6 years in 1965 and 75.8 years in 1995. The life expectancy of blacks was nearly five years less than for whites. According to the data, the top three causes of death for Americans were heart disease, cancer and stroke.
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Alien insurer

An alien insurer is an insurance company formed according to the legal requirements of a foreign country. In order for an alien insurer to be able to carry on general operations and sell its products in a particular state in the United States, it must conform to that state's rules and regulations governing insurance companies.
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Sanborn

D.A. Sanborn sold his first map to Aetna Insurance in 1866. Sanborn maps allowed underwriters to more accurately access the risks of a business when unable to inspect the property in person. The Sanborn Map Company held a monopoly on insurance maps through the 20th century. By the 1960s, the insurance industry was undergoing a number of changes, ending the use of insurance maps.
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To Catch a Thief

Alfred Hitchcock's 1955 film "To Catch a Thief" tells the story of a John Robie, a former jewel thief who attempts to prove his innocence during a rash of jewel heists. Robie's plan is to catch the jewel thief in the act. He enlists the help of insurance man H.H. Hughson, a reluctant provider of a list of the most expensive jewels on the Riviera. The film featured Cary Grant and Grace Kelly.
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Whole life insurance

Whole life insurance is generally used when the need for life insurance is lifelong, or permanent. Whole life has a built-in savings element since you pay premiums and build up a cash value through the life of the policy. Premiums for whole life are initially higher than term insurance, but are smaller than the premiums you would pay if you were to keep renewing a term life insurance policy.
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Disability events

Most people cannot afford to become disabled. Over 70% of Americans do not have adequate savings for emergencies, while 44% of American families report spending more than they earn. Financially, unexpected illnesses and injuries cause about 350,000 bankruptcies each year, while half of all mortgage foreclosures result from disability events.
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Higher interest rates, lower premiums

Insurance companies earn income by investing the premiums they receive from policy holders. The more investment income the insurance company earns the lower the premium it can charge its policy holders. Thus, policy holders will benefit from high interest rates. Higher interest rates generate better investment returns for insurance companies resulting in lower premiums for policy holders.
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Low mileage discount

Some auto insurers offer a low mileage discount to their customers. If you drive locally or less frequently, or you are in a car pool, you may be qualified for a low mileage discount. It costs nothing to call and ask your insurance agent if they offer this discount. Your savings can be as high as 5%.
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Teen driving

According to research compiled by the Insurance Institute for Highway Safety, teen driving risks increase even more when other passengers are present in their vehicle. Teens tend to drive faster when other passengers are present. They also get distracted by other passengers. Over thirty states have enacted graduated driver license stipulations that include passenger provisions for teen drivers.
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Senior drivers

In 2008, there were more than 28 million licensed drivers age 65 years and older, a 17 percent increase from 1994. People age 65 and older represent the fastest-growing demographic in the United States. The numbers of senior drivers will increase significantly as the Baby Boom generation ages. By 2030, one in every four drivers will be 65 or older.
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Insurance fraud

Almost half of all U.S. states classify insurance fraud or attempted insurance fraud as a felony. In states where it is not a felony, insurance fraud is often prosecuted as bribery, theft or forgery. At the federal level, most insurance fraud cases are prosecuted under mail and wire fraud statutes, for which the sentences include significant fines and/or jail time.
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A.M. Best

Alfred M. Best published his first insurance industry supplement in 1899. Best's ratings of insurance concerns later appeared in 1906. Best's company grew along with the insurance industry through the 20th century. Today, A.M. Best is the largest and most recognized publisher of in-depth reports and financial-strength ratings about insurance organizations.
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Insurance Research Council

The Insurance Research Council (IRC) is an independent, nonprofit research organization supported by leading property and casualty insurance companies and associations. IRC provides empirical research in subjects relating to all lines of property-casualty insurance, including coverages of automobiles, homes, businesses, municipalities, and professionals. IRC publishes its research on ircweb.org.
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Hurricane Deductible

Insurance companies that sell homeowners insurance in hurricane-prone areas usually stipulate a "hurricane deductible". Typical homeowners insurance deductibles are a flat amount such as $500. A hurricane deductible is based on a percentage of the insured value of the home. Hurricane deductibles are put into place to limit the Insurer's exposure in these high-risk areas.
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Catastrophe insurance

Insurers of high risk weather areas traditionally purchase catastrophe reinsurance for managing their potential risks. They may also issue investment bonds such as insurance-linked securities, weather derivatives or catastrophe bonds, to raise money in case of catastrophe. Investors purchase these investments for their relatively high yields and for portfolio diversification.
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The INA

The Insurance Company of North America was established by John Nesbitt and Ebenezer Hazard in Philadelphia in 1792. The company sold marine insurance and a few years later fire and building insurance. The INA was the also noted for being first stock insurance company in America. The INA was later acquired by CIGNA, which later became part of ACE Group in 1999.
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Trip cancellation insurance

Trips and vacations may be canceled for various reasons, such as death or illness, or if the tour or resort operator go out of business. Trip cancellation insurance covers your financial risk. A policy makes sense when you book an expensive vacation well ahead of time. The premium on a trip cancellation policy costs about five to seven percent of the price of the trip.
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A standard homeowners insurance policy

A standard homeowners insurance policy provides financial protection for your home and other structures, personal property and personal liability. Most events are covered with some exceptions. A standard policy does not cover losses due to floods, earthquakes or maintenance damage. For floods and earthquakes, a separate endorsement or policy is required for protection.
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Dogs and insurance

A dog bite liability can be claimed on your homeowners insurance. Some insurance companies will place you in a higher risk category or not underwrite you at all if you have a certain breed of dog, such as a Pit Bull or Rottweiler. This means higher premiums. Consider this when choosing a dog breed. You may avoid potential insurance headaches and save money.
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Weather

Every region of the United States is exposed to one type of natural disaster or another. Forbes Magazine and Sperling's Best Places compiled weather, hurricane, tornado, earthquake, and brushfire data to find the safest locations in American. According to the study, Honolulu, Hawaii and Boise, Idaho are the safest places. The least safest places are Monroe, Louisiana and Jackson, Mississippi.
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Health insurance plans

Approximately 2.5 million people in the U.S. have a pre-existing medical conditions. Private insurers are not equipped to insure these people. To provide insurance, over half of all state governments play a role by chartering nonprofit health insurance plans, or HIPs. Premiums are made affordable by allowing HIPs to impose a small assessment on the premiums earned by private insurers.
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Variable annuity

A variable annuity is a contract with an insurance company where you make a lump-sum payment or series of payments in return for future income earnings at some future date. The value of a variable annuity depends on the chosen investment option. Variable annuities offer tax deferred earnings, death benefit to a beneficiary, and the option of periodic or indefinite payment stream.
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"Dead janitors" life insurance

"Dead Janitors" life insurance became big business during the 1990s. Companies began buying life insurance for their employees without disclosure. Corporations benefited from life insurance proceeds that were tax free. Some even borrowed against these life policies for leverage. The IRS subsequently cracked-down on this type of corporate-owned life insurance.
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Insurance loyalty

A recent study of baby boomers found this group to be most loyal to insurance brands over all other purchased products. The brand survey of 30,000 U.S. boomers found them more likely to switch brands in products such as apparel, cars, prepared foods, and airlines. They were least likely to switch in categories such auto and home insurance, medical insurance, life insurance and banks.
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Insurance Daily

There are several suggested glossary sources to look up an insurance phrase or term. For an online glossary, try the Insurance Information Institute at www2.iii.org/glossary, AM Best at ambest.com/resource/glossary.html, and Insure.com at insure.com/glossary.cfm. A suggested hard-copy insurance glossary is The Dictionary of Insurance Terms by Harvey W. Rubin.
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Loss ratio

In the business of insurance, the loss ratio is a snapshot ratio of claim losses to premiums, usually calculated for a one-year period. For example, if losses total $800,000 and collected premiums equal $1,000,000, the loss ratio is 800,000 to 1,000,000 or 80%. The loss ratio can be calculated with different components of premiums and claims.
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Untraditional partnerships

Insurance companies are seeking growth in countries such as India, Romania and Nicaragua. According to a recent Wall Street Journal article, insurance companies are selling in developing countries by educating new customers, selling unusual insurance policies, and by developing untraditional partnerships. Interestingly, local languages of some customers do not even have a word for insurance.
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Ancient Babylonia

The concept of life insurance was first developed in ancient Babylonia. Merchants and investors devised a system of contracts that offered protection if a trader was robbed of his goods. The trader paid the lender for protection while the lender collected premiums from many traders. Later, this protection arrangement was extended to cover murder, the start of life insurance.
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The Million Dollar Round Table

The Million Dollar Round Table was started in 1927 by 32 life insurance producers, each of whom had sold at least $1 million of life insurance. Today, MDRT is an independent association of the world's most successful life insurance and financial services professionals. New York Life Insurance has achieved the highest MDRT agent membership among all insurers for 53 consecutive years.
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Against the Gods

Author Peter L. Bernstein's book "Against the Gods: The Remarkable Story of Risk" is a classic read on the subject of risk. Bernstein develops a comprehensive history of man's attempt to understand risk and probability; from ancient Greece through modern chaos theory. Bernstein also demonstrates the underlying importance of risk in everything from wine making to bridge-building.
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Laughter

The health benefits of laughter include reduced stress, lower blood pressure and an enhanced immune system. Laughter provides a way for stressful emotions to be harmlessly released from your body. Researchers estimate that laughing 100 times is equal to 10 minutes on the rowing machine or 15 minutes on an exercise bike. Some researchers even believe laughter may add more years to your life.
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FICA

FICA is a deduction item on your pay stub. FICA stands for Federal Insurance Contributions Act, which was enacted as part of the Social Security Act of 1935. FICA requires employers to withhold a set percentage of an employee’s salary each pay period to fund retirement income, disability insurance, and medicare and benefits for survivors. The program began collecting taxes and paying benefits in 1937.
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The Equitable group policy

The Equitable Life Assurance Society developed the first group insurance policy in the United States in 1911. The Pantoste Leather Company's 125 employees were underwritten in a group policy that required no individual application or medical examination. Equitable formalized its group policy product a year later. By 1919, nearly 30 companies in the U.S. were selling group insurance policies.
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Entrapment

The 1999 drama "Entrapment" stars Sean Connery and Catherine Zeta-Jones. Working for an insurance firm, Gin Baker is tasked with capturing infamous art thief Robert McDougal. Baker entraps McDougal by convincing him that she is an art thief. The two pull off a major art heist as the plot twist reveals Baker is indeed a real art thief unbeknownst to her insurance firm employers.
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Most dangerous jobs

Are you at risk for death or disability? According to the Bureau of Labor Statistics, the top ten most dangerous jobs are: timber cutters, airplane pilots, construction laborers, truck drivers, farm occupations, groundskeepers, laborers, police and detectives, carpenters, and sales occupations.
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Disabled Americans

Social Security paid an average monthly benefit to about 7 million disabled Americans, according to recent statistics. The government considers a person disabled when they meet the following conditions: they cannot do work that they did before; they cannot adjust to other work because of their medical condition; and their disability has lasted or is expected to last for at least one year or to result in death.
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Insurable risks

Insurable risks must meet certain standards in order be underwritten by insurance. A potential loss must be calculable, unlikely, and accidental in nature. It should be relatively costly and occur infrequently. Additionally, a large number of people must be exposed to the same type of loss, while those exposed should not sustain losses in large numbers at the same time.
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Dropping unnecessary coverage

You can save money on your auto insurance by dropping unnecessary coverage. Determine the current value of your vehicle. If the value is less than $2,000, drop collision coverage from your policy and put the premium savings in your pocket. Also, save additional premium by raising your policy deductible to at least $500.
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Teen driving

Night driving has been identified statistically as one of the biggest factors for teen driving crashes. These statistics have prompted states to enact night driving restrictions for teen drivers. According to a recent study by the AAA Foundation for Traffic Safety, states with nighttime and passenger restrictions recorded 20 percent fewer injury crashes among teens versus states without such provisions.
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Colorado's no-fault insurance

The state of Colorado's 30 year-old no-fault auto insurance system expired on July 1, 2003. By 2007, a tort-based insurance system in Colorado saw auto insurance premiums go down by nearly 32%. Industry experts suggest the state's move from no-fault to tort-based insurance system resulted in less mandatory insurance and less duplication of coverages, which produced lower premiums.
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Healthcare fraud

Fraud accounts for about 10% of all healthcare expenditures in the United States, according to the Government Accounting Office and National Health Care Anti-Fraud Association. Healthcare insurance fraud breaks down as follows: medical providers account for 80%, consumers 10% and the rest by other sources. Organized crime has also been found to be heavily involved in health care fraud.
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The Richter Scale

The Richter Scale was developed by Charles Richter in the 1930s and is a logarithmic measurement of the amount of energy released by an earthquake. For each one-point magnitude increase of an earthquake on the Richter Scale, about thirty-two times more energy is released. Other earthquake measurements include the Mercalli Intensity Scale and the Moment Magnitude Scale.
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Uninsured drivers

Although auto insurance is mandatory across the United States, the numbers of uninsured drivers continue to climb. Nearly 15% of drivers did not have auto insurance, according to data from the Insurance Research Council. The southwest region of the U.S. recorded the highest percentage of uninsured drivers while the northeast recorded the lowest.
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Motorcycles

According to the National Highway Traffic Safety Administration, there are about 6 million motorcycles registered in the U.S. Motorcycle fatalities represent about 5% of all highway fatalities each year in the U.S., yet motorcycles represent just 2% of all registered vehicles. Approximately 80% of reported motorcycle crashes result in injury or death as compared to 20% for automobiles.

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Cptive insurance companies

Vermont has more captive insurance companies than any other U.S. state. A captive insurance company is an insurance company set up by a parent organization for the sole purpose of underwriting the parent organization's insurance needs. Vermont attracts these companies through favorable regulations. In 1981, Vermont passed a special law making it easier for captives to be set up in that state.
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Friendly Society

The first insurance company in America was established in Charlston, South Carolina in 1736. Operating under a Royal Charter from England, the Friendly Society covered fire losses of its members, who contributed directly to a fund that paid claims. The company was dissolved in 1738 after fire destroyed most of Charlston.
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Identity theft

Identity theft occurs when someone wrongfully uses another person's personal data in some way that involves fraud or deception. According to Gartner, there were nearly 15 million American victims of identity theft last year, with an average loss of over $3,200. Identity theft insurance provides reimbursement to crime victims for the cost of restoring their identity and repairing credit reports.
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Life insurance rule of thumb

Life insurance is a contract in which an insurance company agrees to pay money to a designated beneficiary upon your death. A general life insurance rule of thumb says purchase a policy valued at five times your current earnings, plus two times earnings for every dependent.
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Policy discounts

Insurance companies commonly offer a discount up to 15% when you purchase two or more polices with them. For example, when you purchase homeowners and auto insurance policies. Take advantage of this discount by insuring your home and autos with the same insurance carrier. In addition to saving money, dealing with one agent or insurance representative will save you time.
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Benjamin Franklin

Benjamin Franklin led the effort to create America's first successful fire insurance company. The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire was established in 1752 with a board of directors and seventy shareholders. The first insured property to burn was repaired for 154 pounds, nearly a third of the Society's assets.
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Long-term care insurance

Long-term care insurance first appeared in the 1980s. Long-term care insurance offsets the risk of financial drain if one should need medical and custodial care for chronic conditions. Industry experts project that the need for protection from the financial consequences of requiring long-term care will grow dramatically over the next few decades.
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Subrogation

Subrogation refers to the process where an insurance company seeks reimbursement from a person or entity legally responsible for an accident after the insurer has paid out money on behalf of its insured. According to the general rule, after paying the claim, your insurer is "subrogated" to the rights of your policy and can sue the negligent party on your behalf.
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Fastest-growing diseases

Forbes Magazine recently compiled a list of the top fastest-growing diseases in the United States. Esophageal disorders topped the list growing by nearly 500% during the last decade. Other fast-growing diseases and conditions include: high cholesterol, hemorrhoids, anxiety disorders, and breast cancer. All were up by over 100% over the last decade.
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HMOs

The Health Maintenance Organization Act of 1973 provided grants and loans to start or expand an HMO while requiring employers with 25 or more employees to offer federally certified HMO options alongside traditional health insurance. By law, HMOs would offer a specified list of benefits to all members, charge all member the same monthly premium, and be structured as a nonprofit organization.
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Retail clinics

Retail clinics such as MinuteClinic are being established in CVS stores, Targets, Wal-Marts and other retail outlets around the country. Retail clinics treat common ailments and offer an alternative to expensive emergency rooms. Most are open evenings and weekends. Experts suggest the growth of retail clinics is a product of more health consumerism, less health care coverage and a more transient society.
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Burial insurance

According to the National Funeral Directors Association, the average price of a traditional funeral is between $5,000 and $6,000. This average cost is expected to double in the next 15 years as production costs rise and land becomes scarce. Life insurance or burial insurance will cover funeral expenses. Burial insurance is specifically designed to cover funeral expenses for single and family type coverage.
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Insurance underwriting

Insurance companies earn profit through sound underwriting and investment management. Underwriting is the process of selecting risks to insure while deciding how much premium they pay. Collected premiums are put into reserves or invested. Specifically, profit equals the sum of earned premium and investment income less incurred loss and underwriting expenses.
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Insurance advertising

Insurance advertising budgets have grown significantly in recent years, up more than 64% since 2000. The main factor behind this increase is Geico's transition from traditional direct mail to TV, radio and billboard advertising. Geico's gecko and cavemen have helped increase its market share. Insurance competitors have responded, resulting in a surge of insurance advertising.
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Property insurance

The first use of property insurance occurred around 3000 BC in China. Chinese merchants would ensure their goods they shipped overseas through an insuring partner. In the event that a ship was lost at sea or pirated, an insuring partner would reimburse the owners of the ship and goods. In the event of a loss, the merchant would be held into slavery to the insurer until the debt was repaid.
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Most Admired Companies

Prudential Financial ranked highest among insurance companies on Fortune Magazine's most recent edition of the World's Most Admired Companies list. Fortune's annual survey ranks companies according to the following key attributes: innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment and global competitiveness.
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Nationwide

"Nationwide is on your side" is the familiar slogan of Nationwide Insurance. Nationwide began as the Farm Bureau Mutual Automobile Insurance Company in 1925. By 1943, the company was operating in 12 states. Further expansion saw the company change its name to Nationwide. Today, the Ohio-based insurer is one of the world's largest financial services companies with more than $157 billion in assets.
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The Human Life Value

How much is a life worth? The Human Life Value concept is an insurance method for computing the life value of a person. This concept considers many factors including: annual income, active earning to retirement, personal expenses, inflation, and future salary. The Human Life Value concept was founded by Dr. Solomon S. Huebner in the 1920s.
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The Birthday Rule

The Birthday Rule is an informal procedure used in the health insurance industry to help determine which health plan is considered “primary”, when children are listed as dependents on multiple health plans. Under this rule, the plan of the parent whose birthday occurs first in the calendar year is designated as primary, regardless of their birth year.
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Fraternal organizations

Fraternal organizations such as The Knights of Columbus flourished in the U.S. from 1850 to 1930. Many of these organizations provided their members an array of benefits and services, including insurance, which was previously available only to the upper class. By 1920, there was nearly 9 million insured members. Fraternal organization membership declined after World War II.
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Double Indemnity

The 1944 Hollywood crime drama "Double Indemnity" was nominated for several Academy Awards. Pacific All Risk Insurance agent Walter Neff develops a murderous scheme with a client's wife to collect double indemnity on her husband's insurance policy. The police accept the accidental death but Walter's friend Barton Keyes does not. Double cross ensues as Neff's affair and scheme unravel.
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Disability statistics

Nearly 1 in 3 people between the age of 35 and 65 will experience a disability of at least 90 days during their work careers. Additionally, 1 in 7 people between the age of 35 and 65 can expect to become disabled for five years or longer. More people are better prepared financially for death than they are for a disability event even though the odds of experiencing a disability event are 3 to 5 times greater than dying.
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Health insurance

You may save premium dollars by purchasing the appropriate health insurance product for your circumstances. There are many types of insurance programs, such as group, catastrophic, self-employed, HMO, and PPO, with varying coverage and premiums. Evaluate your insurance coverage each year and save money by selecting the best program for your budget and lifestyle.
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Flamingo Road and Pines Boulevard

According to a recent analysis of State Farm's claims database, the intersection of Flamingo Road and Pines Boulevard in Pembroke, Florida is considered the most dangerous traffic intersection in America. Also making the list: Red Lion Road and Roosevelt Boulevard in Philadelphia and 7th Street and Bell Road in Phoenix, Arizona.
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Motor vehicle crashes

Motor vehicle crashes are the leading cause of death for people age 15 to 20, according to the U.S. Dept of Transportation. Traffic and safety experts attribute the high rate to driver inexperience, driving at night, using devices such as cell phones while driving, and driving with other passengers. Graduated drivers license laws were enacted in the 1990s to reduce teen driving deaths.
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Motorcycle fatalities

According to the U.S. Dept of Transportation’s National Highway Traffic Safety Administration, motorcycle fatalities rose 127% from 1997 to 2006, marking nine consecutive years of higher motorcycle deaths. Traffic safety experts attribute the increase to a large increase in motorcycle ownership, rollback of mandatory helmet laws, and an increase in inexperienced motorcycle riders.
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Auto insurance fraud

Auto insurance fraud costs the property and casualty insurance industry about $14 billion in false claims a year, according to the Coalition Against Insurance Fraud. Insurance fraud studies estimate that up to one-third of all auto accident injury claims have some element of fraud. Exaggeration of injuries is the most prevalent type of fraud.
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Earthquakes

Standard homeowners, renters and business insurance policies do not cover damage from earthquakes. Earthquake coverage is obtained as a policy endorsement or as a separate policy. Earthquake coverage includes a deductible, which runs from 2 to 20 percent of the property's replacement value. About 90 percent of the U.S. population lives in seismically active areas.
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The Great Chicago fire

The Great Chicago fire is the most infamous fire to occur in the United States. Fire broke out at a farm on the evening of October 8, 1871, and quickly spread to other nearby buildings. The fire killed 300 people and destroyed more than 17,000 structures in 27 hours, including the entire downtown core of Chicago and most of its North side.
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Hurricane Andrew

Hurricane Andrew was the first tropical depression of the 1992 storm season. Andrew hit Florida on August 24 with 175 mph winds and hit the coast of Louisiana two days later with 120 mph winds. Andrew is the biggest natural disaster to date. More than 60 people were killed and damages exceeded $20 billion. The devastating hurricane also left eleven property and casualty insurers in insolvent.
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Terrorism Risk Insurance Act

The Terrorism Risk Insurance Act (TRIA) was enacted as federal law in 2002 and currently extends through 2014. TRIA was originally designed as a three-year program to provide reasonable terrorism coverage in the wake of the 9/11 events. TRIA is generally credited with stabilizing the private terrorism insurance market given the complex and unusual underwriting requirements involved.
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Insurance agents and brokers

Insurance is generally sold through agents and brokers. Insurance agents work for an insurance company and maintain the best interests of the insurance company when they sell to customers. Conversely, insurance brokers represent insurance customers. They determine the appropriate insurance coverages for their client and look for the best terms and price.
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Wedding insurance

A wedding insurance policy protects your financial investment in a wedding event. A basic policy costs between $125 and $500. A wedding may be canceled or postponed for reasons such as death or injury, military obligation, extreme weather or disaster. With the typical wedding costing over $25,000, wedding insurance policies have become more prevalent.
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Whole life vs. Term Life

A general insurance planning rule of thumb says purchase whole life insurance for permanent needs (funeral, burial, estate liquidity) and term life insurance for temporary needs (mortgages, college costs).
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Homeowners insurance deductible

The deductible amount on your homeowners insurance is the amount you have to pay toward a loss before your insurance company starts to pay a claim. The higher your deductible, the less premium you pay. If you can afford to raise your homeowners insurance deductible to $1,000 from the usual $500, you may save as much as 25% off your homeowners insurance premium.
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Cell phone drivers

Using a cell phone while driving your vehicle is dangerous. According to a University of Toronto study published in the New England Journal of Medicine, cell phone users were four to five times more likely to have crashes than non-users. Additionally, hands-free cell phone units were found to offer no further safety advantages over hand-held phones.
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"Causa Proxima"

In insurance, the concept of "causa proxima" means that the cause of an insurance loss must be proximate or immediate and not remote. If the proximate cause of the loss is covered, the insured can collect. When a loss has been brought about by two or more causes, the question arises as to which is the causa proxima.
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Most expensive medical conditions to treat

The Agency for Healthcare Research and Quality (AHRQ) recently tabulated the most expensive medical conditions to treat in the United States. Heart conditions took the number one spot, costing an estimated $76 billion to treat. Other chronic conditions that made the top 10 include cancer, which had a $69 billion price tag, diabetes, at $34 billion, and osteoarthritis, also at $34 billion.
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Parental enforcement bolsters safe driving

A recent study conducted by Liberty Mutual found that parental enforcement bolsters safe driving habits. More than half of teens who said their parents are unlikely to follow through on a consequence if they break a driving law reported talking on a cell phone while driving, compared to only 36 percent of teens who believe their parents would indeed penalize them.
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Under-insured homes

Home renovations and updates can cause a home to be under-insured. Your insurance agent should be notified of changes that affect your dwelling, such as new windows and doors, kitchen cabinets, custom counter tops, islands, flooring, and lighting—anything attached to the structure. You should also include new personal property, such as major appliances, furniture, and window treatments.
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Insurance sales agents

Insurance sales agents are one of the toughest jobs to fill, according to online college career information website CollegeRecruiter.com. Jobs which are the hardest to fill vary from region to region, season to season, and year to year. Of the 25 jobs listed among the most difficult to fill, insurance sales agents ranked 19th. Sales managers ranked 5th and financial analysts ranked 9th.
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Identity theft

A recent Federal Trade Commission report estimated that over 27 million Americans have been victims of identity theft since 1998. Since 1995, the frequency of identity theft has increased 250% to 300% each year. Industry experts estimate the average monetary cost of identity theft is about $1,178, and that it takes approximately 175 hours of time to restore your identity.
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Yahoo Insurance

Yahoo provides a comprehensive website devoted to insurance. The personal finance site for insurance is designed to educate and assist consumers by providing how-to guides, calculators, news and articles. The site features sections for auto, homeowners, life and health insurance. Additionally, expert opinion is provided by Suze Orman. Visit this resource at finance.yahoo.com/insurance.
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Blanket insurance

Blanket insurance is an insurance policy that covers one or more broad classes of persons or property, without identifying the specific subjects of insurance in the contract. A blanket policy can apply to one or more locations, for example a chain of stores. Blanket insurance is available for both personal and business needs.
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ING Group

According to annual data provided by Fortune as published on the Insurance Information Institute's website, ING Group of the Netherlands recorded nearly $160 billion in revenue, earning the top spot worldwide for insurance companies. Following the ING Group: AXA (France), Allianz (Germany), American International Group (United States) and Assicurazioni Generali (Italy).
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Compensatory and punitive damages

Compensatory damages are paid to compensate a claimant for loss, injury or harm suffered by another's breach of duty. Punitive damages are awarded to a plaintiff in a legal suit to serve as a punishment for the defendant. Punitive damages are a modern phenomenon of the U.S. judicial system. While compensatory damages are insurable, punitive damages may or may not be, depending on the state.
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The S&P

The S&P Insurance Index is a broad measure of publicly traded insurance stocks in the United States. The index is comprised of eighteen insurance and financial equities traded on the New York Stock Exchange and NASDAQ. Some notable stocks in the S&P Insurance Index include Aflac, All State, Met Life, Progressive and St. Paul Travelers.
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Annuities

An annuity is a contract between you and an insurance company, under which you make a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date. Annuities typically offer tax-deferred growth of earnings and may include a death benefit.
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1840 Insurance Laws

1840 was a pivotal year for life insurance in the U.S. Before then, few life insurance policies were being sold due to laws that prevented women from benefiting from their husband's death. Also, married women could not take out life insurance policies on their own. New York State passed legislation in 1840 removing legal constraints on women as life insurance policy holders and beneficiaries.
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"Sicko"

Michael Moore's 2007 film "Sicko" looks at for-profit health care in the United States as compared to universal health care in Canada, the U.K and France. Moore presents interviews with patients and doctors, as well as media reports, to present a documentary analysis of the complex issues of health care insurance. The film received positive reviews and performed well at the box office.
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Medicare

Medicare is a government-sponsored health insurance program administered by the Social Security Administration for individuals age 65 and over and for persons who are eligible for Social Security disability benefits. The Medicare program was signed into law by President Johnson in 1965 as part of his "Great Society" initiative. The premium for the first Medicare enrollees was $3 per month.
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Disability income

The sources of disability income for most people include workers' compensation, social security, and employer and personal disability insurance. Workers' compensation provides income replacement if you are disabled on the job. Social security provides long-term disability income. Employer-sponsored and personal disability insurance provides supplemental coverage.
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Key home features

You may pay less for homeowners insurance if you buy a house close to a fire hydrant or in a community that has a professional rather than a volunteer fire department. You also may pay less insurance premium for a home with newer electrical, heating and plumbing systems. These key home features can save up to 15% on your insurance.
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World catastrophe events

According to data provided by Swiss Re as published on the Institute for Insurance Information's website, the top five most deadliest world catastrophe events over the past twenty-five years were: Bangladesh flood (1970), China 7.5 earthquake (1976), Indonesia and Thailand tsunami (2004), Bangladesh cyclone (1991), and Pakistan and India 7.6 earthquake (2005).
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Insurance FAIR programs

Fair Access to Insurance Requirements (FAIR) programs were first established in the 1960s to address property insurance availability for high risk cases. FAIR insurance pools sell property insurance to people who cannot get coverage in the voluntary market. They are funded by insurers operating in each state. Over two thirds of all U.S. states have some form of FAIR plan in operation.
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The World Trade Center

The World Trade Center project was conceived in the early 1960s by Chase Manhattan Bank chairman David Rockefeller and his brother, New York governor Nelson Rockefeller. Construction began in lower Manhattan in 1966. The north tower opened in 1970 and the south tower opened in 1972. Over 50,000 people worked in the 110-story buildings. The complex had its own zip code, 10048.
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Staged auto accidents

Staged auto accidents are intentional vehicle accidents carried out for fake insurance payoff. Staged accidents cost the insurance industry about $20 billion a year. The National Insurance Crime Bureau compiles national statistics and data regarding staged auto accidents. According to the NICB, the top staged accident cities are: Miami, Los Angeles, Houston, Chicago and Philadelphia.
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Earthquakes

Relatively minor earthquakes are occurring constantly around the world. The west coast of the American continents, as well as the Pacific rim and the Middle East, experience earthquakes everyday. About 5,000 earthquakes are recorded in the United States each year. Since 1900, earthquakes have been recorded in 39 different states and have caused damage in every state.
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Institute for Business and Home Safety

The Institute for Business and Home Safety (IBHS) conducts research to improve construction practices with the goal of reducing the economic effects of natural disasters. IBHS members are insurers and reinsurers that conduct business in the U.S. IBHS publishes DisasterSafety.org as a service to homeowners and small business owners as part of its overall mission of reducing property losses.
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National Flood Insurance Program

The National Flood Insurance Program (NFIP) was established in 1968. NFIP is a federal program enabling property owners in participating communities to purchase insurance as protection against flood losses. In exchange, participating communities must follow state and community floodplain management regulations to reduce future flood damages.
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Insurance for Dummies

"Insurance for Dummies" introduces readers to the basics of every kind of insurance. It provides expert advice and step-by-step guidance for life, health, car, home, and other kinds of insurance. Author Jack Hungelmann, CIC, CPCU, has over 25 years of insurance experience and has taught several classes on personal risk management and insurance.
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U.S. v. Southeastern Underwriters Association

The 1944 Supreme Court Case of the United States v. Southeastern Underwriters Association found SEUA's practice of setting multi-state rates to be in violation of federal antitrust laws. This decision overturned an 1869 Supreme Court case decision that upheld states’ jurisdiction of regulation, and made the business of insurance subject to federal regulation for the first time.
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I'm Sorry laws

Almost two-thirds of all U.S. states have enacted "I'm Sorry" laws. These laws allow a doctor to apologize for medical mistakes without allowing the admission to be used against them in court. This legislation responded to malpractice defense strategies that make victims feel angry and further encourage law suits. Malpractice insurers advise doctors against the use of any admission language.
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Potential climate change

According to a recent Ernst & Young study of the insurance industry, potential climate change is the greatest strategic risk currently facing the property/casualty insurance industry. Other high risks include: demographic shifts in markets; catastrophic events; competition from new players; and regulatory intervention.
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Property claims databases

Most property insurers use one of two major property claims databases for underwriting a policy: the Comprehensive Loss Underwriting Exchange (CLUE) and the Automated Property Loss Underwriting System (A-PLUS). These systems enable insurers to check the claim history of both the homeowner and the property that the homeowner is purchasing.
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First recorded auto accident

Henry Hale Bliss was the first recorded auto accident fatality in the United States. In September 1899, Bliss was struck by a taxi cab at the intersection of 74th Street and Central Park West in New York, when he paused to help a woman passenger get out of a trolley car. Bliss died the next day. A ceremonial plaque was dedicated to at this site in September 1999.
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Term life insurance

Term life insurance is a type of life insurance policy that provides death protection for a stated time period or term. It was developed to provide temporary life insurance protection on a limited budget. The first term life policies were issued in Philadelphia in 1759 to benefit the families of Presbyterian ministers.
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Term life insurance

Term life insurance pays money to a designated beneficiary upon the death of the policyholder. A general rule of thumb to determine the amount of term insurance to buy says multiply your current annual income by the number of years until retirement, but no more than 20.
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Health insurance coverage

According to recent U.S. Census Bureau statistics, there were 47 million Americans without health insurance coverage, or about 15.8 percent of the U.S. population. This is the highest ever recorded. According to the report, some of the trend can be explained by employers curtailing coverage or making it too costly for lower income workers to afford.
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Credit scoring

Credit scoring was invented in the 1950s by Stanford University researchers Bill Fair and Earl Isaac. The two established Fair Isaac and Co. in 1956 to provide credit-scoring services. Their FICO credit score uses several factors to predict the likelihood of repaying a loan and is the most widely used credit bureau score in the world.
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Funny statements

Some funny statements taken from actual insurance accident claims forms: "I collided with a stationary truck coming the other way", "My car was legally parked as it backed into another vehicle", "A truck backed through my windshield into my wife's face", "When I saw I could not avoid a collision I stepped on the gas and crashed into the other car."
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Insurance Library Association

The Insurance Library Association of Boston is a leading resource and provider of literature and information services for the insurance industry. Their collection includes: contemporary and historical articles and reference materials in all areas of insurance; insurance reports, insurance laws and treatises; financial rating services; and more than 350 insurance trade journals.
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Helvering v. LeGierse

The business of insurance is not specifically defined by any federal or state law. The closest legal definition of insurance was spelled out in the 1941 Supreme Court case of Helvering v. LeGierse. In defining life insurance, the justices concluded that two criteria must be met: risk of economic loss must be transferred, and it must be distributed among several parties.
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RAND Health Insurance Experiment

The RAND Health Insurance Experiment commenced in 1971 and to this day remains the largest health policy study conducted in the U.S. The study addressed two key questions: how much more medical care will people use if it is provided free of charge? What are the consequences for their health? The study encouraged the restructuring of private insurance and helped increase the stature of managed care.
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Gap insurance

Gap insurance makes sense when leasing or financing a vehicle. Gap insurance covers the difference between what your insurance company pays if your car is stolen or wrecked and what you still owe on a loan or lease. For instance, after an accident, the insurance company values your $25,000 vehicle at $20,000, leaving you liable for the $5,000 balance. Gap insurance will cover this difference.
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Terrorist activities

Confirmed and suspected terrorist activities occur everyday all around the world. An interesting website at GlobalIncidentMap.com displays terrorist acts and suspicious activity on a world map. The world map of terrorist activities is updated every five minutes. The site also provides detail reports of all mapped activities along with general terrorism news.
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Kidnap and ransom insurance

Kidnap and ransom insurance, also known as K&R insurance, provides protection for loss from kidnapping, extortion and wrongful detention. K&R polices indemnify for monetary losses, in the case of a paid ransom or other fees, and for accident losses such as death, dismemberment and disablement. The number of K&R policies has grown 15% to 20% over the past several years.
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"Physician-friendly" state

The state of Wisconsin is considered the most "physician-friendly" state in the U.S., according to industry experts and the American Medical Association. Experts gave Wisconsin high marks for its medical malpractice insurance climate. Specifically they cite Wisconsin's Patient Compensation Fund, its malpractice tort reform, and its less adversarial legal climate.
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Insurable interest

Most life insurance policies require an insurable interest for the policy. This means that the beneficiaries have an interest in the insured remaining alive, or expect emotional or financial loss from their death. This important stipulation prevents people from purchasing and profiting on life insurance policies on behalf of others. It also prevents motive for causing or hastening an insured's death.
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Paul vs. Virginia

The 1869 Supreme Court case of Paul vs. Virginia was heard to decide whether individual states maintained the right to regulate insurance. The court ruled in favor of the state of Virginia. In doing so, it preserved the assumption that insurance was not interstate commerce and should stay under each state's jurisdiction. This ruling would be overturned in 1944.
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HMOs

A Health Maintenance Organization (HMO) is a type of managed health care system with the goal of reducing costs through preventative care and management controls. HMO members receive their medical treatment from physicians and facilities within an HMO network of doctors and hospitals. Roughly 40 to 50 percent of U.S. workers with employer-sponsored health coverage use an HMO.
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Independent Insurance Agents and Brokers

The Independent Insurance Agents & Brokers of America was founded in 1896 as the National Local Association of Fire Insurance Agents. IIABA is a national alliance of 300,000 business owners and their employees who offer insurance and financial services. The group is comprised of state associations and local boards, with affiliates in every U.S. state. Visit IIABA at iiaba.net.
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Policy processing clerk

An insurance policy processing clerk processes new policies, modifications to existing policies, and claims forms. The numbers of policy processing clerks is expected to decrease by 2 percent over the next ten years, according to the Bureau of Labor's Occupational Outlook. This is due to technology advances and increased off shoring of policy processing.
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Aflac

Aflac was founded by brothers John, Paul, and Bill Amos, in 1955 as American Family Life Insurance Company. The company was renamed Aflac in 1990. Well known for its Aflac Duck, the company pioneered cancer insurance in 1958, and was first to issue insurance through worksites on a payroll deduction basis. Today, Aflac has over $60 billion in assets and insures more than 40 million people worldwide.
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Auto insurance myth

A commonly held auto insurance myth is that you are not liable if you lend your car to a friend and that friend is involved in an accident. This is not true. If the accident involves your car, you the insured are responsible. Further, even though you were not present at the time of the accident, you still will receive a mark on your insurance record and your insurance premium may likely go up.
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Independent insurance agents

An independent insurance agent sells insurance products and services on behalf of several insurance companies. They typically work on a contract basis and are compensated by commission or fee from the insurance companies they represent. An independent agent can transfer a customers coverage from one insurance company to another to get better coverage or lower premium.
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Save home owners insurance

You can save on your home owners insurance when your home is more secure. Insurance companies offer a discount of at least 5% when your home has a smoke detector, burglar alarm or dead-bolt locks. Some insurers discount as much as 20% if you install a sprinkler system or a fire and burglar alarm that calls police or fire stations.
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Progressive

Progressive is the third-largest auto insurance group in America. Joseph Lewis and Jack Green started Progressive Mutual Insurance Company in Cleveland, Ohio in March 1937. Progressive was the first auto insurer to offer drive-in claims and accept installment payments for insurance. Between 1996 and 2005, Progressive grew an average of 17 percent a year, from $3.4 billion to $14 billion.
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Territorial rating

Territorial rating is a common practice used by insurance companies to set insurance rates based on where a driver resides. Several studies have concluded that where a person lives is the most accurate prediction of loss, while an individual's driving history is among the least predictive because the average driver has so few claims over his or her lifetime.
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"Never event"

A "never event" is defined in medical insurance liability as an adverse outcome that is largely preventable. Examples include operating on the wrong person or surgery performed on the wrong body part. In response to ethical and costly consequences, more hospitals across the U.S. are accepting liability for never events. Medicare no longer reimburses hospitals for eight types of never events.
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Salvage titles

Salvage titles are assigned to vehicles that are deemed a total loss by insurance companies. A scam called "title washing" hides the history of a salvaged vehicle, which makes buyers unaware of the vehicle's true condition. Titles are washed by transferring the vehicle to another state. This unscrupulous practice is aided by the lack of uniform vehicle documentation laws across the country.
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Independent agents

A recent survey of 750 independent agents conducted by Drive Insurance provided the following. The top skill needed to be successful: product and risk management knowledge. The most significant challenge: attracting new customers. Top reason to be an independent agent: owning a business. Best way to attract new business: referrals from existing customers.
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Federal Crop Insurance Reform Act

The Federal Crop Insurance Reform Act of 1994 made crop insurance mandatory with the goal of transferring crop-related risk to farmers. Before this, most farms relied on federal government assistance for weather-related crop losses, usually in the form of a disaster relief bill. The number of crop-insured acres of farmland has grown significantly since the act was passed.
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Hurricanes

Hurricanes are intense low pressure areas that form over warm ocean waters in the summer and early fall. A hurricane can be up to 600 miles across, have wind speeds of 75 to 200 mph, and last for over a week. The average annual number of severe hurricanes worldwide has nearly doubled over the past 35 years. Scientists attribute the trend to rising sea-surface temperatures during this period.
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CLUE reports

A Comprehensive Loss Underwriting Exchange (CLUE) report provides insurance claim history for a home. Traditionally used by insurers, CLUE reports are becoming important in real estate transactions. Many home buyers now stipulate a CLUE report be included with the real estate contract. Some state legislatures are considering making CLUEs a requirement for all real estate transactions.
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Alcohol-related traffic

An alcohol-related traffic fatality occurs in the U.S. about every half-hour on average. Although the proportion of alcohol-related fatalities has dropped dramatically over the past several decades, alcohol-impaired driving remains a national problem that effects many victims. Penalties such as automatic license revocation appear to be the single most effective measure to reduce drunk driving.
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Homeowners insurance

A recent survey conducted by the Insurance Research Council found that 96% of homeowners are insured. The typical American policy holder paid about $760 in premium for their policy. About 6% of insured homes will file an insurance claim in a typical year. The top causes of homeowners insurance losses are fire and lightning, wind and hail, water damage and theft.
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Homeowners insurance

You may pay less for homeowners insurance if you buy a house close to a fire hydrant or in a community that has a professional rather than a volunteer fire department. You may also pay less insurance premium for a home with newer electrical, heating and plumbing systems. These key home features can save you up to 15% off your insurance.
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HIPAA

The Health Insurance Portability and Accountability Act was enacted by Congress in 1996. The law defines national standards to protect an individual’s medical records and other personal health information, and gives patients more control over their health records. HIPAA also regulates the security of health information and electronic transactions for providers, health plans and employers.
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Homeowner insurance premiums

Homeowner insurance premiums are affected by many factors inside and outside the home. The main factors are: the age and condition of the home, the home's replacement cost, the construction materials used in the home, the neighborhood, availability of local fire protection, the homeowner's claims history, and the homeowner's credit score.
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Cancer rates

According to the latest figures from the American Cancer Society, cancer death rates in the U.S. have decreased by 18.4% among men and 10.5% among women since the early 1990s. Cancer mortality rates are dropping at a fast rate. Over half a million deaths from cancer were averted during the last fifteen years. Cancer rates for lung cancer, colorectal cancer and breast cancer were notable decliners.
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Best Places to Work

Quicken Loans ranked first on the latest list of the 100 Best Places to Work for information technology workers as compiled by Computer World magazine. Among insurance companies, American Fidelity Assurance was highest at 13th. Other insurers making the list: Principal Financial Group, Aflac, Northwest Mutual, USAA, State Farm, Chubb, American Family Insurance, Penn National and Allstate.
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Rental car insurance

Are all rental car customers required to purchase rental insurance? Not all. Check two sources before purchasing rental car insurance. First, check your own auto insurance policy or contact your agent to find out if there are situations in which your policy would not cover a rental. Second, call your credit card company to see if they provide you with rental car insurance.
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Ward's 50

Ward's 50 is an annual ranking of the best performing insurance companies. The Ward Group identifies the top performers among 3,000 property-casualty insurance companies and over 900 life-health insurance companies domiciled in the United States. Each Ward's 50 company has achieved superior performance over the five years analyzed. Ward Group has conducted the analysis since 1991.
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Leverage ratio

In the insurance business, the insurance leverage ratio represents a financial ratio used to measure an insurer’s debt burden in relationship to the resources it has available to support the debt burden. The ratio compares an insurer’s contractual reserves with its capital and/or surplus. Simply put, it is the ratio of reserves to surplus.
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Water damage

According to several insurance surveys, one of the most frequent homeowner claim events is for water damage resulting from a broken or ruptured washing machine hose. Damage from a washing machine hose leak can be significant, especially if the washing machine is located in the first or second floor. Experts suggest to inspect these hoses annually as part of seasonal home maintenance.
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Federal Employees Health Benefits

The Federal Employees Health Benefits Program was created in 1959. FEHB is the largest employer group health insurance program in the world, covering over 9 million federal employees, retirees, former employees, family members and former spouses. Over 350 health plans are offered under the program including fee-for-service plans and health maintenance organizations.
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Topix.com

Topix is a leading online news community providing local, national and world news, as well as news for various industries and interests. Topix provides a free, real-time feed of insurance news for websites. To show a Topix insurance news feed on your site, simply add a small section of code to your web page. Visit Topix.com.
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Life insurance donation

The proceeds from a life insurance policy may be donated to a charity. Policy holders do this by adding the charity as a beneficiary on a policy. Another way is to make annual tax deductible cash gifts to the charity, which the charity uses to make the policy premium payment. State tax laws vary. Some states do not consider a charity to have an insurable interest in a donor.
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Law of Large Numbers

The Law of Large Numbers states that when an experiment is repeated a large number of times, the average result will approach the expected probable outcome. Flipping a coin is a classic example. This concept helps insurance companies calculate appropriate premiums. The Law of Large Numbers was first described by Jacob Bernoulli in 1713.
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Preferred Provider Organization

Nearly 50% of U.S. workers with employer-sponsored health coverage use a Preferred Provider Organization. A PPO is an organization of hospitals and physicians. Those insured by through a PPO may select services from the PPO without being limited. Coverage is usually 100%, with a minimal co pay for each office visit or hospital stay.
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National Association of Mutual Insurance Companies

Founded in 1895, the National Association of Mutual Insurance Companies is a full-service national trade association serving over 1,400 member companies that underwrite more than 40 percent of the property/casualty insurance premium in the United States. NAMIC members benefit through advocacy, public policy and member services. Visit NAMIC at namic.org.
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Claims adjusters

An insurance claims examiner or adjuster is employed to apply due diligence to policy claims. They decide whether claims are covered by the customer’s policy, estimate and confirm payment, and investigate the circumstances surrounding a claim. According to the Bureau of Labor's Occupational Outlook, claims examiners and adjusters will see about 10% growth in employment over the next ten years.
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IED

Some researchers have concluded that road rage drivers may suffer from "intermittent explosive disorder” or IED. A person suffers from IED when he or she has at least three major aggressive outbursts involving property damage and/or threats of physical harm. Road rage is a symptom of IED. The study findings have been the subject of debate as to weather road rage is a mental issue or not.
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Auto insurance myth

A commonly held auto insurance myth is that the color of your car affects your insurance rate. Some believe black or red cars are more likely to be driven fast. The fact is the color of your car does not impact your car insurance rate. The main factors that influence your auto insurance rate are your vehicle's year, make, model, body type, engine size, and your credit history and driving record.
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Exclusive agents

An exclusive agent is an insurance agent that represents one insurance company. Exclusive agents sell insurance products and services for one company and receive a salary plus policy commission from that company. Insurance companies with exclusive agents tend to be highly specialized or extremely large. Exclusive agents are also known as direct writers or captive agents.
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Insurance discounts

Insurance companies commonly offer a discount up to a 15% when you purchase two or more polices with them. Take advantage of this discount by insuring your home and vehicles with the same insurance carrier. In addition to saving money, dealing with one agent or insurance representative will save you time.
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State Farm

G.J. Mecherle established State Farm in Bloomington, Illinois on June 7, 1922. State Farm became America's top auto insurer in 1942, and by 1964, State Farm became the largest insurance writer in the world. Barry Manilow composed State Farm's famous "Like a good neighbor" commercial during the 1970s. Today, State Farm services over 75 million policies in North America.
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"high risk"

Auto insurers consider the following drivers as "high risk": a driver with a history of tickets, accidents or convictions for driving under the influence of alcohol; an inexperienced driver, or a driver of sporty or high-performance cars. High risk drivers obtain auto insurance from insurers that specialize in high risk drivers or through their state's high-risk insurance pool.
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Malpractice insurance

Rising malpractice claims and inadequate rates in the early 1970s caused a highly publicized malpractice insurance crisis. Since then, several national and state reform initiatives as well as market-driven responses have attempted to correct medical malpractice issues. Today, doctor-owned malpractice insurance companies provide almost half of all the medical malpractice insurance in the nation.
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National Insurance Crime Bureau

The National Insurance Crime Bureau (NICB) works with insurers and law enforcement agencies to facilitate the identification, detection and prosecution of insurance criminals. The NICB was formed from a 1992. It represents more than 1,000 insurers, self-insured organizations, rental car companies, parking services providers, utility companies and transportation-related firms.
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"No-Pay/No-Play"

"No-Pay/No-Play" laws are designed to limit compensation rights of people who were breaking the law when they were injured. An example is uninsured drivers. In most no-pay/no play states, uninsured drivers may not sue for non-economic damages such as pain and suffering from an accident. Other states require uninsured drivers pay a large deductible before they can sue for property damages or bodily injury.
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Inernet insurance

The Internet continues to be an important factor in the auto insurance business, both as an advertising tool and a sales tool. According to data collected by the online marketing company ComScore, consumers bought a record 2 million auto insurance policies online in 2007, a 37 percent rise from 2006. Additionally, online shoppers submitted requests for 32 million online quotes, an increase of 15 percent.
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Wild land Urban Interface

The Wild land Urban Interface (WUI) is the zone where natural areas and developed areas meet. The expansion of the WUI into fire-prone areas has made wildfire management an important issue. Construction experts suggest buildings can be more fire resistant. Research shows that a property's vegetation characteristics and its building materials are the most important factors influencing its survival during a wildfire.
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Insurance regulation

The insurance business in the United States is regulated at the state level. Insurance customers in each state buy policies from agents and brokers who are licensed to do business in that state. Each state has its own set of insurance laws and regulations. Most states base their rules and regulations on model law established by the National Association of Insurance Commissioners.
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Asbestos-related losses

Asbestos-related losses paid by the U.S. insurance industry will eclipse $60 billion. Asbestos is a fire-resistant mineral that causes a health hazard. The first asbestos product lawsuit was filed in December 1966, in Beaumont, Texas. Asbestos was one of the first hazardous air pollutants regulated under the Clean Air Act of 1970. The use of asbestos dates back to the Greeks and Romans.
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STOLIs

North Dakota was the first state to ban "stranger-originated" life insurance policies. This scheme, referred to as a STOLI, works as follows: A person promises to pay the premiums for a life insurance policy that covers another individual while providing a one-time cash payment in exchange for being named the policy's beneficiary. That beneficiary collects when the covered individual dies.
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Driving safely

Driving safely and maintaining a good driving record will save you money. In addition to preserving your health and your vehicle's condition, a good driving record will translate into preferred auto insurance rates. DUI's, accidents, speeding tickets, and failure to obey traffic signals, cause insurance premiums to increase. Avoid these issues and pay less for your auto insurance.
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First automobile insurance policy

The first automobile insurance policy was issued in February 1898. The Travelers Insurance Company of Hartford, Connecticut extended an individual insurance policy that provided $5,000 to $10,000 of liability coverage to Dr. Truman J. Martin of Buffalo, New York. Dr. Martin's premium for the first automobile insurance policy was $11.25.
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Homeowners insurance

According to data compiled by the National Association of Insurance Commissioners, the state of Texas has the most expensive homeowners insurance in the nation. Wisconsin has the least expensive homeowners insurance premiums. Most of the difference in premium cost is attributable to weather and the risk of natural disaster.
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Humorous statements

Some humorous statements taken from actual insurance accident claims forms. Incidents with pedestrians: "The pedestrian ran for the pavement, but I got him", "The guy was all over the road. I had to swerve a number of times before I hit him", "The pedestrian had no idea which way to run as I ran over him", "A pedestrian hit me and went under my car."
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Insurance term origin

The origin of the word "insurance" dates back to the 16th century. The term is a variation of the Anglo and French words ensurance or ensure. Ensure translates literally to "make sure or safe". The word assurance was another variation of insurance and was used during this same period.
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Diversity

DiversityInc Magazine's Top 50 Companies for Diversity is compiled annually. Companies making the list demonstrate diversity strengths in hiring, training, partnerships and executive involvement in diversity initiatives. Bank of America was number one the latest list. Among insurance companies, Prudential Financial was 24th and Allstate 40th.
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U.S. Insurance News

U.S. Insurance News provides timely insurance news, updates, analysis, and profiles through daily print and digital editions as well as online at USInsuranceNews.com. U.S. Insurance News provides top-quality news and insurance products and services to more than 130,000 industry decision makers, agents, managers and executives each month. U.S. Insurance News was established in 1998.
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Insurance crossword

Take a break and play the Insurance crossword. The website Crossword-Puzzles.ws offers a variety of theme-based crossword puzzles, including one for insurance. Work against the clock to identify all of the listed insurance terms in the 20 by 20 puzzle. Try the game at crossword-puzzles.ws/business/insurance/insurance.htm.
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Earned premium

In the insurance business, earned premium refers to the amount of premium that as been paid for in advance that has been "earned" by virtue of the fact that time has passed without any claims or losses. For example, a two-year term life insurance policy that has been paid in advance and is one year old with no claims would have one-year's worth of earned premium.
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Micro-insurance

Micro-insurance is low-premium insurance with low caps or coverage limits. Policies may cover health, property, disability and crops. Micro-insurance is usually designed to serve low-income people and businesses not served by typical commercial insurance companies. Several new and existing insurance companies are selling micro-insurance products, mostly in developing countries of the world.
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ACORD

ACORD is a nonprofit association whose mission is to facilitate the development and use of standards for the insurance and financial services industries. ACORD members include the majority of the top life and annuity carriers, property and casualty carriers, and reinsurers. Visit ACORD at Acord.org.
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Pet insurance

The pet industry in the United States accounts for over $34 billion in annual expenditures. Vets offer sophisticated and expensive treatments for pets that were once reserved for humans. Industry surveys estimate about 5% of American pet owners have pet insurance, which cover expensive procedures, medications and burial. Pet insurance costs roughly $2,000 to $6,000 over the life of an average pet.
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The Home Insurance Building

The Home Insurance Building in Chicago, Illinois was the world's tallest building from 1885 to 1905. The building is considered to be the first modern skyscraper due to its steel frame construction versus stone material. The original ten-story building rose to a height of 138 feet. Two additional floors added in 1890. The building was demolished in 1931.
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