Insurance fraud

The cost of insurance fraud is picked up by insurance companies, policy holders, taxpayers and the general public mostly through increased insurance rates, higher taxes and inflated prices for goods and services. The National Insurance Crime Bureau estimates the average household pays an additional $200 to $300 in insurance premiums every year to offset the cost of fraud.
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Asbestos

The first documented case of an asbestos-related death was reported in 1906. By the 1940s, documents revealed that asbestos manufacturers were aware of the health risks related to exposure to asbestos. The first mesothelioma-related asbestos lawsuit was filed in the U.S. in 1966. In 1979, the EPA announced intention to issue rule that bans all uses of asbestos.
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Comprehensive insurance

Comprehensive insurance, commonly known as "comp", is auto insurance coverage providing protection in the event of physical damage other than collision or theft of the insured car. Vandalism, flood, hurricane, theft, and fire are all events usually covered by comprehensive automobile insurance. A broken window or windshield is perhaps the most common type of comp claim loss.
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Renter's insurance

A recent poll of 600 apartment renters by PEMCO Insurance found slightly more than half opt to forgo renter's insurance despite statistics that show rented households are burglarized at rates almost 80% higher than homeowners. Reasons cited include: they think their landlord's policy will cover their apartment, insurance is too expensive, and they don't have enough property to warrant a policy.
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Employment-based health insurance

Employment-based health insurance in the U.S. became popular during World War II when wages were frozen by the National War Labor Board. Companies offered health insurance as a perq to attract scarce workers during the wage freeze. Health insurance as a work benefit was supported by labor unions and provided a tax benefit to employers and employees.
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WhipCash

Dr. Robbie J. Killingsworth developed the insurance claims board game WhipCash in 1991. WhipCash is billed as the fender bender board game of strategy, luck, and revenge. Players roll the dice, move around the board, and try to bankrupt the other players as well as the nemesis characters Mr. Chasinbucks, Dr. Overbilled, and Mr. Daily. See the official game at WhipCash.com.
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Totaled

A car is declared "totaled" when the cost of repairs exceeds the cash value of a vehicle, as in the case of many older cars. When this occurs, the insurance company issues the insured a check for the cash value of the car, minus your deductible. The car is then sent to a salvage yard, where it may be auctioned off for parts. The insurance company receives the money from the auction.
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Prudential

Prudential Life Insurance was founded as the Prudential Friendly Society by John Fairfield Dryden in Newark, New Jersey. The company sold industrial insurance, which provided funeral expenses for low-income families. Prudential was first to introduce variable investment products and entered the residential real estate business in 1987. Prudential transitioned to a stock company in December 2001.
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Shifting the responsibility

More companies are shifting the responsibility for retirement planning and funding to their workers. Traditional defined benefit pension plans and generous 401(k) matching arrangements are giving way to employee funded 401(k) plans and cash balance plans. Reasons for the change include company cost cutting, competitive pressures, and a general decline in the length of tenure of employment.
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Toughest speeding penalties

The state of Virginia has the toughest speeding penalties in the United States, according to a recent Forbes.com survey. The maximum fine for a first-offence speeding ticket in Virginia is $1,350. Following Virginia is Georgia, Illinois, Nevada and New Hampshire. The I-95 corridor that runs from Florida to New England includes five of the ten U.S. states carrying the highest fines for speeding.
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Motorcycle fatalities

According to a recent Insurance Institute for Highway Safety study, motorcycle fatalities have increased dramatically over the last decade. The Institute attributes the increase to the popularity of "super sport" motorcycles, which reach speeds up to 180 mph. Super sport motorcyclists represent about 9% of all motorcycle registrations but account for up to 30% of all motorcycle fatalities.
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Insurance quotation

Insurance quotation: "People who live in glass houses should take out insurance." - source unknown.
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No-fault insurance

A commonly held myth regarding auto insurance is that no-fault insurance means "it's not my fault". Under no-fault laws, your auto insurance company will pay your claims regardless of who was at-fault for the accident. Other drivers involved will be covered by their insurance. No-fault insurance was designed to lower premiums by avoiding litigation.
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Mutual insurance companies

A mutual insurance company writes insurance policies as a nonprofit corporation that is owned by its policyholders. Buying a policy makes you a part-owner of the company. Policy holders elect the company's directors and benefit from favorable operations in the form of dividends. State Farm and Mutual of Omaha are examples of mutual insurance companies.
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Reduce your health insurance premium

Reduce your health insurance premium to save money. Lower your monthly premium by raising your deductible, coinsurance, or co-payment amount with your plan. For healthy people with no major medical conditions, consider a high deductible plan with a health savings account. Another way is to change the plan within the insurer or change insurers.
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New Jersey drivers

New Jersey drivers pay the highest auto insurance premiums in the U.S. This distinction is driven by characteristics of the Garden State: it has the most people per square mile among all states, significant numbers of insurance-related lawsuits, and high rates of insurance fraud, auto theft, and uninsured drivers. Higher costs of living and medical care costs also factor in the premiums.
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Intersection collisions

Vehicle collision studies have found older drivers involved in more collisions at intersections than all other drivers. The Insurance Institute for Highway Safety studied intersection collisions by examining police reports and interviewing drivers. The study attributed senior-driver intersection collisions to evaluation errors, the complexity of urban intersections, and less head-range motion.
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ClaimSearch database

The ClaimSearch database is the world’s largest database of insurance claims data. Millions of individual claims are submitted into ClaimSearch each year. ClaimSearch subscribers can query on prior loss histories, claim patterns and suspicious claims. ClaimSearch is maintained by the Insurance Service Office, a supplier of decision-support services for insurance and financial organizations.
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National Association of Insurance Commissioners

The National Association of Insurance Commissioners (NAIC) was created in 1871 to coordinate regulation of multi-state insurers. NAIC serves insurance regulators across the United States. Through its committees and activities, NAIC helps protect the interests of insurance consumers and works with state regulators to meet the shared objective of sound financial and market regulation.
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Uninsured drivers

A uninsured driver who is involved in an auto accident could be issued a traffic ticket for driving without a valid license. If the uninsured driver is at-fault for the accident, they will be personally responsible for any repair and injury costs to other people involved. If the uninsured is not at-fault, they can make a claim on the at-fault driver's insurance policy.
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Frequency of tornadoes

The recorded frequency of tornadoes in the United States has been increasing over the past several decades. From 1960 to 1990, there was one year in which there were more than 1,000 recorded tornados. Since 1990, the number of tornadoes has generally exceeded 1,000 a year. Most researchers believe the increase may be attributed to better methods for detecting tornados.
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Tornadoes

Tornadoes occur most frequently during the spring and summer months. Most tornadoes in the United States form in an area called "Tornado Alley", which includes includes parts of Texas, Oklahoma, Kansas, and Nebraska. In an average year, 800 tornadoes are reported nationwide, resulting in 80 deaths and over 1,500 injuries.
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Allstate

Looking beyond retail, Sears Roebuck established Allstate Insurance in the early 1930s. Allstate was the first insurance company to base insurance rates on personal driving history rather than standard industry rates. The company grew steadily, adding life insurance, mortgages and financial planning. Allstate became America's largest publicly held personal lines insurance company in 1995.
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Credit scores

Insurance companies are basing the cost of insurance on credit scores. Statistically, there is a relationship between a person's credit score and their number of insurance claims. The industry believes those who are not responsible with money are higher insurance risks. A low insurance score will result in a higher premium or a cancellation of a policy.
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Home rebuilding cost

For homeowners, you should buy enough insurance to cover the cost of rebuilding your home at current costs. Rebuilding your home does not include land cost. Calculate a home's rebuilding cost by multiplying the total square footage by local residential building costs per square foot. Obtain cost per square foot by calling home builders, real estate agents or your insurance agent.
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Before you make a car purchase

Save money by shopping for auto insurance before you make a car purchase. The cost of auto insurance varies and depends on the type of car and its driver. Do not wait until after your car purchase to pay unexpectedly high insurance rates. Save yourself some time and effort by making the insurance cost part of the car buying decision.
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Gap Insurance

Gap Insurance protects your vehicle's loan. A new car's value depreciates the minute it is driven off the dealer's lot. Gap insurance protects new car buyers who finance a car and, in the case where the car is totaled, owe more than what the vehicle is worth. Gap insurance pays this difference.
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Hurricane Katrina

The losses from Hurricane Katrina and other natural disasters in the U.S. in 2005 amounted to more than twice any previous yearly total of natural disasters. All told, insurance companies ended up with insured losses of about $80 billion for the year. Hurricane Katrina accounted for about $45 billion of the total, making it the most expensive insured event in history.
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