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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