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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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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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

There are more than 28 million licensed drivers age 65 years and older, a 17% 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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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 phrases

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

The FICA deduction on your pay stub 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 pay check 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% 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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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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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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The 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 $5,000 to $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 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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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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Umbrella insurance policy

An umbrella insurance policy provides an extra layer of liability protection beyond the basic limits of homeowners and auto insurance. Because most of the risk is assumed in your primary home and auto policies, umbrella policies are relatively inexpensive to purchase. Most insurers require underwriting your home and auto polices before providing an umbrella policy.
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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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Expensive medical conditions

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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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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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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Top insurance companies

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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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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Homeowners insurance discounts

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 & 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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Sarbanes-Oxley

The Sarbanes-Oxley Act was passed in 2002 to address adverse accounting and financial practices typified by a series of corporate failures by Enron and WorldCom. The act requires corporations to meet enhanced reporting and auditing standards. For insurance, the act resulted in new risk exposure for corporate directors and officers, which impacted underwriting standards for D&O insurance.
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Insurance sales agents

There are about 436,000 insurance sales agents in the United States, according to recent U.S. Department of Labor Bureau of Labor Statistics data. Almost half of insurance sales agents work for insurance agencies and brokerages, and nearly 23% work directly for insurance carriers. Employment of insurance sales agents is expected to increase by 13 percent over the next ten years.
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Managed care insurance plans

More than half of all Americans with health insurance are enrolled in a managed care plan. Managed care insurance plans include health maintenance organizations, preferred provider organizations and point of service plans. The goal of managed care is the delivery of comprehensive health services by appropriate providers with controlled incentives and costs to patients and doctors.
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Life insurance value

There are several methods to determine the value of a life insurance policy. A general rule of thumb suggests you should purchase a life insurance policy valued at five times your annual income.
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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 premium savings could be as high as 5%.
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National Life Insurance Awareness Month

The U.S. House of Representatives and the U.S. Senate passed separate resolutions recognizing September as "National Life Insurance Awareness Month." The resolutions cited statistics that show a significant number of Americans lacking life insurance. About 4 in 10 Americans own an individual life insurance policy.
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National Life Insurance Awareness Month

The U.S. House of Representatives and the U.S. Senate passed separate resolutions recognizing September as "National Life Insurance Awareness Month". The resolutions cited statistics that show a significant number of Americans lacking life insurance. About 4 in 10 Americans own an individual life insurance policy.
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Accident claims forms

Some funny statements taken from actual insurance accident claims forms. Who is to Blame? "I didn't think the speed limit applied after midnight", "No one was to blame for the accident but it would never have happened if the other driver had been alert", "The accident was caused by me waving to the man I hit last week."
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Seat belt use

The National Highway Traffic Safety Administration reported U.S. seat belt rate at 82%. Hawaii led the nation with 95.3%, followed by Washington state and Nevada. Mississippi had the lowest rate at about 60%, followed by Massachusetts and Kentucky. According to estimates by the Department of Transportation, the 82% national seat belt rate saved 15,700 lives and prevented 350,000 serious injuries.
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Heart disease

Heart disease deaths have decreased by over 20 percent in the U.S. over the past decade. Despite this, heart disease kills about 900,000 people annually and remains the top killer across America. According to the American Heart Association, more than 70 million Americans live every day with some form of heart disease.
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Droughts

The costliest weather disaster in American history, purely in terms of economic damage, was the drought of 1988. Below-average precipitation drew the Mississippi River so low that barge traffic had to stop, causing an estimated $40 billion in losses. Industry experts estimate that droughts cause an average of $6 billion in economic losses each year in the United States.
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Other insurance products

Most consumers are aware of the major types of available insurance, such as auto, homeowners, life and health. Most insurance companies also offer an array of other specialty insurance products. Examples are: boat, dog bite liability, flood, identity theft, mobile home, motorcycle, pet, mortgage insurance, renters, title, travel and wedding and specialty event insurance.
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Insurance Library

The Kathryn and Shelby Cullom Davis Library at St. John’s University’s School of Risk Management comprises the world’s largest collection of risk and insurance literature, policies, and related documents. The Library was established in 1901 as part of the Insurance Society of New York's College of Insurance, the predecessor to St. John’s School of Risk Management.
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An Inconvenient Truth

The film "An Inconvenient Truth" earned an Oscar for best documentary film in 2006. Former U.S. Vice President Al Gore presents his position that global warming is real and serious through presentation of several climate and temperature studies. Gore has been a champion of the global warming cause since his days in college and throughout his tenure in congress and the vice presidency.
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VIN

Starting in 1980, the National Highway Traffic Safety Administration required all new vehicles sold in the U.S. have a unique vehicle identification number (VIN). A VIN number is a 17-character alphanumeric identifier or a manufacturer’s serial number. Each character in the VIN number has a significant meaning. Together, they create a number that tells everything about the vehicle and its unique history.
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Overweight

Two in every three adults in the U.S. is considered overweight. Obesity is responsible for as many as 300,000 deaths annually. According to research published by the Center for American Progress, the United States could save an estimated $1 trillion over twenty-five years if the current average national obesity level returned to the levels of the 1980s.
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World market for insurance

The total world market for insurance is estimated at around 3.4 trillion dollars, according to data provided by Swiss Re as published on the Insurance Information Institute's website The United States leads all other countries in terms of insurance premium written, followed by Japan, United Kingdom, France and Germany.
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Redlining

Redlining refers to discrimination in the insurance market based on characteristics unrelated to risk. The term is derived from the lines drawn on maps by insurance companies to mark the specific parts of a town where it does not want to offer insurance. Most states now have FAIR plans (Fair Access to Insurance Requirements) to provide high-risk properties availability to insurance protection.
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The Insurance Hall of Fame

The Insurance Hall of Fame was founded in 1957 and resides at The University of Alabama. The Hall's roster is comprised of over one hundred individuals representing every sector of insurance from all parts of the world. Inductees have made a significant and lasting contribution to the insurance industry. The Hall's first inductee was Benjamin Franklin. Visit online at insurancehalloffame.org.
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Act of God

An "act of God" is an extraordinary and unexpected natural event, such as a hurricane, tornado, earthquake or even the sudden death of a person. Under the law of contracts, an act of God often serves as a valid excuse if one of the parties to the contract is unable to fulfill his or her duties -- for instance, completing a construction project on time.
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American Fidelity Assurance Company

American Fidelity Assurance Company has appeared 5 straight years on FORTUNE Magazine's 100 Best Companies to Work for in America. The family-owned insurance company ranks high in terms of cash bonuses, number of telecommuters, and number of female employees. According to AFA's website, "the company strives to foster an environment that leads employees to call AFA their second family."
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Age 70 and over

The projected number of Americans age 70 and over is expected to double by 2035. Growing numbers coupled with changing lifestyles and circumstances are making seniors an attractive market for life insurers. Seniors may consider life insurance for dependent grandchildren, to cover education costs for their working children, or to provide security for a younger spouse.
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Floods

A commonly held myth regarding homeowners insurance is that a homeowners policy will cover losses from a flood. This is not true. Many homeowners do not find this out until it is too late. Homeowners and renters can purchase flood insurance from the National Flood Insurance program at any time from any location in the United States. NFIP is offered by the Federal Emergency Management Administration.
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Lloyds of London

Lloyds of London is the world’s oldest and most famous insurance concern, attended by Lloyds brokers and Lloyds underwriters. Lloyds began in London in the seventeenth century. Today, it is a top conduit for aviation and marine insurance, as well as specialty insurance, such as policies covering celebrity body parts. Bruce Springsteen insured his voice for $6 million dollars with Lloyds during the 1980s.
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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 all cause insurance premiums to increase. Avoid these issues and you will pay less.
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Costly world insurance loss events

According to data provided by Swiss Re as published on the Institute for Insurance Information's website, the top five most costly world insurance loss events over the past twenty-five years were: Hurricane Katrina (2005), Hurricane Andrew (1992), World Trade Center attacks (2001), Northridge Earthquake (1994), and Hurricane Ivan (2004).
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Assigned risk

Most U.S. states offer an assigned risk program to insure drivers that insurers will not underwrite. Assigned risk applicants are distributed by the program to auto insurers in proportion to the amount of their voluntary business. Thus, each insurer underwrites their fair share of assigned risk drivers. New Hampshire was the first state to establish this type of residual insurance system in 1938.
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Helmet laws

Almost all U.S. states enacted motorcycle helmet laws after the federal government made it a requirement in 1967. By 1980, most states had repealed or limited their motorcycle helmet laws. Currently, 20 states and the District of Columbia have laws requiring all motorcyclists to wear helmets, while 27 states have age-specific helmet laws. Illinois, Iowa and New Hampshire have no helmet use laws.
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Staged accidents

Staged accidents are carried out by scammers looking for a payoff courtesy of another insured driver. Typical scenarios include designed rear-end crashes, lane merge collisions and parking lot fender-benders. The staged accident driver makes claims against the other driver's auto insurance for inflated damage or phony body injury. Staged accidents cost the insurance industry about $20 billion a year.
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Omnibus Drug Initiative Act

The Omnibus Drug Initiative Act of 1988 allows a driver's license to be seized when the driver's blood alcohol content is over the legal limit of driving while intoxicated or when the driver refuses to take a blood alcohol content test. This provision has been shown to be one of the most effective deterrents to drunk driving. Nationally, there is an alcohol-related traffic fatality every half-hour.
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Mutual of Omaha

Mutual of Omaha began as Mutual Benefit Health & Accident Association in Nebraska in 1909. Dr. C.C. Criss guided the company through several decades of growth, leading the company to its one millionth policy issued in 1949. Mutual of Omaha's signature Wild Kingdom TV program first aired in 1963. Today, Mutual of Omaha holds more than $19 billion in consolidated assets.
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Insurers of last resort

State-run property insurers are the insurers of last resort. For example, Citizens Property Insurance was established in Florida when insurance costs soared after eight hurricanes hit the state in 2004 and 2005. The concept of a state-run property insurance pool is to transfer policies to private insurers, who accept financial incentives for assuming the policies.
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Captive insurance companies

A captive insurance company is an insurance company set up by a parent organization for the sole purpose of underwriting its insurance needs. Many large corporations, for example, UPS and Starbucks, have successfully established captive insurance companies. These successes have spawned the creation of captives and shared-captives by many medium-sized businesses.
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Car thefts

An average of two cars are stolen in the U.S. every minute of each day, according to the FBI's Uniform Crime Reports. Western U.S. states account for the highest share of car thefts while the Northeast the lowest. According to the National Insurance Crime Bureau, the metro areas with the highest vehicle theft rates are Las Vegas, Stockton, California, and Visalia-Porterville, California.
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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 are commonly contracted to help you meet retirement income goals and to add diversity to your investment portfolio.
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Life insurance rule of thumb

There are several methods to determine how much life insurance is necessary for an individual. A general rule of thumb suggests you should purchase $120,000 of life insurance for every $500 of monthly income.
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Save money on your auto insurance

Save money on your auto insurance by dropping unnecessary coverage. If the current value of your vehicle is $2,000 or less, 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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The first modern skyscraper

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 to make way for another building.
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Humorous statements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Insurers generally frown upon drivers that speed. According to the National Highway Traffic Safety Administration, speeding is a factor in nearly one-third of all crash-related fatalities in the U.S. A recent study of California drivers found drives with one speeding ticket during a three-year period had a crash rate 50% higher than those with no speeding tickets.
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Traditional whole life

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

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

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

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

A recent study by LIMRA International showed that 44 percent of U.S. households say they need more life insurance and 27 percent say they expect to buy life insurance in the coming year. If all these folks were to purchase insurance, it is estimated that the policies would add about $9 billion to industry revenues, almost doubling the amount of new premiums written each year.
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NAIFA PAC

The National Association of Insurance and Financial Advisors boasts the largest Political Action Committee in the insurance industry. The NAIFA PAC ranks among the top one percent of all 3,700 PACs registered with the Federal Election Commission. The PAC contributed approximately $3 million to federal and state candidates and committees during the last election cycle.
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Women

Women usually pay less for auto insurance than their male counterparts. Statistically, women take more care on the roads; they drive shorter distances and maintain safer speed limits than men. Additionally, women are more likely to buy smaller and cheaper cars than men, which are less costly to repair and require lower insurance claims.
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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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Depression

Depression is the leading cause of disability worldwide, according to the World Health Organization as published in a recent New York Times article. It costs more in treatment and lost productivity than anything but heart disease. Only a very small percentage of those who suffer from depression receive appropriate treatment for their condition.
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Wars

There are currently over forty ongoing conflicts or wars occurring around the globe. Most of these conflicts are being fought in developing countries of Africa and Asia. The majority of the conflicts are classified as civil wars. The UN defines a "major war" as a conflict causing 1,000 battlefield deaths per year. As of 2005, there were eight major wars under way, down from fifteen at the end of 2003.
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Credit life insurance

Credit life insurance is insurance coverage on a borrower designed to repay the balance of a loan in the event the borrower dies before the loan is repaid. Credit insurance policies are often sold along with home mortgage loans and autos, and sometimes with credit cards. Although purchased by the consumer/borrower, the benefit payment goes to the company financing the purchase to satisfy a debt.
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Insurance-friendly autos

One way to save on auto insurance is to buy an "insurance-friendly" automobile. Insurance-friendly autos often cost less. They also will not show up in any of the following categories: vehicles with high horse power, sports cars, high performance vehicles, luxury vehicles, vehicles with technology features, large SUVs, very small vehicles and vehicles with high theft rates.
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Defined benefit retirement

A defined benefit retirement plan is a company retirement plan that promises the participant a specific monthly benefit at retirement based on salary history and years of service. The employer bears the investment risk and usually makes the contributions. An example of a defined benefit plan is a company sponsored pension plan.
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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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The Property Casualty Insurers Association

The Property Casualty Insurers Association of America was established in January 2004 by merger of the Alliance of American Insurers and the National Association of Independent Insurers. PCI serves more than 1,000 member companies, and delivers advocacy through more than 80 publications, bulletins and alerts, as well as through its standing committees and seminars. Visit PCI at pciaa.net.
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Insurance underwriters

Insurance underwriters are responsible for assessing the insurability of a policy applicant. They use applicant information, reports and studies to decide insurability and calculate terms and premium. According to the Bureau of Labor's Occupational Outlook, the number of underwriters will decline over the next ten years as the use of underwriting software increases worker productivity.
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Climate change

According to a recent article published in the Christian Science Monitor, insurers see an increased risk with climate change and are acting accordingly. Travelers Insurance offers hybrid car owners a 10% discount. Fireman's Fund has lowered premiums for energy-efficient and "green" buildings. Insurers also view environmentally-aware customers as better risks and therefore as preferred customers.
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Auto Insurance Rates

A commonly held auto insurance myth is that the state or federal government sets the auto insurance rates you pay. This is not the case. Although auto insurers are regulated by each state, the government has no direct bearing on how much you pay for auto insurance. Rates are established by the type of car you drive, where you live, your credit score, marital status and your driving record.
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Chartered Life Underwriter

Insurance agents that specialize in life insurance and estate planning may denote a CLU credentials in their title. A Chartered Life Underwriter is a professional designation granted by American College of Life Underwriters. CLU designation requires an individual to complete five core courses and three elective courses, and successfully pass eight two-hour, 100-question examinations.
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Pricing auto insurance

Save money by pricing 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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GEICO

GEICO stands for Government Employees Insurance Company. Leo and Lillian Goodwin established GEICO in the mid-1930s, selling auto insurance to federal employees and military officers in the Washington, D.C. area. GEICO enjoyed steady growth over the next several decades. In 1995, GEICO became a subsidiary of Berkshire Hathaway. GEICO is the fourth largest auto insurer in the U.S.
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Auto insurance factors

Insurers use as many as twenty factors to underwrite auto insurance policies. All things being equal, an auto policy holder will pay less if any of the following conditions apply: clean driving record, reside outside an urban area, credit rating is high, age 25 or older, female, married, make and model of vehicle is not prone to theft or is not considered high-performance.
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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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Three basic benefits

Every legal American worker is entitled by federal law to three basic benefits. Workers' compensation provides insurance for work-related injuries or death. Social security provides retirement income and disability coverage for workers and their dependents. Unemployment insurance provides payments for a period of time presumably long enough to allow workers to find new jobs.
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Dog bite claims

Nearly five million Americans are bitten by dogs every year, with an estimated 800,000 requiring medical treatment, according to The Centers for Disease Control and Prevention. Dog bite claims paid by insurance companies fell from about 21,000 in 2002 to 15,000 in 2005. During that same period, the average dog bite claim increased significantly, from about $16,600 to more then $21,200.
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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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