10 Astonishing Facts About Insurance

Insurance, as a matter of fact started out years ago before civilization was about to be outlined. early 18th century is the first time a life insurance policy was purchased. This was done through a company then known as Amicable Society for a Perpetual Assurance Office. The insurance company itself was founded in London in 1706 by William Talbot and Sir Thomas Allen. Surely there’s a lot of bizarre information surrounding insurance including whether it is a legit business.

Insurance is a way to manage your risk. It involves 3 parties – the client, the insurance company and the beneficiary. The client is the person who approaches the company to purchase a policy for a beneficiary.

When you buy insurance, you are purchasing protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you. If you have no insurance and an accident happens, you may be responsible for all related costs.

In this article, we list 15 fun facts you didn’t know about Insurance.

1. Insurance Is A Legal Scam

Yes, insurance is undoubtedly a scam, although it comes with some odds. Compare this to car salesmen who are the middlemen you don’t need or want. You want healthcare, and you want to simply walk into the hospital and get the care you need. Unlike banks, insurance companies keep your funds with a condition for you to get it back. However, we think insurance is “a necessary evil” since it can actually save your an unexpected expense.

2. You Can Insure Your Body Parts

Did you know that you can insure your body parts? Well, if you didn’t, I’m about to surprise you. Actress America Ferrera (who acted Ugly Betty) had her smile, including her teeth and gums, insured. This was done through her sponsor, Aquafresh, for $10,000,000. The policy covers “any reasonable and necessary dental treatment costs or expenses that result from accidental injury” during the term of her policy. The phenomenon of insuring body parts started in 1920.

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3. The word ‘insurance’ originally meant an ‘engagement to marry’

The word ‘insurance’ was originally translated from the French word ‘ensurer’. The French word meant an ‘engagement to marry’. Eventually, the word evolved to become ‘assurance’ and later ‘insurance’ with its modern meaning. Clearly, we’re talking about promises and we both know what breaks trust.

4. There Are More Women Taking Up Insurance

Information from the Insurance Information Institute suggests that women comprise over 60% of the insurance industry. Most of those women work in fields including life and health, property/casualty, and reinsurance. By all estimates, this makes women one of the most important pieces of the insurance puzzle.

5. Insurance Is A British Idea

If you’re wondering where insurance started from, it is Britain. Modern day insurance industry is inspired by the British system.

It can be traced back to the Great Fire of London in 1666, which burned over 13,000 homes. Back then, the profession was overwhelming male. However, what we’ve seen over the years is a flip in the paradigm.

6. Microsoft Wallpaper Cannot Be Insured

Yes, the Windows 7 rolling green hills and blue sky we saw on the background of every Microsoft computer.

The image is reported to be an actual photograph Microsoft purchased. However, the photograph was so valuable that the insurance to ship it was too high. Consequently, Microsoft paid to have it retrieved and delivered by hand instead.

7. Fire Departments Are Tied To Insurance

Ever wondered why firemen will show up when a public place is on fire but not your house? It is because, putting out fire is actually a service and services work with remuneration. Fire departments revolve around insurance. The very concept of a fire department is strongly tied to insurance. In the early years, they were meant to put out fires for specific households and policyholders.

8. Mental Health Is Not Under Health Insurance

Mental health is not usually protected by health insurance. A number of health insurance companies do not cover mental health issues for their policyholders. However, in some states, it is a prerequisite to be catered for.

9. Alien Abduction Insurance Exists

For years, man has contemplated the existence of life in another planet. The very fact that it is not yet confirmed (by the date of writing this article), it is considered an uncertainty. You can pay for insurance just in case aliens showed up and lifted whoever they chose.

10. Home Insurance Excludes Animals

When you pay for home insurance, it excludes your pets and cattle. You need to actually get a separate plan for animals. Some animals like dogs have risky lives so you are required to insure them separately.

Conclusion

Which of these facts about insurance surprised you the very most? Kindly feel free to leave your thoughts below. We would like to keep feeding you your appetite.