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20Mar, 2018 0
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Interesting Trivia and Facts About the Insurance industry

There are so many facts surrounding the insurance industry that aren’t common knowledge (both to customers and independent insurance agents). Here are interesting”did you know” trivia and facts about the insurance industry we gathered.

  • By paying your auto insurance premiums annually rather than by each month you will lower the premiums you have to pay by quite a good amount.
  • Even if your friend is driving your car and there is an accident you will be the one who must file the claim.
  • Make sure when you sell your car to someone that you transfer the names as soon as possible otherwise you are still responsible for the car even if the new driver was driving the car at the time.
  • Nearly 50 percent of premiums actually go to the administrative costs
  • There is a mandatory coverage that 21 states have that is specially for uninsured motorcycle drivers.
  • The Amish believed that insurance meant they had no trust in god and they saw it the same way with social security as well, so they would accept no social security benefits or any insurance policies.
  • Netherlands happens to be the only country that has a law of health insurance being compulsory for everyone. However, the premium costs are not charged via age groups or your health status.
  • Funny enough there isn’t an insurance company that is happy to take on Jacki Chans productions. Jackie Chan trains his stuntmen himself and takes their medical bills straight from his own wallet.
  • Sony sells electronics and has become well known for this, but the insurance division is their biggest source of their profits.
  • In 2012 a woman was billed $4800 after being in an accident.
    When the hospital realized she got an insurance claim settlement she then received a bill for over $20,000 and went against her property to get the money.
  • A life insurance isn’t adding a monetary value to a life it more so works as compensating the financial consequences that come with the loss of the breadwinner.
    The ones left behind will need to pay final expenses, any debts owing and the mortgage.
    Life insurance can help to give peace of mind to the policy holder that everything financial will be taken care of in the event of their death.
  • Life insurance is a policy like a contract. Life insurance is a contract between a person and the insurance company. Someone who has the financial livelihood of another person.
    the premiums are pooled to the policyholders and then they payout claims in the event of a death.The insurance company profits by taking the difference between the premiums and the claims they have paid out.
  • Life insurance is not to be looked at as an investment instead it is actually a risk management tool. Some insurance policies offer a feature for investment that offers tax privileges, but it is not an optimal investment.
  • The car you buy will affect the premium rates
  • Did you know your occupation plays a role in how your insurance premiums are worked out?
  • Some companies will reduce the amount you pay once you have turned 25, but this is not mandatory.
  • Your premiums will be more expensive if you end up buying a brand-new car.

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