Flying in 1955 was much riskier and less commonplace. So vending machines for flight insurance were a fine way to capitalize on that.
Interesting facts about Insurance
- The Padres have signed the same player for 23 years so he doesn’t lose his health insurance.
- No insurance company will underwrite Jackie Chan’s productions. That’s why Jackie Chan makes sure to personally train and pay for all the stuntmen who complete his fantastic feats on camera.
- It’s thought that traders in China used to insure their boats in case of theft or loss at sea, and this is dating back as far as 3,000 BC!
- America Ferrera had her smile insured for $10,000,000.
- An insurance policy exists for death by excessive laughter at a movie theater. During the early 19th century, movie-goers were so scared of dying due to excessive laughter that they bought insurance through Lloyd’s of London.
- The very first insurance contract was signed in 1347.
- An insurance company offered a cash reward to anyone who could capture the Loch Ness monster. The insurance company agreed, under one condition: that it would get to keep Nessie.
- Gene Simmons once insured his tongue for $1,000,000.
- The phenomenon of insuring body parts started in 1920.
- Alien abduction insurance has been available in the U.S. since 1987. UFO Abduction Insurance Company in Altamont Springs, Florida, sells a $10,000,000 alien abduction policy. Interestingly, the company has actually paid claims and has sold more than 100,000 policies.
- The word ‘insurance’ originally meant an ‘engagement to marry’.
- ‘Hole-in-one’ insurance allows golfers to offer huge prizes to anyone who gets a hole-in-one.
- The Great Fire of London spurred insurance forward.
- It’s thought that Sony actually makes more money from its insurance division than it does from actively selling products!
Some recent Insurance Development
The concept of “Black Box Insurance” or telematics insurance, has gained popularity in recent years. This type of insurance uses a small device installed in your vehicle or a smartphone app to track driving habits such as speed, braking patterns, and the time of day when you drive. The data collected is then used to assess the risk profile of the driver more accurately.
What makes this particularly intriguing is that it can lead to fairer premiums based on actual driving behavior rather than traditional factors like age, gender, or location alone. Safe drivers, especially younger ones who might otherwise be categorized in higher-risk groups, can benefit from reduced premiums. This approach not only encourages safer driving but also allows insurers to manage their risk more effectively, potentially lowering costs for conscientious customers.
Moreover, the adoption of telematics represents a significant shift towards personalized insurance policies, reflecting broader trends in technology and data analytics that are transforming many industries. It’s a clear example of how advancements in technology are making insurance more dynamic and tailored to individual behaviors and circumstances.
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