Equitable transfer of the risk of a loss, from one entity to another in exchange for payment
- The first known Car insurance policy was written in the UK in 1895.
- Travelers is known to write the first liability car insurance policy in 1897.
- 15% of husbands and 28% of wives in America have no life insurance.
- Married drivers average fewer accidents than the rest of the population. This is why married often receive lower premiums than single.
- Drivers under 25 years are prone to make more accidents than over 25. Hence, drivers aged below 25 years pay higher insurance premia, sometimes near to 3 times than drivers over 25 years of age.
- All 50 American states require drivers to carry car insurance.
- On average, an American driver will have an accident claim once in 17.9 years.
- It is a myth that the color of the car influences insurance premia.
- Michigan, Louisiana, Kentucky, West Virginia and Mississippi are the American states where auto insurance is the most expensive.
- Massachusetts, North Carolina, Hawaii, Alaska and Oregon are the top lest expensive auto insurance states in America.
- ING Life Insurance Romania holds a Guinness World Record for issuing the largest insurance policy ever made. The policy is also the largest legal document ever made.
- Singer Mariah Carey insured her legs for $1 billion!
- David Beckham's legs are insured at $35 million each.
- Rocker David Lee Roth had his sperm insured for a million dollars protecting him from any paternity suits that would be filed.
- Hull Insurance is the ocean marine insurance that covers for physical damage to a Ship.