5 Shocking Facts About Insurance You Should Know

Insurance is one of the significant contributors to the American economy. With everyone learning about the benefits of having an adequate insurance policy, this industry is full of interesting facts and has more to it than meets the eye. The history of insurance in America is filled with fantastic facts, and the blog is all about them. Here are 5 facts that you will not only find exciting but will also be shocked to learn about. 

  1. Jackie Chan cannot avail of health insurance

Most of us have seen a couple of movies that starred the famous Jackie Chan. Many of us are amazed at the stunts he has pulled off and may have even secretly attempted those same stunts! But did you know that Jackie Chan and his team of stuntmen cannot avail themselves of health insurance? It is a well-known fact that this profession poses numerous health risks, so it would be necessary to insure themselves should something untoward happen to them. Insurance companies, though, are unwilling to shoulder this significant financial responsibility due to the substantial insurance requirements. Therefore, Jackie Chan pays for his medical expenses as well as the costs of his team through his pocket!

2. The first insurance contract began in 1347

Did you know that Genoa, in Italy, was the first place to witness the first ever insurance contact in 1347? Insurance wasn't a widely known concept until then, but people back then had a structure similar to that of an insurance contract. Back then, contracts were often backed by large areas of land or even large estates. But, of course, that scene has changed today, and now various other assets are considered collateral. This has proven beneficial for us as it has enabled most of us to avail of a suitable insurance policy and enjoy a stress-free life!

3. Gene Simmons’ tongue was insured for 1 million dollars!

Yes, you heard that right. The famous Israeli- American has had his tongue insured for a whopping 1 million dollars! The musician made the best use of his asset, his tongue, and was guaranteed that the insurance company would cover his losses should anything ever happen to his tongue. Often celebrities insure their body parts as it is considered the most valuable asset to them. Without it, they lose a significant source of income. If you ever wish to insure a particular body part of yours, rest assured that there will be several insurance companies willing to provide you with an adequate insurance policy. 

4. Ben Franklin founded the first insurance company in the United States

Insurance is so prevalent in our daily lives that it's challenging to fathom life without it. But that's exactly what Americans did for most of the colonial era. Insurance entered the American scene simultaneously as the concept of a single nation—the United States—began to take shape. It was introduced by one of the country's Founding Fathers, Benjamin Franklin, who co-founded the first American insurance firm, the Philadelphia Contributionship, in 1752. Since then, we have been a witness to the emergence of various insurance policies to protect people against seemingly multiple threats that may have cropped up. From Auto - insurance to alien abduction insurance - we probably have insurance for every threat imaginable. 

5. Your landlord's policy may cover your land mower

You can have your lawnmower insured if you have landlord's insurance. If it is utilized to maintain the property, it may be covered by your homeowners' insurance. There are several things one should remember when purchasing lawnmower insurance. First, make sure you understand the policy's coverage and limits. Second, determine whether your personal property is included under the policy. If not, add it as an additional item of coverage. Finally, notify your insurer if you have any changes or additions to your equipment that could impact its coverage. You can speak to your insurance provider to learn more about the various insurance policies and which one might pertain to your needs the best. 

These 5 facts about insurance may surprise you, but after reading them, one thing becomes clear. Insurance is essential and can save your life in the event of an unforeseen accident or loss. Insurance policies play a crucial role in our lives. So, it is imperative to make sure you choose the right one for you. At the end of it all, these are just some shocking and unexpected facts you should know about insurance. The truth is, anyone can get an insurance policy through many different options. This means that even when accessing these facts, you need not restrict yourself to just one option, as each has its advantages for different types of people. To learn more about what insurance covers individuals based on their needs, goals, or occupation, talk with your agent when purchasing!

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