Riding to pick up a trailer recently with my youngest son, Bryce, he brought up a YouTube video he had seen about alien insurance. He was very curious about all the ins and outs of how it would work and how would you prove to the company that you had in fact been abducted. If you were abducted how would others know that it was aliens and how would your family or you be able to even file a claim or most all collect on said claim. Our conversation continued to drift into all the facets and whatnot. It was quite fun.
His educational sermon into alien insurance reminded me of something—there is insurance for absolutely everything. The obvious things naturally come to mind: home, auto, life, and business insurance. However, did you know that once upon a time when you rented a movie, you could buy insurance to cover the tape or DVD you rented. How about having the world’s largest shrunken head collection—yep, that can have insurance too. Athletes and Entertainers can insure different body parts that make them notable or allow them to perform at a high level. Just about anything you think about or touch is or probably needs to be insured.
One of the first terms you are introduced to when studying for your license is pure loss or pure risk. Simply put; insurance is in place to indemnify you or make you whole for a loss that was uncontrollable and there was no chance for profit or gain. For example- if your house were to catch on fire or your car was stolen. These risks or perils and not avoidable and in most cases are insured again. Another way to think of insurance is this: For in exchange for a premium payment every month you are transferring your risk of losing something to your insurance company. From your limited bank account to the bank account of a much larger organization.
If you need help with or have questions about your insurance or insurance choices, we have been helping families protect themselves since 2006.
