National Insurance Nerd Day: Fun Facts About the Industry

National Insurance Nerd Day is a holiday that celebrates the insurance industry every July 18th. This day is celebrated to raise awareness about the importance of insurance in our everyday lives. Here are some fun insurance facts.

The Origin of the Word Insurance

The origin of the word “insurance” comes from the French word “ensure”, which refers to an engagement of marriage. Eventually, the word adapted to “assurance”, which is the basis for the modern-day definition of insurance.

Although the concept of insurance can be traced back to ancient civilizations, the first known insurance contract was signed in 1347 in Genoa, Italy. Separate insurance contracts, or insurance policies not bundled with loans or other kinds of contracts, were invented in Genoa in the 14th century, along with insurance pools backed by pledges of landed estates.

People Can Insurance Their Body Parts

The phenomenon of insuring body parts can be traced back to the early 20th century. The practice emerged as a way for individuals with notable or unique physical attributes to protect their valuable assets. Here are a few key moments in the history of insuring body parts:

Ben Turpin’s Eyes: Silent film comedian Ben Turpin is believed to have been one of the first individuals to insure a body part. In the early 1920s, he reportedly insured his distinctive crossed eyes. Turpin famously bought an insurance policy with Lloyd’s of London, payable if his eyes were ever uncrossed. The amount is unknown, some sources say $25,000 and other sources say $100,000. Either way, both amounts are still a lot of money for that time.

Betty Grable’s Legs: During the 1940s, actress Betty Grable, known for her beautiful legs, insured them for $1 million each. This move was intended to protect her career and financial interests.

David Beckham’s Legs: In the late 1990s, English footballer David Beckham insured his legs for $195 million. As a highly regarded player known for his exceptional free kicks, his legs were considered valuable assets.

Heidi Klum’s Legs: In 2004, supermodel and television personality Heidi Klum reportedly insured her legs for $2 million. As a high-profile model, her legs were considered crucial to her career.

Cristiano Ronaldo’s Legs: Portuguese football star Cristiano Ronaldo is rumored to have insured his legs for a whopping $144 million. Known for his exceptional skills on the field, his legs are vital to his success.

Lionel Messi’s left foot: Captain of both the Spanish club Barcelona & the Argentina national team, Lionel Messi, has the most expensive insurance among all the football players. Messi’s left foot has been insured for a whopping $900 million.

Alien Abduction Insurance is NOT Real

Alien abduction insurance, also known as UFO insurance, is supposed to cover you if you can prove that you have been abducted by non-human life forms, provided the terms and conditions of the policy are met along with conditions that would substantiate the proof.

The man behind this is Mike St. Lawrence. A man, who when asked to describe himself says that he is in the “humor business”. The joke becomes more clear when you take the time to read the fine print of the benefits that come with these policies.

An alien abduction insurance policy will cost you $19.95 and offers psychiatric care, “sarcasm coverage” and “double identity coverage.” If you want to prove to your friends that you’re covered, you can pay an extra $5 for a paper certificate. The policy offers $10 million in coverage but at a payout of $1 per year for 10 million years.

Happy Insurance Nerd Day!

While alien abduction insurance can be a fun purchase for yourself or others, it’s important to make sure that your actual insurance needs are being met.

Take a look at the areas of your life that could be vulnerable to emergencies and disasters, and try to make sure you have enough coverage to protect yourself and your loved ones financially.

Review your existing coverages and look for holes. Then, work with an insurance broker like 1st Integrity Insurance Solutions that will find you policies that will help you bridge any gaps you may have in your coverage.