MANO YA NA MANO (मानो या ना मानो)

Today, I stumbled upon an interesting story published in an online magazine on Insurance. 

In the year 1940, executives at 20th Century Fox had the legs of actress Betty Grable insured for $1 million each. After taking out the policies, Grable probably wished she had added a rider to protect her from injury while the insurance agents fought over who would inspect her when making a claim. 

 

Betty Grable and Her Famous Legs

Now, why would Insurance be interesting to a common man? 

Let's explore if there is more to it and can it sound interesting.

Well, you are up for some crazy yet amazing products offered around the world. 

1. Ghost Insurance:

The term “ghost policy” has two definitions in the industry. While a Ghost Policy often refers to a situation where a business tries to cheat its way out of proper WC coverage, some insurance companies actually have a legitimate “ghost insurance” policy…to cover damage done by actual spirits.

After an alleged ghost sighting on his property, one British hotel owner took out a £1 million policy against death or disability caused by the spirit.

2. Alien Abduction Insurance:

 

Alien Abduction Insurance (AAI) also known as UFO insurance is supposed to cover you in the event that you can prove that you have been abducted by non-human life forms, more commonly known as "aliens", provided the terms and conditions of the policy are met along with conditions that would substantiate the proof. Concerns about UFO's and alien abductions in the USA go back decades, yet to this day despite our fascination and interest in the extra-terrestrial life, we can't say that we have heard any confirmed stories.

In the USA, from 1947 to 1969, the U.S. Military conducted research on a total of 12,618 sightings reported to Project BLUE BOOK, out of these reported sightings 710 remain unidentified according to the U.S. Air Force Fact Sheet Concerning UFO's and Project BLUE BOOK. More recently, there was a Pentagon study of UFO's that lasted roughly from 2007 to 2012. 

3.Falling Sputnik Insurance

When the Russians launched the Sputnik satellite in 1957, it created a worldwide panic.

In fact, some people were so scared of pending disaster that Lloyd’s of London actually wrote a $22,000 policy (almost $200,000 in today’s money) protecting against accidental death caused by “falling sputnik.”

It should be said, however, that there have never been any recorded incidents of injury or death by a falling satellite.

4.“Cold Feet” Insurance

One company offers “Change of Heart” insurance if a bride or groom calls off the wedding.

The catch? The bride or groom cannot collect on this, only an “innocent party financier.” So if the Bride calls off the wedding, her parents can get back the cash they shelled out on the dress, venue, and flowers.

5.Multiple Birth Insurance

It would reimburse pregnant mothers for the added costs of an “unexpected” arrival. While not available in the U.S. (yet?) “twinsurance” is fairly popular in the U.K. 

6.Lottery Insurance

Lottery pools are popular in the office, especially when the jackpot reaches the multimillions.

But have you ever thought about what you would do if your staff were to actually win that jackpot?

This exact scenario really happened in the U.K., where seven office workers became the beneficiaries of £6 million each and handed in their notices the following day.

Lottery Syndicate Insurance protects business owners from the financial loss of having to replace all or most of their staff at once due to a jackpot win.

7.Bed Bug Insurance

Many people think their homeowner’s or renter’s insurance is comprehensive, only to be disappointed when they make a “non-covered” claim.

Treating a bed bug infestation costs the typical homeowner around $1,000-2,000, but if you own an apartment building, those costs could skyrocket.

Bed bug coverage would get your tenants the help they need without bankrupting you.

8.Ugly Wife Insurance

A British lady who goes by the name of Nicola Jones is married to a man who has a penchant for passing crude jokes about divorcing her should she lose her looks with the passage of time. To mitigate the effect of the loneliness and financial difficulty such a scenario would cause, she cleverly took out an insurance policy that would see her receive a pay-out to the tune of £100,000 if her husband divorced her. The funniest part of the whole thing is that in such an instance, Mrs. Jones’ ugliness, or lack thereof, will be judged by ten independent construction workers. 

  Rock and Roll Hall of Famer Bruce Springsteen is known to his fans as "The Boss," but Springsteen knows that he could be demoted to part-time status with one case of laryngitis. That's why in the 1980s he insured his famous gravelly voice for $6 million. Rod Stewart has also insured his throat and Bob Dylan his vocal cords to protect themselves from that inevitable day when they stop blowin' in the wind.

(Insured by Lloyds of London)

Indian Insurance sector in the last few years has made big leaps in new product introduction and innovation. "Regulatory Sandbox Approach" is introduced by IRDA(Insurance regulator) to foster innovation and growth in the insurance sector. 

A regulatory sandbox is a regulatory approach, typically summarized in writing and published, that allows live, time-bound testing of innovations under a regulator's oversight.

Some of the products under sandbox pilot filed by insurers: Pay as use, Motor floater, App-based wellness program, OPD with a reward program, Friend Insurance.

It's my belief that we are not far from innovating and designing the best-fit product meeting consumer needs than to continue selling a product/service that fits all.

Mano Ya Na Mano...We are almost there.

Reference:

 https://www.harrylevineinsurance.com/

 https://www.thebalance.com/alien-abduction-insurance-4160014

(MILA ARAUJO

 March 30, 2020)

https://www.gasanmamo.com/blog/crazy-insurance-policies-from-around-the-world/

The Editors of Publications International, Ltd.