Our first speaker today was Susan O’Kelley of Avanti Insurance Services, in Golden, Colorado a concierge insurance company. Susan spoke to us today and started out by sharing why she started her insurance company and that was to educate and help people in the nuances of the insurance world. Susan and her team at Avanti Insurance Services work to educate and make sure that their clients are informed about each of their insurance choices. Susan then took us through the history of insurance. The definition of insurance is “the transfer of risk in a monetary economy”.
The first arena that insurance was demonstrated is the 2nd and 3rd millennia starting with the Chinese and Babylonians – the Chinese would spread their wares across several ships to limit the loss for any one capsized ship. The Mediterranean Merchants (using the Babylonian System) would pay lenders additional monies for lender’s guarantee to cancel a loan if the shipment was lost or stolen. This is also where they first started using the acronym SHIT – which means Ship High In Transit – meaning if you were shipping a product that produced methane (ie. Livestock or anything flammable) it was less likely to start a fire or sink the ship when it was higher up in the ship’s storage. During the first millennium shippers used the “law of large numbers” called the “General Average” where groups of merchants would pool their money to insure goods being shipped together and reimburse if a ship was lost at sea. Around 600 BC the Greeks and Romans introduced Health and Life insurance through the development of guilds called Benevolent Societies.
During the Medieval times they created separate insurance contracts in Genoa – these started with insurance pools backed by pledged land. In 1488 the first printed ‘book’ on insurance titled “On Insurance and Merchants’ Bets” – actual published date was 1552.
Modern day insurance can be traced to the Great Fire of London in 1666, during which over13,000 homes were destroyed – insurance therefore moved from a convenience to a necessity. The first colonial insurance company was in Charleston, SC, this first insurance company that underwrote fire insurance in 1732. Benjamin Franklin helped to popularize the idea of insurance, mainly property insurance and in 1752 he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Around the same time in London, the first insurance ideas for the underwriting of business ventures became available. By the end of the seventeenth century London was growing in importance as a center of trade and with that there was an increasing demand for marine insurance. A man named Edward Lloyd opened a coffee house in London and became the meeting place for those in the shipping industry looking to insure their cargo or ship along with people willing to insure those items. From these informal beginnings started the huge insurance company that is still one of the largest – Lloyd’s of London.
The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706. The way that this insurance worked was that each member paid a fixed annual payment per share for up to three shares. Then at the end of the year a portion of the contribution was divided among the wives and children of deceased members. The sale of life insurance in the United States began in the late 1760s with The Presbyterian Synods in Philadelphia and in New York with the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers.
Accident insurance wasn’t far behind and in England – The Railway Passengers Assurance Company was founded in 1848 to cover the high numbers of fatalities on the railway system. Today, this insurance has morphed into categories like travel, auto and disability insurance.
Susan went on to tell us about some crazy things that have been insured over the years such as Keith Richards of The Rolling Stones, his strumming finger is insured for 1.6 million. Then you have J-Lo’s booty insured for 27 million and then many stars have insured their legs from Rihanna at a mere 1 million, to David Beckham at 70 million, up to Mariah Carey at 1 billion dollars.
You can purchase insurance for just about anything – give Susan O’Kelley a call and she will walk you through the maze of risk tolerance and risk management in your life!
Susan O’Kelley * Avanti Insurance Services * 303.278.2278 * firstname.lastname@example.org * MyAvantiServices.com
Today’s second speaker was Denise Wing of Academy National Mortgage in Lakewood, Colorado. Denise talked to us today about the items we should all keep even when we have sold a property.
1) Warranty Deed – this is the deed to your property that is recorded with the county you live in, if you don’t have a copy you can request on from your county. DO NOT fall for the scam phones telling you that for only 89.00 they will all your docs for you.
2) Draw Note – this is the promise to pay – once the property is paid off you will receive a copy marked paid -keep this forever.
3) Deed of Trust – this form is filed with the county as a lien against your property for your Note until payoff is made.
4) Request for Release for Deed of Trust – this is the official release with the county once the mortgage is paid off.
If you are looking for a mortgage officer that knows all the ins and outs of the mortgage industry give Denise Wing and Academy National Mortgage a call.
Denise Wing * Academy National Mortgage * 303.987.0622 * email@example.com * www.academynational.net