ALIEN ABDUCTION INSURANCE

Today's word: ALIEN ABDUCTION INSURANCE
Theme for this fortnight: INSURANCE

                        

         A very famous insurance policy in the 1980s to 1990s in California. This policy guarantees payment to nominees in case the policy holder was abducted by aliens. 39 members from the Heaven’s Cult had in fact bought the insurance before they took their own lives in 1997.

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UMPIRE

Today's word: UMPIRE
Theme for this fortnight: INSURANCE

             

               This term actually resembles the “cricket umpire” and the functions are also similar. A person selected by two appraisers to help settle disputes in property insurance claims. The appraisers are chosen by the disputing company and claimant, and a decision of any two of the three is binding. For example, if a company and claimant fail to agree on actual cash value of property destroyed or the amount of the loss, many policies provide that these be determined by appraisal.

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LUST

Today's word: LUST
Theme for this fortnight: INSURANCE

L.U.S.T. stands for Leaking Underground Storage Tank Trust Fund. This is a federally established fund that is used to pay the costs associated with supervising and monitoring clean-ups from underground storage tanks that have leaked and that threaten the environment (contaminated ground water). The fund is also used to enforce mandated clean-ups and to pay the clean-up costs for abandoned sites (where the owners are unknown).

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GOING BARE

Today's word: GOING BARE
Theme for this fortnight: INSURANCE

      

           “Going bare” is a slang term for practicing medicine in Florida without medical malpractice insurance. Under Florida law, physicians are required to carry medical insurance or otherwise demonstrate financial responsibility to cover potential claims for medical malpractice. Florida law imposes penalties against non-insured physicians who fail to satisfy adverse judgements arising from claims of medical malpractice.

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ZOMBIE FUND

Today's word: ZOMBIE FUND
Theme for this fortnight: INSURANCE

               It is a closed “with-profits” fund that no longer writes new businesses or policies. E.g. Pension funds. In the very near past pension funds were quite famous, in some cases like government service, the beneficiaries are still in existence. But the amounts repaid to investors by these funds are based on so complicated formulas that they even puzzle financial advisers. The funds are dead but they are still paying the profits, hence called a Zombie Fund.

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IMMACULATE CONCEPTION INSURANCE

Today's word: IMMACULATE CONCEPTION INSURANCE
Theme for this fortnight: INSURANCE

            In 2000, three sisters in Britain were concerned they would give birth to Christ. The insurance policy was meant to cover the costs of bringing up the child if one of the three sisters has a virgin birth. In fact, it was renewed many times between 2000 and 2006 until it stirred up controversy in the UK media.

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ANUKTASHRUTA

ANUKTASHRUTA

       FINATIX launches a new course of action called ANUKTASHRUTA to make all those myriad Finance terms more engrossing. The word 'ANUKTASHRUTA' means unseen and unheard in Sanskrit.
      Keep visiting the Finatix blog and Finatix FB page daily for really weird, creepy, outlandish and never before heard terms in Finance.

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