Hole-In-One Insurance
Features • August 4, 2003
Imagine being in a golf tournament where each of the 18 par three holes is worth $1,000,000 to anyone hitting a hole-in-one. Then imagine being the last player on the last hole of the tournament ...
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Subject: The Truth About Golf Hole In One Insurance
Posted On: December 26, 2006, 9:45 am CST
Posted By: roysnj
Comment:
The Truth About Golf Hole in One Insurance
Golf Hole In One Insurance - How it works . Typically an event or outing or tournament picks one par three. They then tell the hole in one insurance company, how many players, the hole yardage and the prize value. If someone makes a hole in one they receive the prize. Whats the truth? The Hole In One Insurance company makes money based on the fact of the probability of hole in ones and the money they receive versus how much has to be paid out. Don't hold this against them. They are providing an important service. You would not want to pay out if a hole in one is made. Like any other insurance they are backing your fortune or misfortune. Just make sure they are reputable.
When purchasing hole in one insurance the MOST important thing: "Is the company you are purchasing from going through a real insurance company or are they self insuring?". Ask them that question and these. Will you receive a certificate of insurance? What is the name of their insurance company? You do not want to be stuck with the prize amount if they are not legally backed. There are too many of horror stories in this industry.
I used to work for a company that provided insurance for golf hole in ones. They did not go through a real insurance company so when difficulties were encountered, I decided to leave and become fully backed by an insurance company. When you do insure hole in ones and someone in your group actually makes one, they win the prize. Let's just go on the assumption that a hole in one can happen once in every 8,000+ times (it's more like 13,000-1). Let me tell you how the previous company worked. They sold insurance for a $5,000 hole in one at one dollar per shot. Given the probabilities above if they sold 8,000 shots at a hole in one they would pocket $3,000. What if two people got hole in ones but the company only collected $4,000 to date?? Where does the other $6,000 come from. You can see the problem if they aren't fully insured. For more information go to http://www.golf-holeinone.com
Any questions or stories you would like to share: golf-holeinone@hotmail.com
Subject: The Truth About Golf Hole In One Insurance
Golf Hole In One Insurance - How it works . Typically an event or outing or tournament picks one par three. They then tell the hole in one insurance company, how many players, the hole yardage and the prize value. If someone makes a hole in one they receive the prize. Whats the truth? The Hole In One Insurance company makes money based on the fact of the probability of hole in ones and the money they receive versus how much has to be paid out. Don't hold this against them. They are providing an important service. You would not want to pay out if a hole in one is made. Like any other insurance they are backing your fortune or misfortune. Just make sure they are reputable.
When purchasing hole in one insurance the MOST important thing: "Is the company you are purchasing from going through a real insurance company or are they self insuring?". Ask them that question and these. Will you receive a certificate of insurance? What is the name of their insurance company? You do not want to be stuck with the prize amount if they are not legally backed. There are too many of horror stories in this industry.
I used to work for a company that provided insurance for golf hole in ones. They did not go through a real insurance company so when difficulties were encountered, I decided to leave and become fully backed by an insurance company. When you do insure hole in ones and someone in your group actually makes one, they win the prize. Let's just go on the assumption that a hole in one can happen once in every 8,000+ times (it's more like 13,000-1). Let me tell you how the previous company worked. They sold insurance for a $5,000 hole in one at one dollar per shot. Given the probabilities above if they sold 8,000 shots at a hole in one they would pocket $3,000. What if two people got hole in ones but the company only collected $4,000 to date?? Where does the other $6,000 come from. You can see the problem if they aren't fully insured. For more information go to http://www.golf-holeinone.com
Any questions or stories you would like to share: golf-holeinone@hotmail.com