Time On Risk

If there is one thing that is commonly misunderstood or downright unknown by consumers in the insurance industry, it is the concept of "time on risk".

One of the fundamental premises of insurance is the "promise to pay", the idea that when an insurance contract is signed, the insuree will pay the premium. Insurance contracts are established on an annual basis, quite often set up on a monthly payment plan. When an insuree does not make a monthly payment or the renewal date passes and a payment isn't made, notification is sent to the insuree.

Of course, things in life happen and people make mistakes, forget to pay that bill or other such circumstances. There is a certain grace period for missing a payment, but if the financial obligation is not met, the cancelallation process begins, a registered letter is sent and the insuree is no longer covered by their policy.

This is where we get to the meaning of time on risk. The insurer had you covered and was going on the premise that you would pay, waiting for such payment to be made while you were protected by their policy. After the grace period, they now must assume that you either do not want to be insured anymore or can no longer uphold your part of the contract to pay for the service and they officially cancel your policy.

"Time On Risk" is the period from which you last made your monthly payment, or your official renewal date in the case of a yearly payment plan, up to the point when you are officially cancelled. Under the premise of the insuree wanting to be insured and promising to make payment, they are obliged to pay the cost of that period as "time on risk".

Oddly, despite it's importance, time on risk is not a well known concept and subsequently can be problematic for many people, particulalry when it comes to the financial side of insurance. It is the reason we advise people to deal with a payment issue immediately, even if the amount can't be paid right away. Better to work out some terms or settle the payment delinquincy with the insurer than wait until it gets to the cancellation stage.

And as for cancelling, we require that process to be done in writing, as it is important to have "paperwork" to distribute and ensure the insurer, the insuree and the broker all know that a policy is being cancelled. 

Word Of The Day: Melanistic

While it may seem fairly "normal' to see a black panther in some parts of the world, this big cat is actually an example of either a leopard or a jaguar with an unusual development of black pigmentation called melanism.

The word ‘melanism’ comes from the Greek word "melanos", which means black. As suggested, a cat, or any other animal, that has this unique variation in their genetic makeup will be completely black. There is also psuedo-melanism ( also known as abundism), which is a similar variation of the gene manifesting itself in dark spots or stripes that cover a large part of the animals body and make it appear black ( melanistic ).  Think of it as the opposite of albinoism, which many people are aware and even occurs in humans.

This dominant gene variation relating to melanism is considered adaptive, meaning it can be to the advantage of the melanistic animal for survival. Just imagine a Black Panther hunting in the dark and you'll get the point!! Kind of a scary thought, if you happen to walk around in the jungle at night!! haha.

Of course, the funny thing about the Black Panther, especially after the movie came out, is that many people falsely believe it to be a species of its own. As mentioned in the heading, this big cat is a melanistic version of a Jaguar or Leopard and sometimes it's spots can still be seen faintly, though hard to see with the dark skin and hair. This genetic feature does occur in almost all the different species of cat and is even possible with a Mountain Lion (Puma or Cougar) but there has not been any recording sightings of such a beast in North America to date.

Stay tuned for some of my future posts about other examples of melanistic animals seen in our amazing world, and a few that will include albinoism as well.


https://twistedsifter.com/2012/02/10-incredible-melanistc-all-black-animals/

AMSS Says...."Watch Out For Left Turns!"

Our friends at the Alberta Motorcycle Safety Society are always thinking of your safety when it comes to riding, and their website offers up all kinds of excellent articles on ways to keep you safe while on your motorcycle. 

One of the AMSS "Projects" pertains to a risky situation that motorcyclists encounter when riding, the potentially dangerous left turn. While attempting to turn across the path of oncoming traffic is risky, motorcyclists generally make this manouver safely as they have a lot at stake if it's not done correctly.

What AMSS wants you to think about has more to do with what the motorcyclists isn't in control of, the action of oncoming drivers who blindly make that left hand turn into the path of the motorcyclist.

"Left hand turns is a consistent top three in risks affecting motorcycle riders.  Far to many injuries and fatalities are as a result of left hand turns.  In 2015 alone, this equated to 40% of driver at fault collisions.  Very rarely is this a rider at fault collision.  We wanted to ensure this message was very clear as we are small, therefore not easily seen.

Drivers - take that extra second before you make that left turn to ensure there is no one in your path.  You could save a life.  #ThinkBike

Riders - put yourself in a safe place when approaching intersections and ensure that left turning vehicle sees you.  Be prepared for anything, be defensive.  #ThinkBike

To help spread awareness for safety on our roads, please share these messages.  Click here for a direct link to our YouTube Channel."

Learn more about left turns and be sure to check out other "projects" and more great articles on the AMSS website.

Thanks Mom!

The Hagerty Files: Gow Job

Our good friends at Hagerty do some amazing work within the Vintage and Classic car community, including some great articles and videos which feature vehicles such as the Gow Job!

Strange name, right? Before the term “hot rod” was in vogue (many early gearheads actually found the term derogatory), the preferred nomenclature was “gow job” or simply “gow.”

Photo by Phillip Thomas

Most people consider the genesis of hot rodding to take place after WWII,  when soldiers returned to the U.S. fascinated by mechanized transportation and eager to use their newfound mechanical skills. However, these pre-war gow jobs were the true pioneers. (At the time, the term “hot rod” was reserved for the retro equivalent of a vape-smoking dude-bro in his straight-piped 350Z.) Gows were machines of function over form and often sported a somewhat ragged appearance, thanks to their builders’ penchant for removing “unnecessary” body panels to save weight in early land speed and beach racing.

While the term is usually applied to hopped-up Model-Ts, the etymology of the word “gow” goes back to the 1800s and the Cantonese word for opium, “yao-kao.” The term was used in horse racing to describe drugged-up or “gowwed-up” horses, and the phrase made a short leap to early hot rods that were similarly hopped up for performance. It wasn’t until the post-war era that “hot” evolved to describe something cool, hip, or fast and “hot rod” became the universal term for a modified car.