Hole in One Insurance: Worth the Prize

2007-03-08 10:33:40

( Financial )



LITERAL AND FIGURATIVE

A hole in one insurance can be taken for both its literal and figurative meaning. A hole in one insurance can refer to an insurance policy that is comprehensive and all-encompassing like the medical insurance in USA.

Medical insurance in USA is considered as a hole in one insurance primarily because it is an institutionalized system that is but one aspect of the country’s highly developed social security program. Because the medical and health system in the USA is highly sophisticated and socialized, medical insurance in USA is extended to all citizens regardless of economic or social status.

On the other end of the spectrum, a hole in one insurance literally means insurance against a hole in one shot. Golf tournaments are very popular marketing events used by more and more companies to advance their agenda. These companies will sponsor a golf tournament and offer prizes for game winners and hole in one shots.

A RARE OCCURENCE

Given the rarity of a hole in one, it is a valid cause for celebration and an event that deserves a valuable prize. Some companies offer huge sums of cash or premium commodities as reward for a hole in one. And as golf tournaments become more and more common in businesses, companies are purchasing a hole in one insurance to cover the cost of a hole in one shot which can be very costly for a company to shoulder by themselves.

Offering a prize for a hole in one attracts more participants to your golf match. If someone makes the hole in one shot, it becomes a newsworthy event that can generate valuable awareness. Now, whether the cost is worth it or not depends on how you use the publicity and whether you can covert the publicity to actual closed deals.

However, your company does not have to shoulder the cost of a hole in one prize; if your company buys a hole in one insurance, then the prize you give the winner will be covered by the insurance in case this rare occurrence take place. You end up paying only for the premiums but will receive so much more in return.


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