Hole-in-WON.com is the First & Only Company to define what the true Hole in One Insurance Definition is
So ambiguous to say the least is that a Golf Hole in One Contest crosses over to the Insurance Industry. To definitively state that "Hole in One Insurance" is a real defined Insurance Industry Product would be inaccurate and misleading
Only One, the state of New York State defines in its Insurance statutes that Hole in One is an Insurance product, BUT how that Product is determined they leave it up to the other states to define it, where upon none of the other states have a definition, so a legal or insurance industry determination is not attainable as of 2013/2014
We do know that Business Schools like Harvard and Wharton teach that "Not everything is Insurance"
NY Times articles from 2009 claim this is NOT an applicable Insurance product. A Judge in Arkansas when asked to make a determination on whether Hole in One Insurance is actually an insurance product in the realm of auto, health and life, he ruled that he could find NO statute or ruling to justify that reasoning, in his state of Arkansas and in any US decision
Some states have attempted to give their opinion that the definition of Hole in One insurance is an insurance product because it has some of the same variables as a traditional insurance.
Risk - Acceptance of a fee - and some insurance companies offer the product under their prize indemnification lines (they all have different sets of standards and rules) One state said it was an insurance product IF it followed 6 determining factors, 3 were definitive that it had to conform to, to be an applicable insurance product it never stated if it had to follow 1 out of the the additional 3 2 out of 3 or all 3 out of 3 factors. Making the definition of Hole in One Insurance even more complex. If a true Hole in One Insurance as an insurance product definition is ever to be approached, it will need to be placed into the State Insurance Statutes as such. STATE OFFICIALS WILL NEVER DO THAT due to the fact that they will have to go to the general public to get passed. The General Public or 95% of it will not allow for that to be passed.
Simply due to the fact that it would effect 1000's of statewide events like carnivals where the same process is achieved a.) contestant b.) performs a contest (Ring toss) c.) wins a prize (Cupee doll) d.) paid out by the Carnival vendor is IDENTICAL to a.) contestant (golfer) b.) performs a Hole in one Contest c.) wins a prize d.) paid out by the golf pro car dealer charity or Prize Providing company. This effects all Sons of Italy Greek Orthodox Church Feast of San Genario, Jewish Center, Schools, State Fairs Festivals, Charity Golf Events, Golf Professionals, Golf Courses, literally 100,000 of statewide individuals who are involved in these to fall under one statute. that is just not feasible in todays world.
So the true defintion of " Hole in One Insurance " is a term that was coined in the early 1900's golf industry, became more popular as golf became popular in the mid 1900's to cover the cost of (unknown origin) of buying drinks associated with the feat of making a Golf Hole in One Shot to the members at the clubs tavern/pub/clubhouse. It is NOT associated with the traditional Insurance Industry of product lines (Auto, health life) although it is offered with many restrictions by some Insurance Carriers, although some political officials have attempted but in return only mucked up the waters of an insurance product definition it will be an uphill battle by any state to define that it is under their wing as the similarities to other events such as Carnivals and the oversight to Charity Golf Professional Car Dealers would bring would prevent such a determination from occuring. 203-831-0600 vp@hole-in-WON.com Hole-in-WON.com
Hole in One Insurance was a term coined by Golfers and Golf Clubs back into the 1920's to Cover the cost of Drinks in the Bar
It had NOTHING to do with Actual Insurance
the term gained popularity as golf became popular in the 1950's and 1969's again Nothing to do with the Insurance Industry . . . It was all about the Unwritten Rule to buy drinks when you made a Hole in One
Hole in One Insurance can also be defined as taken on a Prize Risk for a Golf Hole in One Feat or Contest. Golf Pros and Golfers do this all the time for their Members and Golfers since the game originated
In US State Insurance Statutes they do NOT define this as an Insurance Product, where you will find the atypical definitions of Auto Insurance Health Insurance Life Insurance.So ambiguous to say the least is that a Golf Hole in One Contest crosses over to the Insurance Industry. To definitively state that "Hole in One Insurance" is a real defined Insurance Industry Product would be inaccurate and misleading
Only One, the state of New York State defines in its Insurance statutes that Hole in One is an Insurance product, BUT how that Product is determined they leave it up to the other states to define it, where upon none of the other states have a definition, so a legal or insurance industry determination is not attainable as of 2013/2014
We do know that Business Schools like Harvard and Wharton teach that "Not everything is Insurance"
NY Times articles from 2009 claim this is NOT an applicable Insurance product. A Judge in Arkansas when asked to make a determination on whether Hole in One Insurance is actually an insurance product in the realm of auto, health and life, he ruled that he could find NO statute or ruling to justify that reasoning, in his state of Arkansas and in any US decision
Some states have attempted to give their opinion that the definition of Hole in One insurance is an insurance product because it has some of the same variables as a traditional insurance.
Risk - Acceptance of a fee - and some insurance companies offer the product under their prize indemnification lines (they all have different sets of standards and rules) One state said it was an insurance product IF it followed 6 determining factors, 3 were definitive that it had to conform to, to be an applicable insurance product it never stated if it had to follow 1 out of the the additional 3 2 out of 3 or all 3 out of 3 factors. Making the definition of Hole in One Insurance even more complex. If a true Hole in One Insurance as an insurance product definition is ever to be approached, it will need to be placed into the State Insurance Statutes as such. STATE OFFICIALS WILL NEVER DO THAT due to the fact that they will have to go to the general public to get passed. The General Public or 95% of it will not allow for that to be passed.
Simply due to the fact that it would effect 1000's of statewide events like carnivals where the same process is achieved a.) contestant b.) performs a contest (Ring toss) c.) wins a prize (Cupee doll) d.) paid out by the Carnival vendor is IDENTICAL to a.) contestant (golfer) b.) performs a Hole in one Contest c.) wins a prize d.) paid out by the golf pro car dealer charity or Prize Providing company. This effects all Sons of Italy Greek Orthodox Church Feast of San Genario, Jewish Center, Schools, State Fairs Festivals, Charity Golf Events, Golf Professionals, Golf Courses, literally 100,000 of statewide individuals who are involved in these to fall under one statute. that is just not feasible in todays world.
So the true defintion of " Hole in One Insurance " is a term that was coined in the early 1900's golf industry, became more popular as golf became popular in the mid 1900's to cover the cost of (unknown origin) of buying drinks associated with the feat of making a Golf Hole in One Shot to the members at the clubs tavern/pub/clubhouse. It is NOT associated with the traditional Insurance Industry of product lines (Auto, health life) although it is offered with many restrictions by some Insurance Carriers, although some political officials have attempted but in return only mucked up the waters of an insurance product definition it will be an uphill battle by any state to define that it is under their wing as the similarities to other events such as Carnivals and the oversight to Charity Golf Professional Car Dealers would bring would prevent such a determination from occuring. 203-831-0600 vp@hole-in-WON.com Hole-in-WON.com
