Author Archives: Russell

Why insurance is the most Scottish financial product you can buy

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How the Scottish traits of thrift and practicality gave birth to the insurance industry. It’s no surprise that the insurance industry got its start in Scotland. If you’ve been there, or if you’re from there, you’ll know why. Scotland is a rugged place. The climate can be cold and rainy. And the coastline, hills and valleys are steep and forbidding. Life insurance is the ultimate community financial service. It’s a way we can help each other prosper in a world where anything can happen at any time. It’s not a stretch, then, to consider how the terrain and climate have …
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It’s never too early to prepare for life’s unknowns

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They are called accidents for a reason … but this great Scottish idea has you covered. The great British wit George Bernard Shaw believed youth was wasted on the young. The sentiment is debatable, but the tendency of the young to live in the moment, with few thoughts for the future, is not. Preparing for the unknowable and unthinkable is a challenge for everyone, but perhaps even more so for young people. Life’s worst and most unsettling surprises are called “accidents.” They are not called “deliberates.” They are unplanned and come out of nowhere on pleasant Tuesday mornings. Few people …
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What does managing risk have to do with insurance?

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Managing risk was the motivation for the development of insurance. Risk is a word people use every day. We hear it all the time. Life is full of risks, and dealing with them is what people do. We all realize that some risks are greater than others, obviously. For instance, riding a bike in traffic without a helmet is a risk, but one that’s on a much different level than choosing a brand of ketchup we have never tried before. Risk is simply the chance that something may turn out differently than what we hope, plan or desire. And we …
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A very Scottish history of insurance

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How two 18th century Scottish drinking buddies gave your family 21st century peace of mind. As everyone knows, the Scots have a wonderfully unique heritage. They are beloved for many things: kilts, bagpipes, Robbie Burns and haggis. Well, to be fair, maybe not haggis. But what you may not know is that the Scots are also the creators of the modern life insurance business. And true to the Scots’ quirky ways, that business was born out of the close friendship of two math geeks who were drinking buddies and church ministers with a concern for widows and orphans.  The story begins …
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Insurance and the Scottish love of numbers

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The story of lies, damned lies, statistics … and great Scottish math geeks As anyone who has ever suffered through a course on the subject can attest, statistics can, at times, be incomprehensible. As the saying goes, “There are three kinds of lies: lies, damned lies, and statistics.” Let’s face it: the abuse of statistics knows no bounds, and politicians of all stripes have refined its misuse to an art form. As the great Canadian humorist Stephen Leacock once quipped, “In earlier times they had no statistics and so they had to fall back on lies.” But in reality, nothing …
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