Hole in one insurance policy makes it feasible to a great deal of money, such as new cars, or award attention-getting prizes if someone makes a hole in one.
Hole in one insurance, which is a form of prize indemnification insurance, works exactly like any other type of insurance coverage, except that rather than insuring your property against damage, you’re paying a premium to eliminate the chance of having to pay for a prize if a person makes a hole in one during your golf event.
When you use hole in one insurance you cover a hole in one insurance provider a small charge — the premium — that is based on the number of people playing on your golf tournament, the value of this prize you want to give away and the duration of the golf shot (goal hole) you wish to insure. If a person aces (gets a hole in one) on the designated target hole, your hole in one coverage kicks in, and your Hole in One Golf Insurance provider will cover the prize.
The objective of insurance is typical to shield us from life’s least happy circumstances: the loss of a family’s primary breadwinner, the theft of somebody’s car, the start of an illness requiring costly treatment.
We purchase insurance to protect us from the times and misfortune when we are let by lady luck down.
But there is one form of insurance that people purchase to protect them from the consequences of remarkably good fortune: In Japan, the U.K., and, to a lesser extent, around the world, golfers purchase insurance to protect themselves from the potentially bankrupting consequences of sinking a hole in one.
The notion of a hole in one insurance may baffle the uninitiated, but to many it’s a sensible precaution as golf convention holds that anyone who scores a hole in one needs to purchase drinks back in the clubhouse for his playing group — if not everybody present.
It came from golfers buying rounds of drinks for friends and even strangers. Maybe the idea behind the customs of a person who experiences success or herself determined it. (In judo, by way of instance, anyone promoted to a higher belt is distinguished by being thrown onto their back by everybody else in the area ).
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Clubhouses also probably promoted the convention as a means to push bar tabs, although others speculate that golf courses, which often put a plaque up for holes in one, may have formalized the custom to dissuade golfers from making false claims.
However it happened, the convention has turned into a hole in a single into something which is equally celebrated and insured against such as a calamity — or at least a micro-calamity.