The National Life Accident Insurance Company Made It To The Top

Based in Nashville, Tennessee, the National Life and Accident Insurance Company began way back in the year 1900. At that time its name was National Sick and Accident Association. The company was a mutual fund company and was recognised as a stock company. Later it assumed the name of National Life and Accident Insurance Company, as it is known to day.

Initially, the company was offering low-premium, low-benefit "sick and accident" policies. This was one type of disability insurance plan that paid the insurer a fixed weekly amount till the day he became fit to resume his normal work. The disability could have been caused by illness or injury. However, the amount assured were somewhat less than the amount actually earned by the beneficiary from his employment. Such ploy was made to prevent fraud of any type.

In previous days, the company was based on home service insurance. Under the system, the insurance agent who sold the policy to the beneficiary would undertake periodical visits to his house. The aim of such visit was to collect the premium, and persuade the beneficiary to buy more policies. In the beginning, the agents used to visit the house of the beneficiary at least once a week. Later, when the business expanded, it was no more possible, and the weekly visits were converted to monthly visits. In extreme cases the period was bi-weekly but such cases were few.

Gaining popularity, the company started widening its sphere of activities. They took up industrial life insurance in which they were insuring the industrial workers. In addition they started selling accidental death and dismemberment insurance. In these cases there were no weekly payments, and a specified and fixed amount was charged as the premium generally payable monthly. However, the overall benefits were small at a maximum of $1,000 during the initial years.

With their geographical expansion, the insurance company is now offering various options in their accident insurance policies, covering various damages to the property, medical treatment for the injured, and compensation for the disabled and death in accidents.

However, the landmark development in the company profile took place with the beginning of WSM radio in the year 1923. WSM stands for "We Shield Millions". In the year 1925, yet another momentous step was taken by popularising the country music with advertisements. The company started its first television broadcasting with the TV channel that was later renamed as WSMV-TV, the name it holds till date. A crisis was faced by the company during the time of the Great Depression in the year 1929. The next crisis was the World War II. The company had to curtail its weekly premium collection due to shortage of manpower. The agents were left to themselves take care of settlement of timely premiums.

Despite all difficulties the company continued to grow, and in 1960, to compete with its rivals, the company came up with a grand 30 storied building across the street from the Tennessee State Capitol. Later, a theme park was opened in 1972 known as the "Opryland USA". The main attraction was the conglomeration of all genres of American Music. A holding company was also formed to buy all National Life Accident Insurance Company Stock. By this time the weekly premiums were changed into monthly premium.

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