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51-826: The naming rights were acquired in 2003 by Unum , a Portland, Maine –based insurance company, and it was renamed to the Colonial Center after the Colonial Life & Accident Insurance Company , a Unum subsidiary headquartered in Columbia. On July 22, 2008, the USC board approved renaming the building to the Colonial Life Arena as part of the rebranding by Unum (which by then had moved to Chattanooga, Tennessee ) of Colonial Life & Accident as Colonial Life. The arena first opened on November 22, 2002, with

102-414: A diagnosis of a critical illness is considered valid. It may state that the diagnosis need be made by a physician who specialises in that illness or condition, or it may name specific tests, e.g. EKG changes of a myocardial infarction, that confirm the diagnosis. In some markets, however, the definition of a claim for many of the diseases and conditions have become standardised, thus all insurers would use

153-417: A dread disease policy , is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy . The policy may also be structured to pay out regular income and the payout may also be on the policyholder undergoing a surgical procedure, for example, having

204-413: A few months, the company’s founders became concerned that a single disease epidemic would bankrupt the company. Mutual Medical Aid and Accident purchased back all outstanding medical-aid policies and reincorporated as Provident Accident Insurance Company. Provident only issued accident policies. In 1892, Thomas Maclellan and John McMaster purchased a 50% stake in the company for $ 1000. The two men purchased

255-478: A heart bypass operation. The policy may require the policyholder to survive a minimum number of days (the survival period ) from when the illness was first diagnosed. The survival period used varies from company to company, however, 14 days is the most typical survival period used. In the Australian market, survival periods are set between 8 – 14 days. The contract terms contain specific rules that define when

306-476: A process of underwriting. Underwriting may take place in an automated underwriting computer filtering system. However the most detailed and holistic underwriting is still performed by experienced life insurance underwriters. The underwriting process for critical illness is similar to life insurance underwriting in that it takes into account factors such as age, gender, smoking status, past medical history, family history, alcohol consumption, and body mass index. In

357-644: A proprietary HR tech and benefits administration platform for small businesses. Unum Group is headquartered in Chattanooga, Tennessee, and maintains offices in Portland, Maine ; Columbia, South Carolina ; Baton Rouge, Louisiana ; Atlanta, Georgia ; Milton Court , Dorking , Surrey , Basingstoke and Hampshire , England, Warsaw , Poland and Carlow , County Carlow , Ireland . Thomas Watjen served as Unum Group president and chief executive from 2003 until his retirement in 2015. Watjen became Chairman of

408-600: A publicly held company in January 1985. Union Mutual, now renamed Unum, began trading on the New York Stock Exchange in November 1986. The company also began selling off underperforming businesses during the 1980s. From 1982 to 1990, Unum abandoned many insurance products, including medical insurance, individual life insurance, general investment contracts, and individual annuities and pensions. Under

459-413: A regulatory settlement agreement (RSA) with insurance regulators in over 40 states. The settlement related to Unum's handling of disability claims and required the company "to make significant changes in corporate governance, implement revisions to claim procedures and provide for a full re-examination of both reassessed claims and disability insurance claim decisions after the January 2005 effective date of

510-563: A senior executive at NationsBank . Chandler initiated a company-wide restructuring at Provident, which included the 1995 sale of its health-related business to Healthsource for $ 231 million. Provident also increased its focus on individual disability and life policies with the 1997 acquisition of the Paul Revere Corporation, a Worcester, Massachusetts -based provider of individual disability insurance, from Textron for $ 1.2 billion. The purchase of Paul Revere made Provident

561-519: Is a long-time participant of the Maine Heart Walk, with COO Mike Simonds serving as the event’s chairman in 2021. Unum Group has been named annually to several Forbes ’ lists, including America’s Best Largest Employers and America’s Best Employers for Diversity, and, since 2021, among Ethisphere ’s World’s Most Ethical Companies. Critical illness insurance Critical illness insurance , otherwise known as critical illness cover or

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612-462: Is any amendment by an underwriter to the terms of acceptance, this has to be agreed by the applicant before the policy can proceed to issue. In South Africa , the UK , Ireland , Australia and New Zealand , critical illness insurance has become a well established form of insurance. Critical illness insurance continues to grow in popularity and has recently been accepted into other territories including

663-510: Is built to also host ice hockey games, and was intended to be the new home of the ECHL 's Columbia Inferno . However, due to legal issues with the funding for the facility, the Inferno never played there. The franchise suspended operations in 2008, but after plans for a new arena in neighboring Lexington County fell through, the franchise was finally canceled in 2014. The Colonial Life Arena

714-563: Is characterised by lump sum payments for listed medical events. Unlike in the United Kingdom , Trauma Insurance conditions are not standardised and market competition is based on both premium and policy definitions. It is not uncommon for an Australian Trauma Insurance policy to list 40+ definitions, including Cancer, Heart Attack, Strokes. Around 85% of Trauma Insurance claims paid in Australia are for either Cancer or Heart Disease. It

765-551: Is not offered in Superannuation as the definitions available for payment do not always align with the required conditions of release. Critical illness insurance options available in Canada: Currently 5 million policies are in force. Some 1.5 million policies or certificates were purchased in 2018. American Association for Critical Illness Insurance The average new critical illness insurance benefit amount

816-589: Is not uncommon for policies to also offer partial payments, if the condition suffered does not meet the full definition required for a full claim payout. Trauma Insurance policies in Australia are most commonly linked to life insurance policies, however can be taken as a stand-alone policy and where a Trauma Insurance policy is linked, it will normally deduct the balance of the insured Life Insurance amount. Trauma Insurance policies in Australia when used to provide personal protection, are generally not tax deductible and any claim proceeds are not taxable. Trauma Insurance

867-589: Is the top disability insurer in both the United States and United Kingdom and also offers other insurance products including accident , critical illness and life insurance . as well as workplace leave management and mental health. In 2022, Unum insured about 45 million individuals through group policies and reported revenue of $ 11.991 billion. Union Mutual Life Insurance was incorporated in 1848 in Maine . The company issued its first policy, which covered

918-554: The far east and the United States . In markets where the product is newer, many insurers choose to use the expertise of reinsurers with worldwide exposure as well as overseas insurers who have sold the product for a number of years. The expertise may come in the form of data provided as well as assistance with the product design features of the product. Critical Illness insurance, also known as Trauma Insurance in Australia

969-819: The Arena's website. Ticketing for events at the arena is now provided through Ticketmaster . Unum Unum Group is an American insurance company headquartered in Chattanooga, Tennessee . Founded as Union Mutual in 1848 and known as UnumProvident from 1999-2007. The company is part of the Fortune 500 . Unum Group was created by the 1999 merger of Unum Corporation and The Provident Companies and comprises four distinct businesses – Unum US, Unum UK, Unum Poland and Colonial Life . Its underwriting insurers include The Paul Revere Life Insurance Company and Provident Life and Accident Insurance Company. Unum

1020-703: The BBC in England at that time. In 2007, UnumProvident was renamed Unum. The Unum moniker was last used by the Unum Corporation prior to the 1999 merger. In 2012 and 2013, Unum partnered with the Consumer Federation of America to release reports which examined the use of disability insurance by American workers. According to numbers released by the Bureau of Labor Statistics that were cited by

1071-763: The Colonial Companies, parent company of Colonial Life & Accident Insurance Company . Colonial focused on individual insurance products, including accident, cancer and life insurance policies. Unum began offering individual disability policies under the Unum brand once again in 1995. The Provident companies was founded in Chattanooga, Tennessee in May 1887 as Mutual Medical Aid and Accident Insurance Company. The company originally specialized in providing both medical-aid and accident insurance to employees in high-risk industries, including miners and coal workers. Within

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1122-510: The RSA." The review was completed in 2008, and resulted in a 41.7% reversal, "in whole or part", and an additional $ 676.2 million of benefits paid nationwide by Unum. The state of Maine press release announcing the result, praised regulators for their work, and the company for coming into compliance. The company was involved with the UK's controversial Welfare Reform Bill in 2007 and was investigated by

1173-665: The U.S. and abroad during the following decades. Richard McKenney has led Unum as its CEO since April 1, 2015. Unum UK entered the dental insurance market with acquisitions of National Dental Plan, then Starmount Life, in 2015 and 2016, respectively. As of December 2016, Unum had 9,400 full-time employees and annual revenues of $ 11.047 billion. From 2019, Unum Group has been named annually among The Civic 50 by Points of Light. In 2022, Unum Group provided coverage to about 45 million people with 10,937 employees, and reported revenue of $ 11.991 billion. In 2023, subsidiary Colonial Life & Accident Insurance Company launched Gathr,

1224-789: The Unum Group Board of Directors on May 21, 2015. He was succeeded as President and CEO by Richard McKenny. Unum is divided into five business segments: Unum US, Unum UK, Unum Ireland, Unum Poland and Colonial Life. It is one of the world’s largest providers of employee benefits as group disability insurance, as well as group benefits, life insurance and other services. During the 2010s, Unum collaborated with Oxford Economics,among others, to analyze staff engagement and retention, subsequently designing policies and adding benefits to nurture company loyalty. It continually develops policies and programs that target inclusivity, compliance security. and environmental sustainability. The company

1275-668: The arena, one of the biggest wins in South Carolina history. On January 18, 2021, as part of the university's observance of Martin Luther King Day , the university dedicated a statue of Gamecocks great and 2020 WNBA MVP A'ja Wilson near the arena's main entrance. Aside from Gamecock basketball, the Colonial Life Arena also hosts the South Carolina High School Basketball Championships each year. The facility

1326-454: The case of critical illness however, there is an increased emphasis on family history, smoking and bodymass index are risk factors that can demonstrate a marked increase risk with respect to critical illness cover. Having underwritten an applicant in full, an underwriter can decide to accept the risk at the standard rate, or they may decide than an extra charge is warranted, or they may decide to apply exclusions of particular illnesses. If there

1377-477: The company's continued expansion and diversification. Union Mutual also established its group disability business in the 1960s. Group disability would become the company's flagship product. Union Mutual became the first major mutual insurance company to demutualize in 1986. Company CEO Colin Hampton had been pushing for demutualization since 1970 and the company formally began the process of converting to

1428-419: The conditions covered today may no longer be needed a decade or so in the future. The actual conditions covered depend on the market need for the cover, competition amongst insurers, as well as the policyholder's perceived value of the benefits offered. For these reasons conditions such as diabetes and rheumatoid arthritis, among others, may become the norm cover provided in the future. Critical illness cover

1479-442: The death of the policyholder. Alternatively, the full sum assured may be paid on diagnosis of the critical illness, but then no further payment is made on death, effectively making the critical illness payment an 'accelerated death payment'. Some employers may also take out critical illness insurance for their employees. This contract would be in the form of a group contract and has become an essential strategy used by employers around

1530-422: The high medical costs in treating critical illnesses such as cancer, cardiovascular procedures and organ transplants. The maximum amount is set out in the insurance policy and defined per episode of treatment. These critical illness insurance products generally pay hospitals directly to avoid policyholder’s incurring out of pocket expenses and lengthy reimbursement processes. In most instances of this alternative to

1581-419: The leadership of then-CEO James Orr, the company turned its focus to long-term group disability insurance. In March 1990, Unum acquired National Employers Life Assurance Holdings, which at the time was the United Kingdom's largest disability insurer. The company later acquired Duncanson & Holt, a reinsurer and insurance underwriter for the accident and health insurance sectors. In 1993, Unum acquired

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1632-528: The life of founder and company president Elisha B. Pratt for $ 5000 (equivalent to $ 183,120 in 2023), on October 1, 1849. Union Mutual's principal office at the time was located in Boston, Massachusetts , where Pratt resided. Union Mutual remained headquartered in Boston until 1881, when the state of Maine passed a law that required the principal office and headquarters of all insurance companies incorporated by

1683-414: The lump sum cash payment model. These critical illness insurance policies directly pay health providers for the treatment costs of critical and life-threatening illnesses covered by the policyholder’s insurance policy, including the fee of specialists and procedures at a select group of high-ranking hospitals up to a certain amount per episode of treatment as set out in the policy. Critical illness insurance

1734-520: The lump sump critical illness insurance, policyholders may decide where they will receive treatment among a pre-selected group of hospitals. Some forms of critical illness insurance also offer policyholders the option to travel to highly specialised hospitals in other countries to receive treatment. These policies usually include travel and accommodation expenses for the policyholder and a companion, as well as other concierge services such as translators or personal nurses. Applicants are assessed for risk by

1785-415: The nation's largest provider of individual disability policies. Unum and Provident of Chattanooga, Tennessee announced their intention to merge in November 1998. When the merger was completed in 1999, the new company, named UnumProvident, was the United States' largest disability insurance provider. Then-Unum chairman and chief executive James Orr was retained in as chairman and CEO of UnumProvident, which

1836-463: The policy, i.e. heart attack, cancer, stroke and coronary artery by-pass surgery. Examples of other conditions that might be covered include: Ref: Canada Life Critical Illness Insurance Policy Due to the fact that the incidence of a condition may decrease over time and both the diagnosis and treatment may improve over time, the financial need to cover some illnesses deemed critical a decade ago are no longer deemed necessary today. Likewise, some of

1887-408: The policyholder or their dependents on the repayment of a mortgage due to the policyholder contracting a critical illness condition or on the death of the policyholder. In this type of product design, some insurers may choose to structure the product to repay a portion of the outstanding mortgage debt on the contracting of a critical illness, whilst the full outstanding mortgage debt would be repaid on

1938-758: The presidency of Provident following his father's death. Provident began selling life insurance the following year, in 1917, and the first life insurance policy issued by the company covered Robert Maclellan's life. The company also began offering railroad insurance. Provident wrote its first group policy in 1924. The company expanded its operations with its 1926 acquisition of Detroit, Michigan -based Standard Accident Company. Provident operated in 34 states by 1928. It also acquired Southern Surety Company in 1931 and Meridian Insurance of West Virginia in 1938. The company expanded into Canada in 1948. In November 1993, J. Harold Chandler became president and chief executive officer of Provident. Chandler had previously served as

1989-442: The remaining 50% equity in 1895 and Maclellan was the company's sole owner and president by 1900. Maclellan reorganized the company from being mutually held to a stock company in 1910. Thomas Maclellan served as president of Provident until he was struck by an automobile and unexpectedly died 1916. Robert Jardine Maclellan, the son of Thomas and Helen Maclellan, and the maternal grandson of railroad promoter Robert Jardine , assumed

2040-493: The report, two-thirds of American workers do not carry disability insurance policies. In addition, the report found that, among other things, workers know little about disability insurance, despite expecting financial hardship if they were to become unable to work. In 2008 Unum opened its IT centre of excellence in Carlow , Republic of Ireland , and continued to digitize its finance operations, and to invest in technology, in

2091-529: The same claims definition. The standardisation of the claims definitions may serve many purposes including increased clarity of cover for policyholders and greater comparability of policies from different life offices. For example, in the UK the Association of British Insurers (ABI) has issued a Statement of Best Practice which includes a number of standard definitions for common critical illnesses. There are alternative forms of critical illness insurance to

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2142-484: The season opener of the South Carolina women's basketball team. A near sell-out crowd of 17,712 fans saw the 72–58 Gamecocks victory over in-state rival Clemson , with a $ 1 admission charge, at that time commonly used by the women's basketball team to promote major games. The official grand opening took place December 2, 2002. The men's basketball team defeated Temple 66–47. On January 26, 2010 South Carolina defeated #1 ranked and undefeated Kentucky 68–62 in

2193-418: The state to be located within the state. The company relocated to Portland, Maine . In 1940, the company acquired most of Massachusetts Accident Company's health and accident insurance business. The acquisition was Union Mutual's first expansion beyond individual life and endowment insurance . In 1969, Union Mutual established the insurance industry's first downstream holding company , which facilitated

2244-740: The venue in October 2005. In 2007, it was home to the Columbia Stingers of the National Indoor Football League . The arena has hosted the Charlotte Bobcats and New York Knicks in the past. Originally, the venue, like all Comcast-Spectator managed facilities, had its own ticketing policy, and therefore concerts were not controlled by the major ticketing industry firms. Ticketing was provided by New Era Tickets , and tickets could be purchased through

2295-451: The world to both protect their employees financially as well as attract more employees to consider working for the company. Typical critical illness insurance products refer to policies where the insurer pays the policyholder a pre-determined lump sum cash payment if the policyholder is diagnosed with a critical illness listed in the policy. However, alternative forms of critical illness cover provide direct payment to health providers to cover

2346-468: The world was one of the marketing general managers, Manuel Sardinha, who was also the designer of the first automated life underwriting system, in 1972. Since 1983, the cover has been accepted into many insurance markets around the world. Other names of the insurance cover include: trauma insurance , serious illness insurance and living assurance . The schedule of insured illnesses varies between insurance companies. In 1983, four conditions were covered by

2397-517: Was founded by Dr Marius Barnard , with the first critical illness product being launched on 6 October 1983 in South Africa , by Crusader Life Assurance company under the name dread disease insurance . This form of insurance when originally launched by Crusader Life Assurance originally covered four primary human health conditions: A senior member of the team at Crusader Life Assurance responsible for introducing this new innovative concept to

2448-490: Was headquartered in Portland, Maine . Company Chief Operating Officer J. Harold Chandler, who had served as Provident's chief executive prior to the merger, succeeded Orr as UnumProvident CEO in November 1999. The company sold Provident National Assurance, a holding company for its life insurance and variable annuity business, to Allstate in 2001. In 2002, UnumProvident relocated its headquarters from Portland, Maine to Chattanooga, Tennessee . The former Provident Companies

2499-664: Was headquartered in Chattanooga. Unum received negative attention in 2002, when California regulators fined Unum, and alleged that the company inappropriately denied long-term disability insurance claims. Unum stated that "only 2% of the policyholders who filed a claim with the company last year [2001] were found not to be disabled, an amount consistent with prior experience." UnumProvident acquired Sun Life Financial 's United Kingdom -based group insurance business in 2003. Thomas Watjen replaced Orr as UnumProvident’s chief executive later that year. The company also sold its Japanese and Argentine businesses. In 2004, Unum entered into

2550-434: Was originally sold with the intention of providing financial protection to individuals following the diagnosis or treatment of an illness deemed critical. Critical illness may be purchased by individuals in conjunction with a life insurance or term assurance policy at the time of a residential purchase, known as a 'bolt-on' benefit. The finances received could be used to: This insurance can provide financial protection to

2601-473: Was ranked 22nd in the world in ticket sales in 2003. It was also ranked the #1 arena in the Carolinas and was the #2 rated university arena in the world in 2005, based on ticket sales for touring shows. It is managed by Spectra (formerly Global Spectrum), the facilities management subsidiary of Comcast Spectacor . The NBA's Philadelphia 76ers , then owned by Comcast Spectacor, played an exhibition game in

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