insurance, home and auto

And the biggest one: health

Single payer insurance of any type pulls from a far larger pool than any company could have, lowering the individual cost and allowing a bigger risk coverage. But... what about all those insurance companies (of all types), as well as other industries that rely on the increased costs? How will they survive? /s

I work in auto insurance and 100% agree. Shocks my coworkers when don't think auto insurance shouldn't be all about profit.

Home insurance should absolutely NOT be government wrong. That's just government sponsored building in flood zones at that point

Where I live, you can choose to not have it as long as you take $50,000 and put it into a bank account and secure it and not touch that $50,000 as long as you are driving without insurance.

Also they will arbitrarily decide how much your car was worth. Did proactive maintenance and no accidents? Cool, now it's assessed to be the same as if you had six unrepaired fender benders and kept raccoons in the back seat.

I never really thought about that before. That's probably why america hasn't had healthcare for all, the insurance companies are lobbying (bribing) the shit out of the republicans.

Why is car insurance so expensive in all the other countries then?

It's in you're contract how much they'll pay out for this. $50-$100k is common. After that it's on you. But you're right in the sense that law suits often happen to seek this amount.

In a reasonable country, public insurance would charge your auto insurance to recover costs. The harms and risks of car ownership don't need further subsidies

I love the idea is the only thing justifying one racket is another racket

It’s amazing what you can do when you aren’t accountable to shareholders

I haven't heard of this. What's this benefit called?

Edit: I should take one minute before asking questions.

Member-Owned Structure: Unlike a publicly traded company that pays dividends to stockholders, USAA is a reciprocal interinsurance exchange, meaning its members are also its owners. Profits, after expenses and reserve requirements are met, are returned to members.

Subscriber Savings Account (SSA): A small percentage of the property and casualty insurance premiums paid by an eligible member is retained by USAA and allocated to an SSA in their name.

Annual Distributions: The USAA Board of Directors decides each year how much capital is needed for reserves. Any excess is distributed back to members from their SSA. This distribution amount can vary annually based on factors like the company's financial performance and the member's longevity and account balance.

Payout Options: Members typically have the option to: Apply the distribution to their insurance premiums. Receive the funds via direct deposit or check

There are a lot of them like that called "mutuals" which are just insurance cooperatives. If you're American you can probably get your insurance through one, although they aren't as popular.

Actuarial tables are only used on life (life, retirement, workers compensation, health insurance) on top of them you need guaranteed interest rate and that give the risk price, but can be mathematically prove that charging only the risk price the insurance company eventually is going to fail, so an actuarial rate is added to avoid that. On top of that, another rate is added for administrative costs and "cost of capital" AKA profit for the shareholders. Finally, comercial costs are added and that's the price you pay.

For casualty (no life) the risk price is probability of event × cost of event, the rest is the same.

Here is an exhaustive list of things that were improved when it was made for-profit:

Can confirm, SGI still exists in Saskatchewan. It is definitely more than a couple hundred bucks a year but it is nice knowing that they don't make a profit. They sent everyone a rebate a few years ago because they had a surplus

Hi, I followed your comment while reading it. I'm stuck after step 3, the police are asking lots of questions. Pls help.

I really hope you read the instructions to the end before starting.

"Remove the diskette from its protective envelope" (it stayed in the box)
"Take the diskette by one of its corners" ("What corners, it's round?")

Insurance is about compensation for loss, and that's it. It's not their job to keep your house safe, that's still on you. It's their job to give you money if something happens beyond your control. Now that you mentioned that other branch, you should probably take care of it, if it falls they could deny your claim since you were negligent in preventing a known risk.

They'll make those thousands back when they raise your rates.

Theoretically speaking. They should've just raised your rates. Since your house is at higher risk than they thought. But should offer a rate decrease if you maintain your surrounding trees.

Unless that information doesn't change how risky they think your house is, therefore theoretically "correct" thing to do is what they did, nothing.

They are insurance companies. They basically bet that you'll be lucky. They don't want to lower the risk. Paying insurance companies is what you do when you want to lower the risk, and that would cut into their margins.

And yes, there are insurance companies for insurance companies.

Hope you never get sued after an accident

Only a few years? What's the math on that? I looked into it and the minimum was 20k. When I looked at it I think it would take around 40 years to break even on premiums. It's not about the replacement cost of the vehicle but about damages that you could be liable for. If you're liable for a hospital bill, that minimum won't go far.

I wonder if it's because bicycle insurance isn't required and therefore needs to actually offer something in order to attract customers. It's probably unwise that we leave to capitalism the kinds of insurance which are so important they need to be legally mandated.