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Dec 30, 2009
Dec 30, 2009 
6 Comments 
6 Comments
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I agree.
I hardly use my medical insurance I get through employment, and the premiums that my company pays, keeps going up. -
WRONG understanding.
Insurance is GAMBLING. You have to define the odds, so you can figure out what the intake is, and the outgo is. Otherwise, insurance companies would go broke – and their stockholders would be very, very unhappy.
Of course you need to describe either EXACTLY what you cover, or EXACTLY what you don’t cover. One or the other.
Where EXACTLY do you think insurance companies get their money from? Well, in part, from all the people PAYING IN.
Why don’t you and 9 friends get together and just say, ok, instead of insurance, we’re just going to pool our funds, and divide up the claims, and each pay each other’s claims. How well do you think THAT will work? You all will be claiming paper clips and hangnails, and hangovers, for that matter. It would be a NIGHTMARE.
Next time you go to the track, just ask the bookie for a win ticket – and not define which horse you’re putting your money on. Tell ‘em, oh, let’s not describe what we won’t cover. I want you to pay out no matter what. They’ll laugh you out of the park.
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The purpose of insurance is to “make you whole” after a specific, sudden and accidental loss. You should never gain from an insurance claim. It should merely help to bring you back to the way you were before the loss.
Insurance companies make their policies specific, so they know and you know exactly what is covered. Ultimately, it saves customers money.
Imagine flood coverage was added to every homeowner policy. Insurance would skyrocket for every homeowner to compensate for the added risk. More risk= more claims, which = higher insurance rates. Instead insurance companies have tried to get more specific, so that you’re not paying for coverage you don’t want or need. If your policy doesn’t cover a risk your concerned about, then get a policy that does. These days, you can get insurance for just about anything. -
Insurance is a product of Indemnity. The conditions of the contract are spelled out in the policy. If everything was “ala cart” then you wouldn’t have to worry because there would not be insurance to buy! There are “no laws” for not paying out. Only insurance company policy and conditions reflecting the payment. Some products are broader than others.
Read your policy.
The only scam is people who buy it to “scam” the insurance company.
And that’s all I have to say on this.
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It is clearly obvious why the most profitable companies are the insurance companies!
Another Fact: when you phone to them to get an insurance deal, they will answer the phone within milliseconds to rob your money. when you phone for claim, it will take hours to get them on the phone…..
Good guide to save on Car Insurance:
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You could probably purchase enough coverage such that you and/or your property would be fully covered from every possible thing that could go wrong, but I’ll guarantee that you wouldn’t like the price! Insurance companies are competing against each other to offer you the lowest rates they possbily can for a set amount of services. If you want more coverage, you will have to pay more premium. It is important that you understand exactly what the policy you have purchased covers, and it is your responsibility.
Another reason “everything” isn’t covered in most lines of insurance is that if the company paid for everything, you wouldn’t have any motivation to maintain your home/car/body and try to avoid having lots of claims. The copay is designed so that you think twice before taking risks with your property.
