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Termyn8or -> RE: Seriously? Is the Insurance Industry a Bunch of Commies!?! (11/29/2011 11:32:09 AM)
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FR
There have been some policyholder owned insurance companies, but I don't think any are around anymore. I think the problem was they couldn't maintain sufficient capitalisation.
Watch those good hands folks. Some policies, i.e. an FRB in Ohio to be insured driving any non commercial venicle, is not the same. In this state at least, thay could try to recoup the loss from you, but that will be in the pollicy. They can't file with the state to prevent you from having a license, but they can wreck your credit.
What's more these minimum coverage policies are a joke. If you have any kind of property with equity you should have probably a million dollar limit. Ohio requires around $40,000 just to get on the road, which ain't shit. That won't cover some cars, and don't even think about medical. What's more by getting the policy you give the insurance co. litigation rights, which means they can settle for a million, pay the forty grand and leave you holding the bag for the rest. It doesn't happen all the time, but it has and can.
Whether the government requires it or not, there is a good reason big companies have big policies.
Debtor's prison is coming back into vogue, as it does I think insurance companies might see some profit.
However IMO it is gambling. Betting against loss is the same thing as betting for gain if you look at the big picture, and I think there is a communistic element to it, that it (ideally) spreads the risk around. That's in a perfect system though, now it's dog eat dog, and insurance companies intend to get rich. They better, with having to pay all those greedy people out there.
T^T
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