01-17-2017, 09:57 AM
"Insurance companies can and do go broke. Perhaps you are a bit naive and believe companies are not "designed" to make money."
Actually Peter, what I said was that the insurance companies ARE designed to make money...no naivety here. The part I disagreed with was "Insurance is designed to make the insured whole after a loss." While that may indeed be the "design", how often does it actually happen? Insurance can help to offset losses, but I can't think of a single case where anyone was made "whole" again. Maybe you can, but I think it is far more common that the insurance companies use every available loophole in their policies to limit their payout.
Actually Peter, what I said was that the insurance companies ARE designed to make money...no naivety here. The part I disagreed with was "Insurance is designed to make the insured whole after a loss." While that may indeed be the "design", how often does it actually happen? Insurance can help to offset losses, but I can't think of a single case where anyone was made "whole" again. Maybe you can, but I think it is far more common that the insurance companies use every available loophole in their policies to limit their payout.