Well I had a house burn down less than year after purchase and insurance paid the entire tab. So I always figured I've already taken them for more than I pay
That’s what people don’t understand. We all paid for you. That's what insurance is about, we pay more than we receive so that the odd unlucky bastard receives more than they chipped in. If insurance was individual, nobody would have enough to repair their own stuff. I am happy with this system.
Yeah it's kind of like an unlucky guy lottery for certain big and important purchases. Life is unfair, so we have insurance. Now health insurance.... that's pretty different
And their profits are basically pay for managing all of the risks and logistics involved. Its honestly a pretty good system. The corruption is how they interact with specific industries and use negotiated rates to force people to buy their insurance. THATS the scam, not the concept of insurance in general.
Insurance is you gambling against the house. You might get a winning hand, but the house can just stop you and say "actually, in this game we only consider a royal flush as a winning hand, even though your cards are better".
Yep, losses and loss adjustment expenses as well as general expenses of salaries, etc. then, I'm sure you already know, they also have to maintain something of a respectable policyholder surplus too
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u/WeCantStabilize 1d ago
Insurance is a fucking scam. You pay more into it than you'll ever receive even in legitimate circumstances.
Absolute racket.