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Insurance is a well organized casino. Sometimes they win, sometimes they loose, very rarely they get busted by huge losses. Most insurance companies do not make the profit on the premiums but by investing the surplus. Some companies actually have real assets behind them. Most do not. With so many companies playing insurance actually approximates a free market.
They are required to meet certain levels of capitalization and are ranked accordingly by S&P, Moodys etc. If they are not capitalized sufficiently the states won't let them operate in the state and so on and so forth....not to mention that brokers aren't going to place their clients business with a poorly capitalized and rated company or risk being sued themselves.
In fact their assets are generally heavily concentrated in high rated bonds, usually govt.
As for competition, you are undoubtably correct. The businesses are incredibly competitive and good luck finding an industry more heavily regulated.
Great idea to cap the amount of money the government can levy in cumulative tax.
Profit should not be capped, rules to protect the consumer should be used instead.
Capping profit reduces derived taxes. More profit, more tax paid.
See the censured Charlie Rangel who heads the tax legislation committee and allowed a tax code that needs a wheelbarrow to move despite all the committees formed over the decades to 'simplify the tax code'. That scam alone shoul;d be enough evidence that our legislators are the problem and not the profits of a company.
Anti Trust legislation! Collusion and price fixing. Did you know there are two kinds of businesses that do not have to abide by Anti-Trust, major league baseball and health insurance companies. So, insurance companies do collude and fix prices all day long.
And I'm sure you have a good source for this wild accusation. Not!
When you have nothing, insurance seems like a dumb idea.
P.S. I guess you hate social security too.
Nah, I just dislike fraud.
Especially when it's backed by force.
It's harder to avoid when it's backed by force.
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