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There absolutely are non-profit insurance companies but even most of those aren't totally non-profit because they purchase reinsurance (for profit) to protect against extreme events.
As I've noted previously, almost all major insurance types like home, auto etc. do have inherent profit caps. I attached the following path showing the state of FL's response to a Statefarm homeowners filing. At the bottom of page 7 you can see the state recommends (and by recommends I mean forces) a 3.5% profit load.
This means that Florida expects state farm to insure houses there and make perhaps 1% profit on investment income (interest rates are crap) plus the 3.5% profit load. So more or less they are telling state farm they can make 4.5cents of profit per dollar of premium.
P.S. Many for profits can charge lower rates than a non-profit just from efficiencies. I'd rather have as much competition as possible....for-profit or otherwise.
Business, as we currently see it, will not exist in 5 years. It's time is done.
The Terms of Service of the City-Data forum prevents me from telling you exactly what I'm thinking about that statement, but let's just say it involves a lot of laughing, and makes me realize just how smart kindergarteners are compared to some people...
The Walton family's 90-billion dollar personal fortune works out to about $900 per household in the United States. Every family who has consistently shopped at WalMart has just given maybe two-thousand to the Walton family, considering that half the families don't shop at WalMart.
Check your math. Wal*Mart has stores in 15 countries...
I know this is an old one, but I still think they should have not-for-profit insurance companies.
Bet they would run the others out of business!
Is someone stopping you from drawing up that business plan and looking for venture capital? No? Looks like you'd be first to market with the idea! Go for it!
It's a shame that crystalblue fell hook line and sinker for the schtick but didn't stick around to learn more about the topic.
They didn't know that there are profit restrictions, there are not-for-profit insurance companies and the "consumer advocate" guy is a long discredited scumbag. (Who contributed to the coming disaster in Florida that ALL of us will probably get stuck paying for.)
Basically, they got everything factually wrong and missed the opportunity to educate themselves.
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