Insurance, what a mess
Like many businesses the executives are highly paid to excess. Added to that there is vast spending's on incentive programs that cost over 1mil/y being given out to very few employee's, most of these being cruises which are no where near cheap.
Many insurer's are guilty of Usury where they up charge to the policy holder for no ethical reason then to just do so. Most all of the profits should be going back to the policy holder's when they need it, but this is not the case. Up until ACA most insurer's simply would not cover or pay for a vast many things.
Deregulation, unlike many other businesses they don't have to do this work them self. This act is actually carried out by people that either don't fully understand the system or are receiving gains from the deregulation while these gains are not bribes.
Auto Insurance sometimes offers you an extra service of picking your own choice of service location. With out this service the car owner and the mechanic never talk to each other directly, this results in what ever the insurer wants to do or gain from the deal. This action if misused for profit is actually a Protection racket. Most car owners and mechanics never find out about these deals and thus can't even file a charge. Though a major red flag should come up to the mechanic if the car owner never talks to them directly.
Offering riders or extra package deals to cover other things. In most cases this actually legit as that insurer them self does not cover side thing but works with another insurer that does. How ever there are some case's where this is not true and the insurer is just looking to add some extra money to their pocket. This is often a large add on when adding a dependent to the claim.
Insurance is one of the few business models where a monopoly is the best thing. Insurance works off a risk pool larger the rick pool the cheaper it is for all policy holder's. But at the same time, no competition results in unfair pricing and practices. So as much as people hate it, a single government ran insurance is best for everyone being cheaper in the long run, as in ' Single Payer '.
Many insurer's are guilty of Usury where they up charge to the policy holder for no ethical reason then to just do so. Most all of the profits should be going back to the policy holder's when they need it, but this is not the case. Up until ACA most insurer's simply would not cover or pay for a vast many things.
Deregulation, unlike many other businesses they don't have to do this work them self. This act is actually carried out by people that either don't fully understand the system or are receiving gains from the deregulation while these gains are not bribes.
Auto Insurance sometimes offers you an extra service of picking your own choice of service location. With out this service the car owner and the mechanic never talk to each other directly, this results in what ever the insurer wants to do or gain from the deal. This action if misused for profit is actually a Protection racket. Most car owners and mechanics never find out about these deals and thus can't even file a charge. Though a major red flag should come up to the mechanic if the car owner never talks to them directly.
Offering riders or extra package deals to cover other things. In most cases this actually legit as that insurer them self does not cover side thing but works with another insurer that does. How ever there are some case's where this is not true and the insurer is just looking to add some extra money to their pocket. This is often a large add on when adding a dependent to the claim.
Insurance is one of the few business models where a monopoly is the best thing. Insurance works off a risk pool larger the rick pool the cheaper it is for all policy holder's. But at the same time, no competition results in unfair pricing and practices. So as much as people hate it, a single government ran insurance is best for everyone being cheaper in the long run, as in ' Single Payer '.
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