"Insurance" is evil. It might work if it worked as people think it does (A loss occurs -> you get paid for it). But it can never work like that because even with many individuals paying into the system more then they'll ever get back, and even with their ability to invest whatever they haven't had to pay out, Capital must seek the greatest return. Pressure must be applied. Only a socialized insurance system will ever work close to the ideal. Everyone should want it, it would lower EVERYONE'S commitment, pay out more to those who need it, and be less likely to collapse itself every time anything major happened. But nope, instead mass social murder all so a few people can be millionaires.

Shocked there hasn't been ANY pushback from people on insurance. I haven't met anyone with a good experience. Even the most ideal experience came after the company paid out, AFTER legal action was threatened/taken. Everyone else has horror stories from death to living in poor conditions after a house fire. Insurance agents in general should consider themselves lucky there hasn't been more of this.

[–] came_apart_at_Kmart@hexbear.net 5 points 2 weeks ago

the whole point of insurance is distributed risk, so the largest pool is the most stable and effective. or the theoretically infinite pool of sovereign debt, i.e. insurance provided by the state.

but if you can't issue your own currency, the next best thing is the largest pool you can get and having it run by member-owners as a non-profit cooperative association. because there is no reason to do anything but cover the administrative costs of the insurance pool. the phenomenon of private, for-profit insurance is anathema to logic. it means the insurance is a scam being run by investor-owners who are extracting value from the pool.

it is ludicrous that it is not banned, even by adam smith type liberals. under late capitalism, insurance corporations are among the most powerful and massive capital formations yet, rivaled only by finance and real estate.