View Poll Results: What is the best way to run an insurance company?

Voters
22. You may not vote on this poll
  • Charge the highest premiums possible. Pay out the least possible.

    13 59.09%
  • Charge the lowest premiums possible. Pay our the most possible.

    7 31.82%
  • Do what is best for the world even if it loses you money.

    2 9.09%
  • Close it down so that everyone will be screwed.

    0 0%
Page 3 of 9 FirstFirst 12345 ... LastLast
Results 21 to 30 of 88

Thread: What is the best way to run an insurance company?

  1. #21
    Banned
    Join Date
    Oct 2013
    Location
    (none)
    Last Seen
    04-04-15 @ 09:11 PM
    Lean
    Communist
    Posts
    6,112
    Blog Entries
    1

    Re: What is the best way to run an insurance company?

    Quote Originally Posted by mak2 View Post
    Our healthcare system could never have been the most expensive in the world without healthinsurance companies.
    BAM! That is awesome. I thought I was the only one that noticed that. When you pay doctors to save your life, they invest the profits to save more lives.

    When you pay an insurance company to (whatever they do) then they invest the profits to hire and train more marketeers and salesman. The benefit that society receives from insurance company is lying commercials, lying campaigns and lying salesman. Health Insurance doesn't have jack squat to do with health care. Insurance is a financial product to protect assets. It's a product to benefit people who have assets. It's ridiculous for people who have very little or no assets. The insurance companies don't spin it that way.

    I never purchased health insurance but I would have purchased if my net worth ever warranted it. Wealthy people who need health insurance are sophisticated enough to know the profit motive that exist. The relationship got all jacked up when poor people started buying insurance and making unrealistic demands. The insurance company got greedy and started marketing their product to people that should have never been buying it.

    I hate health insurance as a product and as an industry but I didn't ever buy it. It wasn't my concern. This doesn't mean I am a moron and I think health insurance exist to finance everyone's personal tragedy.

    vasuderatorrent

  2. #22
    Banned
    Join Date
    Oct 2013
    Location
    (none)
    Last Seen
    04-04-15 @ 09:11 PM
    Lean
    Communist
    Posts
    6,112
    Blog Entries
    1

    Re: What is the best way to run an insurance company?

    Quote Originally Posted by WCH View Post
    There's a happy medium but, no company will stay in business without a profit.
    That's the first choice.

  3. #23
    Sage
    Fisher's Avatar
    Join Date
    Sep 2012
    Last Seen
    12-06-13 @ 02:44 PM
    Gender
    Lean
    Very Liberal
    Posts
    17,002

    Re: What is the best way to run an insurance company?

    Quote Originally Posted by vasuderatorrent View Post
    That's the first choice.
    Not it isn't. If my insurance company had raised their premium 5% from what it is the would have a higher possible premium but likely have a lower number of insured. Likewise, the least possible payouts are zero. It is a balancing act to obtain what is deemed the best combination that maximizes profits, not premiums, over a long period of time. Nobody will buy insurance that cost a billion dollars and pays nothing.

  4. #24
    Pontificator
    iliveonramen's Avatar
    Join Date
    Sep 2011
    Location
    On a Gravy Train with Biscuit Wheels
    Last Seen
    Yesterday @ 02:51 PM
    Gender
    Lean
    Very Liberal
    Posts
    9,152

    Re: What is the best way to run an insurance company?

    One of my co-worker crunched number for one of the largest insurance companies in the country. He was actually the personal number cruncher for one of the head honchos. He's told me some of the things that have happened. He's a really nice guy but the stuff he found was used to do some really bad things. Not illegal but immoral by most moral standards.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

  5. #25
    Banned
    Join Date
    Oct 2013
    Location
    (none)
    Last Seen
    04-04-15 @ 09:11 PM
    Lean
    Communist
    Posts
    6,112
    Blog Entries
    1

    Re: What is the best way to run an insurance company?

    Quote Originally Posted by Fisher View Post
    Not it isn't. If my insurance company had raised their premium 5% from what it is the would have a higher possible premium but likely have a lower number of insured. Likewise, the least possible payouts are zero. It is a balancing act to obtain what is deemed the best combination that maximizes profits, not premiums, over a long period of time. Nobody will buy insurance that cost a billion dollars and pays nothing.
    A billion dollars wouldn't be the highest price possible. If you raise your price from $325 to $326 and lose half of your customers that would mean the highest price possible is $325 not a billion dollars. DUH!

  6. #26
    Sage
    WCH's Avatar
    Join Date
    Mar 2013
    Location
    The Lone Star State.
    Last Seen
    Yesterday @ 09:58 AM
    Gender
    Lean
    Conservative
    Posts
    22,135

    Re: What is the best way to run an insurance company?

    Quote Originally Posted by vasuderatorrent View Post
    That's the first choice.
    They don't have to charge the highest premiums but, the payouts are what they are. They can ruin a company.

  7. #27
    Banned
    Join Date
    Oct 2013
    Location
    (none)
    Last Seen
    04-04-15 @ 09:11 PM
    Lean
    Communist
    Posts
    6,112
    Blog Entries
    1

    Re: What is the best way to run an insurance company?

    Quote Originally Posted by Fisher View Post
    Not it isn't. If my insurance company had raised their premium 5% from what it is the would have a higher possible premium but likely have a lower number of insured. Likewise, the least possible payouts are zero. It is a balancing act to obtain what is deemed the best combination that maximizes profits, not premiums, over a long period of time. Nobody will buy insurance that cost a billion dollars and pays nothing.
    If you pay out zero then nobody would buy your insurance any more. Zero is not the lowest possible pay out. DUH!

    Face it. Insurance companies have to make a profit and just can't go around solving everybody's problems for them.

  8. #28
    Sage
    Fisher's Avatar
    Join Date
    Sep 2012
    Last Seen
    12-06-13 @ 02:44 PM
    Gender
    Lean
    Very Liberal
    Posts
    17,002

    Re: What is the best way to run an insurance company?

    Quote Originally Posted by vasuderatorrent View Post
    A billion dollars wouldn't be the highest price possible. If you raise your price from $325 to $326 and lose half of your customers that would mean the highest price possible is $325 not a billion dollars. DUH!
    No it does not make it the highest possible price. It is just a matter of whether that extra dollar is a net gain in profit as if you lose half your insured you would still have half your insured and the half you have may be in better health Duh

    Quote Originally Posted by vasuderatorrent View Post
    If you pay out zero then nobody would buy your insurance any more. Zero is not the lowest possible pay out. DUH!

    Face it. Insurance companies have to make a profit and just can't go around solving everybody's problems for them.
    Zero is the lowest possible payout, and people who buy "Accident Insurance" very likely will get zero because it only pays out in the event of a death by accident which is pretty nominal in comparison to death by other means. Mortgage insurance only pays out if you die within the term of your mortgage, so if you don't, you have purchased insurance with a zero payout. Flight insurance only pays out if the insured dies in the plane crash on the trip in which they purchased the policy but people buy it.

  9. #29
    Professor

    Join Date
    Aug 2013
    Location
    Texas
    Last Seen
    11-27-17 @ 09:08 PM
    Gender
    Lean
    Undisclosed
    Posts
    1,907

    Re: What is the best way to run an insurance company?

    depends on what "possible" means, but in general those that said charge the most and pay the least wouldn't last long in a competitive market....

  10. #30
    Guru
    Smeagol's Avatar
    Join Date
    Jun 2012
    Last Seen
    02-19-17 @ 11:35 PM
    Lean
    Undisclosed
    Posts
    4,147

    Re: What is the best way to run an insurance company?

    Quote Originally Posted by vasuderatorrent View Post
    What is the best way to run an insurance company?

    vasuderatorrent
    I'd say have a lot of people paying premiums every month and hope they never or rarely need to file a claim but be there for them if they do.

    If you're talking about health insurance, IMHO its another example of "that's the way its always been" trumping a better way. I don't like health insurance and I especially don't like employer based healthcare but acknowledge despite it limiting the power of patients over their healthcare and giving it to their bosses and increasing costs through an unneeded middleman only there to make a profit, they're better than nothing. I don't like single payer either.
    Having opinions all over the map is a good sign of a person capable of autonomous thinking. Felix -2011

Page 3 of 9 FirstFirst 12345 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •