Who's life is worth more?

Question

Is it fair that for an insurace claim, certain people's lives are worth more than others? For example, a police officer's life may be worth more money to his family than a researcher's does to his. I'm talking more general but this, but who's to say that the researcher wouldn't have cured cancer, or that the policeman would have gone nuts and took out his family. Or the other way around...

I'm not talking life insurance, I'm talking situations where a person or company is liable.

Answer 1

good question, i often wonder the same thing. and did you ever notice how the media emphasizes what that person did in life only when its deemed an important job.. Like they will say a 39 year old policeman was killed in a car accident but if you were a car mechanic they dont say a 39 year old car mechanic. weird, huh?

Answer 2

The value placed on the life isn't done by the insurance company but by the person or organization taking out the policy. If you wish to take out a multi-million dollar policy on yourself, there are any number of insurers who'll take your money. The size of the payout is entirely dependent on the size of the premium the individual or organization is willing to pay. The higher the premium you're willing to pay, the greater the payout on the policy.

Answer 3

Generally, the point of insurance is to replace the lost income, not in some way replace the lost life. In that way, it is your income that matters. No one is putting a value on anyone's life. They are putting a value on the individual's earning potential and on the extent to which that earning potential has been lessened by the accident.

Answer 4

My dad was mates with this guy that died in a freak accident at a mall. So did a whole lot of others. My dad's mate's family got buckets - this guy was CEO of some big company. Anyway, they found out after that some woman died who was a stay at home mum. And her family got less. Thats sick, man!