2007-10-02 04:00:47 · 6 answers · asked by Reo 5 in Politics & Government ➔ Other - Politics & Government
Insurance is nothing more than legalized racketeering.
2007-10-02 04:35:57 · answer #1 · answered by gone 7 · 0⤊ 0⤋
In short, yes. Let me qualify and elaborate.
First, the qualification: insurance is indispensible to society. It is simply the idea of pooling risk. To illustrate, suppose that there is a risk of losing $100,000 with a 1% probability of occurance per year. You might choose to trade this risk for a certain $120 payment. Assuming that the 1% probability is reliable, companies that assume this risk for a large number of people can make a profit while providing vital stability to society.
Now, to elaborate on why the insurance industry has become a bully, the reason is simply. It is an industry protected by government. The regulations placed upon the industry are so burdensome that new entrants are blocked. The stated purpose of the regulations is to protect policyholders. The result is to ensure that only gigantic companies can survive in the market. These large companies need control costs less and be less responsive to customers than they might be in a more competitive environment. More often than not, the bullying is more a case of ineptitude than malice.
This is not to say that companies don't compete on quality of service. But the industry definately has problems.
Addendum: H2_Oasis, I hope that you'll consider my view that politicians are the problem. We should look to them to step aside. Any meddling that they do will only make matters worse.
2007-10-02 04:16:31 · answer #2 · answered by Joe S 6 · 0⤊ 0⤋
Yes they have. I use to bill for 8 hospital in 3 different states and man have I seen insurance just screw people over horribly.
It would be nice to see someone in washington expose Insurance companies for what they are. I go to the Dr. what maybe 3-5 times a year and I have to pay a lil over 2-3 grand over the period of a year.
2007-10-02 04:06:33 · answer #3 · answered by Anonymous · 1⤊ 0⤋
YES!!!! There is no such thing as just a co-pay anymore. Even to just get a check up it costs like $50 with insurance. What exactly am I paying the insurance company for anyway? In case I really get hurt and God forbid they have to pay something after my gazillion dollar deductible!
2007-10-02 04:05:33 · answer #4 · answered by Kim B 3 · 2⤊ 0⤋
thats whats called a "Loaded Question"
2007-10-02 04:03:23 · answer #5 · answered by Anonymous · 0⤊ 0⤋
What in your question?
2007-10-02 04:08:05 · answer #6 · answered by Anonymous · 0⤊ 2⤋