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Is Insurance Legal Racketeering?

slo1
Posts: 4,361
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7/30/2013 1:45:16 PM
Posted: 3 years ago
At 7/30/2013 10:51:06 AM, pozessed wrote:
I am just curious what everyone may say.

Why would anyone think that? Sure there might be a lot of legal wrangling on disputes for what is actually covered after a loss, but just take away insurance and let everyone self insure their auto, homes, lives, businesses and see how well everyone fairs.

Imagine this, no home owners insurance, now the banks and lenders not only have to deal with risk of non-payment from traditional reasons such as unemployment, medical isssues, income issues, etc from the borrowers, but also have to take the full risk of a loss due to fire, storm, ect.

This world does not function with out insurance lest we decide we don't care to own things of value anymore.
DetectableNinja
Posts: 6,043
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7/30/2013 3:40:34 PM
Posted: 3 years ago
Why would you think it is?
Think'st thou heaven is such a glorious thing?
I tell thee, 'tis not half so fair as thou
Or any man that breathes on earth.

- Christopher Marlowe, Doctor Faustus
the_croftmeister
Posts: 678
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7/30/2013 9:33:54 PM
Posted: 3 years ago
At 7/30/2013 10:51:06 AM, pozessed wrote:
I am just curious what everyone may say.

I'm pretty sure that racketeering is defined as being illegal, in which case legal racketeering is a nonsense notion. I think both are aspects of the same phenomena, insurance is one that is deemed beneficial for society and racketeering deemed negative.

Make sense?

Also, nobody forces you to take out insurance. Sure some governments will take a levy if you don't, but they don't hold a gun to your head. Though for cars this isn't the case, but then, I don't want people driving around who don't have 3rd party personal insurance.
YYW
Posts: 36,391
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7/31/2013 12:59:30 AM
Posted: 3 years ago
At 7/30/2013 10:51:06 AM, pozessed wrote:
I am just curious what everyone may say.

We should all resort to tontines instead.
Tsar of DDO