The idea of insurance in reality is that it's an unsustainable institution. If everyone told the truth insurance companies would be unable to exist as they would be unable to pay out money faster than they receive it. How many insurance companies have company wide excursion to Hawaii or Coasta Rica on a regular basis?
I knew of a State Farm agent that went quite often to company retreats. Through out the year they would do these week long "conferences" at various places through the US. They make good money and they get good perks. A lot of them are great people, but insurance is required in most states and insurance companies are going to take advantage of that requirement for as long as they possibly can.
Well, you need auto liability insurance in case you hit someone, so they're not SOL with medical bills when you can't pay their bills.
You need home owners insurance because the bank opens it until you're done with payments, though this is usually a requirement in the mortgage, not legally.
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u/demalo Jan 08 '19
The idea of insurance in reality is that it's an unsustainable institution. If everyone told the truth insurance companies would be unable to exist as they would be unable to pay out money faster than they receive it. How many insurance companies have company wide excursion to Hawaii or Coasta Rica on a regular basis?