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Rynar
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PostPosted: Thu Jun 17, 2010 11:57 am 
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Wait... so AIG needed to be bailed out because a bunch of willfully ignorant people have misconceptions about what insurance is, and it is the governments job to foster these misconceptions, functionally exasperating the problem?

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DFK!
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PostPosted: Thu Jun 17, 2010 11:58 am 
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Rynar wrote:
Wait... so AIG needed to be bailed out because a bunch of willfully ignorant people have misconceptions about what insurance is, and it is the governments job to foster these misconceptions, functionally exasperating the problem?


To be fair, they may not be willfully ignorant; they may just be the product of public schools...


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Xequecal
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PostPosted: Thu Jun 17, 2010 5:34 pm 
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DFK! wrote:
If your insurance company folds... what have you lost? There's another one down the street.


You don't file a claim one day and get paid the next day, especially not for big claims. Sometimes the process takes months. What happens when they fold in between when the incident occurs and when they would have paid you? You're **** out of luck. Any company can have cash-flow problems too and suddenly not have the money to pay claims, even from one day to the next. If that problem results in bankruptcy you're also screwed.
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Diamondeye
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PostPosted: Thu Jun 17, 2010 6:12 pm 
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Xequecal wrote:
DFK! wrote:
If your insurance company folds... what have you lost? There's another one down the street.


You don't file a claim one day and get paid the next day, especially not for big claims. Sometimes the process takes months. What happens when they fold in between when the incident occurs and when they would have paid you? You're **** out of luck. Any company can have cash-flow problems too and suddenly not have the money to pay claims, even from one day to the next. If that problem results in bankruptcy you're also screwed.


So the entire system should revolve around these occurances? What percentage of claims would this make up?

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Xequecal
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PostPosted: Thu Jun 17, 2010 6:18 pm 
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Diamondeye wrote:
Xequecal wrote:
DFK! wrote:
If your insurance company folds... what have you lost? There's another one down the street.


You don't file a claim one day and get paid the next day, especially not for big claims. Sometimes the process takes months. What happens when they fold in between when the incident occurs and when they would have paid you? You're **** out of luck. Any company can have cash-flow problems too and suddenly not have the money to pay claims, even from one day to the next. If that problem results in bankruptcy you're also screwed.


So the entire system should revolve around these occurances? What percentage of claims would this make up?


Not a lot, that's not the point. Right now insurance is 100% guaranteed. If they can't pay, the government will. If you take certainty away, insurance looks much less attractive.
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Diamondeye
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PostPosted: Thu Jun 17, 2010 8:48 pm 
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Xequecal wrote:
Not a lot, that's not the point. Right now insurance is 100% guaranteed. If they can't pay, the government will. If you take certainty away, insurance looks much less attractive.


What are you talking about? It's 100% guaranteed because the government bailed out a bunch of insurance firms? Before any of that happened, insurance wasn't any less attractive.

In any case, insurance does not become "a lot less attractive" just because you might happen to have a claim that happens across the timeframe in which a company goes under. It pretty much is the point.

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DFK!
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PostPosted: Thu Jun 17, 2010 9:30 pm 
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Xequecal wrote:
If that problem results in bankruptcy you're also screwed.


Not if your society respects bankruptcy laws. Assuming it does, it means you actually have to pay attention to which company you choose to insure you.

All backing companies with the government does is negate the purpose of the company in the first state. Let's cut out the waste of the middle man, close down the company, and nationalize all insurance. That's effectively what you're advocating.

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Xequecal
PostPosted: Fri Jun 18, 2010 7:38 pm 
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Not really. All it does is remove one factor that makes private companies more efficient than public services, namely that no-one has to consider the overall long-term health of the insurance company since their claim will be paid regardless. Every other factor that makes private companies superior to public ones still applies.
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Rynar
PostPosted: Fri Jun 18, 2010 7:42 pm 
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Except, of course, for the ability to analyze risk and turn a profit. It trades those in for the institutionalization of moral hazard, and tax-payer subsidization of poor choice.

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19 Yet she became more and more promiscuous as she recalled the days of her youth, when she was a prostitute in Egypt. 20 There she lusted after her lovers, whose genitals were like those of donkeys and whose emission was like that of horses.

Ezekiel 23:19-20 
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