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Message
Posted on 3/1/24 at 10:44 am to LSUFanHouston
quote:Absolutely untrue. Assets with zero risk are more valuable than assets at risk. This is very simple.
The reduction of financial risk has no value when there is no actual loss.The reduction of financial risk has no value when there is no actual loss. At least not to the purchaser, and at least not in any quantifiable way.
quote:The risk is quantifiable. But, the politicians and customers don't like the result.
Completely correct. And I think the biggest problem with the Louisiana insurance market, especially relative to home insurance, is that everyone is having difficulty figuring out where the "x" lies between 0 and 100.
A market exists when the seller and buyer disagree on value, but agree on a price. Unfortunately, setting the price in LA has all sorts of interventions that are outside of the buyer and purchaser's control.
quote:Huh? Assessing risk always an economic calculation. And it's not based on a guess.
Now you are getting into acutarial science as well as the unpredictable forces of nature, none of which are economic issues.
Posted on 3/1/24 at 10:47 am to AmishSamurai
I can assure you that I know more about the industry and telematics. I can also assure with 100% confidence your data isn’t being sold.
Posted on 3/1/24 at 10:47 am to Taxing Authority
Property insurance mandated by mortgages and car liability insurance operate just like taxes.
Posted on 3/1/24 at 10:47 am to LSUFanHouston
Insurance is essentially a legalized Ponzi Scheme when you think about it.
Posted on 3/1/24 at 10:53 am to Terbulance69
Except it isn’t at all, because the carriers have to have reserves that are constantly monitored, the government has guarantee programs if insolvency occurs, and they must buy reinsurance as well.
Posted on 3/1/24 at 11:01 am to Chad504boy
quote:
Maybe read your fine print of insurance policies before you assume insurance policies are going to pay out for any and every.
You're an idiot. The fine print does not dictate to what extent the Ins company will go to dispute if any damage is a result of the insured incident and then if they do determine its covered they will then try to tell you it only costs 10% of the actual going rate to fix it. GFYS
Posted on 3/1/24 at 11:10 am to LSUFanHouston
Nope. As another poster pointed out, the value that you are buying with insurance is the transfer of great risk to another entity for a small fee. It makes much more productivity possible in our economy as individuals and companies can participate in activities that they otherwise could not participate in.
This post was edited on 3/1/24 at 11:11 am
Posted on 3/1/24 at 11:13 am to LSUFanHouston
quote:
but the company does everything in their power to avoid having to actually provide the good or service
Posted on 3/1/24 at 11:16 am to Jack Daniel
quote:
No, “owning” things people can’t afford is what creates the need for insurance.
that's overly simplistic and not necessarily a blanket truth.
I own my house (or will own it outright in a little over a year from now).
my house took significant damage from Hurricane Ida.
If I pay for all of those damages out of pocket (which I ended up doing thanks to my homeowner's insurance company filing bankruptcy in Ida's wake), then you have to tack that $70k on to what I paid for the house.
but the value of my house doesn't increase by $70k despite me spending that on it.
meaning I just added $70k to the cost of my house while the value remained stagnant.
So if I sell it, I take a $70k hit (with some movement due to market at time of sale obviously).
Had I sold it "as is" prior to repairs, then the value is nowhere near what I paid for it and I lose big there.
I can afford the house.
I paid to fix it.
throwing away $70,000 isn't a very wise financial decision whether you can afford it or not.
Posted on 3/1/24 at 11:26 am to jorconalx
The Brain trust of the OT never fails
Posted on 3/1/24 at 11:27 am to LSUFanHouston
Insurance basics will always perplex the OT. This place is full of idiots who think they know everything.
Posted on 3/1/24 at 11:37 am to TDsngumbo
quote:
Insurance basics will always perplex the OT. This place is full of idiots who think they know everything.
While also complaining about rates, but wanting Gordon to buy their favorite recruit via NIL
Posted on 3/1/24 at 11:39 am to DCtiger1
It is gambling when you boil it down. I know a lot of insurance agents and all of them are doing quite well selling a reoccurring yearly product.
Posted on 3/1/24 at 11:45 am to iron banks
quote:
I know a lot of insurance agents and all of them are doing quite well selling a reoccurring yearly product.
Then why don’t you jump on board? It is a great business to be in and the water’s fine! I’m currently sitting back in my home office, in socks, with my feet up on my desk taking calls and selling coverage. When I have to poop, nobody else’s funk is on the toilet seat and my biggest obstacle during my commute is my dog.
This post was edited on 3/1/24 at 11:48 am
Posted on 3/1/24 at 11:47 am to iron banks
Yes we are doing quite well, thank you. Not sure what your point is though.
Posted on 3/1/24 at 11:48 am to TDsngumbo
That sounds fun, I’m working from the Mercedes dealership
Posted on 3/1/24 at 11:50 am to DCtiger1
Not as fun as reading through insurance threads on the OT where everyone is an expert
Posted on 3/1/24 at 11:53 am to TDsngumbo
If you’re going to be the scum of the OT, you might as well make bank doing it.
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