Ideally, insurance is wonderful and socialist. Everyone in a risk category pays into a pool, and whoever ends up realizing that risk gets to use the pool funds to set things right or be compensated for loss. It’s truly “we all support each other.” Protip: everyone is in the same risk pool. It’s called “being human”.
The problem is for profit insurance. When you put profit motive on insurance, the means change to reach that profitable end. Now it’s “charge the highest premiums possible, pay out the fewest claims, underpay on the claims you can’t avoid, and exclude anyone who makes ‘too many’ (read: any) claims”. The problem is not insurance; the problem is profit.
Ideally, insurance is wonderful and socialist. Everyone in a risk category pays into a pool, and whoever ends up realizing that risk gets to use the pool funds to set things right or be compensated for loss. It’s truly “we all support each other.” Protip: everyone is in the same risk pool. It’s called “being human”.
The problem is for profit insurance. When you put profit motive on insurance, the means change to reach that profitable end. Now it’s “charge the highest premiums possible, pay out the fewest claims, underpay on the claims you can’t avoid, and exclude anyone who makes ‘too many’ (read: any) claims”. The problem is not insurance; the problem is profit.