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> Or a life insurance corporation seeing that you have predisposition for heart disease, and refusing to provide services to you. I don't get your example. It'
by usaphp 8y ago
> Or a life insurance corporation seeing that you have predisposition for heart disease, and refusing to provide services to you.
I don't get your example. It's a private company and has a right to decide what risks it should take...Unless there is a government control over life insurance rules - why would an insurance company risk losing money? It's the same as charging an 80 year old man higher premium than a 20 year old.
- AllegedAlec 8y agoBecause perfect information makes insurances useless. Insurances work because we know that most people have roughly the same chance, plus or minus a bit, to get royally fucked in life by disease, acts of God, human maliciousness and all that. That means that when someone gets the rough end of the stick, the entire group helps to pay to keep them on their feet. If we have perfect (or near-perfect) knowledge, what would insurers do? Well, they'd charge you for exactly how much you're going to cost, plus some administrative costs, plus some extra. At that point, everyone's better off not having insurance.
- usaphp 8y ago> That means that when someone gets the rough end of the stick, the entire group helps to pay to keep them on their feet. That's exactly what I meant, government should be that entity that helps those on the rough end of the stick. Riding on the misinformation of life insurance company is not a solution either