Which are worse?

Which group is more corrupt, insurance companies or Banks

So far it is 6 for Insurance companies , 1 for Banks
Bob
by the way I voted for Insurance companies.

i think it's becuase .... say example Car insurance........ Im paying someone all this money to Insure my car... but cool.. at the end of the year if you didn't have to fix [-peep-]... Give me my f*#$^(ing money back.,... or hold a certain amount and when i DO need that money to fix my car or whatever, then i will pay again...........that's how it should work!

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I say Banks

At any given time An insurance company is forking out millions of dollars to poeple- perhaps screwing many over in the process... but none the less they are always paying out.

Banks on the other hand, are at any given time Recieving Millions of dollars and don't ever give any of it back...



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The problem is, the government is terribly ineficient.

Look at it this way, if you pay $5 in health insurance, your company might do the following with it:

$1 for claims
$1 for operational expenses
$1 for new advertizing/promotion (investment)
$2 payouts to shareholders

Now, if the governement takes over, you might see:
$2 for payouts
$4 operational expenses

What? $6 is more than $5! Yes, the government does everything that way. It's called deficit spending. The payouts would probably increase, but only because they'd pay for a great number of things the insurance company wouldn't. And then they'd make a mess of it. Eventually the average cost per person would be double that of the independant provider.

Think about this: My University had their own food program. Students would pay for pass cards and eat what they wanted. Operating at NO PROFIT, the program should have been cheap, but it wasn't. They hired an independant company to do it, and cost came down. Same food, same equipment, etc. Plus the independant company has to charge enough to make profit. Yet the independant company was so much more efficient they could do everything the school did, plus make profit, at lower cost. Why? The school is a government organization!

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I'm not saying only allow a government insurance company, I'm saying offer it in conjunction with a private insurance company.

In terms of government operating inefficiently... I think that if private companies can learn to cut waste, so can the government. If government tries to run a program more like a business, and less like just another government program, that might help reduce costs a lot. The way I see it, government is wasteful because there aren't a lot of active efforts to cut waste. Plus, government programs often cost more because usually government workers are paid more than the minimum wage a private company wants to pay.

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I agree,
Banks do what they are suppose to do, make money by lending it out. Insurance companies base their premiums on the law of large numbers. Everything is accounted for, losses,claims,salaries, office cost, Attorneys etc etc.
Lets use a homeowners policy for example:
Lets say your premium for your homeowners is $50.00 a month.
Your house is insured for $200,000.
Your personal property is covered for $150,000.
If your house burns down, your Insurance company should pay you what your premium paid for, $200,000 for home and $150,000 for your personal property.(clothes, furniture,t.vs stereos, computers, tools etc.)
But, they screw you and only give you 150,000 to rebuild your house, and depreciate all you personal property so much you only get $70,000.(after 6 months to a year or more, of crap )
So besides the profit already figured in your premium, the Insurance company just made a extra $150,000.
Times that a few hundred times and it adds to quite a lot.
Plus the federal goverment is forbiden to investigate the Insurance Industry.
Only States can, or your State Insurance Commishiner.
Funny thing that, Insurance companies give a lot of money either directly or indirectly to state insurance commishiners for some reason??
The only good thing is sometime some people(a small percentage) fight for what their insurance policies provide.
Plus if you fight the insurance companies they usually operate in "bad faith' and a lawsuit can cost the Insurance companies $$ millions$$(which is already figured in the premiums)
Bob

The same could be said of their intelligence.

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