Anthropogenic Global Warming ... how hot is it ?

[Shiftless2]

After the Dog Head fire in New Mexico, where hundreds of homes were destroyed, State Farm just almost immediately canceled thousands of fire insurance policies all over the state.
There were no refunds, inspections, or any sort of reasonable actions.

Not that I blame State Farm for stopping writing in the state but I don't see how they could simply cancel mid-term (i.e., before the policy period had expired) without a refund. But I expect you mean they "non-renewed" your policy which simply says that won't issue you a policy for another year. That's totally different from cancelling.

I had to go to the local fire department to get advice, and they told me that Farm Bureau was about the only alternative left.

And that's why I think you're confusing "cancelling" a policy with "non-renewing" it.

 

[Shiftless2]

With something like health insurance, you start paying in during your 20s, at something like $1000/month for a family.
You have been paying in close to half a million by the time you are 60 years old, and then when you are likely to actually need medical care, then can just drop you and keep that half million.

Health insurance works like auto insurance. Your premium pays for your coverage for the policy period and is not some sort of "deposit" against future losses. The insurance company does not have an account labelled "Rigby".

 

[sear]

"Health insurance ... The insurance company does not have an account labelled "Rigby"." S2 #462

BUT !
It does have an account labelled "insureds". It's not Rigby alone, but all policy holders, pooled into one.

Right?

 

[sear]

"... they told me that Farm Bureau was about the only alternative left." R5 #460

Concrete & steel !

 

[Shiftless2]

BUT !
It does have an account labelled "insureds". It's not Rigby alone, but all policy holders, pooled into one.

Right?

And that account will be used to pay this year's claims with nothing left over for future years.

 

[sear]

"... with nothing left over for future years." S2 #465

"Nothing left" for the policy holders I imagine. BUT !

I doubt insurance companies are run as $break-$even charities. Which means they $profit within what government regulators allow.

Right?

xxxxxxxxxxxxxxxxxx & xxxxxxxxxxxxxxxxxxxx

New York State law requires licensed automobiles operated on public roadway to be liability insured. BUT !!
An exception exempts vehicles the driver / owner self-insures.

I forget the $details, but:


How could we not be magnificent? Our State exclamation is also a packing material.

 

[Shiftless2]

"Nothing left" for the policy holders I imagine. BUT !

I doubt insurance companies are run as $break-$even charities. Which means they $profit within what government regulators allow.

How could we not be magnificent? Our State exclamation is also a packing material.

You're missing the point - this year's premiums pay this year's losses and expenses. They are not used to set up some sort of bank for future years. [Whole life insurance and pensions are a completely different matter.]

 

[sear]

"You're missing the point -" S2 #467

My specialty?

" this year's premiums pay this year's losses and expenses." S2 #467

My intended meaning precisely. [But insurance premiums still cover both claims plus insurance administration costs. ]

I can't think of a more sensible approach. Asbestos underwear?

nah