Hoosierfrog
Tier 1
I said sliding scale based on severity. If you read more carefully I never said the lottery referred to the the injured party. No matter how much money he makes, it won’t ever make him whole. Again, insurance companies did not do the harm. Lawyers love the guy with no bowels or limbs, because the more he makes, the more you make.so the guy that lost the use of his arms, legs, and bowel movements won the lottery?
I thought insurance was just that. Insurance against the unforeseen future where people make mistakes and the risk of liability is shared among the policy holders!
Insurance Companies are licensed by the state they operate in to make money by analysis of risk, setting up premiums to cover that risk, receive a modest profit, and pay out legitimate claims from the money in the reserves it holds.
Insurance Companies are NOT licensed to make money by denying legitimate claims.
To use your analysis, getting a license to operate an Insurance Company is not a lottery win for its owners and is not a license to charge premiums, then just keep the money by not paying claims, and then running to the state legislature to pass laws that make it increasingly more difficult for unfortunate victims of negligence to seek and recover just compensation.
I don’t defend insurance companies. That‘s why we need a sliding scale codified system that gets rid of the need for them and the lawyers that profit from their misery. We don’t need either side; one that always says that more is never enough and the other (despite your claim that insurance denies huge numbers of claims) that usually pays the vast majority of claims and only gets into lower figures when dealing with lawyers in order to get to middle ground. But we don’t need either one.
Would you agree to a sliding scale system that would compensate the worst mangled guy at a figure you deem appropriate? Of course you wouldn’t because it leaves you out.