• The KillerFrogs

CBS 11: TCU student finishes first semester in ICU following paralyzing accident

Hoosierfrog

Tier 1
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 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.

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.
 

Hoosierfrog

Tier 1
It is quite apparent that insurance companies are doing well better than making a modest profit if one just scans television ads. Progressive, USAA, Liberty Mutual, Farmers, et al, make up the lion's share of ads on the shows I watch, and they would not be able to afford that many ads if they were not making money hand over fist. Why don't those companies reduce premium rates if they are making that much profit? Surely benefitting your current customers is a better business model than trying to pull in clients from other insurance companies? "Save over $600 per year by changing your insurance to us!" As a very small time rancher, there are only 2 things I need in quantity to keep my cows alive...hay and water. Several years ago, an electrical fire burned down my well house and all the components within. Texas Farm Bureau, the voice of agriculture, said it wasn't covered. Two years later, when a grass fire consumed 54 round bales of hay, that also was not covered. I was told, "perhaps if they had been in the barn instead of in a pen..." So, insurance companies will never get a pass from me. It is patently obvious that they have figured out the solution to maximizing profits while screwing customers. One of the pleasures of being retired from health care is having the ability to go and observe criminal trials at the local district court. I have to say that Froglaw is correct in that defendants AND the state get a fair and equal chance to state their case, after having a fair and equal chance to seat fair and impartial jurors. Our legal system moves slowly but exceedingly fine, and it is a model of fairness. Thank goodness for our court system and our judges.
We wouldn’t need for anyone to have a fair and equal chance if chance were removed and replaced with codified damages with a severity based sliding scale. No jammed up courts, no high balling, no low balling, no self serving arguments no slimy insurance companies and no tough smart attorney lawyers taking their cuts off others pain.
 
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