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58372Re: Like a mutual company

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  • irvhal
    Oct 8, 2012
      Anglo-American notions of private insurance (if I may be so bold as to offend the politically correct with reference to pedigree) focus on shared risks and avoidance of moral hazard (the later of which is exemplified by the likes of claims for burning one's own property or medicaid fraud). Ideally, the association is voluntary, and gratuitous risk takers are as free as others to pool and risk their own assets --if they wish to and can afford it. Ideally too there should be free competition amongst insurers (though often frustrated by state intervention), and insurance law holds insurers accountable to claimants for breach of contract, together with punitive damages for claims withheld in bad faith. And as to cartels, let's not forget the various professional cartels, inclusive of the omnipresent ambulance chasing networks and bill happy diagnosticians, against whom insurers, in monitoring for moral hazard, provide a balance.


      --- In existlist@yahoogroups.com, "William" <vize9938@...> wrote:
      > When Romneys ancestors were mormons in northern england Benjamin Franklin was devising insurance in the colonies. I do not know who lifted from who but mormanism and insurance have several similar tenants.
      > A mormon tithes 10 % a mutual insurance company asks for savings of around 10%. Both act as business cartels guiding business and clients to the group. Both act as cults asking specific behavours of members and asking for non risky,highly conservative life styles.
      > Mormons promise elder care as do the mutual company with its health insurance. They promise to support you in your old age.
      > These are extremely complicated life long contracts. They are very english and mercantile as their common origins show. Now what their relationship to modernism or even democracy I have not thought out. But I will. Bill
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