As I am prone to do, I question the actions of the humans on Earth. One of the mysteries of American society is the concept of insurance
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1. Do you have insurance? If so, for what and why?
I have automotive liability insurance, which is required by law in the state of New Jersey (and most other states of the US). I have renter's insurance, which is required by the conditions of my lease. And I've got a modest life insurance policy... I forget why.
2. Would you voluntarily get insurance if it were not required? I hear some types of insurance, such as automobile insurance, are required by law in some states. I have also researched the necessity of loaning institutions in requiring insurance in order to protect the collateral and hence the investment. Barring laws and such, would you even purchase insurance?
Auto insurance is somewhat of a special case. Most states require all drivers to have liability insurance; if my driving causes injury or damage to another person, my insurance pays their claim, rather than them having to bring a lawsuit against me. (When my car was newer, I also had collision insurance - if my car was damaged, the insurance will pay most of the cost of repairs.) Mortgages and other large-scale loans often require insurance, so the loan will get paid even if the borrower dies (and the borrower's heirs will not have to assume the debt). In flood-prone areas, the purchase of a house often requires flood insurance. People buy life insurance so that their families will have money for funeral expenses, and for living expenses if the "breadwinner" is gone. And, since the US (almost alone among "civilized" nations) doesn't have a national health plan, and medical treatment just keeps getting more expensive, people also need health insurance. Personally, I'd like to have some health insurance, but I'm out of work right now - health insurance is usually obtained through one's employer, although "self-insuring" is possible (but expensive). And I suppose I'd still keep liability insurance on my car, even if I didn't have to, because it just makes sense.
3. Have you ever been dropped from insurance or had difficulties getting insurance?
Not personally. But when my son was a teenager, his driving was a bit, um, less than careful, and he wound up in the "assigned risk pool", paying a maximum rate for his auto insurance. (I suppose they could have denied him insurance altogether, which would have made it impossible for him to drive legally.)
Boy, we meat people sure make stuff complicated, don't we?
I have automotive liability insurance, which is required by law in the state of New Jersey (and most other states of the US). I have renter's insurance, which is required by the conditions of my lease. And I've got a modest life insurance policy... I forget why.
2. Would you voluntarily get insurance if it were not required? I hear some types of insurance, such as automobile insurance, are required by law in some states. I have also researched the necessity of loaning institutions in requiring insurance in order to protect the collateral and hence the investment. Barring laws and such, would you even purchase insurance?
Auto insurance is somewhat of a special case. Most states require all drivers to have liability insurance; if my driving causes injury or damage to another person, my insurance pays their claim, rather than them having to bring a lawsuit against me. (When my car was newer, I also had collision insurance - if my car was damaged, the insurance will pay most of the cost of repairs.) Mortgages and other large-scale loans often require insurance, so the loan will get paid even if the borrower dies (and the borrower's heirs will not have to assume the debt). In flood-prone areas, the purchase of a house often requires flood insurance. People buy life insurance so that their families will have money for funeral expenses, and for living expenses if the "breadwinner" is gone. And, since the US (almost alone among "civilized" nations) doesn't have a national health plan, and medical treatment just keeps getting more expensive, people also need health insurance. Personally, I'd like to have some health insurance, but I'm out of work right now - health insurance is usually obtained through one's employer, although "self-insuring" is possible (but expensive). And I suppose I'd still keep liability insurance on my car, even if I didn't have to, because it just makes sense.
3. Have you ever been dropped from insurance or had difficulties getting insurance?
Not personally. But when my son was a teenager, his driving was a bit, um, less than careful, and he wound up in the "assigned risk pool", paying a maximum rate for his auto insurance. (I suppose they could have denied him insurance altogether, which would have made it impossible for him to drive legally.)
Boy, we meat people sure make stuff complicated, don't we?
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