| Author: |
[Politics] Topic: Dead peasant insurance |
|
steveshane67 |
 View Space | Friends | Playbook | |
Veteran
Joined: Jan 2010
Posts: 2062
Location: |
#26 Posted: 8/31/2010 7:00:32 PM QUOTE Originally Posted by kujayhwk: hey steve.....what happened to that 1000 bucks kap and I split....you going to make good?
No joke...right?
just send a note to john stossel
http://stossel.blogs.foxbusiness.com/
hes talked about this 'bounty' several times on his tv show, no one has yet to claim the prize. i wont even take $500, just give me $50 finders fee when you prove your case
|
|
quote |
|
wallstreetcappers |
View Space | Friends | Playbook | |
Covers Linesmen
Joined: Feb 2003
Posts: 47624
Location: United States |
#27 Posted: 8/31/2010 7:05:50 PM
You are mixing topics, the issue isnt "why are insurance companies in business" but I answered that, it is to provide a service and make a profit.
The issue is that to me businesses should not speculate on the death of an employee for profit. To me if a company is taking out an insurance policy on a NON-key employee it is a disgusting tactic and it IS for financial gain.
You dont have to agree with my position, but I consider profiting off the death of an employee to be absurd. Now if the employee is a high profile, high earning or critical member and the loss of that person could financially harm the business, then yes I am fine with that.
link
|
|
quote |
|
steveshane67 |
View Space | Friends | Playbook | |
Veteran
Joined: Jan 2010
Posts: 2062
Location: |
#28 Posted: 8/31/2010 11:33:48 PM QUOTE Originally Posted by wallstreetcappers:
Maybe a third time will be a charm in explaining this..
You are mixing topics, the issue isnt "why are insurance companies in business" but I answered that, it is to provide a service and make a profit.
The issue is that to me businesses should not speculate on the death of an employee for profit. To me if a company is taking out an insurance policy on a NON-key employee it is a disgusting tactic and it IS for financial gain.
You dont have to agree with my position, but I consider profiting off the death of an employee to be absurd. Now if the employee is a high profile, high earning or critical member and the loss of that person could financially harm the business, then yes I am fine with that.
link
do you have any clue how insurance policies work? when you own a policy, you have to pay into it. its not like you can take out a policy for a future scenario, and if the scenario occurs, you get $$, and if not, you owe nothing.
you are COMPLETELY missing my point. when the insurance company writes a policy or group of policies they are either going to make money on said policies or lose money.
the ppl who own the policies will either lose money or make money. if i had to invest (aka wager) on the insurer or insuree, ill take the insurer everytime bc they make the rules.
you previously said both the business and the insurance companies are making money on the policies, which is not possible.
basically my 'beef' is with twisting the truth around. sure, on some policies, the businesses will profit, but overall, in the long run, the insurance companies are going to make money of the policy holders.
you may see it as disgusting, i see it as hedging their bets. and certainly being on a gambling forum you must know how thats a smart idea.
finally, do you really think companies are taking out policies on janitors? cmon, being on a gambling forum you certainly must understand the HS level statistical basis that insurance companies use (if you dont, its the same as keno or the lotto). and understanding stats, you realize an insurance company is not going to write a policy where the odds arent in there favor. so you cannot really believe a business is going to make a gamble with the odds stacked against them on an employee that has no bearing on the business.
|
|
quote |
|
wallstreetcappers |
View Space | Friends | Playbook | |
Covers Linesmen
Joined: Feb 2003
Posts: 47624
Location: United States |
#29 Posted: 9/1/2010 12:07:32 AM
You do understand that they get a tax break off these policies right? They write off these policies against income, so while what you are saying IS true regarding actuary tables and how insurance companies do profit and they MUST profit, this most positively is NOT hedging bets.
Hedging bets is making a policy on a KEY employee, one that either might be difficult to replace or if lost might actually cost the company revenue and business or that holds a position very unique to the person and so that holds actual financial value, a "goodwill" value.
Research it a little..see how many companies are doing this and the figures we are talking here. This is positively NOT only for hedging or insuring key employees and it got so bad that congress considered stopping it from being allowed (follow the link you obviously did not click on above).
I dont care if a business hedges against valuable employees, that is far from the topic and your point about the technicalities of the insurer making money and being the book is far off base given that it is a tax deductible event, AND the scope of which this is happening.
|
|
quote |
|
bill1947 |
RSI  |
Veteran
Joined: Jul 2009
Posts: 4082
Location: Florida |
#30 Posted: 9/3/2010 12:08:00 PM
Hmmmmm
|
|
quote |
|
|
|
steveshane67 |
View Space | Friends | Playbook | |
Veteran
Joined: Jan 2010
Posts: 2062
Location: |
#31 Posted: 9/3/2010 2:33:54 PM QUOTE Originally Posted by wallstreetcappers:
Do me a favor and research this SPECIFIC topic, not insurance in general but what companies are doing this, the financial scope of which they are doing this and answer the questions for yourself.
You do understand that they get a tax break off these policies right? They write off these policies against income, so while what you are saying IS true regarding actuary tables and how insurance companies do profit and they MUST profit, this most positively is NOT hedging bets.
Hedging bets is making a policy on a KEY employee, one that either might be difficult to replace or if lost might actually cost the company revenue and business or that holds a position very unique to the person and so that holds actual financial value, a "goodwill" value.
Research it a little..see how many companies are doing this and the figures we are talking here. This is positively NOT only for hedging or insuring key employees and it got so bad that congress considered stopping it from being allowed (follow the link you obviously did not click on above).
I dont care if a business hedges against valuable employees, that is far from the topic and your point about the technicalities of the insurer making money and being the book is far off base given that it is a tax deductible event, AND the scope of which this is happening.
i dont care to spend time researching this bc i dont have a problem with it even if all the 'evil' stuff you claim is happening.
reading your last post, if you should be mad about anything, be mad that they can write these policies off.
|
|
quote |