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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19348  
Subject: Re: Wharton Biz School looks at Medicare Date: 5/26/2009 5:17 PM
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HoracePuckey writes,

me: How much productive work does an insurance company produce?

Do you have health insurance, auto insurance, homeowner's insurance? If so why?

Seattle Pioneer>>>

[[[Have you home destroyed by a tornado, as I did, and you'll find out in a hurry.


Sorry for a delay in responding to your input.

I ask: How many nails did your insurance company drive? Does health insurance cure you? Does auto insurance install a new fender for you?

No productive work. They shuffle paper (and money). To that extent they are a necessary burden on the economy.


Actually automobile insurance carries much higher overheads and expenses than even the outrageous mark-ups on health insurance.

I happen to have the annual report from State Farm that came with the bill for my auto insurance premium. In 2008 they collected $31.6 billion in auto premiums and paid out $22.4 billion in claims. That $9.2 billion in overhead and profit amounted to a 41% markup.

I think it's hysterical that conservatives think private insurance companies are more efficient than Medicare. I attribute it to adult-onset retardation.

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