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"How much productive work does an insurance company produce?

Horace "'s called sharing risk.

Llloyds of London was founded because 'investors' wanted to buy merchandise in foreign countries and have it shipped back home. They wanted it to arrive safely, but occasionally some was lost due to storms, bad navigation, or unsafe practices.

What followed was basic standards for the shipping industry, and a sharing of risk on shipments. Investors were willing to pay a premium (to the insurance company) to cover any potential losses in shipping. Oh, but, dang, those insurance folks made money doing it, because they risked their money, too, to provide payments on claims when they occurred.

A lot of folks have 'life insurance'. Now, no one hopes that their family or relatives collect on the insurance policy, but for thoase that feel they need to protect their family's well being in the event of their demise, life insurance is a 'product' they are willing to buy (pay a premium) hoping they will never use it.

Of course, both of those involve 'people' pushing paper, as you will - evaluating risk and then setting premiums to not only cover that risk, but provide the company providing those products with profit. Otherwise, why do it?

Same for 'health insurance'.

You don't get your life insurance from the government. You don't get your car insurance or homeowners or renters from the government. Your business isn't covered by the gov't, and we have seen how great the government does in hurricanes....when years later it is still denying claims or not paying them, or has no way or funds to pay for anything, other than throw billions around often where not needed, but not where needed.....

Horace..I assume you have gov't life insurance, homeowners or renters, and the gov't covers you for your car insurance?

If not, I suspect you indirectly support a lot of 'paper pushers' who then sell you those products.

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