As a licensed life insurance agent the entire model of insurance at its basic is designed as a way for a group to help its individual people. An unnamed economic system causes it to not be that way in practice.
As someone who’s dealt with both health, auto, and property insurance, I’ve long described benefits of insurance as a grand paradox. It’s something you want to have plenty of, but hope to never have to use. That said, on the health side, it’s more of an inevitability.
As someone who deals with car insurance daily, if you live in the United States PLEASE get PIP (Person Injury Protection) insurance! It will help cover if anything happens to you in an Auto accident as a driver, passenger, or pedestrian hit by another car. Oh and Geico does not care about you, please switch from it. Thank you Dave for antoher great video :)
Finding out statefarm doesnt carry the rider for new car replacement coverage was a huge letdown when someone totaled my car 17 days after buying it. Everyone always tells me not to get into auto insurance but its significantly more likely to sell than an optional policy like life. Its never made sense to me.
Also check your policy contract, as some states that offer PIP require a signature to waive it, and if you make changes to your policy along the way, it may require you sign a new waiver.....and if you didn't sign the waiver, they have to provide the coverage. Different states have different statutes of limitations
@@TheOnlyTrueDedicatedYeah, it's available in what are known as no fault states. Rather than requiring people to litigate endlessly to get bills paid people are required to get PIP and it pays out regardless who is at fault (which can be litigated later).
UK has become more American. When I was young, even to middle age, _insurance_ was in case something happened (e.g. car insurance, home contents insurance), while _assurance_ was for when something inevitable happened (e.g. life assurance). That valuable distinction has now been lost.
2:55 Take a good look at that image, my fellow Seppos. Red China and Russia care more about the health of their citizens than most "red states" in our country. I love the way Richard Gilmore summed up the actuarial business. "People die, we pay. People crash cars, we pay. People lose a foot, we pay."
Having been in the auto insurance industry for 25 years I can say that nobody, anywhere, ever, has ever been "made whole" by auto insurance, which is the whole point of insurance. I'm sure this is the case in other insurance as well, considering when my wife and I got our first home almost every home insurance provider would not insure us because of the breed of dogs we had. The one company that would insure us charged a higher amount, but would not cover any dog bite claims......tell me how that makes any sense. It's a scam
Given that there are hundreds of insurance companies that all compete with each other for business, the fact that none of them would insure you indicates that they're not "scamming" you, but rather that your dog situation poses too much of a statistical risk.
@@joeoleary9010 you're gonna have to explain how a company offering insurance at a higher price due to the "higher risk" and then making the terms of the contract have an exclusion specifically for the reason that makes the risk high to begin with, is not a scam
Everyone, do yourself a quick favour and look up (mirrors of) the video "The absurdity of Evolution and completely insane Cosmology", and see who shows up at 10:23. That certain someone would probably love to be reminded of his contribution to this particular endeavour within his own tier of science.
Its so sad we have basically a scientist explaining an economical thing that schools should be teaching us...i hate america sometimes. Like this is stuff home economics should have been teaching us...not bs math I NEVER used to this day.
i am glad this does not happen in india from 6th grade it is compulsory to learn finace education even through our school teachers make it very boring.
As a licensed life insurance agent the entire model of insurance at its basic is designed as a way for a group to help its individual people. An unnamed economic system causes it to not be that way in practice.
😂😂😂 but also sad.
As someone who’s dealt with both health, auto, and property insurance, I’ve long described benefits of insurance as a grand paradox. It’s something you want to have plenty of, but hope to never have to use. That said, on the health side, it’s more of an inevitability.
As someone who deals with car insurance daily, if you live in the United States PLEASE get PIP (Person Injury Protection) insurance! It will help cover if anything happens to you in an Auto accident as a driver, passenger, or pedestrian hit by another car. Oh and Geico does not care about you, please switch from it. Thank you Dave for antoher great video :)
Finding out statefarm doesnt carry the rider for new car replacement coverage was a huge letdown when someone totaled my car 17 days after buying it. Everyone always tells me not to get into auto insurance but its significantly more likely to sell than an optional policy like life. Its never made sense to me.
PIP is only available in certain states (I deal with all the US states but MA), but if it’s an option, then 10,000% it’s a smart idea to have.
Also check your policy contract, as some states that offer PIP require a signature to waive it, and if you make changes to your policy along the way, it may require you sign a new waiver.....and if you didn't sign the waiver, they have to provide the coverage. Different states have different statutes of limitations
@@SNDN_LNIf you mean gap coverage this is through the lender not your auto insurance. No doubt the finance guy offered it to you.
@@TheOnlyTrueDedicatedYeah, it's available in what are known as no fault states. Rather than requiring people to litigate endlessly to get bills paid people are required to get PIP and it pays out regardless who is at fault (which can be litigated later).
UK has become more American.
When I was young, even to middle age, _insurance_ was in case something happened (e.g. car insurance, home contents insurance), while _assurance_ was for when something inevitable happened (e.g. life assurance). That valuable distinction has now been lost.
Thanks Prof Dave 👍🏼
Science, commerce and arts he has it all. Love from India.
Thank you for posting this! I am a senior in High school learning about real world stuff, and this was very helpful.
one thing l like the most about your video is you teach from basic to advance like a 4th grade to direct engineering level.
"To force citizens to be responsible" is a hot take, considering how much lobbying has gone into mandating insurances.
This helped so much 👍🏽👍🏽
I follow you from Ethiopian country please explain more as we understand every single thing as we understand &do more examples about EMR
damn son you weren't joking about covering a wide range of subjects
i love you for this video
2:55 Take a good look at that image, my fellow Seppos. Red China and Russia care more about the health of their citizens than most "red states" in our country.
I love the way Richard Gilmore summed up the actuarial business. "People die, we pay. People crash cars, we pay. People lose a foot, we pay."
Having been in the auto insurance industry for 25 years I can say that nobody, anywhere, ever, has ever been "made whole" by auto insurance, which is the whole point of insurance. I'm sure this is the case in other insurance as well, considering when my wife and I got our first home almost every home insurance provider would not insure us because of the breed of dogs we had. The one company that would insure us charged a higher amount, but would not cover any dog bite claims......tell me how that makes any sense. It's a scam
Given that there are hundreds of insurance companies that all compete with each other for business, the fact that none of them would insure you indicates that they're not "scamming" you, but rather that your dog situation poses too much of a statistical risk.
@@joeoleary9010 you're gonna have to explain how a company offering insurance at a higher price due to the "higher risk" and then making the terms of the contract have an exclusion specifically for the reason that makes the risk high to begin with, is not a scam
Would autobots get auto, health, or life insurance?
megatron
Everyone, do yourself a quick favour and look up (mirrors of) the video "The absurdity of Evolution and completely insane Cosmology", and see who shows up at 10:23. That certain someone would probably love to be reminded of his contribution to this particular endeavour within his own tier of science.
Please make more flatearth videos😊
My insurance for not being ignorant- watching these vids
I always feel that insurance companies are based solely on fraud
👍👍👍
Dave I need more DI slander
I dont necessarily like insurance, but tgere should be more stock insurance. Id invest in gold atm, great asset to produce.
I know they have MBIA but who do they even stabilize? The banks have that one organization.
I mean in reality talking about insurance, I think after our fires housing prices were ruined. Idk they had too, nobody can afford them anyways
@@apertureonline9566are you having a conversation with yourself?
He's teaching me how to adult :>
RUclips is drunk. It shows 73 thousand likes and 646 views 💀
What does it say now?
@@BobbySacamano same thing
おはようございます
Good morning
Good morning to you
@@donchristie420Good morning
Its so sad we have basically a scientist explaining an economical thing that schools should be teaching us...i hate america sometimes. Like this is stuff home economics should have been teaching us...not bs math I NEVER used to this day.
i am glad this does not happen in india from 6th grade it is compulsory to learn finace education even through our school teachers make it very boring.
The problem is education in India is not for humans but for western corporations@@cheshmtikoo55