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Self Insurance

PostPosted:Thu May 31, 2007 9:45 pm
by billytwosticks
Insurance companies are making a killing now in Florida. Ever since the hurricanes came through they have been crying poor mouth. However in the last 24 months they have increased their profit from 70% to 80%. This means they keep 80% of the money they charge. I would like to see a group of individual home owners contribute to a cash pool. The cash could be used to pay for any property damages. They would contribute the same amount each year that they would have paid the insurance company. Each group of home owners would have to be a collaboration of home owners from different locations to reduce risk. The money in the pool could be invested and compounded. It would be like a savings account. If a person never made a claim they could get their investment back when their property is sold. Claims would be covered by using the accounts interest. Individuals making a claim would also forfeit their investment to help cover the cost. The group would have to set a high deductible to keep its members honest, but that is not a bad thing since members get their money back anyway if they make no claims.

Reward: I would just be happy to see the crooked politicians lose their campaign funds from the big insurance companies.

Re: Self Insurance

PostPosted:Sat Sep 01, 2007 7:57 pm
by MLIinvestments
I have an idea you can work it like an mlm when you join you set up a bank account ,lets say $1000 you find 2 other people to do the same and they find 2 other and so on , this way you can bring people that you know in as members . If you have a clam you use your $1000 first ,that is your deductible the rest will come out of all the other accounts if ther are 1000 members and the clam is $50,000 every one owes $49 as more members join the less it would be. Everyone that wants to stay covered has to keep their account at $1000. Set up an office online to keep cost down and so members communicate . Members that have clams can be check out by the member that brought them in .