Insurance Racket
Insurance is pretty necessary in this day and age, and can be a lifesaving thing on occasion, but the industry really seems like criminal enterprise much of the time.
Take the Canadian town of Fort McMurray. There was a horrible fire there that took out most of the town. Billions in damages and subsequent claims. But never before in the history of that town had any sort of issue, problem or disaster occurred that the insurance companies had to pay out for. So considering all the money paid up front to cover a catastrophe like this and the first thing everyone says is the insurance companies are going to have to raise rates to pay for it.
Wait? Didn't they already get paid to cover an incident just like this? I bet if the books were gone through the town of Fort McMurray paid over double in premiums over the years than the actual costs from the disaster. Then folks 400 miles away, on the other side of the province had their home and car insurance premiums go up because the insurance companies were able to use this disaster as an excuse when ultimately the money was paid to cover this long ago.
What is worse is when Hurricanes hit Florida and people in South Dakota have their premiums increased. How about getting a new 2 million+ home every few years because you live on the coast in a mansion? People who can't afford renters insurance are paying so someone in Bel Air will get a new house after fires went through LA. Meanwhile, don't those millionaires already pay enough premiums for insurance to cover these incidents? California burns and has landslides every year. The people who live there should be (and probably are) paying high enough premiums to cover the cost for their disasters. Somebody in Minnesota should not be up-charged to pay for someone's beach house in California!
The sad thing is that insurance companies hedge their bets against disasters like this happening. Nine out of ten times they don't and they just go on collecting their money. I know that is how it is with health insurance. We had to change providers where I work one year because we had a couple people that had major health issues. This pushed us over what they had figured and they were going to charge us more. I said "wait, isn't it your job to plan for this and cover this". It is sad that they only take into account their bottom line.
The entire insurance system is F-ed. They continuously come up with excuses to not pay or when they have to pay they find ways of making everyone one else pay. Its ridiculous. Life insurance is the same. Salesman say wine thing when they sell a package and then 30 years later when people start trying to collect the insurance company changes the policy. There was a huge class action law suit in Canada because people were sold this freedom 55 package by salesmen that turned out to be "whole life" plans. Of course nothing ever came out of the law suit. Its Madness.
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So sad...you could fill whole libraries with these outrageous stories.