Insurance Explained – How Do Insurance Companies Make Money and How Do They Work

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How do insurance companies actually work and how do they make money?

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36 COMMENTS

  1. If you ever realize they are more than happy to collect the money every month the say you pay $600 for 6 months of insurance they are happy to take it but when you get into an accident they will try everything they possibly can to not pay what needs to be paid or they will pay it and jack up your premium so instead of paying 600 for 6 months now you're paying 1200 for 6 months

  2. I'll save you 7min. And two adds insurance companies make money by denying claims and hiring lawyers to minimize losses on claims.

  3. Insurance companies will try to pay less. Subscribers need to read the declaration pages to see what is, and what is not included despite all the fancy language.

    My company had to sue our commercial provider.

    Business insurance is tougher than home insurance. There is a concept called co-insurance and is used to pay less as most businesses don't keep up with required premiums as things like value at risk goes up. Inventory for example.

  4. It’s derivatives in stocks market. Betting on short to make a profit. While insurance betting on impossible senarios that will happen and then keeps the money by investing on profitable short term gains. Investment scam intergrated in the system.

  5. Car insurance is such a scam. You get in one accident and they raise your rate to try and make up for the money they lost, money that they never would have had in the first place if I hadn't paid for car insurance.

  6. Historically you might want to consider the Renaissance as the time period where insurance started. In particular long-distance trading Mediterranean cabotage. In fact the Dutch East India Company was, before its consolidation as a company, a merchant insurance business where over 1000 people acted as insurers. This puts the creation of insurance as a business somewhere between the mid-15th and early-16th century.

  7. There’s a reason why stuff like this is deemed a major sin , the rich get richer just for being rich while we just fork over our hard earned money …

  8. I actually SEARCHED this with my own WILL ! I didn't have it shoved down my throat by the school system which makes me hate most classes.

  9. I work with insurance companies. And insurance adjusters. On large losses. Fires. They just grossly underpay a claim. Almost always. The homeowner suffers for it… It's not every single insurance company or every single adjuster… But it's 95% of them unfortunately

  10. I know after the Chicago fire they rebuilt with brick. All you see is brick buildings in modern times mostly.

  11. Answer: the same way every protection racket does. We pay them so nothing unfortunate happens to us (financially), and then when it does they tell us "tough luck, chump."

  12. Insurance is a scam. The only way insurance exists as a business structure, is if you are overpaying for any service. The guy with the cell phone didn't pay $10 for insurance. He paid $10 per month. These insurance companies are not just existing, they are living LAVISHLY. Holding an emergency fund is far more beneficial. Once you reach the amount you need, you don't have to pay in any more and you don't need anyone's permission to use it. Until then, you're still in the exact same boat as this Houston company, except they are also out all those premium payments.

  13. You are too kind to insurance companies to a point of being degenerate.

    My car is insured for less but has a higher premium and higher excess. When it was new the premium was not so high. They have a licence to print,steal money.

  14. the example you referred to at the start of the vid was not entirely accurate, when we talk insurance we have to be careful of the language we use. You said that if Jim pays for $100 as "COMPENSATION"…

    the 2 most important terms in insurance is compensation & indemnification.

    In this case Jim indemnified Bob for his phone, the rule in insurance is to put back the insured in the same or similar position they where in prior to the incident, therefore Jim will replace Bobs device with exact same make and model of device.

    Let's look at "compensation" – in the event that Bob looses an arm due to his cell phone exploding, the insurer cannot give Bob a new arm, therefore they will pay him out a lump sum to compensate him for the loss.

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