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| Grumpy Old Pharts Board Gerritol, Ex-Lax, Immodium, Bad Breath - all requirements for the Grumpy Board |
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11-21-2006, 12:26 PM
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#1
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Registered User
Join Date: Jul 2004
Posts: 10,297
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Your not required to have reinsurance. Its a business decision. You can't voluntarily enter into an agreement with someone and then blame the other party for the conditions of the contract you entered into voluntarily. Assuming all things being equal, regulators don't care IF you have reinsurance - they only examine the treaties to make sure their legal, etc. In fact, regulators would rather you not have reinsurance. They might allow you to write more business if you have reinsurance than if you don't.
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11-21-2006, 04:01 PM
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#2
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Registered User
Join Date: Jan 2003
Posts: 833
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Who said anything about changing the contract . . . the company met their obligation during the term of the policy then chose not to renew it - a business decision.
Show me an insurance company that does not have reinsurance . . . and I'll show you a charter boat that makes a "business decision" to not have any tackle 
I'm done - you're obviously much smarter than I am about these matters . . . |
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11-21-2006, 04:12 PM
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#3
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Registered User
Join Date: Jul 2004
Posts: 10,297
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Quote:
Originally Posted by Gloucester2
Who said anything about changing the contract . . . the company met their obligation during the term of the policy then chose not to renew it - a business decision.
Show me an insurance company that does not have reinsurance . . . and I'll show you a charter boat that makes a "business decision" to not have any tackle
I'm done - you're obviously much smarter than I am about these matters . . . |
Where did I say anything about changing a contract?
Many do - do you think AIG reinsurers every product? If they don't its a business decisions. I know my former insurance company employers did not reinsure every product. |
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11-22-2006, 06:56 AM
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#4
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Registered User
Join Date: Apr 2001
Location: Uh, in a spot....
Posts: 5,451
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I live on thesecond highest hill in Falmouth ( which as far as hills go anywhere else in the state isn't that much) 80 feet above sea level. My insurance is wrapped up in my home loan as are my taxes. This year the insurance company decided to no longer write homeowners policies on the Cape. The bank who holds my mortgage went apesh!t on them. I was about to lose my mortgage because you have to have insurance as a stipulation for the loan ( which is six years from being paid in full), they had me looking in a panic and my insurance agent did work thier ases off and were not having much success until at the 23rd hour my original insurance company decided, out of "compassion" for thier current policy holders to grandfather them but write no new ones. I hate insurance companies anyway, you penalized by an increase in your rate if you make a claim and don't even start with me about car insurance since my 17 year old got her license last year. Oil and Insurance are two of the most legally corrupt industries on the planet.
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Why even try......... 
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11-22-2006, 02:16 PM
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#5
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Jiggin' Leper Lawyer
Join Date: Oct 2000
Location: 61° 30′ 0″ N, 23° 46′ 0″ E
Posts: 8,158
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Quote:
Originally Posted by Flaptail
Oil and Insurance are two of the most legally corrupt industries on the planet.
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Speaking of oil--anyone else notice a 10 cent a gallon jump at the pump between yesterday and today? 
I'm sure it has nothing to do with the start of the busiest travel weekend of the year.  |
Wise men speak because they have something to say; Fools, because they have to say something.
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11-22-2006, 08:19 PM
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#6
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Registered User
Join Date: Feb 2003
Location: Here and There Seasonally
Posts: 5,985
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This house in Truro is nearly 200 years old. Insurance Companys won't touch it. We insure under MassFairPlan. Kept the bank happy.
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He that would make his own liberty secure, must guard even his enemy from oppression; for if he violates this duty, he establishes a precedent that will reach to himself.
Thomas Paine
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