Insurance

I discuss gladly insurance and the insurance provided by Sol Financial Services.

We can even discuss how necessary insurance is.

Would the following scenario be more helpful? If yes, insurance might not be necessary.

When a person / household faces a hardship, they discuss this with at least one other person and agree on the terms under which this person will help the needy person to restore their balance or the balance of their household. (In the best case, it’s very simple: they open their mouth, and their friends team up with them and provide sufficient help. While those friends don’t ask for anything in return, the helped is sure to be a helper when needed.) If the first persons don’t provide enough help, they help find more help. This repeats until enough help is provided. In the best case, nobody asks for anything in return. People may help when it is improbable that they cause a new imbalance. Example: They mustn’t become bankrupt or sick because they fulfill a (new) request for help instead of seeing to their current priorities.

We might stop doing business and accounting. Some data management can be useful, because we would still plan things.

To the extent that countries help one another in such a way, taxation becomes less important. Do wars become less probable?

Saving money and storing goods become less necessary, so we reduce pollution.

While some people still act in ways that foster such a life, most people build their relationships differently.

When we hire an insurer, we store a symbol of energy in order to exchange it for some people’s energy when we are harmed or harm someone.

Life insurance was practiced in ancient Rome, but insurance seems to have improved mainly after 1700. People used to carry risks in small groups, but this has changed, rapidly during the last century, and we can carry now various risks in huge groups.

While we understand why an insurer would draw up terms focused on certain risk types and not insure certain risks, we think again. Think together with us!

A human is individual, so we would like to not try to split them. How useful were a global fund of full insurance?

We can pool your money with that of any other human.

We can dream of full insurance as the possibility to provide any human, at least in the most difficult cases, with enough money or resources to recover. We can discuss this in relation to a basic income. If e.g. an insured person proves that their financial standing falls below a critical level, we pay out an agreed amount.

While anybody would doubt that one can draw up an insurance policy through which the collective fund managed by one insurer or more would help every human in all difficult situations, we try to cover more risks than most insurers and we can insure some risks to a higher degree.

Insurers spend more of your money than they earn by risking it, so each person buys an insurance service: they get benefits like certain money in uncertain times and they might get more money than they pay. These benefits come at the cost that they might be paid out much less than they deposit. On average, an insurer might pay out between 40% and 80% of what their customers give them. When you are promised a pay-out much larger than your premiums, you are actually offered half of what you put in.
That’s why we are inclined to pay out reasonable amounts of money instead of huge amounts. Do you prefer receiving valuable help at more times to maybe receiving a huge amount once? One of the risks of availing of a huge amount of anything: people sometimes squander that resource. So we reduce one risk that your insurance cost rises.
We pay out higher percentages than other insurers. Example: We pay out 85% of the premiums from the citizens of the USA who conclude a health insurance agreement with us.

Some general terms

You can start / stop using our insurance at any time.

You can choose your premium for any period, e.g. each month. We let you know how this influences the insurance terms.

You choose to whom we pay the insured amounts. Examples:

a. You insure your life and have us pay the insured amount to your spouse.

b. You insure your health and have us pay up to 100% of your healthcare bills to your caregivers.

c. We conclude a contract for liability insurance and you have us pay money to people whom you harm.

You can choose which percentages of your premiums are managed how.

a. We can store up to 100% of your premiums in your individual fund.

We pay out most of it when you prove that an insured event has just occurred. You can agree with us on many event types.

We keep a small percentage of this money. We adapt our terms e.g. to countries, so that we make sure that we provide one of the best services.

b. We can store up to 100% of your premiums in a collective fund.

We pay out insured amounts that total more than your premiums.

Insurance deserves its name less when the insurer risks your money. You can choose how much of your money we store in these two funds and how much of it we invest in low-risk companies.

Some alternative terms

Some people don’t like it that their government charges them a percentage of their income, because they end up paying a huge amount for healthcare; healthcare can cost much less when bought from a private caregiver when needed. You can discuss with us such terms:

You pay a smaller premium monthly.

When you need healthcare, we lend you money at an interest rate lower than that offered to you by others and than that offered by Sol Financial Services to borrowers who haven’t concluded such an insurance contract with us. You continue to pay the insurance premium monthly because it secures your loan.

The sum of your premiums influences the lent amount.

Some general risk types

1. harm to beings

1.1 coming to harm

Such a policy could cover many harms to which a person would come in any of many places at almost any time. Whether they are in a building or a vehicle or not, on a road or not, using a machine / device or not, sleeping or awake, and whether their judgment or senses are impaired or not. To an insurer it might be more important whether the harm was caused by fire, water, wind, or weapons, while to the insured person it’s more important that they recover. How do you feel about this?

Some usual policies:

life insurance

health insurance

1.2 harming people or other beings

This risk is insured usually using a policy for liability insurance or legal insurance.

2. damage to things

2.1 Your things are damaged.

If things that you own or use undergo any damage, our insurance policy can soothe the consequences of that damage.
Example: A (computing) device stops working when you need it the most. You use the money to get back online and in business sooner. If you have not caused the damage, you can demand compensation from the persons who have caused it.

Some usual policies:

motor vehicle insurance

fire insurance

2.2 You damage other people’s things.

Example: You flood a flat unintentionally. The insurance policy helps you fix it more easily.

Other insured risk types

Product warranty

To the extent that it is possible and desirable, we will insure the products that:

a. you use

Example of risk: You conclude e.g. a sales agreement that allows you to use a product. Paying for a product means that one trusts the product, its seller or its manufacturer and maybe cannot predict how usable it is.

To the extent that a product is not fit for the purposes stated in the sales agreement, an insurance policy should help you to use a fit(ter) product, sold and manufactured by anybody, e.g. by the person who has sold you the first item. (We can also discuss provisions for using the same product after it is repaired or otherwise improved.)

b. you sell

Whether you manufacture or not a product that you sell, some people who buy it will be displeased e.g. when an item breaks, which can decrease your revenue and increase your costs. To work against such things, an insurance policy should help your customers continue using your products with as few interruptions and as small losses as possible, e.g. by covering some of the repair costs.

Transportation of

1. people

You can conclude with us contracts to insure you:

1.1 against the risk of coming to harm and the risk of harming others when you drive a vehicle;

1.2 against the risk of coming to harm when you are in a vehicle and not driving it.

2. goods

You can conclude with us contracts to insure:

2.1 your goods

2.1.1 when you transport them;

2.1.2 when somebody else transports them.

2.2 other people’s goods that you transport.

Let’s discuss:

a. what benefits you want

b. what benefits another insurer has just offered you

c. what benefits you get from us

Let’s see how much closer we get to what you want!

We’ll create and discuss with you a database that helps us understand this.

Did you find this article valuable?

Support Sol Content by becoming a sponsor. Any amount is appreciated!