Insurance and the Government: Partners in America
Voluntaryist, The › Nbr. 122, July 2004
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Insurance and the Government: Partners in America
[Editor's Note: The author of this article has been professionally involved in the insurance business for over 27 years. In August 1996, he founded and became president and CEO of the Michigan Insurance Company of Grand Rapids, MI, which currently has over $73 million of premium writings. Mr. Fuller earneu a B.B.A from the University of Iowa, an M.B.A. from the University of Michigan, and the CPCU (Chartered Property and Casualty Underwriter) designation. He has published two previous pieces in THE VOLUNTARYIST (in Whole Nos. 114 and 115).]
Insurance is an enormously large industry in the United States. In exchange for a monetary payment (the premium), one party (the insurer) will assume some of the risk faced by another party (the insured). Virtually any type of risk can be insured, such as losses relating to your death, your car, your house, your teeth, a satellite, Tiger Woods, the Mona Lisa, and a hole-in-one charity event. While some people are repulsed by the thought of purchasing insurance, the reality is that our lives and lifestyles would be very different without it.If insurance did not exist, it would be immensely more difficult to get a mortgage to p...See the full content of this document
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