You see, maybe I don't share your brilliance. Duuuuh.
One of my first calls to Rush, many years ago was about this. I guess neither Snerdly nor Rush thought it was "ignorant." Of course, I was talking about medical insurance. If you don't think our health care delivery market is not only screwed up, but now filled with a substantial majority of non-medical personnel, your just not paying attention.
And speaking of ignorance, I wonder if you really didn't understand "markets covered by insurance."
ML/NJ
When orginially offered; Health Insurance was a well-defined product, actuarially sound and carefully underwritten by the organizations that sold it. Most ‘companies’ began as mutual or non-profit (Aetna - Blue Cross (hospital) and Blue Shield (physicians)) Their premiums covered projected expenditures to policy holders(reserves), salaries and overhead.
Health insurance moved from individual purchases to employer group coverage and became a huge commercial success with resulting regulations.
State Insurance Commissions were set up for oversight on reserves, evolving into controls over policy provisions.
Thereafter, the States began to mandate coverage for pre-existing conditions; maternity complications - then normal maternity - then IVF -etc., etc., increasing ‘risk’ and requiring higher premiums.
It would be helpful to compare health insurance policies written in the 1960’s to those written today and then compare premiums.