ood: we all need food to survive. We eat when we are either hungry or feed a hungrytummy. When we eat, do we consider the cost of food as ´loss
? Of course not, that is justthe cost of one of our primary needs.Clothing: we wearclothingto primarily keep warm and dry and secondarily to look good andpresentable. While the money spent for the secondary aspect maybe justifiably considered´loss
don·t think anyone would consider the money spent on clothing to keep warm anddry as ´loss
.Transportation: we all need ways of transportation to commute to work or get around. Whilehow much we spend on the type of car we drive may justifiably be considered ´loss
but whatit takes to get us around and to work, sure enough is a necessity and not ´loss
.So as you see, we all spend money on primary needs such as food and clothing andtransportation without considering those expenses as ´loss
think we can all agree that themoney spent on prevention of a disease or if prevention fails, to treat the disease is just ascrucial as money spent on other primary needs. We all know one can have all the food andclothing and money in the world but if that person is not healthy, he/she cannot even enjoythe abundance of anything else in life. So healthcare is as much a primary need as food andshelter and clothing are.
hat is the definition of ³ insurance´?
practice or arrangement by which a company or government agency provides a guarantee ofcompensation for specified
loss, damage, illness, or death
in return for payment of apremium is called ´insurance
o we consider payment for any one of our primary needs(food, shelter
a loss or damage? No, that is just cost and expense of living«.Should we allow a company to come and label our food expenses as ´loss
and take it undercontrol and charge us premiums for selling us a coverage for controlling what we eat and howmuch we eat and when we eat? Of course not! No one should control how we manage ourprimary needs and put a cap on it or add limitations to our entitlement. We are each wellcapable of making the appropriate choices when it comes to that. Now imagine if thatcompany forces itself down our throats and takes over one of our primary rights like food andon top of that it must make money and show profit to its shareholders«?!?!
o why do we need insurance coverage anyways? for example why would anyone purchase home owner insurance?
The homeowner insurance is to protect our home which is our shelter and our primary needagainst disaster.
t does not limit in any form or shape how we obtain our home, how we pickit, how we choose to live in it.
t simply shares our liability and loss in case somethinghappens which would lead to that such as earthquake, fire, flood etc.We buy insurance for our valuables when there are factors out of our control that may lead todamage and loss of our entire investment. We pay premium to insurance companies and theypromise to share our liability. We all know that these companies must make profit and howthey make profit is by having more contracts that result in no losses or damages than onesthat do.
f every home would get destroyed at some point by fire or earthquake