- 9,744
Yes.
AIG plan of action- for brokers & agents
- Thread starter HomeService
- Start date
Yes.
InsuranceGuru
Expert
- 95
In Tennessee, the broker relationship is defined as a mutual representation of both the insurance company and the client. Regardless, my point still stands that it's distinctly different than the "agent" relationship where the representation is on the insurance company's behalf alone.
I made the appropriate correction in my previous post, M&M.
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- 15,319
Funny that I don't see all the McSame Republicans and Ron Barr Libertarians who talk the game of totally un-regulated capitalism (especially here on this board) talking it up this morning.
One person here (in another thread) said I "hated capitalism" and I'm sure most of you believe that. So I assume you and he "loves" it.
I didn't see him or any of you say "Let Freddie fail. Let Sallie fail" two weeks ago.
I don't hear anyone today saying "Let AIG go down the tubes."
However, by all the silence here, what I suspect you all really want a "government bailout" but don't want to admit it.
Yeah, you will bailout an insurance company or a bank or a mortgage broker, but the idea that we should "bail out" working-poor citizens who are sick and need health care is scorned and ridiculed.
Like the man said. It's the "ownership" society... which means "you're on your own." That's what you folks have been saying here this campaign season so why not let AIG go down the drain... along with banks and any one else? Isn't that Republican doctrine?
So what if the depositors lose their money or annuity owners are wiped or if policy holder's CSV goes to zero because the financial institution goes tits-up. It's what you guys preach, isn't it? However you don't seem to want to practice it.
Oh wait a minute. Gee, if a big insurance company goes bust... maybe people will be very hesitant to buy insurance... and maybe a lot of you right-wing, neo-con agents will lose some sales and money. I get it now.
I'm slow... but I'm sure.
The Jackass
I'll say it. No bailouts. It's not the worst thing in the world for businesses to fail just as it's not the worst thing for insurance agents not be successful.
The cause of most problems is government interference. The housing market and the failure of Freddie and Fannie was because of the cheap money provided by the Fed.
It's the domino theory. One by one they fall. The govt. will prop them up at our expense.
I've never said there should be zero govt. regulation. But show me one place where the govt. has actually helped solved a problem rather than creating a new one.
Rick
(If there is an anti-christ, them I'm the anti-jackass)
- 4,096
Just pulled the application with AIG. Moving to another carrier that is only $40. more a year.
With a ROP policy they are a good fit for clients under 40.
$500,000 30 yr ROP policy the annual premium before underwriting is $600. In 30 yrs they will get back their $18,000.
- 9,744
Yes, I agree quite heartily!
- Thread starter
- #26
- 2,103
Do we see a ripple effect- where other ins. co's are called on the carpet -for their financials?
- 958
CNBC just reported that the government is considering extending aid to troubled insurer American International Group Inc. Stocks inched higher as a result. We'll see.
AIG stock price at time of this post: 3.86 Down 18.91%
AIG stock price at time of this post: 3.86 Down 18.91%
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- Thread starter
- #28
- 2,103
this is strange how we just wait to see what happens, monday I thought the government said no, today the former ceo says he may wish to buy certain areas of the huge co. it is reported. I wonder if he and the government may swoop in there, ala iacocca and chrysler.
Funny that I don't see all the McSame Republicans and Ron Barr Libertarians who talk the game of totally un-regulated capitalism (especially here on this board) talking it up this morning.
One person here (in another thread) said I "hated capitalism" and I'm sure most of you believe that. So I assume you and he "loves" it.
I didn't see him or any of you say "Let Freddie fail. Let Sallie fail" two weeks ago.
I don't hear anyone today saying "Let AIG go down the tubes."
However, by all the silence here, what I suspect you all really want a "government bailout" but don't want to admit it.
Yeah, you will bailout an insurance company or a bank or a mortgage broker, but the idea that we should "bail out" working-poor citizens who are sick and need health care is scorned and ridiculed.
Like the man said. It's the "ownership" society... which means "you're on your own." That's what you folks have been saying here this campaign season so why not let AIG go down the drain... along with banks and any one else? Isn't that Republican doctrine?
So what if the depositors lose their money or annuity owners are wiped or if policy holder's CSV goes to zero because the financial institution goes tits-up. It's what you guys preach, isn't it? However you don't seem to want to practice it.
Oh wait a minute. Gee, if a big insurance company goes bust... maybe people will be very hesitant to buy insurance... and maybe a lot of you right-wing, neo-con agents will lose some sales and money. I get it now.
I'm slow... but I'm sure.
The Jackass
I doubt you would get very many people here (right or left) wanting to bail out AIG. AIG's biggest problem is that there probably isn't 2 people on this board that has any clue what them going under would do to the economy. Heck, I know I don't, and I follow this stuff pretty closely.
AIG has their fingers in a lot of things, a person's individual life policy is only an issue to 1 person, the reinsurance of 100,000's of life policies is a big issue to a lot of people. (I have no idea how much reinsurance AIG does).
AIG insures a lot of things that most other insurers won't touch. There is a reason for this, but someone does need to take some risks (at appropriate premium) for the world to function.
Face it, it isn't individual life policies, individual home policies, or auto policies that got AIG into this mess. It was basically them selling short without any cover, something they've done successfully for years (who saw the market collapse coming? yeah, ignore the few hundred people who predicted it, who else?).
Fannie and Freddie going under would hurt the average joe, more than the investors. With real estate, investors only have a certain amount of risk, not being able to refinance a loan or buy a home would have had a bigger risk. I'm not sure a bailout is the right thing, but I could understand these.
None of this has anything to do with healthcare. Not sure where that came from.
Dan
InsuranceGuru
Expert
- 95
So, In 2007, most major lenders began closing shop...
Let's look where we could be in 10 years-
2008: Major investment firms and now a major player in the re-insurance market start to collapse...
2009: The Florida Homeowner crisis spreads to more areas of the country as more re-insurers collapse
2010: Health care takes a dive as health insurance companies find themselves without re-insuring companies to insure their claims
2011: Doctor offices and hospitals start closing up shop as health insurers no longer pay claims... overhead and inflated salaries leave doctors in a bind and unable to pay their education loans back to the government
2012: Private universities begin feeling the hit of smaller enrollment due to lack of student loan funding for new students; layoffs unprecedented in education both for state and private universities.
2013: Private universities begin closing down from lack of student enrollment; Property insurance is practically unheard of as fewer insurance companies insure homes
2014: State universities start downsizing and laying off unheard-of numbers of faculty and administration to compensate; Life insurance remains as an afterthought but is still sold to the privileged few that can afford it
2015: First state universities close their doors; Unemployment numbers are staggering and depression is in full swing; Military cutbacks are high as the government looks for ways to bail out more industries; Lending a thing of the past meaning less currency and less relief
2016: Government goes further in debt to rebuild industry and education; value of the dollar lower than ever
2017: High schools cut back on staff, students are selected by performance with lower level students sent to be homeschooled by their out-of-work parents; Unemployment at record levels
2018: Value of the dollar is near the value of the Peso. Americans being denied entry into Canada.
Moral of this story? Get a really good coat and start packing... I hear Canada is great in the summer. All doom and gloom? Who knows? Where we are now, it's highly likely this whole thing is going to get much worse before it ever gets better.
Let's look where we could be in 10 years-
2008: Major investment firms and now a major player in the re-insurance market start to collapse...
2009: The Florida Homeowner crisis spreads to more areas of the country as more re-insurers collapse
2010: Health care takes a dive as health insurance companies find themselves without re-insuring companies to insure their claims
2011: Doctor offices and hospitals start closing up shop as health insurers no longer pay claims... overhead and inflated salaries leave doctors in a bind and unable to pay their education loans back to the government
2012: Private universities begin feeling the hit of smaller enrollment due to lack of student loan funding for new students; layoffs unprecedented in education both for state and private universities.
2013: Private universities begin closing down from lack of student enrollment; Property insurance is practically unheard of as fewer insurance companies insure homes
2014: State universities start downsizing and laying off unheard-of numbers of faculty and administration to compensate; Life insurance remains as an afterthought but is still sold to the privileged few that can afford it
2015: First state universities close their doors; Unemployment numbers are staggering and depression is in full swing; Military cutbacks are high as the government looks for ways to bail out more industries; Lending a thing of the past meaning less currency and less relief
2016: Government goes further in debt to rebuild industry and education; value of the dollar lower than ever
2017: High schools cut back on staff, students are selected by performance with lower level students sent to be homeschooled by their out-of-work parents; Unemployment at record levels
2018: Value of the dollar is near the value of the Peso. Americans being denied entry into Canada.
Moral of this story? Get a really good coat and start packing... I hear Canada is great in the summer. All doom and gloom? Who knows? Where we are now, it's highly likely this whole thing is going to get much worse before it ever gets better.
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