Sunday - February 28, 2010

SNOFU

Yep. Situation Normal, Obama F*cked UP.

If I ever needed any single proof that Professor Obama is clueless about the real world, this is the proof I would offer. He has no idea of the purpose of insurance.

Did you get it? The ‘Acme’ insurance ‘laughed’ at him for one reason. He, I assume, only bought liability insurance. Maybe they teach something different in Ivy League schools, but reputable financial advisors all say buy only the insurance you need. Beat-up clunker=liability only.

In my case, I carry more than the legal minimum insurance. Why? Despite the fact that I do drive a 15-yr-old clunker, I personally have acquired other assets over the years. I don’t want those assets targeted in case I’m at fault in an accident. Note: this is liability insurance. I don’t carry collision or other. It’s not about getting my old car fixed. That’s why the guy that rear-ends me better have insurance. It’s his liability.

Insurance is sold for one, and only one, reason. It is an attempt to indemnify yourself against catastrophic financial liability. It is NOT sold to fix your beat-up clunker, or your sick child. Insurance can’t do that. It just transfers money to the insured from others who’ve paid into the same insurance pool. It is hoped that your insurance company can recoup such payouts by getting the money back from those responsible for the loss. In the event that the company can’t recoup the losses, your premiums go up.

Most people understand this.

What really pisses me off is that The One thinks that the American people are dumb enough to believe Him.

Sadly, I’m afraid He’s right. 

Posted by Christopher     on 02/28/2010 at 10:39 AM   
Filed Under: • Democrats-Liberals-Moonbat Leftists • Economics • Obama, The One •  
• Comments (12) • Trackbacks(0)  Permalink •  

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