Insurance and Genetics

A detailed Summary of Insurance and Genetics

Do you have health insurance? When you go to the doctor do you think about how your insurance gives you coverage? When your pay check is a little short because of your premium are you angry? I would like to discuss with you what is going to happen when genetic testing becomes more widely used. In order to discuss how genetic testing is going to affect the insurance industry we must first discuss how insurance works. I know that there are two sides to every story, so I would also like to discuss the pro's and con's of genetic testing. Hopefully, by the end of this presentation you will better understand why this is such an important topic.

First, I would like to talk about how insurance works. According to Risk Management and Insurance, insurance is defined as "a social device in which a group of individuals who transfer risk in order to combine experience, which permits mathematical prediction of losses, and provides for payment of losses from funds contributed by all members who transferred risk." Insurance is based on the uncertainty of life. If you have a risk, then most people tend to want to get rid of the risk, or transfer it. The person who transfers risk is the insured and th

The industry is trying to figure out a way to deal with this now. If the government denies insurance companies access to results then they will go bankrupt. If the government allows access, there are ways to prevent a problem. One fix would be set up special pools for those who have a tendency towards a disease. That would allow them to pay a premium based on the fact that they have the tendency. They could then have some sort of government funding to back up the insurance for these people. Or the government could completely fund the medical care of those who cannot get insurance, although either way it is still going to amount to other Americans paying for the disease.

e one who assumes risk, is the insurer. Once you decide to transfer risk you are put into a pool, or a group in which everyone has the same risk as you. Not everyone in the pool is going to get the disease or ailment but they all pay the same premium to cover the people who do. The premium is based on the amount of risk you have. This is based entirely on history and statistics.

This is a topic on the mind of many people who are involved in the industry. It is also an important topic in government. Democrats and civil rights groups favor legislation that would

There are good things as well as bad that come along with technological advances such as genetic testing. Using genetic testing can help find a disease, that with early detection can be

who know they have a disease will be willing to pay so much for insurance. Since insurance is based on uncertainty that is where the problem comes in. If everyone with insurance is cer

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Approximate Word count = 1098
Approximate Pages = 4 (250 words per page double spaced)

Category: Science