Changing Faces in Insurance

A detailed Summary of Changing Faces in Insurance


Genetic Testing and Health Insurance

Suppose there was a test that could determine who would win the Super Bowl. A test like this would surely destroy the market for bets on the game. Now imagine that insurance companies had a genetic test to measure the level of health risk a person may have. Today, insurance companies do have the technology and desire to do this. Genetic tests will soon be used by insurance companies to predict the potential health problems of their clients, to set premiums. Little do insurance companies realize, however, the horrific financial damage genetic testing will do upon them, leading to a whole plethora of new problems for the insurance industry as a whole. The right of insurance companies to view genetic tests and to enforce customers to take genetic tests should be simply revoked to prevent a quick and tragic death of the insurance industry.

When a person buys insurance they are betting that something bad will happen to them. If something bad does happen, they win the bet. Their insurance will cover the cost of their claim. However, if nothing bad does happen, they lose the bet and all of their money has gone to a worthless cause. Buying insurance is therefore a bet t


The next chart, shown below, illustrates the cost of insurance now that person A discontinues their subscription to insurance. Since their heath risk level is so low, they now longer have any need for heath insurance. Now that person A is gone, the rates of person B and C escalate. Costs for insurance companies to support these two people (B and C) now rise, as their low heath risk person, A, is gone. The insurance company does not make as much profit with moderate and high heath risk customers and is therefore forced to raise rates. Keep in mind that with inflated rates there is a good chance that person B will also drop their insurance.



Some common words found in the essay are:
Insure Low, Super Bowl, Insure Unknown, insurance companies, heath risk, genetic tests, Lodge Suppose, person heath risk, insurance industry, insurance person, person heath, Heath Risk, Person Heath, Cost Insure, Risk Cost, heath risk cost, insurance company, risk person, risk cost, moderate heath, risk cost insure, heath risk level, mind inflated rates,

Approximate Word count = 902
Approximate Pages = 4 (250 words per page double spaced)

Category: Politics

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