Posted On: July 6, 2005, 12:47 pm CDT

Posted By: Jimbo

Let's see, if I remember correctly from INS 101 - the definition of insurance is that it is an activity involving prediction of losses, voluntary collection of funds from all participating entities and payment of all or part of those funds collected to risks suffering losses stipulated in the insuring agreement. Spreading of risk amongst many to make an injured party whole.

Hmmm, can we sufficiently predict terrorist acts - No. Can we voluntarily collect funds - NO. Can we adequately spread the risk without bankrupting the entire industry - Maybe but probably No.

There's a reason that historically terrorism, war and other hazards were not commercially insurable. Can't predict and little frequency but extreme severity.

Insurance is a business, not a social program to cure all ills. It's time for these do nothing politicians to step up to the plate and stop trying to make the insurance industry into a marxist operation.