The Insurance to Assurance Solution
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Why this is needed:
The Insurance to Assurance Solution
Insurance evolved from assurance in the 17th century, where one party assured the safety of a ship or its cargo, or made good any potential loss against the ship or its cargo. Insurance falls under Admiralty Law jurisdiction as a debt security with associated penalties and obligations. According to UCADIA, Assurance provides a surety, which is a promise, pledge or guarantee. Surety is a solemn promise in good faith and trust. On the other hand, a security is an artificial form of trust and provides a bonding given without assurance. Thus, assurance is always superior underwriting to insurance.
People purchase insurance to protect themselves financially from future uncertainties as follows:
Safety – e.g., Life Insurance (excluding death benefits)
Loss – e.g., Fire, Flood, Property, Auto, Health, Accident, Sickness, Death Benefits.
Liability – e.g., born from the risk of injury to third parties, covering trespass, wrongful acts,
contracts, production and events.
Like banks, insurance companies collectivize these funds and use them to pay out current claims and use the rest to invest. An insurance company has a bond with its clients, which is secured by an investment in some asset. Insurance companies also harvest our life force energy by collecting funds from less advantaged communities, investing them in wealthier localities globally, and then reaping the investment profits to create secondary markets. Insurance companies are just as involved in the monetary power accumulation as banks with their depositor demands, yet more so, because they maintain total control over payouts on contingent claims.
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Hi all, here is the link for this Thursday's November 23rd Blueprint show Episode 10 with Thomas Williams at 7:30 PM ET. Link for the show is: https://t.co/brI9vznVTj
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