Can you tell me more about your self insurance process. thanks. fB
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Starting in 2014, virtually every legal resident of the U.S. and those who will be should face up to their civic responsibilities. "We're no longer going to subsidize the care of those who can afford to buy insurance but make a choice not to buy it."
Incorporating the effects of new federal legislation The Supreme Court upheld Obama's law as constitutional in a 5-4 decision this summer, finding that the insurance mandate and the tax penalty enforcing it fall within the power of Congress to impose taxes.
The penalty will be collected by the IRS, just like taxes.
The budget office said the penalty will raise $6.9 billion in 2016, Romney says insurance mandates should be up to each state. http://news.yahoo.com/tax-penalty-hi...194442599.html
Self insurance takes on a whole new meaning now doesn't it?
Self insurance is a must in this economy.
It has its risks, to be sure, but at least for risky professions it's highly recommended.
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Dumitru from Customs trucks
Abracadabra makes such appearances. Appearances are often illusions.
Welcome Dumitri!
Insurance is a purchased indemnity. With insurance customers pay the company a fee (called a premium, deductible, etc.) in exchange for the insurance company agreeing to indemnify the customers for liabilities, costs or the like arising out of a motor vehicle or automobile incident. In other words they are PROMISE TO PAY the customer's liabilities or costs when incurred. As long as everyone drives safely and accidents are avoided, the insurance company gets to keep the money paid in. However, there can be additional expenses to pay for claims adjusters (or in the case of medical insurance: care managers or nurse managers).
It doesn't take rocket scientist to figure out (or does it) the parallels between hazard bonds, surety bonds, bail bonds and the like and insurance. Also, in any case the insurance company is making a promise to pay in some unknown or known sum in money.