Author Topic: Crazy insurance policies!  (Read 2317 times)

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Offline dpareja

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Crazy insurance policies!
« on: March 16, 2014, 01:20:55 am »
Let's start with the world record for life insurance, at $201,000,000:

http://www.cbc.ca/news/world/unnamed-billionaire-buys-record-breaking-201-million-life-insurance-policy-1.2574440

Quote
An unnamed Silicon Valley billionaire has purchased the world's most valuable life insurance policy.

...

A Southern California financial services company who helped put the deal together declined to identify the buyer for safety reasons.

"We don't want hit men running around Palo Alto trying to find him — or members of his own estate," quipped Dovi Frances of the Santa Barbara-based SG LLC financial services company.

It's actually a bunch of policies with different firms since no one firm could afford to pay the money when the billionaire dies.

And why did he do it?

Quote
Frances said the billionaire purchased the policy to help his heirs avoid paying a 45 percent inheritance tax.

Yep, tax evasion.
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Offline Ultimate Paragon

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Re: Crazy insurance policies!
« Reply #1 on: March 16, 2014, 06:14:37 pm »
No insurance company will cover Jackie Chan... for obvious reasons.

Offline Cerim Treascair

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Re: Crazy insurance policies!
« Reply #2 on: March 16, 2014, 07:06:15 pm »
No insurance company will cover Jackie Chan... for obvious reasons.

I don't think Jackie Chan much CARES! From what I hear, he's giving most of his estate to Chinese kids charities if he bites it.
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Offline mellenORL

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Re: Crazy insurance policies!
« Reply #3 on: March 16, 2014, 07:25:30 pm »
Lloyds of London would insure Chan, no prob.
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Offline Dakota Bob

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Re: Crazy insurance policies!
« Reply #4 on: March 16, 2014, 08:06:09 pm »
No insurance company will cover Jackie Chan... for obvious reasons.

I don't think Jackie Chan much CARES! From what I hear, he's giving most of his estate to Chinese kids charities if he bites it.

He fell out of a tree and cracked his skull, I don't think he needs life insurance, he's pretty much un-killable.

Offline Lt. Fred

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Re: Crazy insurance policies!
« Reply #5 on: March 17, 2014, 07:20:53 am »
Life insurance is pure scam. It's just a bank account with crappy rate of return.
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Re: Crazy insurance policies!
« Reply #6 on: March 17, 2014, 07:36:33 am »
Life insurance is pure scam. It's just a bank account with crappy rate of return.
Certain kinds like whole of life cover are most definitely bullshite, however vanilla life insurance (the kind that pays out only if you die before you retire) certainly has its place.

Offline Danarth

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Re: Crazy insurance policies!
« Reply #7 on: March 17, 2014, 11:50:05 am »
You know, since Capitalists and conservaties as so big on people pulling themselves up by their bootstraps and making their own way, why do they make such a fuss about inheritance? the people who inherit it didn't earn it.

Offline Askold

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Re: Crazy insurance policies!
« Reply #8 on: March 17, 2014, 12:02:40 pm »
You know, since Capitalists and conservaties as so big on people pulling themselves up by their bootstraps and making their own way, why do they make such a fuss about inheritance? the people who inherit it didn't earn it.

They are also against handouts and goverment help except when it is a company that needs help. Too big to fail? Fuck you bank, you should be allowed to go bankrupt because that is what happens in a capitalistic system to corporations that fail.
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Offline dpareja

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Re: Crazy insurance policies!
« Reply #9 on: March 17, 2014, 12:48:05 pm »
You know, since Capitalists and conservaties as so big on people pulling themselves up by their bootstraps and making their own way, why do they make such a fuss about inheritance? the people who inherit it didn't earn it.

They are also against handouts and goverment help except when it is a company that needs help. Too big to fail? Fuck you bank, you should be allowed to go bankrupt because that is what happens in a capitalistic system to corporations that fail.

But what about the millionaires whose deposits aren't covered by the insurance????
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Offline Canadian Mojo

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Re: Crazy insurance policies!
« Reply #10 on: March 17, 2014, 01:13:24 pm »
You know, since Capitalists and conservaties as so big on people pulling themselves up by their bootstraps and making their own way, why do they make such a fuss about inheritance? the people who inherit it didn't earn it.

They are also against handouts and goverment help except when it is a company that needs help. Too big to fail? Fuck you bank, you should be allowed to go bankrupt because that is what happens in a capitalistic system to corporations that fail.
But it was government regulations that caused (big) businesses to fail so the government owes them.

Offline Ghoti

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Re: Crazy insurance policies!
« Reply #11 on: March 17, 2014, 04:33:33 pm »
You know, since Capitalists and conservaties as so big on people pulling themselves up by their bootstraps and making their own way, why do they make such a fuss about inheritance? the people who inherit it didn't earn it.

They are also against handouts and goverment help except when it is a company that needs help. Too big to fail? Fuck you bank, you should be allowed to go bankrupt because that is what happens in a capitalistic system to corporations that fail.
But it was government regulations that caused (big) businesses to fail so the government owes them.
Of course, why the fuck didn't I think of that? Everything is the gubberment's fault!
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Offline Ironchew

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Re: Crazy insurance policies!
« Reply #12 on: March 17, 2014, 05:23:30 pm »
You know, since Capitalists and conservaties as so big on people pulling themselves up by their bootstraps and making their own way, why do they make such a fuss about inheritance? the people who inherit it didn't earn it.

Don't you see? The rich are always breaking their backs to earn those inheritances and public subsidies and massive political influence. We should worship their ability to work hundreds or thousands of times harder than a mere mortal. The lazy poor on the other hand are just welfare queens living large with their refrigerators and home computers and directing the upper class around like they're slaves or something.

And don't you question it!
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Offline Flying Mint Bunny!

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Re: Crazy insurance policies!
« Reply #13 on: March 17, 2014, 08:09:37 pm »
This topic reminds me of these overly detailed parent permission forms I got for a school trip once.

For some reason they felt the need to tell you about all the different amounts of compensation you would get if your child lost an eye or a limb or died. And you got less if your child died than if they lost an eye.

It was just weird, because it wasn't like we were doing extreme sports or anything like that, we were only going to a castle.

Offline Ironchew

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Re: Crazy insurance policies!
« Reply #14 on: March 17, 2014, 08:21:14 pm »
For some reason they felt the need to tell you about all the different amounts of compensation you would get if your child lost an eye or a limb or died. And you got less if your child died than if they lost an eye.

Wrongful death is a horrible thing for a family to go through, but I bet the extra compensation for eye injury is intended for the lifelong costs of being blind.
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