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1.Insurance companies should be allowed to underwrite their own policies. If they are required to take all applicants regardless of policyholder’s condition, then the insurance companies are risking too much. The purpose of underwriting is to maintain profitable book of business, guard against adverse selection, ensure adequate policyholders’ surplus, and enforce underwriting guidelines. But if the insurance companies are required to accept all applicants, it would be hard to achieve those purposes.

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2.I believe that insurance companies should be allowed to select their customers based off of certain risk factors. Personally, I hold that a capitalistic-type market is more beneficial to the insurance industry than a socialistic-type market. This means that these private insurance companies get to determine what risks they are willing to take. This ultimately yields more profit for insurance companies, which creates more jobs and stimulates the economy. Fortunately, this is the way our economy is currently headed, and it is very heartening to see. But with all this being said, it is important that insurance companies decide who they will serve solely on risk factors, and not on discriminatory or bias beliefs.

An insurance company should never determine who they serve based on sex, religion, race, political beliefs, etc. Unfortunately, this still happens in today’s day and age, and it is causing an uproar. It is extremely important for an insurance company to be ethical, non-bias, non-discriminatory, and non-sexist when determining who they will do business with. Factors that determine if an insurance company will serve a customer or not are the risks they impose. These risks may be life choices, hobbies, health history, driving history, criminal records etc. These types of factors are not based off of bias or judgmental beliefs, but rather facts.


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