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#1
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GA bias in "general" insurance?
Received yet another mailing offer for disability insurance - from a
reputable company, ready to pay a $250-500K indemnity for complete disability. The insurance covered accidents at home or at work, and there were very few outright exclusions. Of the eight or so exclusions they listed, two were different ways of saying "self-inflicted" or deliberate injuries or suicide attempts. Two were wartime or insurrection exclusions, and one was specific to use of nuclear weapons. All of the other exclusions were related to general aviation or air sports "of any form". They include all activity related to aviation other than "flying as a paying passenger on a scheduled airline". Doesn't this seem a bit over the top? They didn't even have a general "acts of God" exclusion, but anything to do with GA and you're out. I visited someone in a complete care hospital for accident victims a few years ago. According to him, the large majority of quadraplegic's there were (like himself) victims of automobile accidents. The second category was from gunshot wounds in city gang and drug wars (no exclusion on the insurance policy for involvement in criminal activities). After this came houshold accidents. No airplane accidents. I am not one of those who claim that GA is not dangerous - yet I don't see my overall life risk as greater than that of someone who drives a great deal. The per-hour risk of operating a GA plane is certainly much higher than a car, but probably much lower than that of, say, a ladder. GF |
#2
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GA bias in "general" insurance?
Greg Farris wrote:
I am not one of those who claim that GA is not dangerous - yet I don't see my overall life risk as greater than that of someone who drives a great deal. The per-hour risk of operating a GA plane is certainly much higher than a car, but probably much lower than that of, say, a ladder. There you go again.... attempting to apply logic to a particular problem. The application of bonafide logic to real life is politically incorrect. |
#3
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GA bias in "general" insurance?
kontiki writes:
There you go again.... attempting to apply logic to a particular problem. The application of bonafide logic to real life is politically incorrect. Insurance companies make their money by doing calculations based on fact. I don't think they are in the habit of setting risks and restrictions based on taboos or superstitions. -- Transpose mxsmanic and gmail to reach me by e-mail. |
#4
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GA bias in "general" insurance?
Mxsmanic wrote in
: kontiki writes: There you go again.... attempting to apply logic to a particular problem. The application of bonafide logic to real life is politically incorrect. Insurance companies make their money by doing calculations based on fact. I don't think they are in the habit of setting risks and restrictions based on taboos or superstitions. Absolutely 100% INCORRECT. I asked my friends the actuaries about this. The most vocal and experienced of the group said that it is in the hands of the underwriter as to what inclusions and exclusions are in the contract. The underwriters are people that make decisions based on the facts and statistics that they observe. But they are people, and many of their decisions are based on their human emotions, beliefs and opinions. Otherwise, all insurance contracts would read the same. Actuaries pretty much just figure out things like how much they need to charge and how they need to invest money to ensure that the company continues to be profitable every year after the "expected" amount of capital gains, payouts, and revenue. Interestingly enough, he said that in his experience, it was more likely to find insurance companies that would exclude a Commercial Pilot than a Recreational Pilot. He believed that even Airline Pilots would be included in the category of Commercial Pilot. I told him that statistically speaking, it would seem that Airline Pilots are probably safer than GA Commercial Pilots or Recreational Pilots, but I told him not to tell any underwriters that he works with because rather than relieve the burden on Airline Pilots, they would probably just make it harder for Recreational Pilots too... It was not clear which category Sim Pilots fall into. If you have any conversations with experts in the insurance industry that you would like to share to back up your statements, I would be most interested in hearing about them. |
#5
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GA bias in "general" insurance?
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#6
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GA bias in "general" insurance?
Judah writes:
Absolutely 100% INCORRECT. Yes, sir! Interestingly enough, he said that in his experience, it was more likely to find insurance companies that would exclude a Commercial Pilot than a Recreational Pilot. He believed that even Airline Pilots would be included in the category of Commercial Pilot. Commercial pilots are safer per hour, but they fly more hours. It was not clear which category Sim Pilots fall into. An advantage of simulators is that they have virtually no risks associated with them. If you have any conversations with experts in the insurance industry that you would like to share to back up your statements, I would be most interested in hearing about them. I used to work in the industry, so I didn't need to look for expert conversations. -- Transpose mxsmanic and gmail to reach me by e-mail. |
#7
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GA bias in "general" insurance?
Mxsmanic wrote in
: Commercial pilots are safer per hour, but they fly more hours. Do you mean Commercial GA Pilots fly more hours than Airline Pilots? An advantage of simulators is that they have virtually no risks associated with them. Obesity? Obesity holds a much higher risk than flying, even according to the insurance underwriters. I used to work in the industry, so I didn't need to look for expert conversations. Were you an Underwriter or an Actuary? I used to work in the industry, too. That's how I know the experts that I asked. If you used to work in the industry, certainly there is someone you could ask who might be able to provide you a legitimate answer based on factual information, instead of forming opinions based on your own limited experience. |
#8
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GA bias in "general" insurance?
Greg Farris writes:
Doesn't this seem a bit over the top? They didn't even have a general "acts of God" exclusion, but anything to do with GA and you're out. GA is far more dangerous than flying as a passenger on a commercial airline. It is apparently dangerous enough that insurance companies are sometimes worried about it. Ask Cory Lidle's family about it. I visited someone in a complete care hospital for accident victims a few years ago. According to him, the large majority of quadraplegic's there were (like himself) victims of automobile accidents. The second category was from gunshot wounds in city gang and drug wars (no exclusion on the insurance policy for involvement in criminal activities). After this came houshold accidents. No airplane accidents. Visit the cemetery instead. Look for wealthy people who died young or in good health, especially people who had to travel a great deal. -- Transpose mxsmanic and gmail to reach me by e-mail. |
#9
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GA bias in "general" insurance?
Visit the cemetery instead. Look for wealthy people who died young or
in good health, especially people who had to travel a great deal. Why? Are you saying that there are a lot of dead pilots? -- Jay Honeck Iowa City, IA Pathfinder N56993 www.AlexisParkInn.com "Your Aviation Destination" |
#10
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GA bias in "general" insurance?
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