By Tom Quiner
In a free marketplace, here is how insurance works:
• There are lots of licensed agents selling different types of coverage depending on your needs.
• These sales agents receive a commission on the policies they sell.
• They help clients sort out the multitude of choices they face so they can purchase a product tailored to their needs.
• Some companies set up “exchanges” that make it easy for prospective policy purchasers to “kick tires” and compare prices.
• Insurance companies aggressively advertise on television and other forms of media to gain more market share and educate consumers.
• Customers only purchase the coverage they need and can afford.
• Insurance premiums remain stable.
• Taxpayers are not involved.
• Insurance companies market their products across state lines.
I have just described the auto insurance industry.
Lots of licensed agents sell it. The airwaves feature ads…
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