Hmm… part of me is not convinced that those companies aren’t benefitting in some way… I mean, the employees do have to be paid don’t they? What about the CEO? Is it just a passion project for them?
A lot of insurance companies—arguably most of the ones used—are not for profit: American Family, COUNTRY, Liberty Mutual, Northwestern Mutual, any other company with “mutual” in the name, USAA, Farmers, State Farm, Progressive, etc.
BallsInTheShredder@lemmy.world 7 months ago
Ullallulloo@civilloquy.com 7 months ago
Yeah, obviously employees have to be paid like with anywhere.
BallsInTheShredder@lemmy.world 7 months ago
You’re right about that, I’m more weirded out by the salaries of the CEOs compared to the other employees. According to google the CEO of American family has a salary of around a million a year so… someone is profiting from it.
The term non-profit just (to me) almost loses meaning when it makes people filthy rich but you’re right, they are the lesser evil for the time being.
T00l_shed@lemmy.world 7 months ago
Really? Do you have a source for that?
Ullallulloo@civilloquy.com 7 months ago
For which ones? Most are mutual insurance companies, where any profit has to legally be paid back to the customers.
www.investopedia.com/terms/m/mutualcompany.asp
T00l_shed@lemmy.world 7 months ago
That is awesome thanks! I was unaware.