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 11 months ago
Ullallulloo@civilloquy.com 11 months ago
Yeah, obviously employees have to be paid like with anywhere.
BallsInTheShredder@lemmy.world 11 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 11 months ago
Really? Do you have a source for that?
Ullallulloo@civilloquy.com 11 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 11 months ago
That is awesome thanks! I was unaware.