The Vent and Rant Thread - Page 161

pilotbob · 04-03-2009, 03:32 PM

Quote:

Originally Posted by RickyMaveety

It was my understanding that USAA was founded as an insurance company specifically for Federal Employees and the members of the Armed Services.

Sort of. Actually:

Quote:

In 1922, when 25 Army officers met in San Antonio and decided to insure each other's vehicles, they could not have imagined that their tiny organization would one day serve 6.4 million members and become the only fully integrated financial services company in America.

Quote:

Originally Posted by RickyMaveety

It is (or was for many many years) subject to special rules and restrictions and was not open for investment by the general public.

Most "private sector" insurance companies (unless they are held by a closed corporation) are open to investment by the general public.

I'm not sure what you mean here. USAA is a privately held company. It is not publicly traded. When you mean "investment" you mean the ability to buy their services? Or do you mean buy their stock?

But it certainly is a "private sector" insurance company as is Metropolitan or Allstate or such.

BOb

krisk · 04-03-2009, 03:34 PM

Quote:

Originally Posted by RickyMaveety

It was my understanding that USAA was founded as an insurance company specifically for Federal Employees and the members of the Armed Services.

It is (or was for many many years) subject to special rules and restrictions and was not open for investment by the general public.

Most "private sector" insurance companies (unless they are held by a closed corporation) are open to investment by the general public.

yes, no, yes, sort of, no, maybe, occasionally.

It is private, it actually has nothing to do with the government, I believe you have to "join" similar to a credit union, it does/did require military affiliation (I still don't know how my friend got his membership), and I am absolutely certain I have made that clear as mud!

NEXT!

and it's also a bank.

pshrynk · 04-03-2009, 03:42 PM

And a shopping website.

krisk · 04-03-2009, 03:52 PM

Quote:

Originally Posted by pshrynk

And a shopping website.

I did not know that! I have just recently reactivated my USAA account as I am finally theoretically making stable money and do not have to worry about running down to a local bank to cash a paycheck RIGHT NOW BEFORE IT BOUNCES!!!!!!!!!!!!

Anyway, my GRRRRRR for now.... I have resigned myself to the fact that yahoo mail is spammy (not as bad as hotmail, but still....). What the hell has happened in the last 2 days!? I feel like I need industrial strength RAID!

pilotbob · 04-03-2009, 04:10 PM

Quote:

Originally Posted by krisk

and it's also a bank.

BTW: I think ANYONE can use the banking services. Only military and affiliated can buy the Insurance. Perhaps that is what your friend does? Or does he have USAA insurance?

BOb

Oh... did you want to move on. Sorry. NOT!

krisk · 04-03-2009, 04:11 PM

No, he has the insurance, and does not use the bank!

And I don't care about moving on... I'm dancing as fast as I can as it is!

phenomshel · 04-03-2009, 04:19 PM

Oh, never mind. I came over here to vent and rant but got sidetracked by the "pirate" thread and can't stop laughing.

badgoodDeb · 04-03-2009, 04:22 PM

Quote:

Originally Posted by phenomshel

Oh, never mind. I came over here to vent and rant but got sidetracked by the "pirate" thread and can't stop laughing.

We aim to help!

pshrynk · 04-03-2009, 04:26 PM

Quote:

Originally Posted by phenomshel

Oh, never mind. I came over here to vent and rant but got sidetracked by the "pirate" thread and can't stop laughing.

Almost as good.

RickyMaveety · 04-03-2009, 04:36 PM

Quote:

Originally Posted by pilotbob

Sort of. Actually:

I'm not sure what you mean here. USAA is a privately held company. It is not publicly traded. When you mean "investment" you mean the ability to buy their services? Or do you mean buy their stock?

But it certainly is a "private sector" insurance company as is Metropolitan or Allstate or such.

BOb

I mean whether or not it is publicly held, and open to the general public ... both. And, it sounds as if neither is true for USAA.

phenomshel · 04-03-2009, 04:39 PM

Deb, not only are we in the same geographical area but we have almost the same tag line. Gotta love it!

pilotbob · 04-03-2009, 04:40 PM

Quote:

Originally Posted by RickyMaveety

I mean whether or not it is publicly held, and open to the general public ... both. And, it sounds as if neither is true for USAA.

Right.!!

But, I thought that all insurance companies paid a claim and then went after the libel individuals insurance to get a reimbursement. I didn't know that USAA was unique in that.

(Does them being privately held and semi-closed membership have something to do with that? Or are they just AAA rated for a reason?)

BOb

RickyMaveety · 04-03-2009, 04:50 PM

Quote:

Originally Posted by pilotbob

Right.!!

But, I thought that all insurance companies paid a claim and then went after the libel individuals insurance to get a reimbursement. I didn't know that USAA was unique in that.

(Does them being privately held and semi-closed membership have something to do with that? Or are they just AAA rated for a reason?)

BOb

AAA rated has more to do with the soundness of their investments and the general fiscal stability of the company. Although, it does say a lot about how (and whether) they pay out on claims made.

No, all companies do not pay out on an entire claim and then go after the other insurance company. For example, I got a letter from GMAC shortly after the accident telling me exactly what they had me covered for. That's what they pay out on. It's up to me to either sue the truck company or make a claim against their policy for coverage on the rest of it.

It's nice that USAA does that. Super, in fact. But most insurance companies do not. I rather think the policy arose from the fact that they were insuring military men and spouses. I mean, what kind of company would expect the deployed head of the household to spend his time trying to sue the driver that mangled his stay at home wife? Granted, the world has changed a lot ... but that would have been the world on which the company's original policies were founded.

And, kudos to them for that ....

pshrynk · 04-03-2009, 04:51 PM

I haven't had anything but USAA since 1980, so I don't know if any other companies will do that. My friends who aren't eligible for USAA seem to think that they are unique in that.

badgoodDeb · 04-03-2009, 05:03 PM

Quote:

Originally Posted by phenomshel

Deb, not only are we in the same geographical area but we have almost the same tag line. Gotta love it!

Yeah! Unfortunately, I don't think it works to say "we'll split the load of books to be read - you take half and I'll take half." I just don't think it works that way!!

04-03-2009, 04:11 PM	#2406
krisk Wizard Posts: 2,148 Karma: 8229 Join Date: Nov 2008 Location: on the road again Device: kindle	No, he has the insurance, and does not use the bank! And I don't care about moving on... I'm dancing as fast as I can as it is! Last edited by krisk; 04-03-2009 at 04:11 PM. Reason: 'cause I AM dancing as fast as I can!

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04-03-2009, 03:42 PM	#2403
pshrynk Beepbeep n beebeep, yeah! Posts: 11,726 Karma: 8255450 Join Date: Apr 2008 Location: La Crosse, Wisconsin, aka America's IceBox Device: iThingie, KmkII, I miss Zelda!	And a shopping website.

04-03-2009, 04:19 PM	#2407
phenomshel ZCD BombShel Posts: 4,793 Karma: 8293322 Join Date: Jan 2009 Location: The Frozen North (aka Illinois, USA) Device: iPad, STB Kindle Oasis	Oh, never mind. I came over here to vent and rant but got sidetracked by the "pirate" thread and can't stop laughing.

04-03-2009, 04:39 PM	#2411
phenomshel ZCD BombShel Posts: 4,793 Karma: 8293322 Join Date: Jan 2009 Location: The Frozen North (aka Illinois, USA) Device: iPad, STB Kindle Oasis	Deb, not only are we in the same geographical area but we have almost the same tag line. Gotta love it!

04-03-2009, 04:51 PM	#2414
pshrynk Beepbeep n beebeep, yeah! Posts: 11,726 Karma: 8255450 Join Date: Apr 2008 Location: La Crosse, Wisconsin, aka America's IceBox Device: iThingie, KmkII, I miss Zelda!	I haven't had anything but USAA since 1980, so I don't know if any other companies will do that. My friends who aren't eligible for USAA seem to think that they are unique in that.

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