Comments on: Wheeeeee!!! I’mm Gonnaaaa Diieeeee!!! … Meets The World of Insurance Coverage in China (and India)

By: Omar Pradhan

Omar Pradhan — Fri, 18 Mar 2011 23:07:12 +0000

Your point about reading our insurance policy and conforming our behaviors to what it covers is well taken. It is always good to reinforce that point. There are hazards seemingly everywhere we go in China. This trip has many risk mitigation components to it, including these blogs and the info in our FAQ. I appreciate having these insights to normalize our group’s attitudes toward accepting unnecessary risks.

By: JP Salazar

JP Salazar — Fri, 18 Mar 2011 08:16:18 +0000

Umm, no thank you. While the bungee jumping video looked intense, that is something that I would never want to take part in. I have never been the adventurous type. If I was meant to jump out of airplanes or off buildings I would have sprouted wings by now. I definitely plan on playing it safe on my trip to China. My goal for this trip is to grow professionally and hopefully learn a thing or two along the way. While I hope to be able to take in some of the local culture, there is no way that I plan on pushing the limits that far.
Luckily I was taught by my parents to pay close attention to any type of contract or agreement that I ever sign my name on. My parents were unfortunate enough to have a really bad experience dealing with a contractor and owner of a house we were living in, and since then made sure to highlight the importance of reviewing contracts.
Knowing what your liabilities are seems like such a basic part of purchasing an insurance policy. You are right in pointing out that there is a disconnect in the rationality of people who shop for the cheapest policy they can find and then complain when it doesn’t provide the services that they expected. The easiest way to solve this is to not shirk the responsibility of knowing what you are paying for. When you sign your name and pay the insurance company it is on you to know exactly what kind of coverage you will receive. The company is not your friend, and they are only liable to what you agreed to when you signed the contract.

By: Anthony Kallioinen

Anthony Kallioinen — Fri, 18 Mar 2011 00:21:27 +0000

That bungee jump was nuts. I’m pretty sure I wouldn’t do it myself, I’m not that way with adrenaline, but I definitely wouldn’t do it if someone had to ‘fix the rope’ because the other guy ‘did it wrong’ before I did. Crazy.

Anyway, I’m sure this dude knew that this wouldn’t be covered in his insurance policy so it applies to the post perfectly. I have to say, I’m one of those people who don’t always read the fine print, and I’m convinced that companies purposely achieve end this by writing those documents full of jargon in size 8 font. Occasionally I will think to myself, ‘why do I spend all this money on insurance? I never seem to use it.’ And then it occurs to me that I am due, and it’s a good thing that I have it. In preparation for my job search, I attended a workshop on compensation benefits. I hope that it will help me to figure out which plan would be best for me when I have to decide.

By: J Vail

J Vail — Mon, 14 Mar 2011 20:24:23 +0000

I am pretty bad about skimming over the fine print, but I understand that insurance, like tax forms, have to be read and understood to the smallest detail. I liked Tim’s post because my experience renting an apartment for a year was equally terrible. Our landlord never mentioned any policy one way or another about a dog – in the fine print there was a $125 monthly fee to your security deposit if you owned a dog. Sadly for our roommate who decided to live with his dog, he had to pay the other residents the $1500 that accumulated by the end of the lease.

The worst mistake you could make would be falsely assuming any kind of health or legal coverage and engage in risky behavior thinking that you are safe. It’s annoying to have to throw money away when you act safe, but the fee is definitely worth having a backup plan if something does go wrong.

By: Kyle R.

Kyle R. — Sun, 13 Mar 2011 04:40:34 +0000

That was an insane bungee jump and I cannot believe how long he fell. I’m always up for adventure, but something like that has never interested me. I can see why that is not covered in our insurance policy. When it comes to the fine print, I tend to be a stickler. I want to make sure I am getting great coverage, but also for a fair price. I have questioned and/or negotiated with agents before on insurance ranging from homeowner’s to motorcycle policy. I’ve never been in the situation like what was described, where it’s time for a claim and you have no coverage. I hate having to pay for my various insurance policies that I have, but I can rest assured that it will be there when if/when I need it. I’m definitely not a risk-adverse person, but I do try and keep my family safe whenever possible.

By: Ben Raymond

Ben Raymond — Sun, 13 Mar 2011 04:17:09 +0000

A couple years ago I purchased a new phone and when they offered “total device protection” for only $60 I bought it without really thinking about it. I assumed total device protection meant total device protection. Well I was wrong. I waited till after breaking my phone to read the fine print and found out it pretty much covered nothing. Now I’m careful to read the fine print. Especially when making a major purchase. I haven’t had to purchase my own health insurance yet but I have purchased car insurance. I will always read the fine print because I know that is where they get you. After having dealt with U.S. insurance companies and hearing that China is even worse, I plan to be very careful and not count on insurance to cover anything.

By: Dan N

Dan N — Thu, 10 Mar 2011 00:05:30 +0000

I picked a good time to read this post. Last week a group of us were at a coffee shop studying when someone (who I still think the world of) accidentally spilled coffee on my laptop. It took its last breaths right there in my arms…

I have renters insurance so I’m good, right? wrong. here is roughly how the conversation with my claims agent went:

Agent: hmmm… it looks like you have our “basic” policy.
Me: yeah, so?
Agent: yeeaaahhh… it’s too bad that you don’t have our add-on coverage which covers your electronics. geee… unfortunately i’m going to have to reject your claim.
Me: okay… hey justin (that was his name), out of curiosity, how much does this add’l coverage cost?
Justin: (with enthusiasm), hardly anything. maybe a couple of bucks a month.
Me: so Justin, seeing as I have a half dozen electronic devices, don’t you think that I would have taken this coverage if i were aware of it.
Justin: hmmm… yeah…. you’ll have to talk to our policy department about that…

Gotta love insurance providers. I guess it’s my own fault for not reading my policy carefully, all 50 pages of it… lesson learned.

By: Randy Camat

Randy Camat — Mon, 07 Mar 2011 04:37:19 +0000

“The cord’s not done right” would have been that guy’s cue to get off and call it a day. Man, he’s crazy.

I had the privilege of shopping around for insurance this summer since I was no longer covered under my parents’ policy. In the beginning, I was overwhelmed with all the terminology and different types of plans out there. There’s definitely a lot of fine print to read and understand. All I wanted was a policy that was cheap, reliable, and took care of me when I needed it, but it’s not that simple. This reminded me of the quote, “Quality, Price, Time…Pick Two” except substitute ‘Time’ with ‘Stress/Headache.’ Luckily, effective 2011, I was once again qualified under my parents’ policy, so I cancelled the insurance I had and flew back to the nest.

By: Tara Millard

Tara Millard — Sun, 06 Mar 2011 21:58:47 +0000

Professor Carr, I am glad that you made this a required post. While reading your insurance policy seems like a no-brainer now that it has been brought up, it is a concept that slips most people’s minds. Having been hospitalized previously, I understand the importance of insurance and understanding what your policy does and does not cover. Fortunately, my mother works in the risk management department at a large hospital where she deals with patients trying to sue for the same reason mentioned in the post.

Many people seem to believe that insurance is a cover-all policy, whereas neglect or plain ignorance is generally exempt from the policy. I enjoyed the part of the post about bungee jumping, as I would have been one of those students begging to pull the bus over. I have always prided myself on being a thrill taker, but I had never gotten so far as to realize that taking this unnecessary risk could cost me physically and financially. While I am not going to avoid an adventurous life, I may save my risky endeavors for back at home where my travel insurance is not concerned.

I look forward to receiving the information about our travel insurance and having the opportunity to read rather than skim it. I am hoping that reading and understanding this policy will help to ease my mind and clear away some of the anxiety I have about falling very ill while in a foreign country. After looking at the post about being locked up abroad and having the group continue on their journey, I must ask if this is how a hospitalization will also be treated. While being left behind in a foreign infirmary may not be as traumatizing as being left to rot in prison, I still find it to be a horrifying concept.

By: j hurley

j hurley — Sat, 05 Mar 2011 19:40:32 +0000

That jump was great…
I don’t like basing my judgments off Murphy’s Law, as I am often too interested in the opportunities I may miss if I don’t take the chances. It’s kind of ironic for me to say this as I am typing this in a cast…
To me, life is about taking chances. Precautions can be taken to help improve the outcomes of these chances, and anything that helps build ones life experience is fair game in my book (as long as its just not straight up stupid).
Business is the same way. If you prepare for your future actions, you can increase your chances of success even during times that are out of your control.