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Capitalism at its best - Essay Example

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Summary
Private and public sectors coexist in the economy setting, allowing them to independently take production decisions that suit their interests and operations. In the contemporary world, capitalist practices have become the order of the day. Ownership of capital by the private…
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Capitalism at its best

Download file to see previous pages... Once the insurance policies are cashed in, they are set to be invested in by a third party. This party continues to pay the required insurance policy premiums for the policy that he/she invests in. In so doing, the original beneficiary of the insurance policy gets to utilize his/her resources before death come knocking. On the other hand, the viatical settlement company profits from such operations by getting a percentage face value of the policy transacted under viatical settlement.
After the original insurance policy holder dies, the settlement company or the third party that invests in the cashed in policy becomes the beneficiary. From the cashing in of the insurance policy to the sale of that policy to a third party, all the transactions involved are privately undertaken. On the same note, viatical settlement companies are private entities that operate alongside other private players in the economy setting. As a result, viatical settlement companies exhibit private ownership of resources, and consequently capital in their operations. These factors are the most critical when it comes to the definition of capitalism.
Capitalism continues to be portrayed at its best in respect to the risks that viatical settlement companies take in allowing terminally ill patients to cash in their insurance policies. Viatical settlement practices are highly complex and critically prone to ethical issues Accountability is a critical factor to account for in the process of undertaking viatical settlements. The legal system regulates and governs viatical settlement transactions, thereby allowing players in that market to coexist and engage in healthy competition.
The competition factor in viatical settlements further presents the capitalism aspect. Viatical settlement companies are not immune to the legal provisions that streamline business operations. Failure to comply with the set laws results in legal actions against the ...Download file to see next pagesRead More
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