Earlier quoted context omitted.
That might be a cut and paste TOS, with a little CTRL-H for flavor. Otherwise, that TOS hopefully is intended to apply to the website only. If anyone has gotten far enough with them, I'd love to see their actual insurance contract. I'm too lazy to go pull their state filings. EDIT: Here's the part that troubles me more - "GIVEBACK ... our stated intention is to calculate the amount of leftover money by subtracting fr…
SmellTheGlove you're right. What joosters pasted is our website's TOS... You can definitely build a profitable insurance business with a 20% expense ratio. Our expenses are much lower than traditional insurers, plus we're not planning on buying any private jets :). We're here for turning insurance into a social good, as it was 400 years ago. Thanks for your support!
My unsolicited advice, which may be worth exactly the zero that it's costing you, is to establish lean management and process control up front, and take a very hard look at the expenses you add in growth mode and evaluate whether you still need all of that once you've established 50 state operations and presumably can leverage internal economies of scale. That's one hell of a run on sentence.
And fix your website TOS to make it unambiguous that it does not apply to the insurance product or contract. You never know when some regulator is going to take issue.