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Alternative ways to conduct an insurance business?
Does anyone have any creative legal ideas as to how I can start an insurance business without it technically being insurance? I want to write up insurance policies and collect monthly premiums from customers I sign up. I have the ability to payout any claims they would make in the future. However I would prefer not having to get the proper licensing, but will do so if I must. In other words, how can I collect monthly payments from customers that entitle them to x-amount of dollars if they make a claim, WITHOUT IT TECHNICALLY BEING STRUCTURED AS "INSURANCE?"
What is the nature of the risk you are "insuring"? For example, Auto insurance protects against the risk one faces from having an accident.
A type of business that falls into your line of thinking is third party warranties. Think about extended warranties on products. You buy them, typically when you purchase the product. You agree to the terms of the contract and it protects you from the risk of the product breaking, but it is not insurance.
It depends on the nature of the risk you are offering protection against.
I think you are dreaming. You want to run a mob protection scam?
Forget it, not legal.