I can tell you have not had many Encounters of the KY Variety. (dealings with insurance companies)
The good is that they separate you from your money, and you have a heck of a time getting it back. A contract that is difficult to understand? And yet the average person willingly signs it. And, AS I SAID, has problems AFTER they have a loss.............. I don't understand when you say, "What good would they be otherwise?" after saying they are difficult to understand. They have to be difficult to understand to be any good? Please explain your position(s) or lack thereof.
Go to any city in the US with a population over 4 million. Pick out the ten tallest buildings. A high percentage of them are insurance companies.
Does that tell you anything?
Steve