Re:Woman makes $420k by buying insurance on flights she pred...
by chasing on Monday June 15, 2020 @11:33AM
(#23528428)
What?
Insurance is about spreading loss around to make costs more predictable. Your house burns down, but since we're all paying into our insurance we all cover your costs so you can rebuild and not have your life irrevocably destroyed.
It's the opposite of gambling. It's about reducing randomness, insecurity, and financial shocks.
Insurance is about spreading loss around to make costs more predictable. Your house burns down, but since we're all paying into our insurance we all cover your costs so you can rebuild and not have your life irrevocably destroyed.
It's the opposite of gambling. It's about reducing randomness, insecurity, and financial shocks.