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A comment on Warren Buffett offers $1 billion for perfect March Madness bracket . Parent comment

Re:Warren Buffett offers $1 billion for perfect March Madnes... by jessedhillon on Wednesday January 22, 2014 @01:56AM (#7101233)
Buffet pays the $2M premium, and the insurance company will pay out the $1B in case of a winning outcome. Otherwise how is it even insurance?
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Re:Warren Buffett offers $1 billion for perfect March Madnes... by gibybo on Wednesday January 22, 2014 @02:05AM (#7101258)
Buffet (or rather, Berkshire Hathaway) IS the insurance. Quicken is paying the premium to one of Buffet's insurance companies.
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