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Insurance: Difference between revisions
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{{g}}In concept a great idea. In practice, often a stupid one which creates risks, costs and bureaucracy where none would otherwise exist.<ref>I told you I was a contrarian, didn’t I?</ref> | {{g}}In concept a great idea. In practice, often a stupid one which creates risks, costs and bureaucracy where none would otherwise exist.<ref>I told you I was a contrarian, didn’t I?</ref> Much insurance is [[iatrongenics]], in {{author|Nassim Micholas Taleb}}’s argot, writ large. | ||
An [[insurance]] contract protects a person of limited resources from a remote but outsized [[risk]]. The theory is that by being a small part of a large class of people each of whom paying an affordable running [[premium]], you are protected from colossal costs that may never happen. Thus you mutualise your risk of [[loss]]. | An [[insurance]] contract protects a person of limited resources from a remote but outsized [[risk]]. The theory is that by being a small part of a large class of people each of whom paying an affordable running [[premium]], you are protected from colossal costs that may never happen. Thus you mutualise your risk of [[loss]]. | ||
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Well, hold on tiger. | Well, hold on tiger. | ||
{{sa}} | {{sa}} | ||
*[[Iatrogenics]] | |||
*{{author|Nassim Nicholas Taleb}} | |||
*[[Risk - Risk Article]] | *[[Risk - Risk Article]] | ||
{{Ref}} | {{Ref}} | ||