Drivers: Don’t allow insurance companies to use speed camera data. We don’t want bad drivers to pay more.
Also drivers: Insurance premiums are too expenvie. Do something.
Governor: 🙆
Drivers: Don’t allow insurance companies to use speed camera data. We don’t want bad drivers to pay more.
Also drivers: Insurance premiums are too expenvie. Do something.
Governor: 🙆
No. Pooling the resources of all to spend it on the benefit of society (including helping the less-fortunate) is the purpose of taxes.
The purpose of insurance is to trade low chance big impact risks for 100% chance small costs.
As I said, you can have insurance with just one insurer and one insuree. You cannot have taxes with 1 taxpayer and 1 tax collector, that would be called an asset manager or something, where you pay someone to decide for you what to spend that money on.
Merriam-Webster:
1 a : coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril b : the business of insuring persons or property c : the sum for which something is insured 2 : a means of guaranteeing protection or safety The contract is your insurance against price changes. Frequent hand washing is good insurance against the common cold. 3 gambling : a side bet that a player in blackjack may place when the dealer’s first faceup card is an ace
Note: An insurance bet can be up to half of a player’s original bet. It wins at 2 to 1 odds if the dealer’s cards add up to 21.
That’s not what I said or meant.
For an individual, yes.
But how does an insurer do that? By pooling the low chance risk from lots of individuals into a certainty, so it’s predictable. The bigger the pool the more predictable things become.
If there was only one person in the world to wanted insurance, nobody would know how to predict or price it. It wouldn’t work.