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Uncle Duke
03-05-2010, 03:39 PM
Professor Tom Baker, University of Pennsylvania:

insurance is a magical transformation device that allows us to shift money from times when we don't need it very much, to times when we do need it very much

Nice way of looking at it...

From a short discussion about 'tontines':
http://www.npr.org/templates/story/story.php?storyId=124156473

Bob Triggs
03-05-2010, 03:45 PM
Liars, criminals, thugs!:mad:

Uncle Duke
03-05-2010, 03:54 PM
Liars, criminals, thugs!:mad:

Professors?

C'mon, Bob, tell us how you really feel! :D

rbgarr
03-05-2010, 04:45 PM
And like all magical transformations, it's an illusion.

Dan McCosh
03-05-2010, 05:37 PM
How about: "Insurance creates a communal pool of risk and redistributes wealth"
--sort of like socialism.

Tom Galyen
03-05-2010, 05:51 PM
Dan,
I'd agree with you except I'd say "sort of like socialism is supposed to do." I've never seen a case where it actually did. In most cases it just takes from the poor and the wealthy and keeps it. Just like any other class of robber barons.

Dan McCosh
03-05-2010, 05:58 PM
I was thinking of health insurance, rather than the typical risk-based Lloyds variety. I've often thought that "health insurance" is a deceptive term, which inhibits rational discussion of what it is all about.

paladin
03-05-2010, 06:44 PM
Why dunno we just turn over all health insurance to Lloyds.....that is one company I have never had a problem with...and some of the fairest people to deal with.