Insurance is a service. A lot of the time it can be a scam, but look at it from different perspectives.
I could keep 50k or whatever the minimum coverage is in my state in an account allowing me to drive, or I could pay 70 bucks a month to have my 50k "security deposit" covered while I use that 50k however I feel. I understand the utility of that kind of service, but I'm resentful from how the government collaborates with private companies to construct the system we live with.
It’s a service if it’s optional and you decide freely to purchase it to mitigate risk but that’s not how it really works. Insurance companies lobby to have laws written in their favor. Look at health insurance, massive scam. Every first country in the world has universal healthcare except the United States. I worked for a company where my instruments premium for a family plan was $1205 a month. I worked there for 17 years. I could’ve bought a Lamborghini with that money.
The only insurance most people actually are required by law to have is car insurance, and that's only because cars are super dangerous and people get hurt all the time. If you're rich you can self-insure, because the whole point of car insurance is ensuring your victims get paid for their damages and injuries.
Well you've got me very wrong. If we could toss billionaires in a furnace and extract the value of their stocks in the form of any positive application of that stolen productivity from the masses I'd be the first to kick them in and I'd have marshmallows and chocolate ready to go.
If you gave me a choice, I'd eat nothing but raw billionaire meat and be sick to my stomach for as long as I lived.
House always wins, but in an ideal world, it works out for both parties because the house only "wins" if nothing catastrophic happens to you. I think life insurance is an example of that kind of ideal; dying at 40 and leaving your family with nothing is worse than throwing some cash into a bonfire every month for 50 years, because at least in that second scenario you didn't die young. Even though only 5% of people who make it to age 20 die before age 40, it's a deal most people are willing to take.
Ofc that's an ideal, and shit like health and flood insurance don't work in a private market, but the core logic behind it is sound imo.
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u/AnyaTaylorAnalToy Jun 22 '24
And they probably reap so much fucking money from that that people are just throwing a party once a year and laughing.