Originally Posted by photoguy
While there will be winners & losers in terms of the premiums paid vs actual payouts, one way everybody wins is through a reduction of uncertainty.
Actually that is the whole point of insurance, to reduce uncertainty, or to use a finance term to hedge ones risk. I have read that at least some insurance started with the desire that families of Scottish Clergy be taken care of in case they died. From this came the Scottish Widows founded in 1815. Also the fire insurance companies started by Ben Franklin in the US, pay something to hedge the risk of a fire.