Quote:
Originally Posted by Dr Winston O Boogie jr
I think that you may have a misconception about what insurance actually it. Insurance is basically a wager. You put up money to bet the insurance company that your home will burn down or that you'll have an auto accident or whatever the terms of the insurance state. If none of these things happen, you lose the bet. The insurance company gets to keep your money. If you total your car, you win. The insurance company has to pay you.
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Insurance is definitely not an investment and I'm not comfortable with calling it a wager.
What it is, in truth, is a transfer of risk.
I sleep better at night knowing that I've protected myself and my family from occurances that could cause financial disaster.