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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (212042)7/23/2009 3:40:29 PM
From: neolibRead Replies (1) of 306849
 

People are the most responsible when they spend their own money on themselves than in any other possible configuration of spending

Quite true. But...

1) Insurance provides a method of spreading statistically unlikely risks across the population, so that rare but expensive hits can be handled by individuals affected.

2) It transforms large infrequent lump sum expenses into small monthly ones, and in particular allows one to take an early large hit prior to saving the money oneself.

3) As a mechanism of payment (OPM) insurance has drastically altered the cost mechanism in medical care, so even when you are paying out of pocket, the care providers are not in tune to that cost aware approach, and in fact are often hostile to it.
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