Don't take the risk basis out of insurance. Or, if we do, at least have the perspicacity and intellectual integrity to recognize that it's no longer insurance and quit calling it that.
Why?
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in·sur·ance [in-shoor-uhns, -shur-] Show IPA
noun
1.
the act, system, or business of insuring property, life, one's person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a payment proportionate to the risk involved.
2.
coverage by contract in which one party agrees to indemnify or reimburse another for loss that occurs under the terms of the contract.
3.
the contract itself, set forth in a written or printed agreement or policy.
4.
the amount for which anything is insured.
5.
an insurance premium. |
