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That’s a mindset that is imagining that insurance actually SAVES you money on average, which it does not – otherwise the insurance companies would all lose money – which they do not! This seems obvious, but some people still need a little reminder, because I keep hearing things like, “I need dental insurance, so I don’t have to pay the $300 every time I take my kid to the dentist!”. So when buying insurance, you will most likely pay in more than you get out of it. So they have, of course, rigged the odds against you. They then strategically set your premiums to a level where on average, they can pay your claims, pay their employees, and still make a large profit for their shareholders. They do this by employing a team of brilliant mathematicians called Actuaries who analyze detailed mountains of statistics about the average behavior of people like you, and thus how much money they expect to pay out to you in claims. The first thing to understand about insurance companies is that they are making money off of you – lots of it. Maybe there’s a way we can cut that down and let you keep some money for yourself! If you’re an average consumer, you spend several thousand dollars per year on insurance. In fact, I’d bet most insurance is bought partly on fear and without doing any actual math on whether it’s a good deal.
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Insurance of all types – car, house, jewelry, health, life – is a crazy field swayed by lots of marketing, fear, and doubt.
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What about collision insurance on your car? And life insurance? As part of buying the watch, she also bought an insurance policy which would buy them a new Rolex if it was stolen. Years earlier, I was talking to a friend who had just bought her husband a Rolex watch as an anniversary present.
Should i major in business if i bad at math full#
And the other person said, “Bah! Recipe for bankruptcy! You need full insurance!”. I recently read a Facebook conversation about health insurance where one person said, “I’m better off saving the $1000/month premiums and paying for my own medical bills if they ever come up”.