Wednesday, March 28, 2012

Insurance Explained

The barista, explaining Obamacare to the cook: if you get sick you get your money back and more.    The company is betting you will not get sick and they get to keep the money.  It's just like being a bookie.

On the (admittedly scanty) evidence, I'd have to give her an A plus.  Once you understand that insurance is a subset of bookmaking, the rest is easy.   Afterthought: with analysis like this, she just raised the average level of public dialog on the subject.

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