24:00 Tyler mentions how you need insurable interest with life insurance; that's true for purchasing insurance from a carrier, but you can still sell your life insurance, once initially purchased, to third parties who have no insurable interest. This has been a market for quite some time, called Life Settlements, and it has given rise to an alternative asset class that is uncorrelated from normal investments.
I was listening to a incident of shipping insurance fraud in ancient Rome during the 1st Punic war where two guys were buying insurance on shipping freight they never put on ships, then scuddled the ships to collect the money on the non-existence goods. Eventually, they got exposed, but i guess my point is how old insurance and subsequently insurance fraud is.
The more decentralized state by state regulation in the US actually seems better and safer than the bank regulations. The insurance industry has had by far less systemic crashes than banking.
Why is the health insurance market obviously not working properly, 500 dollars for basic health insurance is too much, given all the variables. In Europe people pay 150 per month for basic health care insurance, so it is possible.
These conversations are so damn good
24:00 Tyler mentions how you need insurable interest with life insurance; that's true for purchasing insurance from a carrier, but you can still sell your life insurance, once initially purchased, to third parties who have no insurable interest. This has been a market for quite some time, called Life Settlements, and it has given rise to an alternative asset class that is uncorrelated from normal investments.
I find it cute how they can excited by this topic! Plus Tyler sent me off to listen to Charles Ives! :)
Good discussion thank you
I was listening to a incident of shipping insurance fraud in ancient Rome during the 1st Punic war where two guys were buying insurance on shipping freight they never put on ships, then scuddled the ships to collect the money on the non-existence goods.
Eventually, they got exposed, but i guess my point is how old insurance and subsequently insurance fraud is.
The more decentralized state by state regulation in the US actually seems better and safer than the bank regulations. The insurance industry has had by far less systemic crashes than banking.
It's a system of massive, massive fraud. Especially in certain states.
*Look at The Netherlands for example
"Life insurance company pushes polyamory as part of their business model"
Is a funny implication of some of the discussion here.
Why is the health insurance market obviously not working properly, 500 dollars for basic health insurance is too much, given all the variables. In Europe people pay 150 per month for basic health care insurance, so it is possible.
Because it’s not a free market or anywhere close to it. So heavily regulated the market is incredibly distorted
It's not even actual insurance.
Ew. Statist empiricists chatting about insurance.