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Steve

@ Steve @communick.news

Posts
3
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1600
Joined
2 yr. ago

  • The Governor of New York has an idea to make car insurance more affordable. She wants to reduce compensation to crash victims.

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  • MUCH like a casino.There are subtle yet important differences, which are the reason why casinos are largely illegal, while insurance is often required.

  • How Tidal benefits from supporting universal links list that redirect to competitors?

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  • How [does] Tidal benefits from supporting universal links that redirect to competitors?

  • The Governor of New York has an idea to make car insurance more affordable. She wants to reduce compensation to crash victims.

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  • I never said I didn't understand insurance.I said I didn't understand wanting variable pricing of insurance based on individual risk.

    But now I've learned, it's a response to small scale conceptions of what insurance is and how it works.

  • The Governor of New York has an idea to make car insurance more affordable. She wants to reduce compensation to crash victims.

    Jump

  • The purpose is what I stated.

    I never said purpose. You did. Originally I said "the point of insurance".

    What you describe is no different than two people making a bet. Making a bet isn't insurance.

    Insurance is different only because of the large organization on the other side making countless bets at scale.

    It's almost as though you're refusing to consider the larger context, because:

    Nobody "knows" how much insurance is worth. Insurance companies pay lots of money to obtain data and make calculations about predictions.

    My claim was predicted on nobody else in the world wanting insurance. Insurance companies wouldn't exist. The concept of Insurance wouldn't exist. That research and data wouldn't be done. For that first person and whoever is on the other side, it's still just a bet.

    See what I mean. You're leaving out the larger context.

  • The Governor of New York has an idea to make car insurance more affordable. She wants to reduce compensation to crash victims.

    Jump

  • Riskier drivers need to pay more because they're more likely to take money out of the system.

    They don't need to pay more. It just feels more fair that way, on an individual short term basis.

    But when thousands or millions of people are all pooled together, the individual difference in risk gets flattened out to be practically negligible.

    To your example of the 16yo with a Porche. When you're young, you get car insurance for cheap. Then as you get older, you pay the same while you're risk that day/month/year goes down. But after your whole lifetime, in the end it's all the same.

  • The Governor of New York has an idea to make car insurance more affordable. She wants to reduce compensation to crash victims.

    Jump

  • For the insured individual its a bet. Not for the insurer.

    By pooling a bunch of bets the insurer isn't gambling any more. They know (more or less), how much they'll have to pay out. Then can charge accordingly to know it'll work out.

  • The Governor of New York has an idea to make car insurance more affordable. She wants to reduce compensation to crash victims.

    Jump

  • Pooling the resources of all to spend it on the benefit of society (including helping the less-fortunate) is the purpose of taxes.

    That's not what I said or meant.

    The purpose of insurance is to trade low chance big impact risks for 100% chance small costs.

    For an individual, yes.

    But how does an insurer do that? By pooling the low chance risk from lots of individuals into a certainty, so it's predictable. The bigger the pool the more predictable things become.

    If there was only one person in the world who wanted insurance, nobody would know how to predict or price it. It wouldn't work.

  • The Governor of New York has an idea to make car insurance more affordable. She wants to reduce compensation to crash victims.

    Jump

  • All of that is about a company selling a product in a market.

    But insurance doesn't need to be that. It's purpose is unrelated to any of that.

    Insurance, no matter where it comes from, is about pooling money from a large group to cover the losses of a small group. It exists because nobody knows which group they'll be in.

    EDIT:Ideally insurance would be a state regulated monopoly, in order to have the largest possible pool. That would be the most effective and efficient way of doing it.

    In fact trying to categorize people into lower and higher risk pools, just makes smaller pools. Which hurts the overall efficiency of insurance for the purpose of creating more attractive products to sell in a profit driven market. It's an example of how commerce itself can actually hurt some markets.

    What you describe as an individual spreading out small payments instead of having one large payment, is actually just a loan. You can open a line of credit at a bank for emergencies. That does the same thing. It isn't insurance.

  • Toronto saw dramatic decline in new bike lanes during 2025 after provincial ban

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  • I mean, yah?If there's a ban on building new bike lanes, there will be fewer new bike lanes built. Isn't that what a ban is?

    I don't understand the point.

  • The Governor of New York has an idea to make car insurance more affordable. She wants to reduce compensation to crash victims.

    Jump

  • The White House Confirms It Altered Photo of Arrested Protester to Depict Her Sobbing: ‘The Memes Will Continue’

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  • Im stupid but have money

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  • It is. Keep at it then. Until you have enough to retire anyway.

  • The Governor of New York has an idea to make car insurance more affordable. She wants to reduce compensation to crash victims.

    Jump

  • Healthe insurance (as done in the US) isn't realy insurance, but that's whole other issue.

    Personal choice absolutely has a large effect on health risks. What foods you chose to eat? Where you chose live? How often you exercise? Those and hundreds more choices all effect health risk. Literally every choice you make has a positive or negative effect on your health risk. But most of them are ignored in health insurance prices.

  • The Governor of New York has an idea to make car insurance more affordable. She wants to reduce compensation to crash victims.

    Jump

  • I never understood different rates for different insurance risk profiles.

    The whole point of insurance is agrigate risk. Risk based rates work against that idea, defeating the purpose of insurance.

  • Arizona Republicans want to ban speed cameras

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  • So many public cameras are selling access to law enforcement, in place of actually getting a warrant.The fewer, the better.

  • If WWIII broke out tomorrow do you honestly believe america would win?

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  • That's a very complicated question.Which nations are on which sides?What's the competing ideologies?What was the inciting incident?

    Without those details and many more, nobody could hope to predict.

  • Restaurants say big chains pretend to be independents on apps

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  • It's a tangential distraction largely unrelated from the topic at hand.In this context it's worth being dismissive of.

  • Would an ActivityPub enabled fediverse alternative of Discord be possible?

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  • Is Discord social media? Social sure, but not media really.It always seemed to be more a live communication/chat app to me.

  • I'm about to get fired. How do I make sure my next job is a better place to work?

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  • Call them today. Don't wait

  • No Stupid Questions @lemmy.world
    Steve @communick.news

    Why do we use the term Ban when it's temporary? Why not the more accurate, Suspension?

  • No Stupid Questions @lemmy.world
    Steve @communick.news

    How long do you think we'll keep seeing "formerly Twitter"?

  • Not The Onion @lemmy.world
    Steve @communick.news

    Cards Against Humanity sues SpaceX, alleges “invasion” of land on US/Mexico border

    arstechnica.com /tech-policy/2024/09/cards-against-humanity-sues-spacex-alleges-invasion-of-land-on-us-mexico-border/