In the era of sailing-ships there originated companies that insured ships and their cargo. They met at coffee houses at first and insured the ships of prospective clients. Lloyds of London is one firm that started out this way. The way it works; it’s an odds game. Of all the ships that leave the harbour and brave the dangers of the mighty ocean for some foreign shore; probably most of them will return safely with their cargo on board. You are looking at a success ratio of well over ninety percent. It is in this way that the insurance companies make their profit. Here and there you might have to pay out, but overall you win at the game, because of the odds. All you have to do is wait for your ship to come in. A foolproof way to make money…
Comments
Sooz006 | July 26, 2012 - 12:13
And don't we all get hammered by it? I live in one of the two most expensive areas of the country for car insurance (central Manchester)
jacques | July 27, 2012 - 08:40
This is in response to the Doomsday Problem (Maths) in which they state that the future of mankind can be likened to a batsman's innings, in that he can go out at any time, or possibly reach a century...
Thanks for reading...
Tom Brown | April 25, 2013 - 20:21
“Fool proof” yes indeed. If you read your insurance policies carefully, please take note that there is no cover at all in the case of natural disaster, civil war, war, and all other different kinds of large scale catastrophe. Yes and of course the kind of soul insurance often sold on TV is absolutely 100% foolproof since there are never “come-backs”. Big church is big business.
(Nothing is fool proof, because fools are so ingenious).