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My published ideas

13 STASHED IDEAS

Insurance involves the transfer of risk from the purchaser to the seller. In exchange for taking on the risk of some specific bad thing happening to the policyholder, the policy holder agrees to give the insurer a predefined series of payments. If the bad thing actually happens, the insurer is responsible for footing the bill. If it doesn’t, the insurer gets to keep the money.

In order to provide value via Insurance, you must:

  • Create a binding legal agreement that transfers the risk of a specific bad thing (a “loss”) happening from the policy holder to you.
  • Estimate the risk of that bad thing actually happening, using available data.
  • Collect the agreed-upon series of payments (called “premiums”) over time.
  • Pay out legitimate claims upon the policy.

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