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- Got to do an essay on which Olympic event is the easiest, but it's so obvious I'm not sure what I'll write. There's nothing to discus!2012/02/04
- TIL It turns out that TIL stands for 'This Is Lies' #themoreyouknow2012/02/04
- Horror film night with Beyoncé. She didn't like my choice & smashed up my DVD player. "If you liked it you should have put 'The Ring' on it"2012/02/03
- Guns don't kill people, bullets kill people #duh2012/02/03
- I have a part-time job capitalising occasional letters for a word processor but I'm busy this weekend. Anyone able to cover my shifts?2012/02/03
Alternate ending: Eliot Spitzer’s go-to line.
Alternative caption: That’s just for your organs!
Alternative caption: But with this economy… That’s not really saying much.
Alternative ending: And it only cost $2million on plastic surgery.
Never understood life insurance…you pay, say, $1000 a year for a $250,000 policy…wouldn’t you have to live like 250 years for the company to break even?
Your relatives only get paid under certain circumstances. Most people will never die in a position that their life insurance companies would have to pay up. So they can turn out much more to those that actually do get in such a position.
Your probability of dying *this* year is around 1 in 250. So for this year, the policy and premium make sense. As you get older and your probability of death goes higher, your premium will go to a higher rate.
There are various complications, including group policies, the fact that the insurance company can invest the premium, and as Philip alluded to, policy limitations. However, these don’t change the basic way insurance works.