People just hate the idea of losing. Any loss, even a small one, is just so terrible to contemplate that they compensate by buying insurance, including totally absurd policies like air travel.
Sentiment: NEGATIVE
Americans have an abiding belief in their ability to control reality by purely material means... airline insurance replaces the fear of death with the comforting prospect of cash.
Unfortunately, I've got airplanes that I can't even afford to use today that are sitting there. I'm still paying insurance on them; I'm still paying payments.
Buying insurance is no one's idea of fun. And it's especially easy to berate something as funky-sounding as writing checks to defend our neighborhoods against apartment-size rocks from space. But this is one insurance pitch that makes perfect sense. Ask the dinos.
If the prospect of a bad result gets the heart racing - a plane crash, a terrible disease, a loss of 30 percent of your portfolio - most people will take strong steps to avoid it. They will pay too little attention to a comforting thought, which is that worst-case scenarios usually don't come to fruition.
It's a funny thing, the less people have to live for, the less nerve they have to risk losing nothing.
Despite living in this post-9/11 age of transnational terrorism, the risk of death during air travel has plummeted to the point where we now measure it in the 'per billions' of passengers.
We know that 10 million more people will lose insurance in the next 10 years if we don't act.
I never think about losing. That's why it's so hard to accept a loss.
After all, as a taxpayer, if I'm acting as the insurer against losses, I should have the right to say what risks the insured can take.
Five thousand people every day lose their home because of a medical bankruptcy. Most of them had insurance.
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