A historical perspective on the purpose of insurance
Transporting freight by ship in the 17th century was risky. You were ruined if your ship sank. In 1688, Edward Lloyd opened a coffeehouse in London where maritime insurance was bought and sold. The insurance protected an owner who lost a ship. Lloyd's covered catastrophes. It didn't cover maintenance. By contrast, Obamacare covers every medical expense, including birth control.
During the 1970s, I couldn't af...
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