The cost is the risk. If you don't want to hand over the gains to a private or publicly owned insurer then join an insurance mutual, or if one doesn't exist then start one.
But no one has actually compared insurance companies to gaming companies. Does that mean we need to equate music with heroin, too? There's no difference between many kinds of gambling and insurance, other than the regulations and mediums involved. Not all regulation is born equal. It's a private affair because it's a great racket. The house edge on well-played blackjack is only a few percent, and the highest-payout slot machines are similar.A life insurance company, by contrast, does little else. Legally and culturally, there is a clear distinction between gambling and insurance. Compare Health and Life Insurance to Gambling. Risk is the possibility (uncertainty) that a loss might occur, and it is the reason people buy insurance. Life insurance is depressing. You're gambling with an insurance company about whether or not you'll die before a certain age. If you lose your.