Unlicensed insurance: Credit Default Swaps (CDS’s): Part 1, the ‘neverpay’ policy
“I bet I’ll die soon.”
“We bet you’ll live a long time.”
– The essential bargain in life insurance
“I’ll take that bet.”
When you buy life insurance, you’re selling a risk (that you’ll die) and the insurer is buying that risk. You’re paying the insurer to buy it.
I who control my lifespan bet I will die, and [...]
