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'''[[:w:Insurance|Insurance]]''' is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
'''[[:w:Insurance|Insurance]]''' is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
== Quotes ==
== Quotes ==
*Insurance - an ingenious modern game of chance in which the player is permitted to enjoy the comfortable conviction that he is beating the man who keeps the table.
*Insurance - an ingenious modern game of chance in which the player is permitted to enjoy the comfortable conviction that he is beating the man who keeps the table.
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**[[Ambrose Bierce]] in:''[http://books.google.co.in/books?id=ESpUXpqO55QC&pg=PA133 The Unabridged Devil's Dictionary]'', University of Georgia Press, 1 December 2001, p.
133
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**[[Ambrose Bierce]] in:''[http://books.google.co.in/books?id=ESpUXpqO55QC&pg=PA133 The Unabridged Devil's Dictionary]'', University of Georgia Press, 1 December 2001, p.
133.
* ''[[Microeconomics]]'' is the study of how people make decisions in resource-limited situations on a more personal scale. It deals with the decisions that individuals and organizations make on such issues such as how much insurance to buy, which word processor to buy, or what prices to charge for their products or services.
* ''[[Microeconomics]]'' is the study of how people make decisions in resource-limited situations on a more personal scale. It deals with the decisions that individuals and organizations make on such issues such as how much insurance to buy, which word processor to buy, or what prices to charge for their products or services.
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** [[Barry Boehm]] "Software engineering economics." ''Software Engineering, IEEE Transactions on'' 1 (1984): 4-21. p. 4
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** [[Barry Boehm]] "Software engineering economics." ''Software Engineering, IEEE Transactions on'' 1 (1984): 4-21. p. 4
.
* In banking or insurance trust is the only thing you have to sell.
* In banking or insurance trust is the only thing you have to sell.
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** [[Patrick Dixon]], ''[[w:Futurewise|Futurewise]]'' (1998)
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** [[Patrick Dixon]], ''[[w:Futurewise|Futurewise]]'' (1998)
.
*Just as we have the power to harm the ocean, we have the power to put in place policies and modify our own behavior in ways that would be an insurance policy for the future of the sea, for the creatures there, and for us, protecting special critical areas in the ocean.
*Just as we have the power to harm the ocean, we have the power to put in place policies and modify our own behavior in ways that would be an insurance policy for the future of the sea, for the creatures there, and for us, protecting special critical areas in the ocean.
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**[[Sylvia Earle]], The National Oceanic And Atmospheric Administration in:''[http://edition.cnn.com/TRANSCRIPTS/0305/18/nac.00.html Effect of Violent Video Games on Kids; Dogs' Efforts to Keep Mail Safe; Spanish Government Sues Over Oil Spills]'',CNN.com, May 18, 2003
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**[[Sylvia Earle]], The National Oceanic And Atmospheric Administration in:''[http://edition.cnn.com/TRANSCRIPTS/0305/18/nac.00.html Effect of Violent Video Games on Kids; Dogs' Efforts to Keep Mail Safe; Spanish Government Sues Over Oil Spills]'',CNN.com, May 18, 2003
.
*Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history.
*Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history.
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**[[Dwight D. Eisenhower]] in: Joe Soss, et al., ''[http://books.google.co.in/books?id=6AiGAwAAQBAJ&pg=PA149 Remaking America: Democracy and Public Policy in and Age of Inequality]'', Russell Sage Foundation, 8 November 2007, p.
149
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**[[Dwight D. Eisenhower]] in: Joe Soss, et al., ''[http://books.google.co.in/books?id=6AiGAwAAQBAJ&pg=PA149 Remaking America: Democracy and Public Policy in and Age of Inequality]'', Russell Sage Foundation, 8 November 2007, p.
149.
*The trade union movement represents the organized economic power of the workers... It is in reality the most potent and the most direct social insurance the workers can establish.
*The trade union movement represents the organized economic power of the workers... It is in reality the most potent and the most direct social insurance the workers can establish.
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*Most of us understand that innovation is enormously important. It's the only insurance against irrelevance. It's the only guarantee of long-term customer loyalty. It's the only strategy for out-performing a dismal economy.
*Most of us understand that innovation is enormously important. It's the only insurance against irrelevance. It's the only guarantee of long-term customer loyalty. It's the only strategy for out-performing a dismal economy.
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**[[w:Gary Hamel|Gary Hamel]] in:''[http://www.forbes.com/sites/stevedenning/2012/12/04/gary-hamel-on-innovating-innovation/ Gary Hamel On Innovating Innovation]'', Forbes, 4 December 2012
+
**[[w:Gary Hamel|Gary Hamel]] in:''[http://www.forbes.com/sites/stevedenning/2012/12/04/gary-hamel-on-innovating-innovation/ Gary Hamel On Innovating Innovation]'', Forbes, 4 December 2012
.
* What, exactly, is the cost of this inaction? Estimates of the total national cost of medical malpractice range from $20 billion to $45 billion annually. But this number hardly tells the whole story. There also is the more hidden cost of defensive medicine, including unnecessary testing and second opinions that send patients scurrying through processes that would not otherwise be ordered and deepen the financial burden of America’s health care system by an estimated three percent of our country’s total health care expenditures. Who ultimately pays these costs? Reckless doctors? Faceless insurance companies? Seldom mentioned, the totality of these expenses ultimately falls exclusively on the consumer, since each malpractice award translates ultimately to increased malpractice insurance premiums, which, in turn, translates to either higher health care costs, fewer physicians (with less competitive pricing pressure), or both.
* What, exactly, is the cost of this inaction? Estimates of the total national cost of medical malpractice range from $20 billion to $45 billion annually. But this number hardly tells the whole story. There also is the more hidden cost of defensive medicine, including unnecessary testing and second opinions that send patients scurrying through processes that would not otherwise be ordered and deepen the financial burden of America’s health care system by an estimated three percent of our country’s total health care expenditures. Who ultimately pays these costs? Reckless doctors? Faceless insurance companies? Seldom mentioned, the totality of these expenses ultimately falls exclusively on the consumer, since each malpractice award translates ultimately to increased malpractice insurance premiums, which, in turn, translates to either higher health care costs, fewer physicians (with less competitive pricing pressure), or both.
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** [[Michael Johns]], "Malpractice: Where Will It End?" ''Orthopedic Technology Review'', September/October 2003, by Michael Johns: Advocating Statutory Constraints on Medical Malpractice
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** [[Michael Johns]], "Malpractice: Where Will It End?" ''Orthopedic Technology Review'', September/October 2003, by Michael Johns: Advocating Statutory Constraints on Medical Malpractice
.
* Almost half of the bankruptcies in the United States are connected to an illness in the family, whether people had health insurance or not. Middle-class Americans, who had the misfortune of either experiencing a medical emergency themselves or watching a family member suffer, were then forced to face the daunting task of pulling themselves out of debt. Bankruptcy law has allowed them to start over. It has given hope. Now this new law will put people on their own. Illness or emergency creates medical bills. We are telling the people that they themselves are to blame. At the same time, we are removing protections that would stay an eviction, that would keep a roof over the head of a working family. We allow the credit industry to trick consumers into using subprime cards, with exorbitant interest rate hikes and fees. Then we hand those same consumers over to an unforgiving prison of debt, to be put on a rack of insolvency and squeezed dry by the credit card industry. We are protecting the profits of the credit card industry instead of protecting the economic future of the American people. Americans are left on their own. That's what this Administration's "Ownership Society" is all about — you're on your own — and your ship is sinking.
* Almost half of the bankruptcies in the United States are connected to an illness in the family, whether people had health insurance or not. Middle-class Americans, who had the misfortune of either experiencing a medical emergency themselves or watching a family member suffer, were then forced to face the daunting task of pulling themselves out of debt. Bankruptcy law has allowed them to start over. It has given hope. Now this new law will put people on their own. Illness or emergency creates medical bills. We are telling the people that they themselves are to blame. At the same time, we are removing protections that would stay an eviction, that would keep a roof over the head of a working family. We allow the credit industry to trick consumers into using subprime cards, with exorbitant interest rate hikes and fees. Then we hand those same consumers over to an unforgiving prison of debt, to be put on a rack of insolvency and squeezed dry by the credit card industry. We are protecting the profits of the credit card industry instead of protecting the economic future of the American people. Americans are left on their own. That's what this Administration's "Ownership Society" is all about — you're on your own — and your ship is sinking.
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** [[Dennis Kucinich]],
Speech on the floor of the House of Representatives, Congressional Record (14 April, 2005)
[http://frwebgate5.access.gpo.gov/cgi-bin/waisgate.cgi?WAISdocID=240761331899+3+0+0&WAISaction=retrieve]
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** [[Dennis Kucinich]], [http://frwebgate5.access.gpo.gov/cgi-bin/waisgate.cgi?WAISdocID=240761331899+3+0+0&WAISaction=retrieve
Speech on the floor of the House of Representatives, Congressional Record
]
(April 14, 2005).
*Many seniors understand that Social Security is social insurance as opposed to a program where we put money aside for our own retirement. But most elderly individuals think they're getting their money back. So it isn't selfishness as much as a misunderstanding.
*Many seniors understand that Social Security is social insurance as opposed to a program where we put money aside for our own retirement. But most elderly individuals think they're getting their money back. So it isn't selfishness as much as a misunderstanding.
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**[[w:Richard Lamm|Richard Lamm]] in:''[http://books.google.co.in/books?id=kXljsSjga-oC Psychology today]'', Bell & Howell Information and Learning, Sussex Publishers
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**[[w:Richard Lamm|Richard Lamm]] in:''[http://books.google.co.in/books?id=kXljsSjga-oC Psychology today]'', Bell & Howell Information and Learning, Sussex Publishers
.
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* I detest life-insurance agents: they always argue that I shall some day die, which is not so.
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* I detest life-insurance agents: they always argue that I shall some day die, which is not so.
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** [[Stephen Leacock]], ''[[s:Literary Lapses|Literary Lapses]]'' (1910), ''[[s:Insurance up to Date|Insurance up to Date]]''
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** [[Stephen Leacock]], ''[[s:Literary Lapses|Literary Lapses]]'' (1910), ''[[s:Insurance up to Date|Insurance up to Date]]''
.
* [[New Deal]] [[liberalism]] broke with progressivism in many if not most respects. Progressives wanted technocratic economic planning. By the 1940s, New Dealers dropped planning for Keynesianism. Most progressives were nativists who supported immigration restriction on ethnic or cultural grounds. New Deal liberals celebrated the melting pot and liberalized American immigration laws in the 1960s. [[Woodrow Wilson]] resegegrated Washington. [[Lyndon B. Johnson]] signed the Civil Rights Act and the Voting Rights Act. [[Franklin D. Roosevelt]] created Social Security and Johnson created Medicare. Wilson opposed national health insurance.
* [[New Deal]] [[liberalism]] broke with progressivism in many if not most respects. Progressives wanted technocratic economic planning. By the 1940s, New Dealers dropped planning for Keynesianism. Most progressives were nativists who supported immigration restriction on ethnic or cultural grounds. New Deal liberals celebrated the melting pot and liberalized American immigration laws in the 1960s. [[Woodrow Wilson]] resegegrated Washington. [[Lyndon B. Johnson]] signed the Civil Rights Act and the Voting Rights Act. [[Franklin D. Roosevelt]] created Social Security and Johnson created Medicare. Wilson opposed national health insurance.
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** [[w:Michael_Lind|Michael Lind]], "[http://www.salon.com/2010/04/06/glenn_beck_s_historians/ Glenn Beck’s partisan historians]", Salon, Apr 6, 2010
+
** [[w:Michael_Lind|Michael Lind]], "[http://www.salon.com/2010/04/06/glenn_beck_s_historians/ Glenn Beck’s partisan historians]", Salon, Apr 6, 2010
.
*It was the labor movement that helped secure so much of what we take for granted today. The 40-hour work week, the minimum wage, family leave, health insurance, Social Security, Medicare, retirement plans. The cornerstones of the middle-class security all bear the union label.
*It was the labor movement that helped secure so much of what we take for granted today. The 40-hour work week, the minimum wage, family leave, health insurance, Social Security, Medicare, retirement plans. The cornerstones of the middle-class security all bear the union label.
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**[[Barack Obama]] in:''[http://books.google.co.in/books?id=0PFZAAAAYAAJ Daily Labor Report, Issues 169-189]'', Bureau of National Affairs, 2010, p.A-1
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**[[Barack Obama]] in:''[http://books.google.co.in/books?id=0PFZAAAAYAAJ Daily Labor Report, Issues 169-189]'', Bureau of National Affairs, 2010, p.
A-1
.
*Unemployment insurance is a pre-paid vacation for freeloaders.
*Unemployment insurance is a pre-paid vacation for freeloaders.
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**[[Ronald Reagan]] in: Mark Baddeley ''[http://books.google.co.in/books?id=m5v0aHk-Cw8C&pg=PA26 A Qualitative Study of Coping with Unemployment]'', ProQuest, 2009, p.26
+
**[[Ronald Reagan]] in: Mark Baddeley ''[http://books.google.co.in/books?id=m5v0aHk-Cw8C&pg=PA26 A Qualitative Study of Coping with Unemployment]'', ProQuest, 2009, p.
26
.
* What the insurance companies have done is to reverse the business so that the public at large insures the insurance companies.
* What the insurance companies have done is to reverse the business so that the public at large insures the insurance companies.
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** [[Gerry Spence]] As quoted in ''Humanscape : Environments for People'' (1987), by Rachel Kaplan and Stephen Kaplan, p. 97
+
** [[Gerry Spence]] As quoted in ''Humanscape : Environments for People'' (1987), by Rachel Kaplan and Stephen Kaplan, p. 97
.
* It is true that the ''theory'' of [[Constitution of the United States|our Constitution]] is, that all [[taxes]] are paid voluntarily; that our government is a mutual insurance [[companies|company]], voluntarily entered into by the people with each other; that each man makes a free and purely voluntary [[contract]] with all others who are parties to the Constitution, to pay so much [[money]] for so much [[protection]], the same as he does with any other insurance company; and that he is just as free not to be protected, and not to pay any tax, as he is to pay a tax, and be protected.
* It is true that the ''theory'' of [[Constitution of the United States|our Constitution]] is, that all [[taxes]] are paid voluntarily; that our government is a mutual insurance [[companies|company]], voluntarily entered into by the people with each other; that each man makes a free and purely voluntary [[contract]] with all others who are parties to the Constitution, to pay so much [[money]] for so much [[protection]], the same as he does with any other insurance company; and that he is just as free not to be protected, and not to pay any tax, as he is to pay a tax, and be protected.
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** [[Lysander Spooner]], ''[[s:No Treason|No Treason]]'' (1867–1870), [[s:No Treason/6|No. VI: The Constitution of No Authority]] (1870), [[s:No Treason/6#12|pp. 12–13]]
+
** [[Lysander Spooner]], ''[[s:No Treason|No Treason]]'' (1867–1870), [[s:No Treason/6|No. VI: The Constitution of No Authority]] (1870), [[s:No Treason/6#12|pp. 12–13]]
.
*Life insurance became popular only when insurance companies stopped emphasizing it as a good investment and sold it instead as a symbolic commitment by fathers to the future well-being of their families.
*Life insurance became popular only when insurance companies stopped emphasizing it as a good investment and sold it instead as a symbolic commitment by fathers to the future well-being of their families.
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**[[w:James Surowiecki|James Surowiecki]] in:''[http://books.google.co.in/books?id=HsrjAAAAMAAJ The New Yorker, Volume 82, Issues 12-19]'', F-R Publishing Corporation, 2006, p.28
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**[[w:James Surowiecki|James Surowiecki]] in:''[http://books.google.co.in/books?id=HsrjAAAAMAAJ The New Yorker, Volume 82, Issues 12-19]'', F-R Publishing Corporation, 2006, p.
28
.
== See also ==
== See also ==