The fact that someone can do that doesn't change the social function of the actual thing. Actually, that is essentially how an insurer gets started. Obviously,

The fact that someone can do that doesn't change the social function of the actual thing. Actually, that is essentially how an insurer gets started. Obviously, you can't start selling insurance to your first customer if you can't pay them out the next day if needed, so you need some capital to get started. And once you have the risks figured out, there really is no reason why you shouldn't keep selling insurance to the next ten customers as well. And the next thousand customers. And the next ... --well, the point being, if you have done your math right, you are now distributing the risk evenly, with some profit margin for you.