Conventionally, insurance is a financial instrument designed to hedge against unlikely events, like a house fire. In the US, it’s easy to lose sight of this bec

Conventionally, insurance is a financial instrument designed to hedge against unlikely events, like a house fire. In the US, it’s easy to lose sight of this because we use a product called ‘insurance’ to pay for a bunch of regularly occurring expenses, like medical checkups, but that’s not really insurance, it’s a healthcare plan. Even if I thought the US was 99.5% likely to remain politically stable in my lifetime, I might still think a second passport is a good idea.