3 ms·

The original article linked talks about some company buying an old lady's health insurance (they end up not buying because they datamine and find the lady is no

by Jare 14y ago

The original article linked talks about some company buying an old lady's health insurance (they end up not buying because they datamine and find the lady is not unhealthy). That such a thing is possible blows my mind - a company placing an explicit bet on someone's death?

yummyfajitas 14y ago
That such a thing is possible blows my mind - a company placing an explicit bet on someone's death? Um, life insurance is also a explicit bet on someone's death, right (a short bet, but a bet nevertheless). Also, a defined-benefit pension plan is a long bet on someone's death.
tankbot 14y ago
a company placing an explicit bet on someone's death? This is what the entire life insurance business model is base on. What's amazing is the level of information gathering possible now, not the fact that they're (still) doing it.
- chris_wot 14y ago
  Yes, but interestingly they aren't very happy about Viatical Settlements, because it's a guaranteed loss for the neurone company. But totally legal.[1] 1. http://www.lisa.org/content/51/Life-Settlement-History.aspx http://www.lisa.org/content/51/Life-Settlement-History.aspx
deleted 14y ago
[deleted]
jessriedel 14y ago
Life insurance is a bet on someone's life, but it's one that the insurance companies pays out if you die. Annuities are a bet that pay out when if you don't die. How else would people hedge against this stuff?
mikecane 14y ago
Betting on Death http://www.washingtonpost.com/wp-dyn/content/article/2009/06/20/AR2009062000010.html http://www.washingtonpost.com/wp-dyn/content/article/2009/06...
- Mz 14y ago
  I am reminded of the stories of insurance policies being sold on Jews in WWII knowing it was pure profit for the company since there would never be a death certificate issued with which to collect on the insurance.
- Jare 14y ago
  Thank you, that article describes the matter pretty clearly. Now excuse me I have to go throw up. (to clarify my comment to others, what I'm amazed at is the idea that some company bets to EARN money upon someone's death. With any 'normal' insurance policy the company wants me to live long and prosper and never have any problem)

by Jare 14y ago

yummyfajitas 14y ago

That such a thing is possible blows my mind - a company placing an explicit bet on someone's death? Um, life insurance is also a explicit bet on someone's death, right (a short bet, but a bet nevertheless). Also, a defined-benefit pension plan is a long bet on someone's death.

tankbot 14y ago

a company placing an explicit bet on someone's death? This is what the entire life insurance business model is base on. What's amazing is the level of information gathering possible now, not the fact that they're (still) doing it.

chris_wot 14y ago
Yes, but interestingly they aren't very happy about Viatical Settlements, because it's a guaranteed loss for the neurone company. But totally legal.[1] 1. http://www.lisa.org/content/51/Life-Settlement-History.aspx http://www.lisa.org/content/51/Life-Settlement-History.aspx

deleted 14y ago

[deleted]

jessriedel 14y ago

Life insurance is a bet on someone's life, but it's one that the insurance companies pays out if you die. Annuities are a bet that pay out when if you don't die. How else would people hedge against this stuff?

mikecane 14y ago

Betting on Death http://www.washingtonpost.com/wp-dyn/content/article/2009/06/20/AR2009062000010.html http://www.washingtonpost.com/wp-dyn/content/article/2009/06...

Mz 14y ago
I am reminded of the stories of insurance policies being sold on Jews in WWII knowing it was pure profit for the company since there would never be a death certificate issued with which to collect on the insurance.
Jare 14y ago
Thank you, that article describes the matter pretty clearly. Now excuse me I have to go throw up. (to clarify my comment to others, what I'm amazed at is the idea that some company bets to EARN money upon someone's death. With any 'normal' insurance policy the company wants me to live long and prosper and never have any problem)