Exactly! The concept of "expected value" is pretty meaningless when it comes to one-time events. For example, when insuring a 1 billion $ item with a loss proba

Exactly! The concept of "expected value" is pretty meaningless when it comes to one-time events. For example, when insuring a 1 billion $ item with a loss probability of 1 in 1,000,000 at a premium of 10,000 $, the expected value of the profit is 9,000 $ – which is useless if the insurance case occurs and the insurer is bankrupt afterwards. Similarly in life: For some events in life, there's just no time to recover afterwards.