Mises Daily
Author:
Dale Steinreich
Online Publish Date:
statistical probability where the occurrence of the insured event is in doubt. The policy holder, facing risk under uncertainty, pays insurance premiums to minimize the about falling prey to sickness or work-place injury, could purchase insurance policies to have genuine financial contingencies covered. During World War II, this was not only an abolition of true medical insurance but also an abolition of price competition and close cost-containment oversight by third-party payers. The only area