'Hole in one' cover and the design of insurance products
Apparently 'hole in one' insurance is a thing. I didn’t realise until I helped sponsor an event a little while back where the organisers were offering $1 million if you hit a hole in one.
This could be done by buying an insurance contract, but it's entirely possible that the insurance contract was bad value for money.
In most years, none of the contracts issued were claimed on so the loss ratio was, quite possibly for years, 0%.
A lot of consumer credit insurance isn’t like that. It’s worse.
Much of that insurance is issued so that consumers...MORE»
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