Insuring Cheap Things Is a Tax on Financial Illiteracy
Reading up on the history of insurance on Wikipedia is not what party people do Friday evenings. I know I had a confirmation-bias-orgasm, though:
Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender’s guarantee to cancel the loan should the shipment be stolen, or lost at sea.
In the United States…