Actually my old man worked in the finance business for most of his career. He understood insurance pretty well since he occasionally sold it. But he had a visceral feeling against the idea of ‘betting against himself’ and saw most insurance in that light. His plan was to die broke—and he pretty much succeeded. No attorney, no matter how vicious would have gotten much from him. Now in his flush years, when he had something to lose, I’m sure he had car insurance.
Okay, so he had nothing, and no dreams. I can’t even relate to that. In that case, insurance wasn’t “betting against himself” - but it certainly would be irrelevant.
BTW, a lot of people sell insurance, especially health insurance, who have no idea what the concept of financial risk management even is.
A WHOLE lot.