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Seems to blur the line between gambling and insurance…
It’s standard prize indemnity insurance.
Gambling and insurance……. with life insurance your betting your going to die the company is betting your going to live…..seems like gambling to me.
They are just predicting how much they need to pay out and when. The life actuarial tables are pretty accurate.
Insurance is not gambling. This typy of indemnity is just the same as those carriers that insure Hole-in-One contests and High School half-time field goal contests. This was just on a bigger scale and a great promotion idea for retailers.
Paul at http://www.paulthompsonagency.com
It seems like a great idea for retailers. This is no different than the Hole-in-One or High School half-time field goal insurance, only on a bigger scale.