Help Please: Similarities between Lottery & Insurance: my last post for 2008

Reply #19

pumpi76 — Sat, 27 Sep 2008 02:58:09 GMT

thanks a lot people i got it now...Thanks a lot...

Reply #18

pcnut — Sat, 27 Sep 2008 02:32:07 GMT

Hi pumpi76

Are you speaking of, relationship between risk-attitudes towards lotteries and insurance preferences?

Put this quote in Google Search. There is some topics on this: What are the similarities between the lottery and insurance

pcnut

Reply #17

pumpi76 — Sat, 27 Sep 2008 01:41:18 GMT

why try to use the lottery as an insurance policy when you can simply buy insurance?

Well i wanted to know how the lottery could be like life insurance but what i had in mind is to make the lottery be like retirement...People work all their lives and the majority retire with less than 100,000 dollars i bet...I was wondering how could we make one person sort of put money like life insurace (the tickets playing) and then after 20 or 30 years of playing could retired with let's say 1 million dol... [ More ]

Reply #16

Stack47 — Fri, 26 Sep 2008 22:16:23 GMT

The Martingale betting system is a form of an insurance policy because if you have unlimited funds and house has no limit, you'll always show a profit. However it only works on even money bets and I can't find one in any lottery.

Go to a roulette wheel and bet $1 on red, if black hits, make a $2 bet on red then double your bet again $4, $8, $16, etc. until red finally hits. Take a look at your profit after winning on $32 bet; you lost $1 + $2 + $4 + $8 + $16 or $31 on the five bets and won $3... [ More ]

Reply #15

guesser — Fri, 26 Sep 2008 05:59:22 GMT

YOU may pay more than you collect, as will MOST of us (we hope), BUT, if we are ever hit by a drunk driver, if they are insured, we will collect far more than we pay in. And I pray we never have to test that, but I have a co-worker in a wheel chair the rest of his life because of a drunk driver.

So, with a lottery, all of us that play pay in, but only 1 or 2 tickets will collect.

And with Insurance, we all pay in, and only a few of us will collect more than we pay in, and I'm OK with that.... [ More ]

Reply #14

psykomo — Fri, 26 Sep 2008 04:24:20 GMT

Insurance is a CONTRACT

Lottery is a (dud) GAMBLE !!

please explain UR point of post

(does this answer UR ???????)

LOL

PSYKOMO

Reply #13

four4me — Fri, 26 Sep 2008 04:03:18 GMT

I don't see a comparison the insurance policy is a done deal under most circumstances... where in the lottery is just a chance you might win regardless of how much you spend for tickets. Since you cant buy all the combinations there is no guarantee for the lottery.

In you last post you said that insurance is a guarantee. (if you pay a monthly payment after 20 or 30 years whenever you die you are guaranteed that your kids or loved ones will get something; a large sum... ) Well that might not h... [ More ]

Reply #12

pumpi76 — Fri, 26 Sep 2008 00:55:06 GMT

my goal, you see in life insurance if you pay a monthly payment after 20 or 30 years whenever you die you are guaranteed that your kids or loved ones will get something; a large sum....And the thing is How can the lottery do the same thing, that after 30 years of paying 2 dollars per ticket per drawing for 30 years or less or whenever the luck strickes you that the person playing 2 dollars is guaranteed to be a winner....But maybe taking age into account, and perhaps also making the person that

Reply #11

pumpi76 — Fri, 26 Sep 2008 00:36:43 GMT

thanks you imdalottoman, spark a chip for second there...

This is how i see it deduced from what you just said, in insurance everyone places money to make 1 person rich or for that person to collect....In the lottery everyone places money to select 1 winner....

getting a little bit more sparks...

If you can make everyone who plays the lottery play each drawing tickets for X amount of times/years and after that he will be a winner or if you make that person play each drawing and the more... [ More ]

Reply #10

IMDALOTTOMAN — Thu, 25 Sep 2008 17:41:28 GMT

Well, there are alot of similarities, if you think deeply about it. A lot of similarities come to my mind. With insurance, millions of people make monthly payments to the insurance companies, who are really investors, which use those millions of dollars worth of monthly payments as a float to fund their investments, just as the lottery association does. In turn, the insurance companies pays out monies, in the form of claims, to people when the time comes, just as the lottery does, i.e. scratcher... [ More ]

Reply #9

KY Floyd — Thu, 25 Sep 2008 16:12:29 GMT

One similarity is that you should always expect to pay more than you collect, and make your purchase decisions accordingly. Spending an extra $100 per year to reduce a collision deductible by $500 is a bad idea unless you absolutely can't afford to pay the extra $500 at once in the unlikely event that you have an accident. Spending money on the lottery is a bad idea if you can't afford to pay the extra $500 in the unlikely event that you have an accident.

Reply #8

LottoChica23 — Wed, 24 Sep 2008 20:40:13 GMT

Having worked for a life insurance company coding cases for retirement and disability plans, the mortality tables that we used comes to mind...

How can the lottery be similar to insurance? I think it is that they both base their benifits on a speculative outcome (probabilities).

e.g. how likely is it that a particular number is going to hit in the next draw? vs. how likely is it that a person of a certain gender who smokes will live past age X ?

I hope this helps to jog your memory pump... [ More ]

Reply #7

Stack47 — Wed, 24 Sep 2008 20:10:31 GMT

Statistical analysis in lottery games is similar to insurance actuary tables but I can't see very many similarities in winning from the perception of lottery players or policy holders. Life insurance premiums are based on life expectancy; a 60 year-old buying life insurance will pay more than a 25 year-old, but the price of a lottery ticket is the same for both of them so we can't compare that.

Many states require all drivers to have car insurance, even the drivers who have never had an acci... [ More ]

Reply #6

Stew12 — Wed, 24 Sep 2008 19:41:28 GMT

..Don't see any similarities there.

Reply #5

ThatScaryChick — Wed, 24 Sep 2008 18:49:53 GMT

What are the similarities between the lottery and insurance How can you make the lottery be like an insurance..

Nothing and you can't make the lottery be like insurance.

Reply #4

pumpi76 — Wed, 24 Sep 2008 16:15:29 GMT

i realize that the correct question is: How can the lottery be like an Insurance ....

Reply #3

zxchris — Wed, 24 Sep 2008 16:08:25 GMT

You pay for, what seems like, nothing and get nothing until a chance event.

Reply #2

pumpi76 — Wed, 24 Sep 2008 15:58:17 GMT

Dvdiva this means A LOT TO ME....And i think you should try and be helpful....I am telling you i used to have it in my mind what the similarities and how the lottery could become like an insurance but i forgot them and i am seeking you all help to remember...

Reply #1

dvdiva — Wed, 24 Sep 2008 13:41:23 GMT

Lotteries and insurance have nothing in common. If your house burns down the last thing you would want to hear from your insurance company is you're only six numbers away from getting that money .

Help Please: Similarities between Lottery & Insurance: my last post for 2008

pumpi76 — Wed, 24 Sep 2008 05:02:11 GMT

hi great people of LP, i really need some help...This is for a project of mine...I really don't have to hand down this project to no one, but it means a lot to me....This is my last post for 2008, i will post next year or on Christmast if God wishes...But this is the MOST IMPORTANT QUESTION I MAY EVER ASK YOU...If you know the answer please contribute...

The question is: What are the similarities between the lottery and insurance How can you make the lottery be like an insurance....No this is... [ More ]