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

Topic closed. 19 replies. Last post 8 years ago by pumpi76.

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Honduras
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August 29, 2005
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Posted: September 24, 2008, 1:02 am - IP Logged

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 not a riddle....Again this is not a riddle...I used to know how they are similar but i didn't put it in writing and now i forgot...I am trying to remember and i am hoping some of you could help me remember...

You know if i was filthy rich i would have giving you 500,000 dollars for answering this question and helping me in this project...It really means a lot to me people of LP...I'll really appreciate it...

Also, remember, THIS IS PERHAPS THE BIGGEST MOST IMPORTANT QUESTION THAT I MAY EVER ASK YOU...

The Forex trades: 1.6 Trillion dollars EVERY day, that´s more than the GDP of the Carribbean Central America, COMBINED. Enough to feed every crook out there for centuries...To all Geniuses & Powers Countries of the World the Planet needs breakthroughs in all Medicine, Veterinary, Biology related fields, Psychology, Population Psychology/Sociology..They need to genetically ingeneer new plants species/types to give more variety of plants and thus have more resources for combating diseases¨


 


 


 

 


    dvdiva's avatar - 8ball

    United States
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    Posted: September 24, 2008, 9:41 am - IP Logged

    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".

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      Honduras
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      Posted: September 24, 2008, 11:58 am - IP Logged

      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".

      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...

      The Forex trades: 1.6 Trillion dollars EVERY day, that´s more than the GDP of the Carribbean Central America, COMBINED. Enough to feed every crook out there for centuries...To all Geniuses & Powers Countries of the World the Planet needs breakthroughs in all Medicine, Veterinary, Biology related fields, Psychology, Population Psychology/Sociology..They need to genetically ingeneer new plants species/types to give more variety of plants and thus have more resources for combating diseases¨


       


       


       

       


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        Texas
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        February 24, 2008
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        Posted: September 24, 2008, 12:08 pm - IP Logged

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

        Luck is the residue of design.

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          Honduras
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          Posted: September 24, 2008, 12:15 pm - IP Logged

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

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

          The Forex trades: 1.6 Trillion dollars EVERY day, that´s more than the GDP of the Carribbean Central America, COMBINED. Enough to feed every crook out there for centuries...To all Geniuses & Powers Countries of the World the Planet needs breakthroughs in all Medicine, Veterinary, Biology related fields, Psychology, Population Psychology/Sociology..They need to genetically ingeneer new plants species/types to give more variety of plants and thus have more resources for combating diseases¨


           


           


           

           


            ThatScaryChick's avatar - x1MqPuM
            Idaho
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            Posted: September 24, 2008, 2:49 pm - IP Logged

            "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.

            "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

              Stew12's avatar - bad egg-64x64.png
              CT
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              Posted: September 24, 2008, 3:41 pm - IP Logged

              ..Don't see any similarities there.

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                Kentucky
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                Posted: September 24, 2008, 4:10 pm - IP Logged

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

                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 accident because the statistics show there will be a number of accidents every year. How much the insurance costs depends on how much it will cost to repair the vehicles, personal injury, and the insurance companies use those statistics too when determining the cost of a policy.

                Insurance companies, lottery commissions, casinos, and bookies are similar because they all have the percentages in their favor. Insurance companies use actuary tables to determine how many policy holders should collect, base their premiums on that and Mega Millions use probability tables to determine how much to payoff in secondary prizes.  For every $3,904,701 worth of MM tickets sold, they can expect to payout about $703,330 based on the total number of 5 + 0s, 4 + 1s etc. there are in 3,904,701 combinations. MM states can add another $1.6 million to the jackpot for every 3,9 million tickets sold and still "keep" a nifty 50% profit.

                If insurance companies expected to make that much profit, I don't see how the average person could afford the premiums so while comparable, it's a stretch.

                  LottoChica23's avatar - Aquarius
                  Fughedaboutit (NY)
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                  Posted: September 24, 2008, 4:40 pm - IP Logged

                  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 pumpi76...

                  Matrix Chart Instructions--> http://www.lotterypost.com/thread/191818 

                  check out mysticwomyn Announcers --> http://www.lotterypost.com/thread/140695/673306

                  You can judge the integrity of a man by the way he treats those that can do nothing for him...Thumbs Up

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                    NY
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                    Posted: September 25, 2008, 12:12 pm - IP Logged

                    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.

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                      New Member
                      Everywhere
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                      Posted: September 25, 2008, 1:41 pm - IP Logged

                      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. scratchers, promotinal events, and through tickets like PB and MM. It's just a big revolving door of money, with your small monthly payments, which allows them to make way more, which in turns allows them to pay out way more to you because of their investment strategies!

                      If this sounds like im pinpointing what you are doing for your project, p.m. me and I will go deeper in details, and send you to some links that will show comparisons and similarities.

                      Hope this helps.

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                        Honduras
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                        August 29, 2005
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                        Posted: September 25, 2008, 8:36 pm - IP Logged

                        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. scratchers, promotinal events, and through tickets like PB and MM. It's just a big revolving door of money, with your small monthly payments, which allows them to make way more, which in turns allows them to pay out way more to you because of their investment strategies!

                        If this sounds like im pinpointing what you are doing for your project, p.m. me and I will go deeper in details, and send you to some links that will show comparisons and similarities.

                        Hope this helps.

                        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 drawings he play or the more money he puts the more increase is his chances or reward points he gets that when he retires he will get a lump sum...

                        By the way people i forgot to mention that i mean how can the lottery be like "LIFE INSURANCE" not regular insurance....For you to see that now i am starting to remember a little bit how it went, it was life insurance not regular insurance....

                        if people did certain things to get points to get tickets so that at the end or 30 years or sooner they get lucky and win the jackpot....And the person is guaranteed to win now or in less than 30 years, while whenever that person wins if is 25 years from now then the money that helped him win was money of the newcomers and not money of the olderones....That's similar to how life insurance work....

                        but the spark ends there...

                        The Forex trades: 1.6 Trillion dollars EVERY day, that´s more than the GDP of the Carribbean Central America, COMBINED. Enough to feed every crook out there for centuries...To all Geniuses & Powers Countries of the World the Planet needs breakthroughs in all Medicine, Veterinary, Biology related fields, Psychology, Population Psychology/Sociology..They need to genetically ingeneer new plants species/types to give more variety of plants and thus have more resources for combating diseases¨


                         


                         


                         

                         


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                          Honduras
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                          August 29, 2005
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                          Posted: September 25, 2008, 8:55 pm - IP Logged

                          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 drawings he play or the more money he puts the more increase is his chances or reward points he gets that when he retires he will get a lump sum...

                          By the way people i forgot to mention that i mean how can the lottery be like "LIFE INSURANCE" not regular insurance....For you to see that now i am starting to remember a little bit how it went, it was life insurance not regular insurance....

                          if people did certain things to get points to get tickets so that at the end or 30 years or sooner they get lucky and win the jackpot....And the person is guaranteed to win now or in less than 30 years, while whenever that person wins if is 25 years from now then the money that helped him win was money of the newcomers and not money of the olderones....That's similar to how life insurance work....

                          but the spark ends there...

                          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 is a winner to continue contributing by playing 2 dollars per ticket, like a binding contract...

                          This is a project of mine, i don't have to turn it in to nobody...But it means a lot to me, because if i get it to work and remember what i had, this project, i believe can change the way lottery is played....

                          The Forex trades: 1.6 Trillion dollars EVERY day, that´s more than the GDP of the Carribbean Central America, COMBINED. Enough to feed every crook out there for centuries...To all Geniuses & Powers Countries of the World the Planet needs breakthroughs in all Medicine, Veterinary, Biology related fields, Psychology, Population Psychology/Sociology..They need to genetically ingeneer new plants species/types to give more variety of plants and thus have more resources for combating diseases¨


                           


                           


                           

                           


                            four4me's avatar - gate1
                            MD
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                            Posted: September 26, 2008, 12:03 am - IP Logged

                            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 hold water if you kill yourself or if you left money to a spouse and he/she kills you or hires someone to kill you.... if they get caught the only thing they will get is jail time. 

                            insurance policies have stipulations and unless you expire under natural causes or an accident then some policies are null and void. Additionally if you pass away from illness you had prior to getting your policy and you didn't report it on the insurance form then no one might  get paid. Fraud also comes to mind. Be careful with life insurance as it can be a very tricky deal to acquire if you have pre existing medical conditions.

                            Big John says. You don't hit the number. The number hits you!!!!

                                           I'm not Big John, I'm Four4me, Big John's a friend.
                              psykomo's avatar - animal shark.jpg

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                              Posted: September 26, 2008, 12:24 am - IP Logged

                              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".

                              Insurance is a>>"CONTRACT"

                              Lottery is a (dud) "GAMBLE" !!

                              please explain UR point of post

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

                              LOL

                              PSYKOMO