What is risk transfer and how can it be something other than insurance?
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You buy a house in a flood zone from a wealthy family. They sell it to you with a million dollar damage warranty covering flood damage for next dozen years. You have transferred your flood damage risk to the wealth family that sold you the house.
Many types of “risk transfer” exist: Product and service warranties / stocks / stock options / stock warrants / lottery tickets / health plans / buying a business /…
If the products exchanged involve _chance_ there is a “transfer of risk” involved.
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