Comment Re:As We Know It (Score 1) 175
While I won't claim it happens in practice, especially for the 'big' players gaming the system, the fundamentals of insurance include, 'you can only insure a pre-existing risk' (so you shouldn't be able to get a policy to insure your next game of poker before entering a casino), and 'you can't get insurance on someone else's risk' (like a fire policy on someone else's real estate when you don't have a personal stake in it).
Of course, if you let finance bros near the regulators and legislators, and it's a matter of time before those are suggestions instead of rules. At least half of the rules for investing in the market these days are just to make things more complicated so the bigger players have more options and the smaller ones can't catch up to them. The other half seem to exist to indulge the compulsive gamblers so they can be milked of all available funds.