> It might be best to call Insurance a "hedge
> bet". Like most hedge bets, it produces a
> separate result that typically runs opposite to some
> current risk. And -- like other hedge bets it's a bad
> bet unless it carries its own positive expectation.

I agree that falling it a ?hedge bet? would be more accurate. However, I don?t think that we?ll see ?Hedge Bet Pays 2:1? stenciled on blackjack table felts any time soon. :-)