Suppose a student were nervous about whether he would fail or pass can exam. To insure himself against loss of future income from failure of an exam, he can insure himself. If he fails, the insurance company pays damages.

I proposed this to someone and they said, "Why do that? Why insure yourself? Why not just study?"

Look first at protecting yourself from car theft. You could take measures to prevent car theft, such as buying a lock or an immobilizer for the car. Even so, any crook can damage the car, and if such a thing happens you'd want to be insured. Likewise, for an exam you can study extra hard, but sometimes there are just random things you cannot control, such as the kinds of questions that will come up, whether you will be sick on exam day, etc.

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