Insurance is a term used to refer to the act, systems, or business where financial protection (or financial compensation) for life, property, health and so forth get reimbursement of events that can not be alleged that can occur such as death, loss, damage or pain, which involves regular premium payments within certain period of time in exchange for a policy that ensures the protection.
Frédéric Bastiat, a noted 19th-century polemicist, is most widely-known for the Parable of the Broken Window (widely regarded as the underlying reason for New York Mayor Rudy Giuliani's successful cleaning up of Times Square, for example).
In the grand tradition of the forward-thinking, our good friend Bob Graboyes (Mercatus Center senior research fellow) has just been awarded the prestigious Bastiat Prize for Journalism by Reason magazine.
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