[wjnc]

Totally true. For a car insurer you are looking at what, 500 years of premium for a serious total loss collision? That means 499 people get nothing (drama?!). Actually this percentage (the “24%”) gets higher the more extreme the covered events are. Daresay, a low percentage suggests something shouldn’t be insured, since it’s a regular event and people shouldn’t pay the insurers overhead and margin for something they could save for. So the suggestion that “1%”-“24%” is a wrong combination gets the nature of insurance exactly wrong. I read the 5% in OP that once in twenty years you get a serious condition where no expenses are spared to save you. That’s amazing. (Opinions on absolute US health spending are another topic.)