MattG comments on Rationality Quotes Thread November 2015 - Less Wrong

5 Post author: elharo 02 November 2015 12:30PM

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Comment author: Good_Burning_Plastic 21 November 2015 08:51:45AM *  0 points [-]

So, this is basically mandatory partial insurance on loans?

I read them less as proposing it should be mandatory and more as proposing it should be opt-out. In a perfectly efficient market the latter would make no difference compared to opt-in, and in the real world it would move some trivial inconveniences around.

Comment author: Lumifer 23 November 2015 03:40:55PM 0 points [-]

I read them less as proposing it should be mandatory and more as proposing it should be opt-out.

To quote from RichardKennaway's comment

This is an existing structure, perhaps too much so. In the UK it is called Payment Protection Insurance. The problem with PPI is that it was sold under pressure to people who did not need it. The fallout from that has cost some banks billions, or rather, it has forced them to give back billions they should never have received.

Comment author: Good_Burning_Plastic 27 November 2015 05:07:09PM 0 points [-]

googles "Payment Protection Insurance" and educates self

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