Buffet pays the $2M premium, and the insurance company will pay out the $1B in c... | Hacker News

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		paisawalla on Jan 22, 2014 \| parent \| context \| favorite \| on: Warren Buffett offers $1 billion for perfect March... Buffet pays the $2M premium, and the insurance company will pay out the $1B in case of a winning outcome. Otherwise how is it even insurance?

gibybo on Jan 22, 2014 [–]

Buffet (or rather, Berkshire Hathaway) IS the insurance. Quicken is paying the premium to one of Buffet's insurance companies.

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